In Spite Of White House Warning Mad Ukies Strike Russian Refineries Again

 

Less than a week after the Biden administration, with the help of a contingent of Republican congressmen, finally pushed through the latest military aid package worth billions of dollars to Ukraine, Kyiv, ignoring warnings from Washington, launched a series of suicide drone attacks on Russian oil refineries. 

Top US officials have warned Kyiv to desist from attacking Russia's energy infrastructure because of fears that turmoil in the oily supply chain would send pump prices in the US higher in the run up the presidential elections in November. 

"Our region is again under attack by Ukrainian UAVs," Smolensk Governor Vasily Anokhin wrote in a post on Telegram on Wednesday as Ukrainian Kamikaze drones damaged oil facilities in western Russia. Another drone attack damaged the Lipetsk region further south, where steel production plants and pharmaceutical sites are abundant, Governor Igor Artamonov said.

"The Kyiv criminal regime tried to hit infrastructure in Lipetsk industrial zone," Artamonov said. 

The Moscow Times pointed out:

A source in the Ukrainian defense sector confirmed to AFP on Wednesday that drones in the service of the Security Service of Ukraine (SBU) had carried out the attacks.

The source made no mention of the attack on Lipetsk but claimed two oil depots were destroyed in the Smolensk region.

"Rosneft lost two storage and pumping bases for fuels and lubricants in the towns of Yartsevo and Rozdorovo," the source said, referring to the Russian state-controlled energy giant.

The UK Financial Times reported unnamed US officials recently said long-range drones have hit at least 20 energy facilities deep within Russia so far this year. Kyiv's drone attacks on Russia's energy complex have been frightening for the Biden administration, as Brent prices have risen to the $90/bbl level on higher war risk premiums. Higher energy costs increase inflationary pressure in the economy as stagflation concerns mount in the US. Also, gasoline pump prices in the US are inching closer to the politically sensitive $4 level. 

According to AAA data, the average cost of gas at the pump across the US was $3.66 as of Thursday, up from $3.10 in mid-January.

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Globalists Say Britain Should Rejoin The EU, Are They Having A Laugh? German Citizens Are Not Amused

 

Germany: the 'sick man' of Europe again?

August 4, 2023

Despite the constant wailing and gnashing of teeth from globalists who insist on trying to blame Brexit for Britain's economic woes as if we alone are suffering a multi - layered economic crisis and that the only was out of it is for the UK to rejoin, the EU, taken as a single economy is in a worst state than the UK.  The German economy, on which solvency in the EU has depended for a long time, is in deep trouble with inflation soaring and growth stagnant, and as long as current policies remain in place there is no sign of improvement in the foreseeable future. The serial crises of the past decade and a half, from global financial meltdown through immigration, political uncertainty, COVID and the aftermath of lockdowns to the Ukraine war, energy crisis and sky high inflation, have exposed the weaknesses of the country's business model.

***

Shortly before the turn of the century British business magazine The Economist published a series of essays and articles on the German economy, which concluded by describing the country as the sick man of Europe. Although this was at the time when the rest of the world was still being propagandised into believing in the German Industrial Powerhouse the insult served as a wake-up call for German politicians, which, having bought into their own propaganda was still living in the boom years that followed reunification reunification. Germany's Federal Government had been delaying much needed reforms, hoping like Mr. Micawber that 'something would turn up. 

 

Prodded by the Economist and other critics the government of Chancellor Schröder introduced major reforms to the labour market, directing the main thrust of its efforts towards reforming Germany's generous social welfare program. In particular, the government wanted to reduce the costs of the bloated welfare system; with an ageing population and high levels of sickness and disability, the number of beneficiaries was increasing at a rate exceeding the number of contributors, thus driving the state budget close to insolvency. High benefit levels had to be paid for and economic recovery was hampered by high taxes. In response to this Schroder attempted to relieve the burden on businesses of the country’s high taxes and labour costs, which had driven away foreign investment and encouraged German firms to close German plants and move them overseas.

