Your reminder that on Black Wednesday in 1992 a Tory government raised interest rates to 15% in a failed effort to shore up a crashing pound.
When Soros cleaned up on Black Wednesday 30 years ago he was an outsider analysing government economic policy and exploiting what he saw. You can disapprove but that was how he made his living. What we have here seems more “insider trading” than policy analysis.
Truss/Kwarteng lifted the cap on bankers’ bonus. A few days earlier they met hedge-fund managers “and every one of them was shorting the pound”.
It crashed after the budget. They made millions without producing anything, yet they’ll collect big bonuses & tax cuts. Johnson & his cabal and Brexit have corrupted UK politics at the highest level.
It’s a horrifying s**t show here. It’s mad to think that if the press had simply not bothered to report on ‘black Wednesday’ in 1992 we may have seen 43 years of uninterrupted Tory rule. That’s the power they’re exercising now in the US, by not reporting the true hyperinflation/hyper-interest rates that’s coming, people especially the elderly and vulnerable will suffer because of their greed.
Schools are already struggling to keep the lights on, quality food is becoming scarce and the Hospital’s are shafting patients with huge waiting lists. This is the price of doing business with the devil.