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rubikcuber , in Liz Truss: Oppressed by Tweets, Victimized by Reality
@rubikcuber@feddit.uk avatar

Things that Liz Truss thinks are equivalent:

“Far left” activists unveiling poster of a googlyeye lettuce.

Far right activists burning down hotels housing refuges; looting bakeries for sausage rolls.

dogsnest ,
@dogsnest@lemmy.world avatar

“If they’re brown, flush 'em down!” = “Look at silly lettuce lady.”

– Trussy

SkyNTP , in They encouraged us to insulate our home. Now it’s unmortgageable

The insulation was supposedly improperly installed. There, saved you a click.

sunzu ,

click bait always burries key facts

Thank you for your service.

tiramichu , in Far-right thugs throw rocks at Filipino NHS nurses on way to work

I hate that I have to share a country with these people.

The UK that I grew up in was multicultural, and proud of it. And now this.

So much misplaced anger. Yes the economy is fucked, and your life is probably in the shitter, but immigrants aren’t the ones to blame for this. Blame the 1%

Emperor OP ,
@Emperor@feddit.uk avatar

So much misplaced anger. Yes the economy is fucked, and your life is probably in the shitter, but immigrants aren’t the ones to blame for this. Blame the 1%

Which doesn’t suit the 1% hence all the misdirection of people’s anger. They learned their lesson during the French Revolution and the Russian Revolution drove home the fact that it can happen again and they’ve been running scared since.

tiramichu ,

Oh yeah, of course. The rich have done a very good job of deflecting blame and convincing people the blame lies elsewhere. Excellent marketing and diversionary tactics.

Just wish people would see through that.

Emperor OP ,
@Emperor@feddit.uk avatar

Just wish people would see through that.

That is one if the most annoying aspects - they’re being played and either don’t known or don’t care. Some people want to wreck things and aren’t that picky about the motivation.

Lemmygradwontallowme , (edited )
@Lemmygradwontallowme@hexbear.net avatar

You know, the funny thing is, that these Global South/Third World migrants, most of them have migrated mainly because the Global North’s countries decided to dominate these migrants’ countries through unequal exchange/resource and labor exploitation, such as the Philippines, which is the reason they came here in the first place; to escape poverty!

KevonLooney ,

They learned their lesson during the French Revolution and the Russian Revolution

How long do you think rich people live?

Emperor OP ,
@Emperor@feddit.uk avatar

Don’t they just shed their human suits every now and again?

Joking aside, It’s never about the individuals, it’s the system of greed and vested interests. Once the robber barons get their hooks in they can be difficult to shake off this side of the guillotine or firing squad.

EnderMB ,

The UK that I grew up in was multicultural, and proud of it. And now this.

Was it?

I fully support multiculturalism, but these cunts have existed for decades, whether it’s the national front, Britain first, EDL, BNP, etc.

The only difference between then and now is that back in the early 2000’s we treated these cunts like nutters and didn’t entertain their delusions. They were treated like you’d treat anyone with extreme views - with caution and distance.

Naich ,
@Naich@lemmings.world avatar

I put the blame 100% on politicians and newspapers who pandered to the racists and dressed racism up as “legitimate concerns” in order to stoke up anger and get votes. Their policies gave us Brexit and now this shit. Wankers.

EnderMB ,

They absolutely deserve the blame, but the point is that these people have always existed, and probably in much larger numbers than we’d like to believe.

A lot of people seemingly believe that the UK went from a country that loves all immigrants to a hate-filled country in just over a decade of Tory rule, but all that has happened is the government and the media have informed the public that extreme views are welcome in society.

IMO what needs to happen is a swift push from the government to say “no, violent protest will result in prison” AND actually fucking stopping them. The police know ahead of time where people are protesting, and the second so much as a can is thrown at a building the police should be making arrests - hundreds of them. Doing anything else sends a message that peaceful protest results in jail time, whereas torching an immigration law firm or hotel is fine.

r00ty Admin ,
r00ty avatar

Yeah, I grew up in East London. I remember clearly in the 80s my Sikh PRIMARY SCHOOL classmate, was beaten up by national front thugs. Yeah, primary school kids were fair game.