 

These steps slowly trurned things around and in 2014, a group of economists from Berlin and London wrote that Germany had developed"From sick man of Europe to an economic superstar."

However in 2023 the wheel has turned full circle and German economy is again struggling. For the final quarter of 2022 and the first of 2023 economic output has declined putting the national economy in "technical recession." In the most recent quarter, Germany's gross domestic product (GDP) has stagnated at the level of the previous quarter, and all the important economic indicators show a decline.

"Germany's economic situation is darkening," was the conclusion of the president of the Leibniz Institute for Economic Research at the University of Munich, Clemens Fuest. The Institute surveys 9,000 executives each month about the current state of their businesses and their expectations for the next six months. The resulting Business Climate Index (July 2023) has fallen for the third month in a row. The Institute researchers expect Germany's GDP to decline again during the current quarter. ... 

****  

Commerzbank chief economist Jörg Krämer reinforces the opinion of Clemens Fuest and the Munich Institute for Economic Research: "Unfortunately, there is no improvement in sight," Krämer told the Reuters news agency. "The worldwide interest rate increases are taking their toll, especially since German businesses are already unsettled due to the eroding quality of their location."

The country's industrial sector, the showpiece of its economy, is causing the most concern. It accounts for a relatively large portion of Germany's gross value added (GVA), about 24%, and has been suffering  global trends along with other developed nations. A worldwide economic slump in the wake of the COVID pandemic fiasco added to globalist ideologies' influence on policy making it easier for manufacturers to move operations from highly regulated areas such as the EU to nations ith more lax regulatoty and business taxation jurisdictions. Germany's once mighty engineering and automobile sectors, which were heavily reliant on exports, are feeling the effects of foreign customers holding back while cheaper imports from China and other 'emerging' economies flood the domestic market.

And on top of all this a decade of unregulated mass immigration of semi - literate, poorly educated, culturally incompatible, unemployable migrants from third world nations has bloated the welfare system again.

Compared with other industrialized nations, Germany is performing exceptionally poorly — and according to an estimate by the International Monetary Fund (IMF) will be the only large country to have a shrinking economic output.

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COVID To Blame For Inlation Says Economically Illiterate Bank Of England Chief

 An interesting insight into why the liberal democracies are all in the throes of financial crises emerged yesterday as a result of a pissing contest between the current head of the Bank of England, Andrew Bailey, and his predecessor Mark Carney.

Canadian national Carney was always a supporter of the European Union and throughout his tenure at the BoE from 2013 to 2020 was a strong supporter of closer economic integration with the European Union and then of the 'Remain' campaign and finally of efforts by certain billionaire psychopaths and globalist politicians to habe the referendum result overturned. Since leaving his role at the Banl he has consistently spoken and published articles claiming Brexit is to blame for everything from inflation to extreme weather events. 

The current BoE chief Andrew Bailey said in an obvious rebuke to Carney earlier this week that Covid is to blame for the inflation crisis rather than Brexit, which is still wrog but not as stupidly wong as Carney's belief that Brexit is to blame for everything

Mr Bailey said the pandemic is the key problem, as workers who left the jobs market during Covid do not appear to have returned, leaving a sustained hole in the economy.

It should be obvious to anyone who has more tits or testicles that inflation is caused by banks, more specifically the central banks. While theidiotic responses of the debeloped nations to the COVID pandemic led to an orgy of money printing, which certainly did not help, inflation is an upwards movement of wealth. Bankers, as always, hide behind false accusations, always pointing towards big events and not their own nefarious activities in stripping the wealth away from ordinary people. People are left not knowing who to blame in this instance because saying it is ‘Covid’ or ‘Brexit’ is to cloud the issue in political blaming and point towards the governing party at the time, namely the Tories, who have no ability to make financial decisions without the say so of their banking overlords. Inflation, just like the banking crises of 2008 and 1929, was caused by central banks, the only winners in this game.

