This is Britain's Secret Economic Crisis: The Gilt Destruction
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- Опубліковано 28 вер 2022
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The UK's economy is currently damaged in so many ways that it's almost hard to keep track, but one metric is more important than many others - gilt markets. So let's explain what they are and why the Bank of England just had to take huge action.
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I've seen people make seven-figure profits in both declining and rising markets; it all depends on the information and methods used. There is no doubt that the recession and crisis haven’t benefited some people significantly.
Having the necessary strategy to profit in this market is one thing, but having access to exclusive market information that isn't disclosed to the public is quite another, which is why the pros are crushing it this time.
I try to see a financial coach before making any investment decisions because of this. I've been using one since the pandemic outbreak because their entire business strategy is based on trading long and short at the same time, employing profit-driven strategies and reducing risk as a safeguard against unavoidable downtrends. Furthermore, because they have access to insider information and analysis, it is practically impossible for them to perform poorly. I made over $2 million after nearly three years of training with a coach.
@michaelrenner3 Funny that you brought that up since I completely understand. Look into Julie Anne Hoover; she received a lot of press in 2020. I'm not sure I can put this into words. My portfolio is also managed by her.
@@danieljackson87 Julie piqued my interest, so I looked her up online. I discovered her website, which extols her successes and demonstrates her skill as a financial advisor.
"The chancellor of the Exchequer, at the time of writing, Kwasi Kwarteng"
I see none of us have much faith in him keeping his job 😂
Da bells Da Bells xD ...Quasi Modo
"I see you have a period of about three weeks with no documented work in the late summer of 2022. Would you care to elaborate on that Mr. Kwarteng?"
This made me laugh.. such a subtle but savage way to say it... At time of writing. Sheeesh
@@bennyhill4228 Kwasi Krakatoa has a much nicer ring to it.
@@liamhickey359 Eruption xD
Truss: "See that ship over there? The HMS Economy? Torpedo it."
Bank of England: "But Ma'am, that's our own ship."
Truss: "Did I fucking stutter?"
Yes but only for the peasants. The elites cashed up to dollars earlier… lolz for the masses. This is the best for elites as not they will be able to buy uk assets with usd for pennies. Boom, thank you,
She does stutter a lot, to be frank.
@@UmbrellaGent not as much as boris🤣
Sums up the mentality very well
The Bank of England euphemistically known as "Soros did this, Soros did that" is the privatly-owned culprit doing the harm. Truss is just the puppet dictator.
The sun will never set on the British Empire if it’s always midnight, it’s a 500 IQ play.
This comment is the definition of uno reverse card
@@dennisgichohi5392 🤯
Yep
indeed, raining island
As someone with no economic knowledge they should put me in charge, can’t do any worse than the government
We need a little magic something right now
They are in a hole and can't get out now. There's no way back other than to crash the system. Printing currency always ends one way. Central banks will be taken down.
Good call - make sure you get the £/$ millions in as an adviser.
Just hire the current government as advisors and do the opposite of what they say. Should be good enough.
@@carlosrazier433
You reminds me of the almighty Reccep Erdogan
The 2010s and 2020s will be very helpful for economic students because they can more easily learn what not to do
Bold to assume they will learn anything from this
@@benjamindesjarlais5713
Bold of you to assume there will be anyone around to not learn from this.
Simple, print money, or allow banks to print money in the form of loans that they don't have the funds for. Avoid that and everything chugs along nicely.
that be a big curriculum
we had USA and now China's "house prices will always go up right!?", the UK's "trust me bro" economy, the EU's "can austerity solution for everything?" mentality, Argentina's "I will solve this loan problem with a bigger loan!" approach, Venezuela's "I wonder what happens if I plunge 99% of the GDP.... ", and Rusia's "I'M THE SENATE! " policies.
I'm sure I missed a couple, but tbh I'm still trying to understand WTF got into South Africa.
@@endless2239 it could be a new master called "financial disaster management" the successor to "risk management" which is obviously a field humanity fails at. In reality disaster management is what we need.
When rich children run for government like they ran for school captain. Can we get some adults back in charge?
You'll have to overthrow the Tories first
It's called socioeconomic class
Britain has been very effective at ignoring that reality
@@krisdaschwab912 And your/their bosses
"I bags be Home Secretary!" - like a school free-for-all to be milk monitor (as was)/
There are so many competent, intelligent, fair people (on both sides of the political spectrum) who should be in power, but when asked, they avoid politics like the plague.
