Discover and read the best of Twitter Threads about #secondgreatfinancialcrisis
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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.
Truss, Kwarteng & Philps continue to dig in. @bankofengland Governor is adamant in warning that the Friday deadline is fixed. Pensions are threatened. The #SecondGreatFinancialCrisis appears to be centred in London, now.
The crux of the crisis seems to be happening over the next 2 days. For credibility, the @bankofengland must stick to its deadline; but if, afterwards, pension fund(s) threaten bankruptcy, will it bail them out? Openly or by the back door?
This week maybe London’s Lehman crisis week, as events unfold. Look for major changes in policies & measures (p&m) over the course of the next few days, as a series of unpredictable (but not unprecedented) financial events threaten or are thought to threaten system stability.