The inflation we are experiencing may have originated with manufactured supply chain shortages – starting with the gas and oil price in the Autumn before the start of the Ukraine war but these shortages are being caused by a combination of government policy globally (in response to UN Agenda 2030) and a change in the strategic orientation of large corporations to an ESG agenda – otherwise known as stakeholder capitalism. The banks also have a role in setting high interest rates but these are mainly an attempt to fix the broken debt markets. While the COVID policies were ridiculously over the top considering the true level of threat posed by the disease, the orgy of money printing kicked off by lockdowns, on the back of a decade of idioically cheap credit which encouraged a growth of deby to eye watering levels, and then followed by steep increases in interest rates have reduced the value of money while simultaneously raising the cost of goods and services. And it is all down to mismanagement of the money supply by central banks as they choose to serve political ideologies rather than practical economic consideratons. RELATED:

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Shares in America's First Republic Bank's crashed when the New York stock market opened for trading this morning. The crash was triggered by a statement issued on Sunday night that sought to ease investor worries about the bank's liquidity situation in the wake of the failure of Silicon Valley Bank. Shares in the San Francisco based regional bank are down 60% on last week's close.

Naked Bankers Go For Gold
... That gold sale in 2013 was a naked short. The seller had no gold to sell. COMEX reported having gold only equal to about half of the short sale in its vaults, and not all of that was available for delivery (quite a lot of it belonged to the german government) In effect the naked shorting of gold could only work because really the right hand was selling to the left hand.

Things That Make You Boggle ... Like The Misplaced Confidence Of Academics
Why are economics academics always so sure that their predictions are correct. Given the abysmal record on economists on calling the economic trends correctly even after they have happened let alone ahead of the trend, you would think exponsents of the dismal science would be a little more cautious in proclaiming their gusses as evidence backed facts. They never seen to learn however.

Was The Banks' Cypriot Smash And Grab A Rehersal
When I started here at Bubblews back in early March the big story was the financial meltdown in Cyprus and the international response that shocked the world. The political leaders and international bankers whose incompetence and irresponsibility caused ...

Money Index Tax The Rich, Hurt The Poor
The loopy left in Britain and the USA have, throughout the cedit crunch, chanted their Tax The Rich mantra. Those who do not learn from history are condemned to repeat it of course and the left have still not learned from all the other economic catastrophes caused by attempts to redistribute wealth that taxing the rich huts the poor most.

The Folly Of Using Inflation To Reduce The Debt As the Obama administration starts to seriously consider minting Trillion dollar coins to reduce debt by fuelling massive inflkation the Daily Stirrer's finance expert explain why this would not work and would have catastrophic consequences.

A Dickensian Christmas Gift: Mister Micawber's Economic Wisdom
Despite the ever growing dunghill of evidence to the contrary lefty politicians around the world continue to call for higher taxes, more government spending and collectivist solutions while the clueless Obama administration embark on another futile round of "quantitative easing. What they are trying to do is inflate away debt but inflation is the curellist stealth tax. (Also posted at Scribd)

Green Policies Will Not Save The Planet But Are Costing Poor Families The EarthPoliticians bleat about the plight of the poor then press on with their clean, green, sustainable energy policies which include stealth taxes to subsidise expensive and inefficient wind turbine and solar panel power generators. Can they not see it is the green agenda that is driving up inflation ...
Drop in UK inflation Is Not Good NewsThe Office for National Statistics has reported a sharp fall in the Consumer Prices Index - down from 4.8 per cent in November to 4.2 per cent last month - was the sharpest drop in the annual rate since December 2008 when the UK was in recession and VAT was reduced. Government ministers and propagandists will try to talk this up as a sing that the economy is starting to recover. We should be wary however, in the current economic circumstances a drop in inflation, especially one this rapid in what is traditionally the best month of the year for retailers, is not good news ...
Financial MadnessWas the credit crunch as the media called it really caused by the geed and incometence of the banks and the inabiliy of us ordinary punters to manage our affairs. Or was it all due to the financial madness of politicians who engineered a a system that depended on infinite growh in a world of finite resources.
Shock, Horror! Coalition Spending Cuts Cuts Will Mean 50,000. NHS Job LossesPredictably the left are screaming about the claimed 50,000 jobs that will have have to be axed by NHS trusts across the nation to meed government budget reduction targets. What NHS managers are doing however is following in the footsteps of Labour controlled councils and rather than losing the candy - floss jobs created by empire building bureaucrats are slashing front line services to punish users of the service for ...
Interest Rates Must Start To Rise Very SoonThe Daily Stirrer has warned you to brace yourselves for rises in interest rates. As it is the Bank of England has kept rates at an insanely low level for far too long in the face of evidence that their policy had completely failed to achieve its stated aim and boost the economy. Now with the economy stagnant, the jobless figures flatlining but likely to increase as public sector jobs are shed and inflation