Born too late to explore the earth, born too early to explore the galaxy, born just in time to see the earth burn
may you live in interesting times
Front row seats!
watch this comment be quoted in some gcse textbook 500 years in the future learning about the 21st century
@@bowchickabowwowthatswhatmy3219 500 years? I admire your optimism.
Born just in time to experience 4 financial crisises and my future wiped out
The UK government is out of its depth.
I’m sure you’d do a far better job douglas
Boris is starting to look really competent right now
@@Zazzri I think most people could. Ministers need only to seek advice from and listen to expert advisers without allowing their judgement to be clouded by personal interest or ideology. But they don't do that. So we lurch from crisis to crisis.
Nah, this is classic Tory shit.
@@Zazzri I know I would. Put me in, coach.
And the worst part is an hour ago Truss said she has absolutely no intent to turn over these toxic policies.
Which can be a positive… It would mean she could be ousted very soon but hopefully this time with a general election instead of another leadership race…
TBF the last time she pulled a U-turn she blew over the limit and lost her driver's license.
Good, I'm happy with the policy and the process. She has the balls unlike the other weaK leaders
@@JayJay5244 LOL there will be no GE or no confidence that was already called by weak Labour against Boris. I trust Truss, why do I care what fake news has to say now.
@@JayJay5244 The only way we have an early general election is if a chunk of Tory MP's approve of it (due to the fact that despite everything the Tories still have a 31 seat majority as a result of their success in 2019), given the way things are going the Conservative MP's would probably rather jump off a cliff than approve a general election.
Like the people in 1994-5 who knew that Tories were going to be out in 1997 but couldn't do anything to get an early election to speed it up, we're just gonna have to accept the fact that we're stuck with the Tories until December 2024/January 2025.
The irony is that unlike John Major, Liz Truss probably isn't gonna make it to the next election with the rate things are going.
Liz Truss took "taking back control" to a whole new level😂
Nobody could expect that her plan to not drive the country against a wall was to drive it off a cliff.
🤣
@@p.f132 🤣
@@p.f132 Into a dumpster of walls mind you.
@@andrewfernie3528 the pile of walls that make up a second cliff
Sunak predicted all of this during his campaign but yeah bond pricing and financial market dynamics are boring so no one listened
Its a shame sunak is a lying, backstabbing rat who is just as corrupt as the rest of them.
The racists seem to love pyrric victories?
Maybe the FTA with India could help provided the little englanders who have reduced "the workshop of the world" into "the nation of shopkeepers selling foreign goods" give up their racist fantasies and get to solving problems rather than focusing on personality or skin colour??
Plus Sunak was Indian so the predominantly old white Tories were like, "NOPE!".
@@frankieseward8667 yeah British people are very racist , Indian migrants are treated harshly there
Tories would never allow a non white has PM if you want the real reason
This reminds me of one particular Turkish leader who has also been a subject of economic news in this channel...
Turkey did it to stimulate industry. UK do it for money.
Liz Truss the Watermelon Seller
Courage taught me: that no matter how bad a crisis gets, any sound investment will eventually pay off..Educative Video ..
Sad thing is the very word millionaire itself may lose its meaning because inflation.
Paycheck to paycheck stimulates the economy more, if everyone saved then jobs would be lost... its not good
In order for us to prepare for the future we need to look into safer investment with good prospect . If you have the mindset of investing 5 years ahead and just keep DCA every time you get paid. My portfolio have accrued gains of about $130k under the guidance of my investment -Advisor "Stephanie Priscilla Bonillo" whose skills in portfolio diversification are unmatched and client-centered.
Ah yes, a financial crisis, the perfect thing to have when you’re close to looking to enter the workplace for the first time lmao
08 baby
That appears to be the defining Millennial/Zoomer experience. Born too late to explore the world, born too early to explore the universe, born just in time to watch capitalism completely and repeatedly shit the bed. And it's a bunk bed. And we're on the bottom bunk.
@@tjenadonn6158 i want to cry
Dw, so long as you dint pick a meme degree, you'll be alright 👍.
I entered the workplace at the start of the 08 crisis.