People like this have always existed. Make no mistake, they're always on the periphery, waiting for an excuse to use as the thinnest veneer of their main intention, just to come out and start a fight.

nonailsleft ,

So much misplaced anger. Yes the economy is fucked, and your life is probably in the shitter, but immigrants aren’t the ones to blame for this. Blame the 1%

I think it’s a misconception that these people are angry at immigrants for economic reasons. They’re angry at immigrants because they’re racists.

Schal330 ,

They are without a doubt using whatever they can as an excuse to be their racist selves. Unfortunately the media and Facebook/WhatsApp echo chambers exacerbate the issue further, working these Neanderthals into a violent frenzy

i_am_not_a_robot , in Liz Truss: Oppressed by Tweets, Victimized by Reality
@i_am_not_a_robot@feddit.uk avatar

Has she missed all the rioting in England by far-right activists?

How is that better than a banner being slowly revealed?

psvrh ,
@psvrh@lemmy.ca avatar

“If everyone is covered in mud, it makes it less obvious that you’re covered in shit.”

This is Liz and her cohort trying to “both sides!!” away the behaviour they incited.

It’s crab-bucket PR: if they can get enough of the media saying how bad the left is, it makes the right-wing pogroms less horrifying.

Trump did the same thing post-Charlottesville, conflating BLM and Antifa with the rich-setting, “Jews will not replace us” chanting, protestor-merdering neo-nazis who supported him.

imPastaSyndrome ,

The media sure has

llamatron , in Giant spiders the size of rats making a comeback in UK
@llamatron@lemmy.world avatar

I’m sorry what? We have a native spider the size of a rat? Why did I not know this. This is important information.

I am never leaving the house again.

Emperor OP ,
@Emperor@feddit.uk avatar

Plot twist: they’re already in your house.

j4k3 ,
@j4k3@lemmy.world avatar

(I’m hacking around with Cataclysm Dark Days Ahead at the moment) Noooooo!!!

IchNichtenLichten ,
@IchNichtenLichten@lemmy.world avatar

I thought they looked like the dock spiders we have in Minnesota, turns out they’re the same thing. Utterly terrifying but completely harmless.

YarHarSuperstar ,
@YarHarSuperstar@lemmy.world avatar

Noooo reading this I thought I was safe being all the way over here :( whyyyy

ArmokGoB ,

I saw one on the wall when I was staying just outside Guildford. I was in disbelief that I would see such a thing in Europe.

floofloof ,

Maybe it’s a baby rat. I’m going to believe it’s a baby rat.

cheddar ,
@cheddar@programming.dev avatar

They hunt fish. There’s no need to worry if you aren’t fish.

llamatron ,
@llamatron@lemmy.world avatar

If only arachnophobia were so logical

j4yt33 ,

I don’t think you’re likely to ever come across one if you don’t live in a lake, they have only been identified in a handful of places.

tobogganablaze ,

They usually are found around the shore or river banks only walking onto the water for hunting. The only spider you will mostly find in a lake a diving bell spiders.

j4yt33 ,

Ah I misunderstood that a fen is actually a thing (non-native speaker here). So I correct my original post to “if you don’t live in a fen”

janNatan ,

As a native speaker, I’ve never heard the word “fen” in my life. So, that’s probably why they didn’t say that.

j4yt33 ,

Who didn’t say that?

janNatan ,

Oh, I guess it was you who didn’t say fen. But it’s probably more correct to leave “fen” out, at least if you want to be understood. It is not s common word. I had to look it up.

tal ,
@tal@lemmy.today avatar

The only spider you will mostly find in a lake are diving bell spiders.

en.wikipedia.org/wiki/Diving_bell_spider

The diving bell spider or water spider (Argyroneta aquatica) is the only species of spider known to live almost entirely under water.