[ Inflation - the cruellist tax ] ... [ mone and finance ] ... [ money from fresh air ] ... [ Bankers money magic ]

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Dedollarisation Gathers Pace As Biden's Administration Gathers Dust

 In spite of our resident money and finance expert, along with myself and other contributors regularly being described as anti - American clowns, employees of Vladimir Putin or Xi Jinping, Nazis, capitalist scum and a some rather more colourful things when we write about currency wars and the decline of the US$ as China, Russia, Iran and other emerging economies plot and conspire to replace the US$ as global reserve currency, de - dollarisation is a fact.  From Brazil to Saudi Arabia, and from India to Argentina, and increasing number of nations are 'reportedly' shifting away from the dollar hegemon.

The Dollar Index (or any other index tracking movements in the currency market) reveals an underlying trend. Year on year for the past decade the dollar's share of world trade is declining. This is a relative measure of course, US pseudo - patriots will be able to point to increases in the total amount of trade done in dollars, it's true. But the global economy is growing too, and the amount of trade done in dollars as a proportion of all international trade is steadily declining. 

Picture: Zero Hedge

The dollar's fecal emissions are some way from hitting any rapidly rotating wind turbine yet,  but Stephen Jen, a currency trading guru  who now runs money at Eurizon SLJ,  recently speelled out exactly how rapidly the de-dollarization is ocurring.

Jen, warned in a recent briefing, that the dollar is losing its reserve status at a faster pace than generally accepted, as many analysts have failed to account for last year’s frantic swings in exchange rates.

“The dollar suffered a stunning collapse in 2022 in its market share as a reserve currency, presumably due to its muscular use of sanctions,” Jen and his colleague Joana Freire wrote.

“Exceptional actions taken by the US and its allies against Russia have startled large reserve-holding countries,” most of which are emerging economies from the so-called Global South, they said.

As this FT infographic illustrates,  if you adjust for price changes the dollar’s share of official global reserve currencies (values of a currency held by foreign governments,) has gone from about 73 per cent in 2001 to around 55 per cent in 2021.

Then, last year, it fell to 47 percent of total global reserves.

 Source: Eurizon SLJ Capital

More ominously, the USD is losing its market share as a reserve currency at a much faster rate than is commonly believed.

"After steady declines in its global market share for the past two decades, in 2022 the dollar lost market share at a pace 10 times as rapidly. Analysts have failed to detect this big change because they calculate the nominal value of the world’s central banks’ dollar holdings without considering the changes in the price of the dollar. Adjusting for these price changes, the dollar, we calculate, has lost some 11 percent of its market share since 2016 and double that amount since 2008.

This erosion in the USD’s reserve currency status has accelerated precipitously since the start of the war in Ukraine. Exceptional actions taken by the US and its allies against Russia have startled large reserve-holding countries, most of which are from the Global South.

...Without the need for us to take sides in this debate on Ukraine, it seems reasonable to speculate that the main driver of the collapse in USD’s reserve status in 2022 may have reflected a panicked reaction to property rights being jeopardised. What we witnessed in 2022 was sort of a ‘defund-the-global-police’ moment, whereby many reserve managers in the world disagreed with the conduct of both Russia and the US."

