Discover and read the best of Twitter Threads about #SecondGFC

Most recents (4)

This thread is of great interest to urban planners post-pandemic. I’m sure that there is a similar movement of people from UK and I suspect Irish urban centres to their periphery. Or to the countryside.
My guess as to the reason for the long-term movement at least since the 1990s and its recent reversal is that a steady trend had developed in which people moved to get a job, or to be with friends and relatives, or they followed traditional migration routes.
The pandemic destroyed long-term built-up habits and routines, including family life. It frightened people and forced them to rethink their lives and life styles. It broke supply chains, but also demand expectations, leaving us frustrated and disappointed.
Read 7 tweets
New thread on the #SecondGFC follows.
So Moody’s has downgraded the UK as a “warning sign” re the volatility of £ & UK politics. One of the rating agencies that awarded top grades to junk bonds etc in the #GFC. A 100 yrs ago Moody himself gave the UK our now lost top rating. How times change. C/f £⬇️ since then.
Clearly governments were in charge of the markets then. And now, shockingly, markets seem to be in charge of governments! The “markets” are warning the UK to appoint the right finance minister and maybe PM. [lunch beckons, more to follow]
Read 15 tweets
Let’s be clear, BJ does *not* have a mandate to govern the UK. The meme comes from the populist plot to divide & create chaos. Incredibly, we are seeing Naomi Klein’s The Shock Doctrine (2007) in action. Our global political-economic-energy system #capitalism has been corrupted.
The UK’s unwritten constitution has the PM as primus inter pares, first among equals. He/She is not elected by popular demand, but in secret ballots in orderly elections. The UK’s constitutional checks & balances are in @HouseofCommons rules & procedures that BJ likes to flout.
So how has our Western version of #capitalism been corrupted? My guess is by the pursuit of money, and the gradual, insidious spread of insider trading in markets, the buying & selling of politicians & policies, and regulatory capture by those being regulated.
Read 9 tweets
The crisis is upon us. The PM & Chancellor have provoked the interlinked financial markets & the bear has woken, angry & hungry. What should the PM, with power, do? Remove the dart that wounds the beast. Calm & if necessary subdue it. Convene wise & experienced councils.
Combat climate change. But now, today: 1. Replace Kwarteng by Sunak, & cancel #budget2022. It has been an unmitigated disaster, politically & economically. 2. Reappoint a previous respected mandarin to head @hmtreasury to reassure the public & the markets.
3. Convene an open public meeting of the PM, the Chancellor, the Governor @bankofengland , the head of the @OBR_UK & the head of the @TheFCA to further reassure the markets. The turmoil must be stopped urgently before bankruptcies overtake policy. The markets take no prisoners.
Read 13 tweets

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