That sounds neat.

Their bite is often described as being very painful to humans and as causing localised inflammation, vomiting, and slight feverishness that disappears after 5-10 days.

That sounds less agreeable than the giant raft spider.

tobogganablaze ,

Their bite is often described as being very painful to humans and as causing localised inflammation, vomiting, and slight feverishness that disappears after 5-10 days.

That sounds less agreeable than the giant raft spider.

Sentence after that:

However, solid evidence is lacking

It’s really hard to get bitten by any spider. I can’t imagine how hard it must be to get bitten by spider that lives underwater. I have to check those wiki sources …

Swedneck ,
@Swedneck@discuss.tchncs.de avatar

they’re apparently 7cm wide including the legs, so more like the size of a mouse and even then it’s being a bit generous.

Knitwear , in Outrage as librarians reveal schools banning LGBT+ books after parents’ complaints

could we stop importing American bullshit? Thanks

T00l_shed , in Thames Water says it needs 59% bill rise to survive

Sounds like it should be nationalized.

HumanPenguin ,
@HumanPenguin@feddit.uk avatar

Yeah but wait till they collasps.

Otherwise they will claim they have value. And I do not trust the gov not to agree,

SubArcticTundra ,
@SubArcticTundra@lemmy.ml avatar

Well pointed out

thr0w4w4y2 ,

I agree.

But the realist in me knows it won’t be allowed to happen.

I know that the government will have to service a £15bn debt through borrowing, which will raise interest rates, mortgages, rents and require cuts to public services to pay for. That is on top of the investment needed over the next few years to stop sewage leaking into rivers and leaks of millions of litres a day.

In addition I know that pension funds and large investors will lose substantial sums of money and will look to divest from similar risks, which could lead to more utility companies becoming insolvent. A snowball effect.

Finally, I know that international investment in the UK will be seen as more risky.

What the government will be doing now is weighing up those risks against the cost of raising bills by the 59% that the water companies and industry bodies are asking for. If the worst should happen, will taxpayers be better off with a couple of hundred extra £ on their water bills to pay, or potentially a lot worse off with a rapid nationalisation of multiple firms.

T00l_shed ,

Service the debt by selling assets of the C suite that got them into this mess. Charge corporations real taxes and levy fines and penalties that are realistic to the damaged caused. Essential services should never be private because this is exactly what happens. And the end user is penalized, and a couple hundred extra € will continue to increase until noone can pay their bills, and then the business will go insolvent anyway, and people will be left without water service anyway.

We need to stop subsidizing corporate failures, so they can privatize the profit.

thejoker954 , in Hundreds of Brits used website to look for ‘suicide partner’

Everyone has the right to die if they want.

While I understand the loved ones point of view it is supremely selfish to say “you have to keep suffering, because I don’t want to feel bad.”

maybe it will get better. Maybe it won’t. If I dont wanna take that gamble anymore I shouldn’t be forced to. Especially if its something you have been fighting for years.

Skua ,

I agree with that, but there is not the slightest of chances in hell that making into a thing you do with social media will ever turn out well

towerful , in Labour MPs begin quitting X over ‘hate and disinformation’

Good.
Governments should run their own mastadon instances, and provide official accounts for all their public servants, staff, whatever they are called, as well as an account for each agency.

But quitting twitter is a good first step

HumanPenguin ,
@HumanPenguin@feddit.uk avatar

I agree. But this is labour MPs. MP != Government even when members of leading party. Only those with ministerial positions are in government.

As Members of parliament outside ministerial government positions are considered to have free speech and not to be representing the government when speaking, The choice of communication media must be down to the individuals.

palordrolap ,

I think a cross-party Mastodon instance or something like it could actually be a good idea. The hard part would be deciding who's allowed to create accounts and when (or whether) to deactivate an account after a person stops fitting whatever qualification got them an account in the first place.