To put it bluntly the greenback’s share in global reserves slid last year at 10 times the average speed of the past two decades as a number of countries looked for alternatives after Russia’s invasion of Ukraine triggered sanctions.

As any economist or corporate CFO will tell you there are two pillars that maintain the US dollar in is dominant position and thus prop up the entire American economy: its role as the reserve currency of choice, and its dominant use in global finance and trade. Investors far too often confuse these two different concepts.

Stephen Jen argues. "While the Global South seems unwilling to continue to hold dollar assets, they  have lacked the ability to divest from the US dollar as an international currency, particularly for financial transactions."

While it will be very difficult to overcome the strong network effects that have been behind the dollar’s international currency status, the bid led by China, Russia and Iran, now joined by Saudi Arabia, India and Brazil loks strong enough to be capable of doing just that.The key to topple the dollar’s throne as an international currency is predicated on the relative developments and stability in the various financial markets, but with China Russia and Iran having recently cooperated in launching the Petroyuan and announced plans for a gold backed reserve currency to rival the dollar the outlook is bleak for the world's more powerful economy and in the light of internal divisions and the loonytoons policies of the current government it is only likely to become bleaker.

 

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Germany Forcing Farmers To Use LESS Fertilizer To Satisfy EU’s Green Agenda

 

The German government, already reeling from the public backlash against rising fuel prices, the shortage of gas since supplies from Russia were cut of by the sabotage of the Nordstream pipeline, and the biggest economic crisis among the 27 member states of the EU, has now jumped on another 'woke' bandwagon that is careering towards economic suicide. The socialist led ruling coalition has banned now farmers in one of its federal states from properly fertilizing large swathes of land in compliance with the latest lunacy of the EU's green agenda.

As farmers start to prepare the land for the planting of next years seeds, the use of nitrate fertilizers has been greatly restricted for large swathes of farmland in North Rhine-Westphalia, with the green agenda change greatly angering the agricultural sector as it is likely to drastically reduce yields.

This blog has reported previously farmers in The Netherlands, Italy, Poland, France and Spain are already disrupting national economic life with protests against the Brussels diktat commanding reduction of nitrogen emissions from agriculture in line with the impossible targets it has set for reduction of Carbon Dioxide emissions in pursuit of 'net zero' and the elimination of fossil fuels from the energy supply.

The policy has already wreaked havoc in the Netherlands, with the Dutch government now looking to either buy out or forcibly close up to 3,000 farms and allow the land to 'return to nature' (thus wrecking the nation's most important source of export revenue,) in order to meet targets set by Brussels.

Despite the impact this could have on food security in Europe, because Netherlands is the biggest exporter of food priduce in Europe, the 'war on nirtogen (an inert gas which makes up over 75% of vthe air we breathe,) appears to have firmly extended itself into Germany, with Bild reporting that farmers will now be compelled to use 20 percent less fertilizer in any area deemed to have problematic levels of chemical compounds derived from this gas. It is worth noting that in spite of its inert nature nitrogen is as essential as the other deomised 'pollutant', Carbon Dioxide, to the continuation of life on earth.

Overall, Bild claims that a third of the total usable farmland in North Rhine-Westphalia — Germany’s most populous state — falls under this new restriction.

“If a wheat field needs 200 kilos of fertilizer for optimal yield, farmers would now be forced to use 40 kilos less,” one local farmer, Erich Gussen, explained. “That means a drop in yield and the quality of the wheat will suffer!”

Gussen noted that there is “great indignation” amongst farmers in the state, many of whom will see their bottom lines severely suffer at a time when fertilizer and fuel prices are already at major highs.

Due to the European Union reportedly threatening to fine Germany if it does not act to reduce nitrogen levels nationwide, the nation's other federal states will also soon fall under the auspices of the law and compel farmers to reduce fertilizer usage.

