Economic Disaster In Less Than A Month – PM Truss Needs More Than Anti-Chinese Rhetoric To Show Her Competence

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Oct 03 2022
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Before then-Foreign Secretary Liz Truss won the confidence of the ruling Conservative Party to become the United Kingdom’s next prime minister, she was vigorously campaigning on the anti-China platform. Both she and former Chancellor of the Exchequer Rishi Sunak were competing with each other to win the anti-Chinese contest. She beat Sunak by 81,326 to 60,399 votes.


Taking a page from Trump’s playbook, she views China as a threat to not only national security, but also to the international order, adding fuel to the already worsening relations between London and Beijing. Truss lectured that the Chinese should learn from the West’s economic retaliation to Russia’s invasion of Ukraine. She was more hostile to China than her predecessor – Boris Johnson.


There was a moment of “golden era” between Britain and China under Prime Minister David Cameron, where he said in 2015 that he wanted to be Beijing’s closest friend in the West. But everything changed after Trump was elected as president. Parroting Washington’s anti-Chinese policy, Britain has moved from being China’s greatest supporter in Europe to one of its fiercest critics.

China President Xi Jinping and Queen Elizabeth

As trade secretary, Truss warned that the West could lose control of global trade unless it got tough with Beijing. In 2021, she convinced fellow G7 foreign ministers to condemn China’s economic policies – Belt and Road initiative (BRI) – that develop infrastructure and trade links across the world. She also warned that unless China plays by the “global rules”, it cannot become a superpower.


Beijing did not need to retaliate, despite the fact that the new Truss government will need to work with China to promote climate security, as well as to trade with China to address inflation. In just less than a month in office, the new British Prime Minister has already done a spectacular job in sending the UK deep into economic crisis, so much so the nation is on the brink of recession.


The egoistic Truss, along with her new finance minister, Kwasi Kwarteng, hastily announced a radical new economic agenda. A “mini budget” that would cut taxes by £45 billion to boost the UK economy was introduced, which includes scrapping the highest rate of income tax for the richest from 45% to 40%. It will also slash energy prices for millions of households and businesses this winter.

Prime Minister Liz Truss - UK Bond and Currency Crisis

However, there’s one “huge problem” with the half-baked programme. The nation has no money so Truss’ brilliant plan involves borrowing, a policy that goes against fiscal prudence established by her predecessors for the last 12 years. Economists immediately condemned her reckless gamble, but not before investors and traders dumped the British pound like a plague.


Traders were not impressed over the biggest tax-cutting package in 50 years, introduced just a day after the Bank of England warned that the country was already in a recession. Truss’ promise of a “new era” saw the British pound crashed to a record low against the U.S. dollar last Monday (Sept 26) – plunging as low as US$1.0373, its lowest level since the decimalization of the currency in 1971.


The crisis was so bad that the Bank of England has been forced to intervene to protect the UK’s financial system from a meltdown apocalypse. Fearing that the mini-budget could threaten the financial health of the country’s biggest pensions and insurance companies, which together manage trillions of pounds of people’s cash, the Bank pledged “unlimited” bond-buying rescue plan.

UK Bond and Currency Crisis - British Pound Crashed

The announcement to splash £65 billion to buy as many long-dated government bonds as needed over the next 13 working days (from Sept 28 till Oct 14) to stabilize its bond market was an admission of the incompetence of Truss government. It was so screwed up that the IMF (International Monetary Fund) has joined the bandwagon condemning the tax cut which triggered the collapse of the pound.


Thanks to clueless Truss (who fantasized she was Reagan or Thatcher), the Bank of England may have no choice but to raise interest rates to near 6% by next spring, from the current 2.25%, to support the currency and contain inflation. Yet, the defiant prime minister still tried to defend her toxic economic agenda, assuring that it will provide more details of its plans on November 23.


But the damage has been done – the economic chaos saw about 1,000 mortgage products taken out of the market as banks struggle with bond market uncertainty. On the other hand, business owners are already facing a sharp rise in borrowing costs while hundreds of thousands of people with mortgages will need to refinance their loans.

Global Currencies - US Dollar, UK Pound, Euro

Hilariously, while Truss insisted she is “unapologetic” in “focusing relentlessly on economic growth”, she could not answer why the wealthiest 5% will become richer due to the income tax cut from 45% to 40%, but only 1% cut for earners in the lowest band of income tax (from 20% to 19%). Essentially, 95% of the population earning less than £150,000 a year will get poorer by paying more.


