Is it really sensible to alienate half of the voting population like this? Yes, rich people took advantage of Brexit, just as rich people would have continued to take advantage of our EU membership had we remained. The common denominator is the rich fucking over the poor.
There are bad actors in this sub who will do anything they possibly can to bury and undermine this message, but unless people stop falling for the usual tricks, stop letting mass media stir up division and actually unite along class lines, there’s nothing we can do to stop this rollercoaster. They’ll continue to have their way with us while we squabble over nonsense.
Edit: Here they come…
But everyone said they would do this… I mean JRM dad literally wrote a book about this.
This will always live rent free in my head 😅
“June mummery… I told you so”
James O’brien
Trickle-Down Economics didn’t work for the US. What makes her think it will work for the UK?
It’s what they voted for. And yes they did know what they were voting for.
Check odey and the huge profits they have achieved through the pound dying. They can win the euromillions on demand
Those who spearheaded the campaign did not want to leave the EU because it was bad for the UK (it is not perfect but change would have been easier if it came from within), they wanted to leave the EU because it was stopping them from making more money at our expense. It is why we are going to see workers’ rights eroded and the ECHR vilified as time goes on. Brexit was about taking control from the EU and giving to a government and to businesses that want to profit off its people.
Oh what a surprise, well that was there intentions. I wonder if the not so well off Bexiteers knew that, that was there intentions.
That headline should read “Brexiters who are already rich are making millions out of the demise of the British economy”. Disaster capitalists like Crispin Odey should frankly be charged with treason for knowingly damaging their own country for financial gain, and politicians who helped them should be jailed.
However.
There are people saying that we shouldn’t keep confronting brexiters with the consequences of their actions; that we should all pull together. The second half of that is right. The first part, however, is absolute bollocks. We absolutely SHOULD keep showing brexiters what is happening because of them. They need to be shown what their actions have led to. So many brexiters say they knew what they voted for – they deserve to see what they got instead, even if we have to rub their metaphorical noses in it.
In many cases it isn’t entirely their fault – a lot of them were, quite frankly, duped. They were told what they wanted to hear by people who couldn’t give a shit about them, and they didn’t want to hear anything else. While that IS their fault, it’s also understandable. They were lied to by those they looked up to. A lot of brexiters were racists. We know this to be true, and they keep proving this even now. But a lot, I think, thought they were doing the right thing, and still do. Those are the ones who need to see what they’ve done. They’re in just as much shit as the rest of us, and the people who lied to them are the only ones who are benefitting from their actions.
Rich brexiters took advantage of poorer brexiters, and everyone is paying the price *except* those rich brexiters. Until the poor ones realise that they’re every bit as fucked as the rest of us *and admit to themselves that they’re responsible*, nothing will be done about any of this.
why do you think they’re doing it… Truss and her bosses are milking the country dry, wrecking as much as they can before the next GE…
The poor brexiters are poorer and rich brexiters are richer
This is an absolute non-story. Shorting long term bonds is not ‘betting against the country’ ffs. Literally every comment in this thread is just hyperbolic uninformed nonsense.
Inflation is running extremely high in basically every economy on earth. The way that central banks attack inflation is to raise interest rates. Interest rates are driven by the Bank of England.
Bond prices are inversely correlated with interest rates. If a bond pays 5% but interest rates are 6%, nobody is going to buy that bond unless they get a discount on the principle to make up for that difference.
Odey has been up well over 100% since July, this isn’t a recent thing, certainly not as recent as the ‘mini budget’ or Kwarteng.
The collapse of the bond market globally has been one of the biggest financial stories of the year. Bonds go down when rates go up, and rates are going up. This is happening globally. We are finally going through the pain of getting rates back to ‘normal’ levels.
‘Shorting’ bonds, or going long, is simply trading around the change in interest rates and the yield curve. It’s not ‘betting against the country’. Bond prices go up and down, this is nothing new. There are numerous ways he may have expressed that short position…he most likely used bond futures, but ‘shorting’ he is just betting that interest rates are going to go up. Shorting bonds doesn’t make rates go up.
This is like saying ‘omg Kwarteng told the hedge funds guys that the sky is blue!!!’.
You may think Odey is a brexit loving dickhead (I do), you may think this government is a disaster and the UK is in serious trouble (I do), but the level of conspiratorial thinking in the discourse is crazy.