Such a move will ineviably affect the country’s food production at a time when sgortages of essential foods and empty supermarket shelves are already impacting the quality of life for German citizens and food insecurity is growing worldwide as a result of the ongoing war in Ukraine, which has seen the global supply of wheat and other grains contract.

Despite this, the EU, in collaboration with the neo - Nazi world Economic Forum, appears to be pushing ahead with its great reset goals, with the Dutch government now threatening to shutter up to 3,000 farms in their country in service of their overlords in Brussels and Davos.

Farmers in EU member states are strongly resisting the measures with countless protests that have seen motorways blockaded and events disrupted, though such demonstrations have so far been unable to curb the government’s enthusiasm for closures. Predictably police forces, while pussyfooting around organised crime networks in immigrant ghettoes, turning a bling eye towards people trafficking racheteers behind the huge number of illegal immigrants flooding into the continent and actually cooperating with terrorist organisations like extinction Rebellion, just Stop Oil and Black Lives Matter, are gleefully employing heavy handed riot control tactics against farmers quietly and lawfully protesting againt the destruction of their livelihood.

“What this shows you is that the will of the people means nothing to our government,” political commentator Eva Vlaardingerbroek told Breitbart. “Despite all of the protest and (inter)national backlash, they’re pushing through with what I think are criminal policies.”

“Our government doesn’t cater to the wishes of its own citizens, it caters to globalist institutions whose interest it is to control the food supply, so they can control us,” she continued. “It’s the great reset in full force.”

 

MORE on this story

Farmers in Poland and Italy join Netherlands in mass European protests

Farmers in Spain join Italy, Poland, and Netherlands in mass European protests

 

After Throwing Her Sidekick Under A Bus, Liz Truss Vows To Carry On Being The Bad Prime Minister Everyone Excpected

 

In late August when it was announced that the UK Conservative Party leadership run - off would be between Rishi Sunak and LizTruss all three main contributors to this blog expressed our horror at the prospect that Liz Truss looked likely to become our Prime Minister.

While Sunak, who managed state finances as competently as anyone could through the insanity of the COVID era, was tainted by his and his family's vast wealth and the air of privilege that surrounded him, Truss presenyed herself as the girl from an ordinary family who rose to prominence through hard graft. 

Two months later, with the death of the Queen and the acclamation of King Charlie behind us, Ms. Truss has shown she is the bad prime minister everyone expected her to be. Her appointments to senior government offices were based on virtue signalling and political correctness, she appointed people on the basis of skin colour and ethnic origin rather than ability and experience. Worse, she handed out senior posts to her most loyal supporters. Thus, instead of allowing the competent and level headed Nahdim Zawahi continue as Chancellor, because he had been appointed he had to be replaced by the economically illiterate and politically tone deaf Kwasi Kwarteng who, far too quickly introduces a tax cutting mini budget. With an energy crisis in progress and soaring inflation driving people into poverty it was completely the wrong time for tax cuts which always favour the well off.

The Financial markets went into meltdown and the value of the pound sterling crashed as soon as Kwarteng revealed his plan. And repeated the stunt when Truss tried to defend her government's policy.

The chaos her chancellor's mini budget caused continues to endanger investments andpension funds two weeks after the event. To recap:

As soon as the deceased queen was buried Truss went to work. Chancellor Kwarteng announced a 'mini-budget' that will lower taxes for people with high incomes while increasing the deficit to cover the promised energy cost subsidies:
[...]
As soon as the 'mini budget' was announced the British pound sterling tanked. This not only against the overvalued U.S. dollar but also compared to the rather weak Euro.

Interest rates on British government bonds (Gilts) increased sharply.

After two days the British central bank, the Bank of England, had to intervene to prevent a Lehman like crisis that would have killed many British pension funds. The bank, which had just increased its interest rate to tighten money supply, reverted to quantitative easing by buying gilts in the open market. This will further increase the already runaway inflation.

On October 3 Truss had to trash her plans to lower taxes for rich individuals:

In a major U-turn, Prime Minister Liz Truss said Monday that the proposal to scrap the 45 percent rate for people earning more than 150,000 pounds ($168,000) had become a “distraction.”

