Even the credit rating agencies that not only missed every red flag on MBS derivatives in the run-up to 2008 this time understand what's coming: Market anarchy and investor chaos.
Moody's joins Fitch and S&P Global Ratings in downgrading UK sovereign debt. All three can see quite plainly that the UK's current debt trajectory is unsustainable.
Liz Truss' successor is facing a dual challenge: 1)The UK desperately needs a new budget and 2) London's financial markets will try to get in the way and stay there.
Remember, what happens in the UK eventually comes to the US. The vultures are circling in the UK…how long before they begin circling over us?
It is like a TV soap opera - all scripted and planned
I really despise the phrase "unfunded tax cuts" used in the linked article. That phrase is one Orwell never thought of, but should have.
It is darkly ironic, as it presupposes that robbing Peter to pay Paul is good fiscal policy.
At the same time, the idea that if you want to cut taxes, cut spending to match has merit (to everyone but die hard Keynesians, of course!).