bickster Posted September 24, 2022 Moderator Share Posted September 24, 2022 Hell appears to have frozen over 2 Link to comment Share on other sites More sharing options...
ml1dch Posted September 24, 2022 Share Posted September 24, 2022 20 minutes ago, bickster said: Hell appears to have frozen over Nah. It's "wasn't my Covid idiocy right after all?" posturing, not "aren't these Tories actually wrong 'uns?" awareness. 2 Link to comment Share on other sites More sharing options...
Genie Posted September 25, 2022 Share Posted September 25, 2022 Now Truss is putting the cat amongst the pigeons by relaxing immigration rules. Why didn’t this big headline get a mention last week in the commons? Link to comment Share on other sites More sharing options...
mjmooney Posted September 25, 2022 VT Supporter Share Posted September 25, 2022 Quote Odey's hedge fund soars 145% on bets against UK bonds LONDON, Sept 22 (Reuters) - Crispin Odey, one of Britain's best-known hedge fund managers, has made a killing this year by wagering against British government bonds, with his firm's main fund up 145% in 2022 after shorting long-dated UK debt, sources said on Thursday. Betting against the price of, or shorting, government bonds has been one of the trades of the year as soaring inflation forces central banks to hike interest rates more aggressively than was predicted even a few months ago, and investors dump bonds. The UK 10-year gilt yield hit 3.392% on Thursday, its highest since July 2011, after the Bank of England lifted rates and said it would soon start selling government bonds. The 10-year yield has shot up roughly 250 basis points in 2022, and set for its biggest annual surge since 1994. Yields move inversely to bond prices. Odey, whose eponymous firm Odey Asset Management manages 4 billion pounds ($4.52 billion) in assets, believes higher inflation is here to stay and central banks will need to raise rates faster, according to one of the sources, who asked not to be named because of the sensitivity of the matter. His fund's largest notional exposure is betting against very long dated bonds, some as far out as 2071, the source said. Odey had entered into a short position against UK 2061 cash bonds when yields were as low as 0.5%, the source said, adding that most of the firm's long positions are in inflation-linked bonds that climb when price rises accelerate. A spokesperson for Odey declined to comment. Odey, who was a leading backer of Brexit, came to prominence during the 2008 financial crisis when he made a fortune shorting banking shares. He is known for a volatile performance, with his fund regularly posting double-digit annual gains or losses. Reuters tl:dr version: Kwasi Kwarteng previously worked for Odey Asset Management, providing political advice. Odey employs Kwarteng. Odey bankrolls Brexit. Brexit destabilises UK. Kwarteng becomes Chancellor. Odey bets against Sterling. Kwarteng destabilises Sterling. Odey reaps enormous rewards. 2 Link to comment Share on other sites More sharing options...
OutByEaster? Posted September 25, 2022 Moderator Share Posted September 25, 2022 So today they're announcing that they're going to let in more foreign migrant workers to address shortages in some industries, particularly farming. That''ll please her core support I'm sure. Link to comment Share on other sites More sharing options...
Genie Posted September 25, 2022 Share Posted September 25, 2022 11 minutes ago, OutByEaster? said: So today they're announcing that they're going to let in more foreign migrant workers to address shortages in some industries, particularly farming. That''ll please her core support I'm sure. It must have slipped their mind last week when talking about labour shortages in the HoC. All they could remember to say was cutting benefits to get poor scroungers of their arses. Then with far less fanfare they quietly mention they’re gonna increase immigration. Sometimes I wonder if Truss is a die hard Brexiteer after all… Link to comment Share on other sites More sharing options...
desensitized43 Posted September 26, 2022 Share Posted September 26, 2022 Pound tanking through the floor this morning as loads of investors dump their Sterling because, shock horror, they think the government is being completely reckless with the economy. Lowest ever rate against the dollar. Talk of another interest rate rise to stave off a complete run on the currency which will mean more hell for anyone with a mortgage due up soon (I’m lucky I’m fixed until 2025). By any standard, if you’ve managed to destroy the country in less than a month in the job that’s impressive. In a scary way I mean. How long until the next election? And will there be a country by then? Link to comment Share on other sites More sharing options...