I'd recommend taking up as much education as possible during a recession to avoid huge competition amongst jobs then leapfrogging your way up when you leave education.
Liz Truss was completely dismantled on a local radio station this morning. She's not got the guts to go on National media.
National media is a joke, they spent how long trying to get race riot over Chris "the criminal" Kaba by giving a pro criminal view.
cool! do you have a link to that, sounds interesting
Radio Kent per chance? I was meaning to tune into that. To BBC Sounds!
@@MrWasjig radio Leeds
Imagine any other person wiping out trillions of dollars would’ve lost their job the very next day…
Typically they'd be in prison, a la Bernie Madoff.
@@tjenadonn6158 I think Bernie Madoff was an exception… He pissed off one too many powerful people. Very very few CEOs, some directly responsible for the 07/08 crash, were held responsible…
Yep, eg. Nick Leeson.
Not in many NYSE, FTSE companies these days i'm afraid - all Wall St and London Stock Exchange interested in is making quick profit ££/$$ shorterm.
Rishi Sunak had opposed tax-cuts before controlling inflation. This crisis would not have happened if he was still Chancellor.
Liz Truss gave a series on radio interviews, and was like a whiny kid going “nooooooo, the tax cuts are goooood!”
Well she is a schoolkid with no experience of the real world.
I swear it's a miracle that she made it to adulthood without dying in an incredibly, bafflingly stupid way, like choking on a doorknob or drinking multiple buckets of blue paint because she wanted to be a Smurf when she grew up.
@@TerribleFire most schoolkids can do math
@@andrewemerson1613 well they have been underfunding the schools horrendously, so maybe they can't count anymore 😂
@@andrewemerson1613 soo
kindergartener?
TLDR: UK has problems on Gilt market
Me, listening in background: wow, how guilty UK must be?!
I mean, there is the whole colonial bit.
@@mycatistypingthis5450 150 years ago
@@ok-vk9fv well, there was the bengali famine more recently than that, the falklands war under Thatcher, the Sykes-Picot agreement which f*ed up much stuff, etc. etc.
@@mycatistypingthis5450 The British Empire, yep.
There was a time governments were very careful to not make mistakes of this magnitude, for the very simple reason, they had a lot more to loose, than just their jobs.
This mistake by the imbeciles still running the country.
Is going to bring abject misery and terror to those millions who could now be put out on the streets.
Many would like these politicians suffer the same sort of pain.
When was the time you are thinking of?
This is way the US government is a system that just works and is not run by elected officals.
@@AD-iq5qf
Well I believe it was in mid 1940 that the Italians had a very graphic way of demonstrating their displeasure with failed politicians.
Certainly concentrated the bugger's minds a bit after that.
Perhaps !.
Is it a mistake? Or is it blatantly orchestrated to launch some profitable insider trading?
Just imagine retiring as a registered nurse, using all your income/salary to pay rent and tax without any good investment or means of extra cash, tending to leave your profession/job that has been part of you for many years with no good funds. How will you cope?
@Febian Jones That's why we need to plan ourselves via making extras in all we do because depending on paycheck that can give us our comfort and peace till we die is not guaranteed
@@craigpotter1262 The stock market and crypto has plenty of opportunities to earn a decent payout, with the right skills and proper understanding of how the market works.
@Febian Jones Most times it amazes me greatly the way I move from an average lifestyle to earning over 63k per month, utter shock is the word. have understood a lot in the past few years to doubt that opportunities abound in the financial markets, The only thing is to know where to focus.
@@williamleonard2242 Wow buddy, that's more than a mouthful of profits you're making. How do you achieve this feat consistently? You must be a genius in trading.
@@craigpotter1262 Anyways not actually, what I know about trading almost borders on zilch lol. I make huge profits on my investment since I started trading with Mrs Debbie Ramirez, her trading strategies are top notch coupled with the little commission she charges on her trade.
7:34 " But if Lizz truss needs cheering up" i fucking roared hahaha
Any PM with a sense of self preservation would have immediately blamed Kwarteng, redacted the mini-budget and appointed a new chancellor. Truss has doomed herself by acting so slowly, it is clear at this point that she is as much to blame as the chacellor.
What is abundantly clear, to everyone, is that both of these clowns come from a privileged background with no knowledge of finance at all, or any knowledge come to that.
