Share this page!

Enter URL or ID to Unroll

You can paste full URL like: https://x.com/threadreaderapp/status/1644127596119195649
or just the ID like: 1644127596119195649

How to get URL link on X (Twitter) App

  1. On the Twitter thread, click on or icon on the bottom
  2. Click again on or Share Via icon
  3. Click on Copy Link to Tweet
  4. Paste it above and click "Unroll Thread"!
  5. More info at Twitter Help
Charles Read Profile picture
Charles Read
@EconCharlesRead
Economic historian & Pro-Proctor @Cambridge_Uni. Fellow & Bridging Course Director @CorpusCambridge. Two books on financial crises & the Irish famine now out.
Feb 5, 2023 • 6 tweets • 1 min read
Truss is correct to say that the "economic establishment" has moved to the left since Thatcher. The Friedmanite monetarist consensus of the 1980s was replaced by a "New Keynesian consensus" in the 1990s, which has embedded itself firmly in Britain ever since /1 By "New Keynesian consensus" I mean central bank independence, inflation targeting and the use of fiscal & monetary stimulus in periods of inflation undershoot; not to be confused by the old "post Keynesian" policies used in Britain between 1945-75 /2
Feb 5, 2023 • 9 tweets • 5 min read
For anyone reading Liz Truss's mea culpa in The Sunday @Telegraph today, the idea Truss states that Kwarteng and the Treasury had not been warned of the budget's risks to financial stability was NOT TRUE. /1 On September 8th I gave a lecture to Treasury civil servants and sent a letter (and entire paper on the subject) to Kwarteng personally warning that any budget involving a fiscal stimulus that pushed up market interest rates risked financial instability and a financial crisis /2