Being an MP, sure, that's a given. What about people running to be MP? What about people setting up fake parties / independently standing in order to get a place on there? Consider Count Binface. Clearly he should have an account on such a platform, but how the heck would he qualify without letting someone less sane on under the same criteria?

And then there's the fact it would need to be run by incorruptible third parties.

And the fact that fascist-leaning politicians would need to be allowed on there so they can't cry foul, despite the fact they'll all only ever post on X anyway.

But then, only a handful of MPs would use it even if it was the only platform available, so it being a potentially good idea is probably all it'll ever be.

psvrh ,
@psvrh@lemmy.ca avatar

The UK already had the BBC; maybe this would make a good adjunct service the Beeb could offer? Sort of like the social media equivalent of iPlayer.

Every UK citizen can get an account.

nickb333 ,
@nickb333@fedia.io avatar

BBC already have a Mastodon instance but it doesn't seem to get much use.

HumanPenguin ,
@HumanPenguin@feddit.uk avatar

Bbc funding would make that difficult.

As it is a licence and a bloody expensive one atm. The % of UK citizens joining are reducing rapidly.

More importantly for a government system. You can see the BBC requiring a licence to set up an account. This instantly makes it unappreate as a giverment distribution and communications system. As wealth has a huge input on access.

Honestly the BBC seems to be hanging on by a thread atm. It has lost a huge amount of trust. And many brits just find the cost vs service much more questionable then in the past.

PS this was the tories intent. But hard to see labour current doing anything to fox it.

HumanPenguin ,
@HumanPenguin@feddit.uk avatar

Agreed.

Honestly though. For such a service. Id suggest mastidon sorta solves it. as anyone can already post from other servers.

So all you need is a parlimentary server. That alloows a second account for only MPs or those running for MP.

That limitation is hard to argue with. Dosent show any political bias. And only allows people like binface or any other nutty runner during an election period.

But they still have personal accounts they can link that allows them to comment without the parlimentary candidate Accolade during other times. Or with it if we some how end up with PM bin face.

Streamwave ,

Interestingly, the European Union has been doing exactly this for about a year now on an experimental basis.

…europa.eu/…/social-media-connect-european-commis…

uk.pcmag.com/…/eu-joins-mastodon-social-network-s…

edps.europa.eu/…/edps-decentralised-social-media-…

echodot ,

Can you imagine the conservatives trying to work it? Mogg famously didn’t use a computer

RobotToaster , in Hundreds of Brits used website to look for ‘suicide partner’
@RobotToaster@mander.xyz avatar

Of course the government’s answer is to try and ban it, rather than solve the underlying cause of people wanting to use it in the first place.

This isn’t anything new, it’s been happening since the days of usenet being popular.

Dymonika ,

This isn't anything new

Well, I'd never heard of it before now.

m4xie ,

You’ve heard of Romeo and Juliet?

frazorth ,

Pretty sure they didn’t hook up to die.

thehatfox ,
@thehatfox@lemmy.world avatar

Reducing suicide is always approached as trying to block pathways to death, rather than by improving life.

As always with this country it’s putting a plaster over the symptoms rather than addressing the cause.

TheGrandNagus , in Liz Truss: Oppressed by Tweets, Victimized by Reality

What happened last night was not funny.

I beg to differ, Liz.

TheGrandNagus , (edited ) in Journalist Richard Medhurst arrested under Britain’s Terrorism Act

Is there a less clearly biased source for this? I struggle to take articles seriously when they use emotive language and hyperbole in seemingly every sentence.

This article also straight up accuses NATO of waging a proxy war against Russia and says they’re using Ukraine as their battleground.

It repeatedly calls Russia’s invasion “NATO’s war” ffs

Calling this person a journalist is also a bit of a joke. From what I can see, he mostly just peddles tankie content and conspiracies on his YouTube channel. If that’s what passes as being a journalist these days we’re in real trouble lol

Emperor ,
@Emperor@feddit.uk avatar

Is there a less clearly biased source for this?