"...the chancellor, at the time of writing, Kwasi Kwarteng.........". Ouch!!! 😂
I'm really missing the time when most videos on this channel were just "Look at this possible next PM, this would be their policies" or "What would XYZ region do, now that Brexit is done". Great video as always, and this is a tumultuous time with a great need for good information, but man... there's too much stuff stacking up at the moment. This entire situation feels like LT is playing with a house of cards and the Bank of England is the parent trying to stop the toddler from collapsing in an already shaking country.
Remember when people compared Johnson to a toddler because of his hairdo? How naïve we all were.
@@tjenadonn6158 How naive 'OTHERS' were. I campaigned for Labour during that election and I knew the country was heading for danger under the Tories and Johnson. But the media was very effective at convincing people Brexit was the key issue. Such a stupid and unnecessary situation we're in.
This whole thing was caused by the central banks when they printed trillions in money in response to the plannedemic
@@Morning404 Sure. However, I don't believe Johnson would have pulled out something like this. If you campaigned for labour by warning that Johnson would behave like this you of course lost as nobody would have believed you.
I've been getting increasingly frustrated with the people who say "Starmer's so boring". I really don't care. I *want* to be bored for a while. To not wake up, turn on the TV/Boot up the Internet, and quote Dorothy Parker saying "What fresh hell is this!?" would be a dream. 😉
For me as a South African and outsider it is really wierd how suprised the British are when their government does an "own goal" and someone with actual expertise have to jump in to just stop the government taking the nation completely over the cliff edge. This is a regular occurrence in democracies, especially if your population is uneducated. It turns out that popularity contests don't really produce competent leaders. I don't often agree with Jordan Peterson (and I never like it), but he is correct in saying that in a system where anyone can end up leading, it is imperative that actual safeguards exist to prevent governments from suiciding the nation
just have a thumbs up mate, you're too spot on.
It's not anyone though most Tories studied politics or economics or international relations at Cambridge and Oxford and they're still awful. I do agree that elections focus heavily on the personality of the people running for office instead of their policies, that is a big problem.
At least China Leaders are not appointed due to average Joe popularity but their performance and competency evaluated over years.😂😂
The vicious cycle of incompetent politicians. The way to safe any democracy is to have a highly politically educated and involved society - which is exactly what the doofus that won the popularity contest doesn't want, as these educated citizens would never vote for him.
@@stevenliew2507 they also commit genocide
After all the noise regarding ms huq’s silly comments, I would like Mr Kwarteng (who co authored a book, stating that British workers are lazy) to tell a black British care worker, on minimum wage, that they are lazy.
In the last hour Dizzy Lizzy just had her first TV interview in the last hour. She has not back down 1inch from the Mini Budget.
Dominic Cummings wasn't far off stating she was insane..
Events will make things happen, even if she continues her present course. Imagine steaming on present course thro' a minefield.
I mean she shouldn't change it. Yes markets aren't liking but markets are logical and over react all the time. Look at a lot of FTSE 100 companies they are a reporting pre pandemic revenue but slightly down in value but are valued a third of 1/3 of what they used to be. Don't look to markets for logic.
The UK economy has stagnated for years, I don't really understand how more of the same which wasn't working, is seen as a good thing.
The 45% tax cut wasn't the right thing to do but a lot of the other stuff was. UK is poor at growing businesses, need to try encourage them. So keeping the cooperation tax low I think is better, not paying NI on the first 50k of a new employee is a really good idea.
Whether these are the right or wrong decision you can't just change based on the market reaction because they get things wrong all the time.
@@cup1966wow Cutting tax rates on the highest earners is supply-side economics - trickle down. It gives more money to the rich in the hope that it will drive investment and boost the economy, which sounds great...
...except the problem with the UK economy is DEMAND-side - i.e. people don't have enough money to buy goods and services even with full time jobs, meaning businesses aren't seeing enough customers, and profits are tumbling REGARDLESS OF INVESTMENT.
So what this tax cut does is a) create a massive deficit, and b) does nothing to solve the actual problem. More private sector investment alone is at best just a temporary patch on the issue - it refills the draining money pit for a bit longer - at the cost of further straining the public services that low-income families 100% depend on to survive. Billionaires already had plenty to invest; most saw their wealth DOUBLE during the pandemic, while the rest of us saw stagnant wages and rising costs of living.
