The pound collapses as Britain's new prime minister gambles on tax cuts for the rich

  1. By the party faithful, yes. Meaning she wasn’t elected but they held an “internal election” after Boris Johnson fell, where many of the electors were wealthy party donors.

  2. Latching onto the top few comments to try and get this noticed. There has never been more of a time that activism is needed and required in the UK than right now.

  3. It's worse than it seems. With the death of the queen politics has been on a freeze for the mourning period. She managed to do this in just one week's work.

  4. Yep, its going amazingly. She was hired, met the Queen, Queen died the next day, she gave this proposal, banks stop mortgages, pound drags itself to the window, the pound jumps, and she claims its fine.

  5. Trickle-down economics says they will pass down the benefits when they pay workers more, or spend more money in the local economy. Don’t think it has worked anywhere, at any point in history. The rich just get richer.

  6. Interesting how the UK stock markets actually makes the correct correction, on money handovers to the wealthy.

  7. Also it's interesting to mention Truss met with many of the people that are profiting from sorting the Pound the day before she announced these tax cuts that are hurting the Pound (and making people who sorted it gain a lot of money).

  8. “Trickle-Down Theory” has been thoroughly debunked as evidenced by the USA’s wealthy grifting it’s population with that bullshit economic phantom for over 40 years to disastrous effect for the average citizen. It’s a talking point used for manipulating the undereducated masses who think it makes intuitive sense, kinda like how the sun looks like it’s going around the Earth.

  9. You’d think after 40 years people would have realised conservatives/the wealthy are repeatedly screwing us over with Reaganomics and yet here we are

  10. they've been proven to be so blatantly untrue since the trumpcuts, which did nothing for the economy beyond inflate already inflated stock portfolios and inflation; I can't fathom any person who takes an interest in politics or economics in 2022 still believing in the myth of cutting taxes.

  11. The gamble wasn't if it would help the pound, the gamble is if she can get away with effectively serving up the 99% on a platter to the rich without her getting thrown in prison for it. (I think she will get away with it)

  12. Of course she will. Worst case she loses the next election, gets a knighthood and a parliamentary pension, and is parachuted into a high paying position with no actual responsibility as a reward.

  13. Too bad we’re in an era where people with power, whether that’s from money or political power, you will not face consequences. An attorney general killed a guy with his car here in America and just went on with his life. People barely even talked about it lol.

  14. I read that the pound is the oldest surviving unit of fiat currency and 300+ years ago it was called a pound as it could be exchanged for a pound of silver. It’s now about 1/18th of an ounce.

  15. It would, if rich people would spend all their wealth back into society. Which they won't, obviously. They want to hold on to it, and usually accumulate even more.

  16. The fact they even had the audacity to coin it “trickle down”. Like ouch, burn. They could have called it “Waterfall economics” or “Avalanche” economics.

  17. In the US we have a cycle where the right destroys the entire country until we get fed up and then the left comes in repairs it somewhat and the right starts all over after everyone's complacent. Its like you hit the right side and just never stopped.

  18. England need to sort their shit out. Why the hell are you voting conservative in constantly.

  19. So we are looking at a possible global recession, rising prices, inflation thru the roof, war in eastern Europe, and 1st on her agenda is tax cuts for the wealthy? What the actual fuck. Im American and this pisses me off for you guys.

  20. Reports are that our chancellor of the Exchequer (top finance minister) had meetings with hedge funds and some bankers a few days before the announcement and that they all made money on the drop.

  21. Her father is a left wing maths professor who has essentially disowned her because of her swing to far right politics. Imagine been so shit, your father disowns you.

  22. She got elected, now she needs to pay off her supporters. And this is the last opportunity before shit Hits the fan. UK faces high inflation, recession and shitty trade conditions due to Beexitm it's a triple wammy.

  23. I mean it was the very first thing trump did when he was elected also. I honestly can’t remember a single time conservatives have been in power since Reagan when that hasn’t been the very first thing on their agenda.

  24. The Conservative Party know they are fucked, they will sabotage the economy while making there donors richer, then, when the Labour Party come to power in two years, they will be blamed for reversing tax cuts and making people poorer.

