Maybe :)
I think the broader point Tooze (a historian) alluded to that has everyone in a tizz, is that it's a 1930 style interregnum again and if the solution to unsustainable cross of gold thinking is some sort of New Deal, then institutions will have to adapt.
08.10.2025 11:16 β π 1 π 0 π¬ 0 π 0
Rewriting the letter every time they want the independent BoE to act differently? How did this work for Truss?
"what they think is right". But 'right' has to be defined as inflation being the lesser evil as to say otherwise is to admit they're making political rather than technocratic decisions?
08.10.2025 10:51 β π 1 π 0 π¬ 1 π 0
"There's no conflict" currently. But what happens if the 'elected' government decides the price for growth is living with more inflation and the 'independent' BoE disagrees?
Bailey's calls for wage restraint when tweaking rates didn't address energy price rises, logistics, or seller's inflation?
08.10.2025 10:28 β π 0 π 0 π¬ 1 π 0
π As the '7 ft multicoloured unicorn wobbled in to me first' defence isn't really credible, bullies hate being made to look ridiculous.
08.10.2025 09:52 β π 1 π 0 π¬ 0 π 0
I would ask, if the *unelected* BoE's mandate mitigates against a government *elected* to kickstart growth, is this helpful? Is this politically neutral? If laggardly growth is a bigger problem than inflation, is this wise? Is modernising a BoE made for another era, "mad"?
08.10.2025 09:28 β π 0 π 0 π¬ 1 π 0
These people are evil. Never stop saying so. Donβt be intimidated into shutting up.
08.10.2025 02:22 β π 9167 π 3255 π¬ 264 π 123
They intend to run surpluses that suck money out of the economy?!
Where will savings come from? 'Save Β£47bn a year from cuts to welfare, the civil service and foreign aid' β poor people stuff π The same demand constrained poor who are kicking off right now because they're not happy with their lot.
08.10.2025 08:55 β π 0 π 0 π¬ 0 π 0
As Tories can't be seen to spend more than even a budget balancing Labour, were they always destined to land here?
Are firms willing to borrow more now than during austerity? A little, maybe?
08.10.2025 08:52 β π 0 π 0 π¬ 1 π 0
I could be missing something, but if BoE profits are returned to the Treasury I don't get the problem?
07.10.2025 19:25 β π 0 π 0 π¬ 0 π 0
Rob whistle | Robert Hutton | The Critic Magazine
The day had begun with Robert Jenrick accused of racism. This is of course quite unfair. Racists believe in something. Some of us remember Jenrick as a chubby-cheeked fan of David Cameron fighting the...
'The council says the ethnicity of Handsworth is 25 per cent Pakistani, 23 per cent Indian, 10 per cent Bangladeshi, 16 per cent black, 10 per cent mixed and 9 per cent white.' β a lot of integration. He must be absolutely livid with the lack of integration in Newark?
thecritic.co.uk/rob-whistle/
07.10.2025 18:47 β π 0 π 0 π¬ 0 π 0
Badenoch defends Jenrick over comments that he βdid not see another white faceβ in Birmingham β UK politics live
Conservative leader suggests remarks in Guardian report could have been taken out of context and he was βmaking an observationβ
The West Mids mayor is right that Jenrick is an unrepentant racist & he needs to be thrown out of the Conservative Party. He would never have said 'there are parts of Newark where you never see a black face'. Instead of defending him Badenoch should disown him.
www.theguardian.com/politics/liv...
07.10.2025 10:48 β π 2 π 1 π¬ 0 π 0
Britain needs a βwhatever it takesβ moment
The Bank of England must acknowledge the priority of reviving investment-led growth and stop quantitative tightening
"..a democracy dogged by fear of bond market vigilantes is unhealthy". Whilst a Keynesian turn won't be a cure all, Tooze infers that sacrificing democracy and growth on the cross of inflation targeting is no longer sustainable and risks a lot worse.
www.ft.com/content/7615...
07.10.2025 14:48 β π 0 π 0 π¬ 0 π 0
Game theory mitigating against changing that which technocracy bakes in did get Starmer elected. But where has Labour inaction landed us?