This is an absolute non-story. Shorting long term bonds is not ‘betting against the country’ ffs. Literally every comment in this thread is just hyperbolic uninformed nonsense.
Inflation is running extremely high in basically every economy on earth. The way that central banks attack inflation is to raise interest rates. Interest rates are driven by the Bank of England.
Bond prices are inversely correlated with interest rates. If a bond pays 5% but interest rates are 6%, nobody is going to buy that bond unless they get a discount on the principle to make up for that difference.
Odey has been up well over 100% since July, this isn’t a recent thing, certainly not as recent as the ‘mini budget’ or Kwarteng.
The collapse of the bond market globally has been one of the biggest financial stories of the year. Bonds go down when rates go up, and rates are going up. This is happening globally. We are finally going through the pain of getting rates back to ‘normal’ levels. Look at a price chart of the US 10y bond, or the German Bund, or the French. This trade is almost universal.
‘Shorting’ bonds, or going long, is simply trading around the change in interest rates and the yield curve. It’s not ‘betting against the country’. Bond prices go up and down, this is nothing new. There are numerous ways he may have expressed that short position…he most likely used bond futures, but ‘shorting’ he is just betting that interest rates are going to go up. Shorting bonds doesn’t make rates go up.
This is like saying ‘omg Kwarteng told the hedge funds guys that the sky is blue!!!’.
You may think Odey is a brexit loving dickhead (I do), you may think this government is a disaster and the UK is in serious trouble (I do), but the level of conspiratorial thinking in the discourse is crazy.
They have no mandate for this. The country did not vote to give rich people tax cuts. Either implement your predecessors manifesto, or call an election.
>Hedge fund manager Crispin Odey, who once employed Chancellor Kwasi Kwarteng as an analyst, reportedly made a killing on Friday, with his fund up 145 per cent on the back of bets against government debt.
The fund manages £4 billion in assets and has significant exposure to bets against very long-dated bonds, some as far out as 2071.
no conflict of interests there at all. quackers quackeng has a clear personal interest in asset stripping
Literally called this earlier today. These people are simply way too predictable.
Quick lets write another foreigners are invading article!
Meanwhile I’ll keep shorting the crap fo Gilts and GBP
16 comments
Is it really sensible to alienate half of the voting population like this? Yes, rich people took advantage of Brexit, just as rich people would have continued to take advantage of our EU membership had we remained. The common denominator is the rich fucking over the poor.
There are bad actors in this sub who will do anything they possibly can to bury and undermine this message, but unless people stop falling for the usual tricks, stop letting mass media stir up division and actually unite along class lines, there’s nothing we can do to stop this rollercoaster. They’ll continue to have their way with us while we squabble over nonsense.
Edit: Here they come…
But everyone said they would do this… I mean JRM dad literally wrote a book about this.
This will always live rent free in my head 😅
“June mummery… I told you so”
James O’brien
Trickle-Down Economics didn’t work for the US. What makes her think it will work for the UK?
It’s what they voted for. And yes they did know what they were voting for.
Check odey and the huge profits they have achieved through the pound dying. They can win the euromillions on demand
Those who spearheaded the campaign did not want to leave the EU because it was bad for the UK (it is not perfect but change would have been easier if it came from within), they wanted to leave the EU because it was stopping them from making more money at our expense. It is why we are going to see workers’ rights eroded and the ECHR vilified as time goes on. Brexit was about taking control from the EU and giving to a government and to businesses that want to profit off its people.
Oh what a surprise, well that was there intentions. I wonder if the not so well off Bexiteers knew that, that was there intentions.
That headline should read “Brexiters who are already rich are making millions out of the demise of the British economy”. Disaster capitalists like Crispin Odey should frankly be charged with treason for knowingly damaging their own country for financial gain, and politicians who helped them should be jailed.
However.
There are people saying that we shouldn’t keep confronting brexiters with the consequences of their actions; that we should all pull together. The second half of that is right. The first part, however, is absolute bollocks. We absolutely SHOULD keep showing brexiters what is happening because of them. They need to be shown what their actions have led to. So many brexiters say they knew what they voted for – they deserve to see what they got instead, even if we have to rub their metaphorical noses in it.