  25. I don't think many are. The reason they got in last election was because Jeremy Corbyn was the alternative. If there was an election now, Labour win without a doubt.

  26. Latching onto the top few comments to try and get this noticed. There has never been more of a time that activism is needed and required in the UK than right now.

  27. The tory party chose her because she said all the nice sounding tory words. She angled herself as the new Thatcher and said everything could be amazing.

  28. Other cartoon villains, who themselves were given the power to do this because they could disguise their cartoon villainy

  29. You tax the rich. You redistribute the money to the poor. The poor spend that money on the stuff that the rich sells that makes them rich. The rich now have most of the money back and the poor have food. It's not rocket science.

  30. Yeah but the rich don’t want their own money coming back to them they want to keep that money and have any money you have and any money I have and any money my neighbour has.

  31. It literally leads to the rich hording money at the expense of everyone else. The rich can compete on the cost of their super yachts and mega mansions. There is only so much money to go around.

  32. One of the most frustrating things is that status symbols function just as well even if you tax the shit out of them. Put a 100% tax on large yachts, the rich will still buy big yachts to try and one up each other, try and fill that hole in their lives, they'll just be a little bit smaller - but services and infrastructure will be better funded.

  33. It hasn't failed them. The rich are literally getting more money. It has failed the country, but conservatives don't give a shit about that.

  34. At least most have the common decency sense to enact these sort of things when the economy is well and they can blame the aftermath on the next administration. She's literally demonstrating the multi-year consequences, in a matter of days, because its essentially gasoline on their Brexit exacerbated, supply woes.

  35. When you hear “tax cut” your mind should immediately translate that into government service cuts - like maintaining water plants, food programs for the hungry, funding for the rule of law.

  36. “The pound collapses as Britain’s new Prime minister gives hand outs to her rich friends at the expense of the rest of the country.” - there ftfy.

  37. It's not stupidity, it's being evil. They KNOW that Trickle-Down doesn't work. They are completely aware that they are lying when they talk about it. It just lets them keep a straight face while they plan to give the rich (i.e. themselves and their voters) more money.

  38. Well you see, rich people buy politicians and rich people like having more money, so it makes tons of sense!

  39. Its almost as if rich people not paying and poor people not having money to pay can be negative to a countries economy.

  40. I challenge a single person to show (evidence required) where "conservative" economic policy horse shit like this EVER improved things--and you have to proof that "improvement" beyond a few years. Sometimes this garbage overheats an economy to make whored up fake gains, but that's not even assured.

  41. I have talked to one very conservative voter here in the UK and his response to all of this was basically "well, I'll have more money in my account after all this, so what else matters?"

  42. Something tells me this "gamble" has been tried for 50 years and hasn't been doing much for anyone outside 5 percent of the population

  43. She’s blaming the global economy and saying that she has delivered the energy cuts. She isn’t admitting that the disastrous tax cuts have anything to do with the collapse. She is a fucking ghoul and knows exactly what she’s doing. There needs to be a GE asap.

  44. It’s going down like a bag of cold sick here in the UK. Polls show it’s the worst received (publicly) financial event since 2010. Even a majority of Conservative voters disliked the headline (other than energy unit price cap) actions of scrapping bankers bonuses and abolishing the top rate of tax. Labour now nearly 20% ahead in the polls. Ahead in pretty much every policy area, including managing the economy.

  45. remember when Britain did the Brexit vote and my conservative step dad argued with me that this would be the best thing for the country’s sovereignty then argued they need to be out of the EU and start practicing reganomics.

  46. Every time I go to learn more about her, the worse it gets. I’m trying to be as objective as possible. She is a clown car of foolishness and corruption.

  47. She is not "gambling" on anything. She is simply taking all of your money and giving it to multimillionaires.

  48. This reminds me of what happened back in 2014 in Australia. We had a new very right wing PM & when the first Abbott/Hockey budget came out it was so bad that business just stopped.

  49. Any politician who promotes trickle down economics should be treated as if they just announced their resignation and be promptly removed from office.

  50. You see by giving tax breaks to the wealthy and corporations, we’re creating an environment where they can pass savings down to every day workers and consumers, thereby decreasing the wealth gap and raising standards of living for all…

  51. Man, what is with every politician in every country. How do they get in and just fuck their citizens. The wealthy do not need tax cuts.