The first page and a half of my Google news search brings up just a whole host of partisan sources, from The Times of Israel to the Tehran Times. I can genuinely find nothing from a UK paper or broadcaster. That’s a bit weird.

Akasazh ,
@Akasazh@feddit.nl avatar

MOre than a bit weird indeed.

Emperor ,
@Emperor@feddit.uk avatar

It’s possible more reliable sources are waiting for a police statement or the details of any charges, so their reports might take a day or so.

hairyfeet , in UK riots: Judge hands down longest jail sentences yet

Half the sentence of people who planned an environmental protest

Emperor ,
@Emperor@feddit.uk avatar

These are only the early, cases which have been easier to prove and process. They have just started charging people with riot, which carries a maximum 10 year sentence.

TheGrandNagus , (edited )

Should be noted that the organiser of the protest who got 5 years

  • was a repeat offender
  • purposely blocked an ambulance, then when asked to let it through said he’d rather any patient inside die than let it through
  • was arrested again during the court case for being in contempt of court
  • said he couldn’t wait to get out and commit more crime

He didnt really leave the judge much choice. You try telling a judge you want to commit more crime and see how that goes. Plus, purposely blocking an ambulance is a serious crime.

Plus, while not being illegal, he’ll happily jump on a flight to the US just to attend a wedding, yet moans about poorer people going on holiday abroad. That rubs me the wrong way.

steeznson ,

Thank you for providing this extra context. I don’t think that people are really interrogating the circumstances properly when they compare sentences. Roger Hallam is a bona fide weirdo too - anyone who has not heard him being interviewed should listen to 5 mins of him describing his worldview.

VirtualOdour ,

Yeah, when you actually look at a lot of protest movements lemmy blindly supports they’re deeply problematic in many ways, of course people want easy answers and glib heros so they’ll get mad if you try and demonstrate nuance.

echodot ,

I don’t think that’s actually true. Honestly it seems like a very limited subset that actually support these actions. Context and nuance be damned.

GeneralEmergency ,

Hey don’t. Don’t you be bringing facts into this. It completely goes against my preconceived notions. And I can’t handle that.

endofline ,

It depends. While I don’t say he was right, Many activists like “last generation” in Poland won’t be persecuted more than few hours of social work for blocking hours long whole street including emergency ambulance. The activits group is actually using subsidized big flat at the city center of Warsaw and Warsaw governor doesn’t care about this. There are double standards by current “good ( by EU ) government in Poland”. There is a clear bias ( i wont say what side ) represented in most governments of EU

TheGrandNagus ,

I don’t really see how Poland (or the EU) are relevant to UK judges enforcing UK laws.

If what you’re saying is right, that sounds pretty crazy, though. Purposely blocking emergency services, not caring if it kills people, should not be 3 hours of community service. That’s fucking insane.

danielquinn ,
@danielquinn@lemmy.ca avatar

These statements, while true are lacking so many critical details that it borders on disinformation.

  • He was a repeat offender of nonviolent crimes.
  • He was held in contempt after the court refused to allow him to speak to the motivation behind his crime, a key component in any defence of nonviolent civil disobedience.
  • Of course he said he would commit the “crime” again. It’s civil disobedience. What exactly are you expecting? The planet is still on fire and we’re still burning it.

The ambulance thing is pretty terrible, but when you consider the objective outcome of our current world-burning, it’s not an unexpected perspective. Given a few more years of inaction and profiteering, and the nonviolent actors will start giving up on being civil – especially if the penalty is the same regardless. We’ll be looking back on traffic blocking and orange paint with nostalgia.

TheGrandNagus , (edited )
  • He was a repeat offender of nonviolent crimes.

And? Does that somehow mean it shouldn’t factor into the decision? Should a serial fraudster be unpunished, because fraud is non-violent?

Besides, I’d say purposely blocking ambulances saying you’re fine if the person inside dies is pretty violent.

