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Chaos Will Return To UK Assets
Admittedly, it feels gratuitous to dwell on the most chaotic week for UK markets since Brexit.
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Some UK commentators are saying that Truss will pay for the tax cuts by causing a crisis which allows her to privatize the NHS. The Department of Health and Social Care spent 192 billion pounds in 2020/21. Is this the plan? I have no idea.
When you make bad policy and markets lose confidence there is a price to be paid. The genie is out of the bottle and Great Britain is now in the cross hairs of financial speculators. Truss has shown her lack of qualification and judgement. She won’t last long as prime minister.
Lord help me. Read the last paragraph’s and thought “if I were British, I’d own some Gold”. I’m not aging gracefully, or I’m on to something…
Personally, I can’t believe gold hasn’t done much better. Talk about losing faith in fiat currencies,
How much interest is the US paying on their debt now, must be nice to be the world reserve currency.
I imagine golds holding up a little better in euros and British pound.
Signed,
Bonafide gold bug lol
Positive real yields in the US keeping gold capped.
Maybe Brexit was a mistake. Remember John Major, who left office with an 11% approval rating? He said in Britain when we criticize someone we say they are too clever by half. What we should say is they are too stupid by three quarters. I’m surprised that Larry Kudlow didn’t immediately endorse the tax cut.