I simply posted this on Twitter:

I can supply no different interpretation for this unprecedented pre-Finances speech at such an uncommon time of the day. She both is aware of that markets are about to topple, and needs to get her phrase in earlier than they do, or she is aware of that she’s going to ship a Finances so unhealthy that it’ll go down in historical past, and she or he is getting in her excuses early.

And listening to her, what is that this speech all about? It is all about supposedly reassuring the Metropolis. They, she says, should be saved comfortable as a result of they have to maintain shopping for our debt, which, she claims, is essential to funding the federal government and paying the curiosity on debt.  The prices of that debt, she characterises as being past her management when the fact is, as I’ve proven repeatedly, that that is unfaithful: she will be able to change this price every time she desires by taking management of the Financial institution of England, ending quantitative tightening, requiring lowered base charges and decreasing curiosity paid on central financial institution reserve accounts, however it’s clear that she doesn’t want to do any of these items, and needs to imopsie hardship and financial decline as an alternative.

There’s a cause why Reeves seems to be like a robotic within the headlights this morning: she is. She has chosen to dwell in concern of monetary markets as a result of she has forgotten that she makes the cash this nation wants and needs, and the Metropolis doesn’t make a penny of it. All they do is deposit the sums not taxed again, with the federal government being the one protected place of deposit for such sums, which is what’s then known as debt.

The truth is that, as Reeves is comprehensively proving, she has no clue how the macroeconomy works. We’ll all pay an enormous worth for her incompetence.

Taking additional motion

If you wish to write a letter to your MP on the problems raised on this weblog submit, there’s a ChatGPT immediate to help you in doing so, with full directions, right here.

One phrase of warning, although: please guarantee you’ve the right MP. ChatGPT can get it fallacious.

Feedback 

When commenting, please pay attention to this weblog’s remark coverage, which is obtainable right here. Contravening this coverage will lead to feedback being deleted earlier than or after preliminary publication on the editor’s sole discretion and with out clarification being required or supplied.