  52. Not only this, but Kwasi Kwarteng, the Chancellor of the Exchequer who announced these tax cuts, was an advisor for a huge hedge fund called Odey Asset Management.

  53. Well it 'works' in the US (for the moment) because 60 per cent of the world's currency reserves are in dollars, and everyone everywhere is holding on to treasury notes. Everyone has skin in the game, which permits us to pile on the deficits without devastating consequences in the short term. How long this will last is not for me to speculate.

  54. Don't worry you'll get it, I expect by the end of winter for her to close schools and use them to house the newly bankrupt population of UKers. Good luck and may the odds be ever in your favour!

  55. It is fundamentally amazing how conservatives the world over have convinced working class people that making the top 1% richer is in their best interests

  56. Trickle down economics is so stupid. The money never trickles down, it always flows up. It's clearly evidenced by the concentration of wealth year over year.

  57. It's not a goddamned "gamble", it's conservatives doing what conservatives always do - giving their rich buddies a break and fucking over everyone else.

  58. oh that's gonna be wild, but fear not: people who voted conservatives will never learn anything anyway!

  59. Its the only move the conservatives ever make. So not a surprise that their 1 tool doesn't work for every crisis

  60. The only way poor people in that country, and others like it is if they do what the french are so good at. Rioting and violence is the only way to get what you want in this world when you dont have hundreds of millions to influence decision making.

  61. Trickle down economics and tax cuts for the rich and bailing out corporations are the absolutely stupidest concepts ever created by human beings. It’s been literally decades. What the hell is wrong with people?

  62. What's dumber than a conservative ? A poor fella believing the obvious lies and voting for them election after election, nothing can beat that level of stupidity.

  63. The first order of business for every conservative party on Earth is tax cuts for the rich. The second order of business for every conservative party on Earth is to deny they cater to the rich.

  64. When has tax cuts for the rich ever done a god damn thing? We've been cutting taxes in the US for 50 years.. You'd think we'd be living in utopia by now the way these dumb fucks talk about how crucial these cuts are.

  65. They want this to happen, it means they will have to cut spending on social and health programmes, making our NHS cheaper for overseas investors. It's a strategy imported from US lobby groups which are now intertwined in UK Gov such as the Institute of Economic Affairs.

  66. Huh. Weird. Besides the fact that it's literally never worked, ever, does anyone know why this time tax cuts for the rich didn't fix the economy? 🙃

  67. Why is the answer to every question always "TAX CUTS FOR THE RICH!" for these conservative dunces, when it never works? Paying back your dues or just blind ideology? Even some of the most neoliberal institutions you can find oppose it.

  68. Bitch just announced tax cuts in a 10% inflation rate environment, like showing up to a house fire with a bucket of jet fuel. How dumb can you be? Like, this is beyond idiocy, it’s Econ 101.

  69. This is bullshit, I’m American and I am pretty pissed that we don’t have a monopoly on political stupidity!

  70. Trickle down economics hasn't worked the last 27 times it was implemented, but I'm sure this time will be different.

  71. Tax cuts for the rich has been proven time and time again to be the worst possible thing a country can do. It has been proven in many countries many times. TAX THE RICH, IF THEY COMPLAIN TAX THEM MORE, REPEAT OFTEN!!!

  72. Idiot republicans or conservatives think trickle down works, it doesn’t, wealth hoarding elitist just bank it, why do you think in America 33% of American wealth is held by 1% of the people.

  73. When are politicians going to finally learn that trickle down economics, though it looks like sound business sense on paper, doesn’t work. It’s been tried many, many times, in many, many countries and has always failed. I’ve heard the definition of insanity is trying the same thing over and over again and expecting and different result. Well, supply side, trickle down economics is insanity then

  74. What do they care? They save their buddies a good chunk of money and the average taxpayer takes it in the you know what. Why do people allow these idiots into power?

  75. Conservative proto-fascists are on the rise across the world. It’s an incredibly dangerous trend born from reactionary responses to an ever increasingly unstable world.

  76. This will likely be Canada's fate if Pierre Poilievre is elected in our next election. Our conservatives pull similar stunts when elected.

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