Charlie Bean, former deputy governor of the Bank of England, said the UK government has made “really stupid” decisions. It would take a week of volleys of criticisms for the newly crowned British PM to – reluctantly – admit her government’s mistakes. But instead of taking full responsibility like a leader, she shamelessly put all the blames on Chancellor Kwasi Kwarteng.


Pointing finger at her colleague, Truss said that the tax cut reforms were not agreed by her cabinet, but were a decision made by Kwarteng – “It was a decision the chancellor made”. The irresponsible act saw Nadine Dorries (the former culture secretary who had backed Truss to be PM) slamming Truss for throwing Chancellor Kwarteng “under the bus”.

Bond and Currency Chaos - Kwasi Kwarteng and Liz Truss

The despicable damage-control of sacrificing Kwarteng to ensure Truss’ survival as prime minister goes to show the type of leadership of the country. To be sure, Kwasi Kwarteng himself is equally incompetent. Despite the market chaos after his mini-budget, the chancellor has even suggested that there was “more to come” on tax cuts.


Both Truss and Kwarteng were in hiding while the bond and currency chaos continued for days. When the prime minister finally emerged, she tried to spin her disastrous economic agenda with local radio stations. But she was humiliated instead, unable to answer about the housing market and benefits for the poorest people as a result of inflation.


The very fact that the new government needed until November 23 to reveal its plan in details suggests that Truss and Kwarteng had absolutely no idea that it was a bad economic plan from the beginning. Rachel Reeves, Labour’s spokeswoman on Treasury issues, said – “It is a budget without figures, a menu without prices. What has the chancellor got to hide?”

Bank of England Emblem

The last time the central bank had to intervene in such fashion was when currency speculator George Soros broke the Bank of England in 1992. One independent analysis expected the screw-up to cost taxpayers £190 billion this fiscal year. Truss is trying very hard to become popular to show off her capability. Unfortunately, she’s no Margaret Thatcher, let alone Ronald Reagan.


A survey by the Observer newspaper showed three-quarters of British voters, including 71% who backed the Conservative Party in the last election, believe PM Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng have “lost control” of the economy. Another survey by YouGov shows that the Tories are 33 points behind opposition Labour Party after the economic mishandling.


Truss could become the shortest-serving UK prime minister in modern history. Even before the economic turmoil was sparked by her government’s £45 billion tax giveaway gamble, the bookies didn’t think she would stay long at No 10. Punters bet that she will lose her job quicker than former PM Theresa May. After demonstrating her incompetence, she can’t use China as a punching bag anymore.


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I was going to write something about this fishwife scrubber Looney Liz but so many events overtook her and so fast that it became somewhat pointless writing about her as she has doomed herself as even members of her own party want to get rid of her. As of the moment, Looney Liz’s is so unpopular among the public, the bookies gave her an odd of near zero surviving as PM before the end of the year. I’d agree with the learned bookies.

Not only the public dislikes her, her party dislikes her – but worst of all, those of the City she crawls to also dislike her, now more intensely. And that screams the end of Looney Liz who presides over the failure of too many disastrous policies.

Within the short time the Scrubber has been in power, she had to get rid of her Chancellor Kwasimodo, who with her, came up with some cotton-pickin’ stupid impossible “growth” ideas to turn round the Brit economy. I believe Kwasimodo was the fastest ever in and out of the Treasury in Brit history. Looney Liz will most likely joining him shortly and fastest out of her office.

It does not mean the dream PM should be the shorty dark brown roti canai tosser artist. Nothing too colour-conscious here, Shifty Sunak has dishonest eyes and gives any holy cow the creep. Originally “soft” on China, Shifty quickly changed into an even more rabid attack dog about being “tough” on China soon as Looney Liz switched on the only switch on her – rabid attack chihuahua switch.

The US is blessed with a lovely bunch of anti-China attack puppies all in serious trouble because of inciting war with Russia and all in sh*t state because of the urgent lack of energy – but all still desperate for a showdown with China. I suppose the rats in a sinking Titanic would still make a last-ditch attempt to stay alive before not making their countries great again. These days the talks are about some kind of philosophy, speeches from imperial Roman grandstands, imperial order, educating and guiding the lesser folks, making sure the white white West leads, fcuking “Western values”… sounding almost like Anwar still with his grand rambles, fcuking Plato, Confucius, Jesus, Mo, Hari Krishna, Hari Raya, Tamil tigers, Cheshire cats… and the likes *yawn*

Among Looney Liz’s most stupid priorities is her rather odd all-consuming pursuit to smear China and bring down China – what with, no one really knows. True, Britain is the top running bitch for the US, and barks out loud for its masters in Washington. Looney Liz is very close to the neocon warmonger and China-hater Walrus Bolton. But Britain is a fcuking tiny chihuahua while China is a giant dragon! Britain is a testicle-sized dumpling to the Dragon and consumed like fast food, one gulp, burp, and fart!

