actionablefiber

4 ay öncediscuss

It's increasingly a pet theory of mine that the uncontrolled concentration of wealth into the hands of the richest, their subsequent existential ennui, and their disconnect from reality owing to media consolidation and algorithmic content feeds have basically created a world where the superrich are in a "post-game" mentality. There are no further material comforts to obtain. They just want to feel anything at all and the only way to do that is by bringing about the end of the world.

actionablefiber

4 yıl öncediscuss

The BoE had to completely flip its policy to rescue pension funds which were getting margin calls because of Truss and Kwarteng's mini-budget destroying the gilt market, so I guess you're right.

actionablefiber

4 yıl öncediscuss

That 1/3 makes a pretty huge difference...

And more importantly she was announcing these policies at an exact time when the Bank of England was trying to raise interest rates and sell bonds to fight inflation. So you have the government and the central bank pursuing contradictory goals: one trying to jumpstart consumption by borrowing and spending and the other trying to cool it by raising the cost of borrowing and reducing spending. This lead to a lot of wasted time, money and efforts and really destroyed the government's credibility.

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