What would actually help the economy is tax cuts on the POOR, an increase to the minimum wage, and investment in the PUBLIC sector, all of which would allow more people to actively engage in the economy and get buying things again. This would be funded by a tax INCREASE on the WEALTHY, and a windfall tax on the oil and gas companies who continue to price gouge. This is the plan which the Tories have been dodging around since COVID, with only Rishi Sunak even coming close to proposing it. I really dislike the prick, but at least he was a competent economist.
Truss' mini-budget does nothing except concentrate more money in the hands of an even smaller few, in the absurd hope that by unshackling their ability to gift themselves vast sums of cash, that they will suddenly Robin Hood themselves, out of the goodness of their hearts. When the problem is insufficient economic activity, combined with public sector workers having to work multiple jobs just to pay for the fuel to get to the schools and hospitals they work at, you don't fix it by giving bankers and hedge fund managers a tax rebate - they're not the ones struggling and they never were. Also, no matter how wealthy someone is, they will only buy so many iPhones and Lamborghinis. 1 billionaire might have 20 sports cars and 3 phones. 10,000 people with £100,000 might have 10,000 cars and 10,000 phones. The same wealth split between more people means more people buying consumer goods, more people buying houses, more people setting up businesses - more economic activity. Truss has done the opposite, and has seen the market contract accordingly.
What I am proposing and EVERYONE ELSE is proposing is not "more of the same" - it's "ANYTHING but this". Even more of the same would have been far less destructive. When everyone in the entire world is calling you literally insane after just 3 weeks in office, you DO NOT stay the course. Truss is putting out a fire with petrol and saying she's willing to burn everyone's houses down as long as it stops the fire. This isn't Thatcherism. This isn't even Reaganism. This is just pure idiocy.
@@BambiTrout Agree with most of it, but the problem isn't demand, it's supply.
We're overly demanding, one of the most spoilt countries in the world, people just keep buying as much stuff as they can whether it's necessary or not and whether they can afford it or not.
We have one of the richest populations in the world, and need to keep our economy strong to continue importing gas, oil, products supplied by cheap labour in china, etc.
Imagine that this is all because of trickle down economics, something everyone knew hasn't ever worked even though everyone tried it the past 50 years
I think Japan is closest to figure it out.
No such thing
@@robertagren9360 japan suffer deflation, not inflation.
Something like this happened in the 1960's in Canada when the finance minister presented a wacko budget and the resulting universal condemnation forced him to resign a few days later. Usually the political people at the top at least know the basic technical details but occasionally a small group slips through and suddenly it's amateur hour.
This is not an amateur though, this is fully on purpose. This budget is for the most wealthy, the filthy rich. They don't care the pensions fall, it doesn't hit above upper middle-class. They don't care about the average person.
I think de tories have given up on the next election and are just trying to rake in as much money from them and their wealthy patrons while they still can. It doesn't matter if you burn a bridge as long as you don't intend to walk it.
Yeah we are in amateur hour because the leading party is so divided and in the grip of a Brexit ideology that rules out 70% of the possible candidates for ministerial positions. The problem now is if this guy resigns as chancellor is the next one going to be any better. Or who even would they pick. They running out of “acceptable” candidates.
@@byrnemeister2008something this purposeful is not made by an amateur.
Usually i think Hanlon's razer applies but with this i just think with the political winds, where tory support lies, and who stand to gain i think this malice not incompetence.
if kwarteng resigns that would be an admission miss Truss' economics is also wrong so her position becomes very questionable even more so if she doubles down. And another leadership election will probably see the return of Johnson which wil be the height of madness.
"The Chancellor, at the time of writing, Kwasi Kwarteng." Now that's future-proofing!
Fantastic video as always!
Thanks for the upload. You've explained better than any biased news channel has so far. I've just subscribed
"The Chancellor of the Exchequer, at the time of writing"
Genius.
Ol' Lizzy was right to check out before all this goes down.
This honestly seems like Truss rying to squeeze out the last bit of wealth from the Brits before the Tories get out and leave the UK for the vultures.
The theory that she realized Truss is the prime minister and gave up on life seems more and more likely every day.
@@potatofuryy her death certif says otherwise
I'm glad I am in Australia, and not dealing with this... (hopefully)
We’re in the commonwealth and their Crown is head of the commonwealth, it’ll have a ripple effect through the whole union.