CVByrne Posted September 26, 2022 Share Posted September 26, 2022 Pound is collapsing now. Bank of England has to step in asap and raise interest rates. Even follow Japan and sell US treasuries and buy Pounds to help prop up currency Link to comment Share on other sites More sharing options...
Rds1983 Posted September 26, 2022 VT Supporter Share Posted September 26, 2022 The irony of the party of flag shaggers purposefully destroying the country's economy. Link to comment Share on other sites More sharing options...
ml1dch Posted September 26, 2022 Share Posted September 26, 2022 50 minutes ago, desensitized43 said: By any standard, if you’ve managed to destroy the country in less than a month in the job that’s impressive. In a scary way I mean. How long until the next election? And will there be a country by then? 13% removed from the value of the (not exactly strong to begin with) pound since Truss became Prime Minister. If you were intentionally trying to pull the levers that would cause the most damage to the UK over the last 6-7 years, you probably wouldn't have done all that much differently to what this lot have got up to. Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 Wow, £1 = $1.06 Well soon see 1 for 1 at this rate. I remember going to the US about 17 or 18 years ago and getting almost $2 for the £. 1 Link to comment Share on other sites More sharing options...
tomav84 Posted September 26, 2022 VT Supporter Share Posted September 26, 2022 2 minutes ago, Genie said: Wow, £1 = $1.06 Well soon see 1 for 1 at this rate. I remember going to the US about 17 or 18 years ago and getting almost $2 for the £. we took a ski trip to colorado then. figured it would've been the only time we could afford it. good times. 2 Link to comment Share on other sites More sharing options...
Ingram85 Posted September 26, 2022 Share Posted September 26, 2022 Tories lol. **** hell man. Bet it’s all Labours fault anyway. Link to comment Share on other sites More sharing options...
OutByEaster? Posted September 26, 2022 Moderator Share Posted September 26, 2022 It was briefly at $1.03. The BBC are furious at Labour for not having a plan in place as to how they'll fix this. 1 Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 (edited) Imagine going to work knowing that so many people are betting against you because you’ve made such a historical mess of things. This isn’t just “politics”, it’s something else. The question is, are they deliberately running it into the ground whilst making a few quid for their backers or, are they actually this stupid to think it was a good idea? Edited September 26, 2022 by Genie Link to comment Share on other sites More sharing options...
Demitri_C Posted September 26, 2022 Share Posted September 26, 2022 1 Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 1 minute ago, Demitri_C said: I’m sure the rich are absolutely loving them right now. Link to comment Share on other sites More sharing options...
desensitized43 Posted September 26, 2022 Share Posted September 26, 2022 1 hour ago, ml1dch said: 13% removed from the value of the (not exactly strong to begin with) pound since Truss became Prime Minister. If you were intentionally trying to pull the levers that would cause the most damage to the UK over the last 6-7 years, you probably wouldn't have done all that much differently to what this lot have got up to. Got to vote Tory next time though as they're the only ones who know how to manage the economy. Imagine the mess those Liebour communists would make Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 Just now, desensitized43 said: Got to vote Tory next time though as they're the only ones who know how to manage the economy. Imagine the mess those Liebour communists would make 3 cheers for Boris for seeing off the threat of Jeremy Corbyn. Link to comment Share on other sites More sharing options...
desensitized43 Posted September 26, 2022 Share Posted September 26, 2022 45 minutes ago, Genie said: Imagine going to work knowing that so many people are betting against you because you’ve made such a historical mess of things. This isn’t just “politics”, it’s something else. The question is, are they deliberately running it into the ground whilst making a few quid for their backers or, are they actually this stupid to think it was a good idea? Are the two options mutually exclusive? These are the people who decided to take us out of the largest free trade area in the history of mankind without a plan for what came after beyond "we'll have our cake and eat it" and "the German car industry will get us a good deal". They know the country is well and truly **** and they have no idea how to fix it so they're stuffing as many notes into their backers gstrings before they get turfed out. The problem now is that I genuinely don't think the problems are solvable without basically reforming everything. The tax system, the welfare system, the NHS, the political structure, the electoral system, I could genuinely go on. All are totally broken. Where do you even start trying to fix this mess? Link to comment Share on other sites More sharing options...
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