Looney Liz may act the “iron lady” like she can posture, threaten, and eat up China in her delusional fantasy, but in reality, even the US delusionally does that to China. These days China often ignore the US, refuses to speak to it, and China is condescending when dealing with Britain, it “poor-bitches” Liz. And China knows Looney Liz is done for, she can’t remain in power for much longer, just how can she take on China in any way? What’s more, Britain does not control its own nuclear firing button, the US does. Fancy, your bite is your fcuking false teeth controlled by your Yank bosses, wtf joke is that?!

Last Britain tried to be funny with China, Deng Xiaoping swore at Liz’s idol Thatcher. And Thatcher wobbled and fell face down on the way out of the meeting. That was sheer bad omen and Britain had to rely on its usual best – sell out. Hong Kong. Ever since that when Britain shows its fake concern for Hong Kong, China simply tells Britain and its Yank masters to fcuk off.

For you fans of history, don’t you loyal colonial Sambo niggahs remember that gonorrhoea-stricken schizophrenic Churchill abandoned Southeast Asia to the sushi empire, said their military geniuses pointed the guns in the sea when the Nips came by bikes took over Malaya and Singapore? It was all over faster than any of you deculturalised monkeys can think of a few more than just two dishes of Brit culinary delight.

The only good that came out of the famous Brits selling you fcuking loyal colonial niggahs down the river the Brits were only concerned about themselves being marched to the river Kwai to build a railway for a movie. Not long ago your uncle Jeremy “Top Gear” Clarkson referred to a “slope” on a bridge in Burma to mean an Asian planted on the film for a racist slag. Thank you very much, Massah, I can hear you Sambo monkeys rave.

Anyway, nothing much to say about Looney Liz now over her planned smear on China as a “threat” or whatever (including Brit media smearing her!), you think China is shuddering over being sent to headmaster Liz’s office, eh? Like how Deng Xiaoping dealt with Thatcher, Liz will be spat on politely as she is asked to take out the spittoon on the way out of the closing scene for her, and into that dustbin of history, next hero Brit worm, please!

Another Sun Tzu here, China does not have to write the drama, it’s that incredibly stoopid Looney Liz who’s written that big bunch of policy-failure suicide notes she’s stuck on her ugly face!

I say 50 ringgits Looney Liz won’t last beyond Xmas. 500 ringgits and two free gifts if she survives badly knocked around, past February.

I have to revise my bet. I’m putting on rm30 instead of rm50, looks very much like mad moo Looney Liz may not even hold on to the PM seat before end November.

Phcuking hell! Give the scrubber fishwife a chance to last till Xmas, and that, she fcuked up too.

Forty four days of her disastrous spell in office was never enough for the useless moo to nuke Russia, warm her throne, and declare war on China. Apart from obliterating China the common uncouth tart was supposed to be in December to open a pork market in China.

Who’s, even our learned bookies, was to know Looney Liz was that bad, only thing she’s capable of is bringing herself down solely through her own amazing ability and effort. Even I had the faith she’d last till December and maybe even February. That’s more faith in her than in members of her own party.

As it goes I stand to lose on my wager, whoever has been wide-awake enough to take own my bet would now get rm30 and two free gifts: a picture of Loser Looney Liz with our two shortest PM’s midget Sabrina and midget Niamahaidin ;and a picture of Sabrina in his expensive “Bribery” shirt, don’t care what you do with the pics including wiping and damaging your behinds..!

Can’t wait to see who’ll replace Loser Looney Liz, Boring Boris may be recycled to do his bungling for two months. He’d be a better replacement than Risky Shifty Snack, mustn’t say he’s got a funny dark brown hue about him, but the Empire’s always had them colonial Sambos to carry the white man’s burden, Snack will be a good scapegoat to toss the chapati canai naan in the meanwhile… The whole of Hindia would be over the moon, true to cherished tradition a Hindianwallah gets to play “top dog” (scapecow) for them white sahibs, thank you welly much..!

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