Rather than, is systemic change high/low risk, isn't the question whether it's more/less risky than incremental change that perhaps leads to PM Farage?
07.10.2025 12:22 β π 0 π 0 π¬ 0 π 0
If businesses have a good idea, is interest rates being here or there largely an irrelevance in decision making (unless CBs do a Volcker)?
Whilst QE has its place I can't see a 'good' reason for QT.
Truss' idiocy compounded by BoE inaction? Yes.
07.10.2025 10:11 β π 0 π 0 π¬ 0 π 0
A clarion call to end deflationary monetary austerity? Bananas if CBs are mandated to push against 'democratically elected' governments' pro-growth policies that necessitate higher levels of short-term debt in order to realise long-term gain?
The efficacy of this approach is another matter.
07.10.2025 10:10 β π 0 π 0 π¬ 1 π 0
Is the house plant the non-technical project manager?
07.10.2025 06:55 β π 3 π 0 π¬ 1 π 0
It's the same with ECHR bashing. A functioning legal system really ticks off our would-be authoritarian overlords.
07.10.2025 06:51 β π 29 π 1 π¬ 2 π 0
Yup, the story is of compression of yields leading to a private sector spending spree with debt transferred to the public balance sheet when it all went tits up.
06.10.2025 21:35 β π 0 π 0 π¬ 0 π 0
Errr, that's not how it works.
06.10.2025 21:29 β π 0 π 0 π¬ 0 π 0
Did debt/GDP rise or fall during the austerity years?
And who are the targets for cuts? Those with the broadest shoulders or the poor and those who deliver services?
06.10.2025 15:01 β π 1 π 0 π¬ 0 π 0
The most moral army in the world
06.10.2025 09:52 β π 0 π 2 π¬ 0 π 0
Yes, the law is 'only' an institution (as is democracy). If ICE are allowed to act with impunity...
Even if the ECHR only gives would-be authoritarians pause for thought, great!
I'm just saying that rather than enlightening, lawyerly overexplaining risks muddying the waters.
06.10.2025 09:29 β π 0 π 0 π¬ 0 π 0
"Conor Gearty was a founder member of Matrix chambers and a professor of human rights law at LSE"
I don't want to put words in his mouth, but I'm guessing that whilst he would agree it is not strictly a Bill of Rights, it's a useful placeholder to give folk an 'idea' of the purpose it serves.
06.10.2025 08:04 β π 0 π 0 π¬ 1 π 0
That sound is Starmer sucking his teeth.
06.10.2025 07:36 β π 1 π 0 π¬ 0 π 0
The only Tory that has dared challenge this kind of politics is Gavin Barwell. And even he has been quiet about the dangerous drivel coming from his own party.
05.10.2025 20:17 β π 35 π 4 π¬ 2 π 0
Economically Labour are vanilla neoliberals β balanced budgets, deregulation + fire sale of future assets to PE.
Socially they're creating a hostile environment and making protest harder.
As they lie somewhere to Heath's right on both matters, isn't the issue the vacuum on the left?
Tories?π€·ββοΈ
05.10.2025 22:49 β π 1 π 0 π¬ 0 π 0
They can't send people back to Essex?
But tbf, with services cut to the bone and more cuts needed, do all parties at the local level implement ostensibly the same policy package? I.e the system is broke.
05.10.2025 22:18 β π 0 π 0 π¬ 0 π 0
The ECHR isn't merely quite nice to have, it is effectively our Bill of Rights.
The question is, are we a liberal country that enshrines human rights, or, are we ambivalent about giving authoritarians free rein?
05.10.2025 22:05 β π 0 π 0 π¬ 2 π 0
If 'its the economy stupid' requires investment, which Tory can win a leadership contest by prescribing a looser spending program than dry as dust Reeves?
Hence they cosplay Thatcher and regurgitate irrelevant culture war stuff, even if it condemns them to being Reform lite.
05.10.2025 19:13 β π 2 π 0 π¬ 0 π 0
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