In many cases it isn’t entirely their fault – a lot of them were, quite frankly, duped. They were told what they wanted to hear by people who couldn’t give a shit about them, and they didn’t want to hear anything else. While that IS their fault, it’s also understandable. They were lied to by those they looked up to. A lot of brexiters were racists. We know this to be true, and they keep proving this even now. But a lot, I think, thought they were doing the right thing, and still do. Those are the ones who need to see what they’ve done. They’re in just as much shit as the rest of us, and the people who lied to them are the only ones who are benefitting from their actions.
Rich brexiters took advantage of poorer brexiters, and everyone is paying the price *except* those rich brexiters. Until the poor ones realise that they’re every bit as fucked as the rest of us *and admit to themselves that they’re responsible*, nothing will be done about any of this.
why do you think they’re doing it… Truss and her bosses are milking the country dry, wrecking as much as they can before the next GE…
The poor brexiters are poorer and rich brexiters are richer
This is an absolute non-story. Shorting long term bonds is not ‘betting against the country’ ffs. Literally every comment in this thread is just hyperbolic uninformed nonsense.
Inflation is running extremely high in basically every economy on earth. The way that central banks attack inflation is to raise interest rates. Interest rates are driven by the Bank of England.
Bond prices are inversely correlated with interest rates. If a bond pays 5% but interest rates are 6%, nobody is going to buy that bond unless they get a discount on the principle to make up for that difference.
Odey has been up well over 100% since July, this isn’t a recent thing, certainly not as recent as the ‘mini budget’ or Kwarteng.
The collapse of the bond market globally has been one of the biggest financial stories of the year. Bonds go down when rates go up, and rates are going up. This is happening globally. We are finally going through the pain of getting rates back to ‘normal’ levels.
‘Shorting’ bonds, or going long, is simply trading around the change in interest rates and the yield curve. It’s not ‘betting against the country’. Bond prices go up and down, this is nothing new. There are numerous ways he may have expressed that short position…he most likely used bond futures, but ‘shorting’ he is just betting that interest rates are going to go up. Shorting bonds doesn’t make rates go up.
This is like saying ‘omg Kwarteng told the hedge funds guys that the sky is blue!!!’.
You may think Odey is a brexit loving dickhead (I do), you may think this government is a disaster and the UK is in serious trouble (I do), but the level of conspiratorial thinking in the discourse is crazy.
This is an absolute non-story. Shorting long term bonds is not ‘betting against the country’ ffs. Literally every comment in this thread is just hyperbolic uninformed nonsense.
Inflation is running extremely high in basically every economy on earth. The way that central banks attack inflation is to raise interest rates. Interest rates are driven by the Bank of England.
Bond prices are inversely correlated with interest rates. If a bond pays 5% but interest rates are 6%, nobody is going to buy that bond unless they get a discount on the principle to make up for that difference.
Odey has been up well over 100% since July, this isn’t a recent thing, certainly not as recent as the ‘mini budget’ or Kwarteng.
The collapse of the bond market globally has been one of the biggest financial stories of the year. Bonds go down when rates go up, and rates are going up. This is happening globally. We are finally going through the pain of getting rates back to ‘normal’ levels. Look at a price chart of the US 10y bond, or the German Bund, or the French. This trade is almost universal.
‘Shorting’ bonds, or going long, is simply trading around the change in interest rates and the yield curve. It’s not ‘betting against the country’. Bond prices go up and down, this is nothing new. There are numerous ways he may have expressed that short position…he most likely used bond futures, but ‘shorting’ he is just betting that interest rates are going to go up. Shorting bonds doesn’t make rates go up.
This is like saying ‘omg Kwarteng told the hedge funds guys that the sky is blue!!!’.
You may think Odey is a brexit loving dickhead (I do), you may think this government is a disaster and the UK is in serious trouble (I do), but the level of conspiratorial thinking in the discourse is crazy.
They have no mandate for this. The country did not vote to give rich people tax cuts. Either implement your predecessors manifesto, or call an election.
>Hedge fund manager Crispin Odey, who once employed Chancellor Kwasi Kwarteng as an analyst, reportedly made a killing on Friday, with his fund up 145 per cent on the back of bets against government debt.
The fund manages £4 billion in assets and has significant exposure to bets against very long-dated bonds, some as far out as 2071.
no conflict of interests there at all. quackers quackeng has a clear personal interest in asset stripping
Literally called this earlier today. These people are simply way too predictable.
Quick lets write another foreigners are invading article!
Meanwhile I’ll keep shorting the crap fo Gilts and GBP