You could totally see the LNP being this dense. Imagine if we’d had Barnaby as Treasurer lol!
Thankfully we’re in better hands now.
Tfw even Australians are having it better....
@@DoctorProph3t Not really, all countries in the commonwealth each have their own economy. Pretty much all that really unites them aside from history is the head of state. Of course the British economy failing will affect the global economy which could affect all countries to an extent.
@@crokette8908 we always have it better ;)
The slow death of an empire...
Thanks TDLR, I’m loving your breakdowns for us laymen! You’ve got a long term supporter here.😊
Thanks for the video. Your channel is one of the few I actually trust to a fair degree, which is incredibly rare these days. You seem impartial, which I appreciate a lot. You also all seem very clever which I also appreciate a lot.
i come across your channel by accident, and I applause you for your approach to explain important issues in simple terms. this is spot on and well done!
Small Correction: Jacob Rees Smug is no longer a back bencher. So his laying down stick figure should be placed on the front bench :) at 06:53 (and i think he did that on the front bench anyway)
She was planning to be a unpopular MP.
Guess she is doing a Speedrun!
I just knew this Truss is bad news from the start, she gives the handshake of death to our queen now this.
im gonna make that cannon. it was her handshake that killed the imortal queen
The Queen saw the shitstorm on the horizon and got out before it hit. Same move David Bowie and Prince pulled back in 2016.
UK has officially become a poor country with some very rich people, a lot of them are in the government.
Considering that London is the financial capital of the world you would assume we'd be the best at finances.
So the problem has to be greed rather than incompetence.
Only for ruzzian money.
That's the issue, our country is great finance, hence why the bank of England is stepping in. It's the government that isn't
@@LokiNegus
But it's not just this government, the system has been designed this way.
The country of bankers making the country bankrupt.
Yes of course, world beating bankers in London, is there nothing that we're not world beating at lol 😆 😂 😄 😉 🤣 😜, if only we could see ourselves as others do.
Maybe the world's best money launderers. For actual finance the world easily looks to NYC.
I am a bit worried that TLDR will have to finish Truss Issues early ;( It is such a great show. I observe the UK's struggles from a distance, and sometimes feel a little bit of schadenfreude, but split-second later I realise that government of my country is not doing much better.
You know dishi rishi is sat at home, drinking his port, eating his roast swan absolutely pissing itself 🤣
The shortest stint of any UK Prime Minister was 119 days in office.
My friends, I think we finally have a contender. GO LIZ!!!!
Really. Just...go.
"At the time of writing..." a real vote of confidence in the longevity of this govt!
So they did finally find Truss guilty of killing the Queen? I mean, it was obvious, wasn't it? The timing's just too perfect for it to have been a coincidence. She must've used her evil eye when she shook the Queen's hand.
@@yozul1 "My plan is to bring Britain back the glory days of the Thatcher era"
"Aight kid I'm gonna head out"
Thanks for such clear explanations.
I've been trying to wrap my head around what (and why) the BoE did yesterday and so far this is by far the clearest explanation to me. Thank you.
I think it is almost remarkable how bad things have gotten after brexit… I’m terrible sorry for you British people - I truly hope you get a better government next election 😕
I am a hard Euroskeptic myself (I hate EU for being neoliberal and allowing their member states to contue to intrude the Third World). The fact Johnson utterly failed to get the UK economy to be independent from the EU makes me want to gouge my eyes out with a bayonet.
If you're gonna leave a neoliberal hellhole to form your own neolibwral hellhole at least do it properly.
I got out the UK in 09 moved to the US never looked back 🙌
Quantitative easing not quantitive easing . Either way great video, keep up the good work!
Remember when some of the biggest arguments against Scottish independence was that we won’t be in the EU and Scotland will have an unstable currency if we decided to leave? Only for torries to inflict the same consequences to Scotland afterwards? What have pro-independence/ on the fence people got to lose at this point?
How is pound Vs Euro Vs year ago, 2, 3, 4?
Scotland certainly could be stable with the Euro. Obviously means not a real country. No real country doesn't set their own interest rates, has joint borrowing, doesn't have own currency..
@@danielwebb8402
"Real country"
@@mariatheresavonhabsburg
Is "have your own currency" part of the normal definition of a country? Today, 200 years ago?