Reacting to the news of the reversal, the pound rebounded Monday morning against the U.S. dollar, returning to where it was before the government’s tax-and-borrowing plan sent it plunging.

But Britain will still have a major budget deficit and gilts soon started to fall again. Three days ago the Bank of England again stepped in to save the nearly bankrupt pension funds.

Some saner members of the conservative party were finally preparing to oust her:

Britain’s government faced intensifying calls on Thursday to retreat from tax-cutting plans that have alarmed financial markets, as questions continued to swirl about the future of the country’s new prime minister, Liz Truss, and her beleaguered chancellor of the Exchequer, Kwasi Kwarteng.

On a day of political turmoil, the foreign secretary, James Cleverly, warned colleagues against trying to oust Ms. Truss. And Mr. Kwarteng rejected suggestions that the backlash against his so-called mini-budget, which includes unfunded tax cuts and a costly package to help consumers with energy bills, could cost him his job, insisting: “I’m not going anywhere.”
...
On Thursday, Downing Street said that its policy had not changed, but that did nothing to quell speculation that the government would have to change course and increase corporate taxes, something it had previously decided against.
...
Speaking from Washington, where he is attending a meeting of the International Monetary Fund, Mr. Kwarteng acknowledged there had been “some turbulence” following his announcement last month but told the BBC that he was still focused on delivering the tax-cutting plans.

Asked if he and Ms. Truss would be in their jobs next month, Mr. Kwarteng replied, “Absolutely, 100 percent.”
...
But there is skepticism that she has the support for such measures among her own lawmakers. A majority of them preferred Rishi Sunak, a former chancellor of the Exchequer, to succeed the last prime minister, Boris Johnson, who was forced out after a series of scandals. But the final decision fell to rank-and-file party members, who chose Ms. Truss.
...
Under the Conservative Party’s rules, Ms. Truss cannot face a leadership challenge until September 2023, but so sour is the mood within the party that there is already talk of changing the rules.

On Thursday Mr. Cleverly, the foreign secretary, acknowledged the threat to Ms. Truss’s position even as he defended her strategy. “Changing the leadership would be a disastrously bad idea,” he told the BBC.

Kwarteng is not good in making predictions. Today Truss sacrificed her pawn to save her own arse and keep her Premiership alive a little longer:

Kwasi Kwarteng has been sacked as chancellor amid intense speculation Prime Minister Liz Truss is about to junk key parts of their economic plan.

Mr Kwarteng met Ms Truss for crunch talks in Downing Street after cutting short a US trip.

In a letter to the PM, Mr Kwarteng said Ms Truss's vision for economic growth was "right" and he still supported it.

Ms Truss is expected to announce a U-turn on business tax cuts at a news conference in Downing Street at 14:30.

The prime minister has appointed former Health Secretary Jeremy Hunt - who backed Rishi Sunak in the Tory leadership contest - as the new chancellor.

Ms Truss's pledge to cut taxes was at the heart of the economic agenda that won her the Tory leadership at the start of September.

Truss was co - wrote the mini budget with Kwarteng (in secret according to some sources,) afterr today's press conference she still has not learned that channeling the spirit of Margaret Thatcher with its tax cuts for the rich and for large corporations is not enough to convince people she can do the job. Those were her ideas. She had fought for them. In her news conference today she further withdrew such plans:

Prime Minister Liz Truss's U-turn on corporation tax means it will rise from 19% to 25% next April - a move that should add an estimated £18bn a year in tax revenue to the government's coffers.

Corporation tax is paid on profits by UK companies and foreign companies with UK offices.

Before the Conservatives came to power in 2010, it was charged at 28%, but was then cut several times before being reduced to 19% in 2017.

In his March Budget, the former Chancellor Rishi Sunak announced the tax would climb from 19% to 25% in April 2023. He said it was fair to ask companies to contribute more after the government spent billions of pounds supporting them during the Covid pandemic.