  • He was held in contempt after the court refused to allow him to speak to the motivation behind his crime, a key component in any defence of nonviolent civil disobedience.

He was held in contempt of court for making a scene more than once. When you’re in court, you’re not the one calling the shots.

  • Of course he said he would commit the “crime” again. It’s civil disobedience. What exactly are you expecting?

What are you expecting? The judge to say “look, I know as soon as you’re free you’re going to commit more crime, possibly even killing someone, as you’ve mentioned. But because climate change is a thing, I’m going to just let it happen. Btw I hope you enjoy your flight to America for that wedding!”

And no, don’t put crime in quotes. It’s not “crime”, it’s crime. “Crime” implies that it wasn’t a real crime. It was. He is a criminal. It was proven, he was guilty, he is going to prison. Crime.

What you’ve said here changes nothing. He’s still a repeat offender. He was still in contempt of court. He’s still, by his own admission, a potential danger to the lives of others, he still intended to commit more crimes. And he’s still a gargantuan hypocrite for wanting to kill someone for having the audacity of being passenger in a petrol-powered ambulance, while at the same time thinking it’s fine to fly to America 6,000km+ away, to attend a bloody wedding.

danielquinn ,
@danielquinn@lemmy.ca avatar

I never contested the facts as stated, only that their presentation, devoid of context was misleading. I put “crime” in quotes to demonstrate the absurdity of a system that imprisons people for blocking traffic when those actually burning the planet are treated with the highest respect by our elected representatives. This wasn’t defrauding old ladies, it was causing a traffic jam.

Normal car traffic blocks ambulances all the time, and yet no one seems to consider it a crime punishable by 5 years. Meanwhile, a woman kills a cyclist with her car and gets a suspended sentence. Canada is on fire. Greece is on fire. Bulgaria, Italy, North Macedonia, Turkey, Spain, and Portugal are all on fire. How many ambulances-worth of people do you think are going to die as a result?

And spare me the “he’s a hypocrite 'cause he flew in a plane” pearl-clutching. He knows, as I’m sure you do that you don’t fix climate change through individual action. Sure it feels nice to be all self-righteous and forego luxuries provided by bad energy policy, but real change comes through legislation that taxes the hell out of flying — you know, like JSO is demanding but for which our elected leaders would rather ignore because it’d be unpopular.

TheGrandNagus , (edited )

Being stuck in a traffic jam is very different to purposely causing one and purposely blocking an ambulance, with intent to kill. You are a psychopath if you think otherwise.

You don’t think purposely blocking ambulances should be a crime? That’s fucked up.

And spare me the “he’s a hypocrite 'cause he flew in a plane” pearl-clutching.

No. Here he is being against people being in ambulances, while he feels it’s fine for him to fly around the world, while at the same time saying that poor people (and only poor people!) shouldn’t be allowed to fly.

Just more class warfare from upper class toffs who hate the poor. It’s absolutely repulsive. Hope he has a good think about how much of a POS he is while he’s in prison.

danielquinn ,
@danielquinn@lemmy.ca avatar

“Class warfare” from someone willing to literally go to prison to prevent millions of the poor dying in climate change. Right.

TheGrandNagus , (edited )

Yes. Class warfare. From someone who believes rich people should be able to fly around frivolously, but wants to stop poor people from being able to do it at all.

If it wasn’t class warfare, it would be something like a yearly flight allowance for each individual. Not a “sorry poors, you can’t fly, but the rich can. Maybe pull yourself up by the bootstraps?”

We aren’t talking “yOu’rE a hYpOcRiTe bEcAuSe yOu’Re aGAinSt cLiMatE ChAnGe bUt hAvE a GaS sToVe” — we’re talking someone who flies around frivolously (the most environmentally damaging thing you can do), including 6000km+ to attend a wedding, while at the same time saying it should be fine for him to do so, because he’s wealthy. It’s just the poor people that shouldn’t be allowed.