If the answer is "Yes, apart from Euro ones and these other tiny tin pot countries". Then that is the answer. A telling one.
@@danielwebb8402
Good thing that's not my answer.
Currency substitution is common in many countries, and no it doesn't delegitimize them.
@@mariatheresavonhabsburg
Which countries?
When I was a kid, conservatives were seen as corrupt and greedy but competent. Corrupt and greedy did not change.
I do not believe in coincidences. What is actually the purpose of conservative policies in the last one or two decades?
this is absolutely just tories making sure they can line pockets before they get booted in a few years
Well the point appears to make the rich, richer! As this appears obvious to everyone, including the cat II don't understand the question.
screwing over average people while making the elite even more elite?
I think it's got to be just about every average persons mission to do whatever we can to undermine the influence of the elites and our governments back under control.
Making friends with billionaires so they'll sit them into some companies councelor position to make them millionaires.
@@susanpalmer4705 they've dumped the economy, I doubt they will make them richer
I guess Rishi Sunak was right on Truss economic policy
I know that Thatcher is her model but when she said "sink it" in the Iron Lady, she wasn't talking about the economy...
Good informative video
The brexit snowball just keeps getting bigger and bigger
snowball? It's a fookin' avalanche on October!
2:08 Plus, there is a mandatory process behind scenes where government forces Pension funds has to buy their bonds.
"Inept madness" Yup, that sums it up nicely.
Rishi sunak was said tax relaxation is not a good idea 😂😂
The empire where the sun never sets, to the empire where the sun never rises..
Yeah Russian Phobia is very costly
@@frozenking3500 Is your name frozen like the frozen Russian bank accounts?
@@EatMyShortsAU bro I am not supporting Russia I am mocking the illogical decision of the Brits and eu on imposing embargo on Russian oil and gas
@@frozenking3500 In hindsight, I don't sanctiones really worked. It actually looks like it is doing a lot of harm to the UK and EU with their economies and currencies plus Russia is selling more to China, India and other countries who are either on selling the Russian oil or selling their own supply and using the Russian supply. Meanwhile, inflation is as record highs meaning higher inflation rates whilst Russia and OPEC countries are selling their oil and gas at very high prices.
So yeah I think the oil and gas sanctions have back fired but so has Russia's invasion of Ukraine.
@@EatMyShortsAU means you agree that sanctions actually backfired
I’m no economist, but I did take micro & macro Econ, & intro to business (20 years ago at community college) & I don’t think the PM & Chancellor know enough about economics to have their jobs.
Kwarteng has a Phd in economic history.
He is not a fool , he is a hard right driven individual.
Who is to say hard right or hard left won't work?
We are about to find out ?
Was Kwarteng's Phd paid for then?
@@myvmix Fair enough . But should be enougn to give him some idea what has and hasn't worked in the past ?
This channel is brilliant. I love the little jokes you guys have been putting into it too 👍
They've been watching Patrick Boyle.
superb sir.
But the bond coupon is far lower than inflation rate, so even the bond holders are losing wealth, on top of employees.
So only stock shares rewarding over 10% will offset the loss of purchasing power caused by inflation, but assuming far more risk, as risk is rewarded with higher rates.
The sheer amount of Sarcasm is just beautiful guys -- I'm laughing my ass off here !
Thanks
Brilliant justification and notes
A rerun of the credit crunch of 2008 is probably the best case scenario more likely under this government is a rerun of 1929
Dickensian times, more-like.
@@SevenEllen Perhaps the collapse of 1825 might be a better example right up to the fact that the UK may well need an emergency infusion of cash or credit from other countries(should they be willing)
@@SevenEllen the great reset
MY GREATEST CONCERN IS HOW TO RECOVER FROM ALL THIS ECONOMIC AND GLOBAL INFLATION AND STAY AFLOAT, ESPECIALLY WITH THE POLITICAL POWER TUSSLE GOING ON IN THE US🇺🇸.
As with any big financial decision, it's important to keep your guard up for economic risks. However, smart planning, time, and seeking advice from a financial adviser can help keep you and your money safe.
@@Effiong94 I agree with you. I ventured into stock with less than $100,000, and now I'm about 17,000 short of half a million dollars. Credits to (MRS. PAMELA KAY WEAVER). She's verifiable.