However, Liz Truss had pledged to reverse the decision before her U-turn was confirmed today.

It is certainly fair to criticize her change of mind:

Reacting to Liz Truss's U-turn on corporation tax, the Shadow Work and Pensions Secretary Jon Ashworth says "this is a government in utter meltdown".

"Let's be clear what's just happened. Liz Truss has sacked her chancellor for carrying out the policies of Liz Truss - a set of policies that led to turmoil on the markets, a run on pension funds and soaring mortgage rates for homeowners across the country," he tells the BBC.

After only 38 days in office Kwasi Kwarteng is no longer Chancellor of The Exchequer. Unfortunately Liz Truss still has the same ideas and in her libertarian zeal will continue to make dreadful policies. She talks of 'growth' but the only thing her government will grow as the nation tries to repair the economic damage of COVID lockdowns is the national debt.

How many such cock ups will Conservative Members of Parliament who, according to rumour are already planning to oust her, be willing to tolerate before they take a leaf out of Vladimir Putin's playbook and defenestrate her?

OTHER POSTS:

Lockdowns, The Great Reset and the Unfolding Disaster That Is Globalism

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World Economic Forum Calls for Merging of Human and Artificial Intelligence to Censor ‘Hate Speech’ & ‘Misinformation’

Despite the fact that they represent only the interests of big business, big finance and themselves, the oligarchs of the World Economic Forum are now calling for a policy of merging human and artificial intelligence systems so that computer chips implanted in our brain can edit and censor “hate speech” and “misinformation” online before it is articulated trough spoken of written word online.

Do We Have A Winter Of Civil Disobedience Ahead?
As many people in Britain slap on the apres sun gloop in the wake of what passes for a heatwave in these cool cloudy climes, our inept politicians caught with their pants down by unusual weather as usual have heard that that winter is coming and are making plans for a coldwave. We are in the grip of an energy crisis at the height of summer. Last week, it was reported that the UK government is laying down plans for a “reasonable worst-case scenario” including blackouts for industry and even households. And this is as energy prices spiral out of control to new records every day.

Conspiracy Theories, reality and null hypothesis
Cast you minds back about 18 months, there was a conspiracy theory going round that a 100% Safe and Effective Vaccine had been developed by pharmaceutical corporations, to be freely administered by governments and injected into billions of people around the globe ostensibly to save their lives from a deadly virus pandemic was in fact not a vaccine but a gene editing technology that would alter DNA, lead to millions of early deaths and usher in an era of global tyranny under an authoritarian world government.

Jingoistic Western Triumphalism Will Not End The War In Ukraine Or Cripple Putin, But It Is Crippling Western Nations

As the war in Ukraine grinds on and Russia steps up its economic war against the west and in particular The European Union, claims made recently by the idiotically 'woke' leaders of Europe's main economic and military powers that the West has a once-in-a–generation chance to severely weaken Russia’s capabilities, both militarily and geopolitically, look increasingly hollow. Putin's critics have cited 'Western unity' as one of the main reasons why Russia will be economically destroyed and politically humiliated when the Ukraine's military finally claim victory.

New Figures Show Brexit Has Failed To Take Back Control Of Immigration
Just over six years ago the nation's attention was focused on immigration, and particularly the 'Brexit' campaign's promise to 'Take Back Control' of our borders. Today the immigration issue is as predominant in many people's minds as news this morning revealed record numbers of migrants entered the country last year, while yesterday a record number of people were trying to make the hazardous crossing from France in small boats to enter the country illegally.

Nurses Started The Pushback Against Transgender Bullies?
Nurses and the nursing profession largely caved in over Covid-19 and turned on anyone—like yours truly and the remarkable Dr Niall McCrae—who dared to speak out against the prevailing narrative. Probably the profession saw its chance to bask in the ‘Save the NHS’ limelight, and seek a substantial pay rise [...] As a Registered Nurse and Fellow of the Royal College of Nursing I largely despaired of my nursing colleagues.