I suppose the dirty working class scum just shouldn’t have a holiday abroad every 5 years, they need to make sacrifices so that the wealthy can fly around in private jets or take a 6000km flight to a wedding.

It’s disgusting. And even more repulsive are people who say they’re left wing but celebrate open attacks like that on the working class.

You understand?

Also, do you still think purposely blocking an ambulance and saying you intend for any person inside to die is the same as being stuck in morning traffic in the car/bus on the way to work? Because if so we’re done here. That’s the view of a terrorist. People shouldn’t be killed just because the ambulance that turned up to save them has a combustion engine.

echodot ,

Oh get off that narrative. The guy was certifiable he literally told the judge that he would commit more crimes when released what exactly was going to happen. Stop with these victim complex, everything that happened to him was 100% his fault.

stoly ,

That’s probably more a US/China/Russia thing.

Emperor OP , in Elon Musk shares fake news about England rioters being sent to Falklands
@Emperor@feddit.uk avatar

From the article:

The Royal National Orthopaedic Hospital NHS trust said in a post on Thursday that it was closing its account on X after 13 years because the platform is “no longer consistent with our Trust values”. It directed followers to Facebook, Instagram and LinkedIn.

Good start but the UK government needs to knock Xitter on the head. I’ve previously posted about it here. I wonder if it is worth starting a petition…

palordrolap ,

It directed followers to Facebook, Instagram and LinkedIn.

Three more piles of manure, two from the same stable. There's no accounting for taste.

Emperor OP ,
@Emperor@feddit.uk avatar

It was disappointing. It’s like they are so close to making the leap and yet they have tripped over their own feet.

br3d ,

The thing is, they’re now just using platforms owned by Meta and Microsoft, both arguably awful corporations in their own way. Choosing Zuckerberg over Musk is out of the frying pan and into the fire in my opinion. They really should go to Mastodon, I guess?

cRazi_man , in Liz Truss leaves stage in Beccles as 'lettuce' banner unfurls

She’s right, that’s not funny. I’m still paying a stupidly high mortgage rate because of her.

But pranking her like this and watching the reaction, is indeed really funny.

Saledovil ,

What did she do to make people’s mortgages go up?

CheeseNoodle ,

Tried to force through a budget that brought the UK within hours of a greek style total economic collapse until the bank of England stepped in to unfuck things because it was just going to be that bad if they didn’t.

cRazi_man ,

www.youtube.com/watch?v=0CswZ8Fbl80

Here’s a short video summary if you’re interested in some hilariously fucked up UK politics.

The first 45 sec of the video will set the stage for you.

Saledovil ,

So, this minibudget included tax cuts, coupled with a massive increase in government spending, which then caused the currency to devalue. Still don’t fully understand how it got this bad, though.

cRazi_man ,

The tax cuts were huge (billions). She didn’t increase spending, but didn’t decrease it either; so it would leave a huge hole in government finance that would require massive government loans. The “market” freaked out. The pound and UKs credit rating plunged. The main crisis became the gilt market crisis (which was a catastrophe for almost all pension funds and the economy as a whole). This itself is well explained here:

www.youtube.com/watch?v=5-FdX0djxAE

(In case you haven’t noticed, I think TLDR news make absolutely fantastic videos and would recommend checking out their videos if you are interested in high quality news).

Saledovil ,

Thanks. I’ll check it out in the evening.

Saledovil ,

Thanks, but how did the pension funds hedge against interest rates in a way that they had to pay up when the interest rate went up?

cRazi_man ,

I have no idea man. My knowledge extends as far as that video. After watching “The Big Short”, I’ve learned that there are a lot of ways that finance bros play the economy in ways that we cannot comprehend.

Theme ,

Good movie

Saledovil ,

My hypothesis is that they put the gilts up as collateral so that they could borrow money to invest. So, interest rate goes up, and the value of existing gilts goes down, because why buy a gilt with 1% interest when you can get a new one with 2% interest? Pension funds need to add more collateral to their accounts, because the gilts became less valuable.

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