Wow, you know expert pamela ...? I'm a living testimony of expert Pamela she has been trading for me for months now
Wow I'm just shocked you mentioned expert Mrs Pamela thought I'm the only one trading with her
@Donna Erwin YEAH !! BITCOIN IS PROFITABLE 🤑 🤑
Nice vote of confidence in Kwarteng. “Chancellor at the time of writing this” 🤣🤣
Really liked your video. It explained things well. I'm old, I know a lot and fix things
When the pound fall under the dollar football will become soccer
LOVE IT😍😎
As a USAmerican, I now know how you Brits felt watching us back in…well I guess it’s still kinda rough nevermind. Good luck guys!! Most of us are rooting for most of you (I am not rooting for the Manx, they know what they did)
We're all still watching you (not just the UK). It kind of feels like watching a live car-crash, but being incapable of looking away. Not like us in the EU are doing THAT much better, a little bit, but we have our own problems.
I would be far more worried about America once you inevitably end up in recession and Trump or de Santis wins in '24. Heck, Moore v. Harper might end American democracy before next summer thanks to the supreme court.
Watching you when? If you mean 2008 I'm surprised you're unaware of the fact that it hit other countries including the UK just as hard as the US
@@cerdic6305 the housing bubble did find most of its origin in the USA. So it's fair to take a portion of the blame. However, that was greed from industry left unchecked by corrupt politicians. The UK suffers because of the stupidity of their corrupt politicians. This is a whole new level of "trickle down economics" pretending to be more than a cash grab.
Just out of interest, what did the Manx do to the US
I like your videos and noticed that recently your shutterspeed seems to have been lowered. It makes motion look a bit weird
This is unprecedented.
Who'd have thought we'd have a worse prime minister than Boris?
Boris got lucky. Thanks to Liz he won't be remembered as the worst Prime Minister of September 2022.
Loved the reese-mogg reference.
Sit up straight! Sit up, man!
Sunak warned about this
So much better now we can see you!
From 'Russian economy collapsing due to British sanctions' to 'The British economy collapsing due to Sanctions on Russia'
Except it isn't collapsing because of sanctions on Russia, it's failing because of the British government
Do not tell the truth to people, leave them sleeping...
I used to think Boris Jonson was the biggest clown in politics but Liz truss makes him look like a genus. Its time for Scotland to leave this sinking ship.
I wonder which affected the market more Kwasi Kwarteng's speech or Brexit.
S&Ps, Moody's, Fitch all have excellent credit ratings for the UK which just shows that there is absolutely no distress in the economy. A rebound to get AAA rating is just around the corner
Quote of the day: The definition of insanity is doing the same thing twice with the expectation that the result will be different.
Even our cat, when seeing rain at the front door, then tried the back door.
Even though hindsight is 20/20, Sunak was the most qualified at becoming PM but instead we got liz. She didn’t know what she was talking about and now she doesn’t know what shes doing.
You're right, but the bugger is that Sunak's economic credentials were already a joke with the public since he was already responsible for a massive *increase* in taxes as chancellor so he was seen as an easier opponent for Labour. There was also that leaked video of him diverting leveling-up funding to wealthier districts, but his chances were pretty much shot by that point anyway, and he's a political naif in the bargain (also his skin is a decidedly un-Prime Ministerial colour for many Tories).
So it's pretty clear why they went for Truss, but they had no good choices.
I've not watched yet (will edit after) but yesterday the Bank of England announcement confused me. The Government will sell its debt by... buying it from itself. What?
Lol nice... 1:42 "Why make me animate it then?" 👍😋
Its like black Wednesday. The government fought the market and the market won.
Remember when people were laughing at China's economic crisis weeks ago?
My turn to laughter at the UK now lol
can someone explain how they hedged against interest rates? I didn't understand that part
Sir, no one is turning off, your very easy on the eye.
DIZZY LIZZY AND KAMI KWAZI- lamentable
BBC Radio Nottingham's Sarah Julian summed up the feelings of her audience:
"People were worried whether they could heat their homes.
They're now worried whether they can keep their homes."
thank you guys for making this shit-sandwich slightly more palatable, as you always do
Can they please fix this PDQ? I'm due to remortgage in 3 years and don't fancy having to give up the house I worked years for.
I´ve been waiting for this to happen, the system is built on a house of cards.