Tag Archives: Pound

The evidence: did insider trading crash the Pound? [VIDEO SHORTS]

Kwasi Kwarteng definitely had meetings with hedge fund managers – or at least with his old boss Crispin Odey – during the run-up to the Tory leadership election in September.

Nobody involved with these meetings will say he mentioned anything about plans for the economy if his preferred candidate – Liz Truss – were to win.

But several hedge funds made a huge amount of money betting against the Pound when Kwarteng made his financial statement on September 24.

So is it not possible that Kwarteng let something slip, even though he didn’t know whether he would even be the Chancellor at the time?

Here’s the discussion:

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Liz’s legacy: crashing pound and pensions, housing crisis, inflation, unemployment. What’s to be done?

Liz Truss: “Duh… what did I do?”

Economist Richard Murphy has given his verdict on the result of Liz Truss and Kwasi Kwarteng’s new economic direction for the UK – and it is damning.

But he has also done something far more important; he has suggested ways forward for the UK. Principal among those is making sure the Conservative Party is never allowed into power on its own again, so it can never again ruin the finances of millions of people for the benefit of a few spoilt rich kids.

It’s the first positive series of suggestions This Writer has seen.

See what you think – and be sure to send those thoughts in via the comments section:

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The Pound has plummeted; now interest rates will skyrocket. Here’s how it harms YOU

The grinning Kwarteng: do you think he intended to cause the chaos he has inflicted on the United Kingdom, and was actually laughing to himself about it during the Queen’s funeral?

Up close and very personal.

If you’ve got a mortgage, the amount you pay towards it depends on interest rates.

If they are going through the roof, then you may suddenly find that you don’t have enough to pay for your home – and, shortly afterwards, that you don’t have a home to live in.

Remember, the lower Pound means food will cost a lot more than it does already; we import 40 per cent of our food from the EU.

Now watch this:

The keyword from this is: unsustainable.

The answer, if the grinning Kwasi Kwarteng is still determined to avoid a windfall tax on energy firms’ profits, is higher taxes or cuts to public services – and he has cut the 45 per cent tax bracket.

So you can expect the axe to fall on public services – probably before the end of the year. That will mark the end of the UK’s society as you know it. Bye, Britain, it was nice knowing you (back in the 1970s before the Thatcher rot set in)!

Unaffordable food, housing (and energy, let’s not forget); a savage attack on public services to come. Is this what you wanted?

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Truss and Kwarteng can’t manage the economy – so shouldn’t they just go?

It’s a tried and proven maxim that if a government can’t manage its national economy, it will lose elections.

After Kwasi Kwarteng’s “fiscal event” last Friday, the UK economy tanked. The Pound has now hit its lowest-ever level against the Dollar.

It seems likely Liz Truss will lose the next election because of these choices. And letters may have started trickling in to the 1922 Committee already.

Is her time up already? Watch:

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How Liz Truss is ruining the economy, the Pound and her electoral chances [VIDEOS]

No comment from me on this – I’m just putting forward clips by other commentators on Liz Truss’s latest blunders.

Enjoy:

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Labour demands investigation into legality of pound-shorting hedge fund profiteering

Tulip Siddiq: investigate possible insider trading that caused the Pound to collapse, she says.

Labour are urging the Financial Conduct Authority to investigate whether leaks of the mini-Budget allowed hedge fund managers to make huge profits by shorting the pound.

Shadow City minister Tulip Siddiq told the Evening Standard the FCA should examine reports that some hedge fund bosses had made “small fortunes” by betting against sterling.

She said:

“The Financial Conduct Authority should investigate any potential wrongdoing, to determine whether it is possible that any leaks or information provided by this Conservative Government to their wealthy friends contributed to the collapse of the Pound.

“A weaker Pound means that imports such as food and energy will become even more expensive, at time when inflation and the cost-of-living crisis is already spiralling out of control.”

Well, it’s good that someone in politics is picking up on what’s being said by commentators like This Site.

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Did Truss-supporting bankers make fortunes ‘shorting’ the pound? Insider dealing?

Easy money: it’s not quite a backhander for bankers who supported Liz Truss to have made fortunes “shorting” the pound in anticipation of its fall during and after Kwasi Kwarteng’s financial statement.

It is being reported that

Liz Truss-supporting investors made “small fortunes” as the value of the pound plummeted following the radical Conservative budget announced on Friday.

This is deeply concerning because it suggests corruption – that these businesspeople who helped Truss become prime minister may have been given knowledge of what Kwasi Kwarteng was going to say and advised to bet that the value of the pound would drop (also known as “shorting”).

An anonymous source quoted in the Sunday Times told the paper they had attended a dinner with hedge-fund managers who were said to have won big betting against the pound last week.

They were quoted as saying: “They were all supporters of Truss and every one of them was shorting the pound.”

The paper added: “Several made small fortunes on Friday betting against the currency.”

Seems straightforward enough, doesn’t it? Well…

Responding to speculation the traders were given insider knowledge of the budget before it was announced – which would be illegal if it were used for their financial gain – Tim Shipman, who co-authored the piece, said: “It’s not fraud, it’s just a bunch of city people having a view and betting on it. It wasn’t a Tory dinner where the mysteries of the budget were secretly conveyed over the canapes.”

Do you believe it?

A lot of people made a lot of money and they were all Tory-supporting backers of Liz Truss, but it was entirely innocent?

Some people have doubts:

What do you think happened?

Source: Liz Truss City backers ‘made small fortunes betting against plunging pound’, report claims

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Kwarteng’s mini-budget: ‘economic and political madness’

The value of the pound crashed as Kwasi Kwarteng delivered his mini-budget speech on September 23.

That’s a staggering indictment against the Chancellor, his prime minister Liz Truss, and their government.

Any money saved by the measures in the budget is wiped out by the extra costs the crash will incur.

Watch:

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News moves fast: will weak pound scupper Truss’s energy price cap?

This being a bank holiday weekend, This Writer is either otherwise occupied or almost totally incapacitated, so I’m putting up material that has interested me – and I hope it interests you. Make of it what you will.

Following on from the immediately preceding article, it seems that even if gas prices have come down, the value of the pound has also fallen – meaning the UK may be unable to take advantage of the situation to implement other energy saving measures with cash left over from the original amount Liz Truss expected to borrow for her energy price cap scheme.

Check out this clip:

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Corruption scandal makes it easy to believe Johnson has sold us all out over Brexit

Boris Johnson and Jennifer Arcuri: If an inappropriate relationship with her is proved, should claims of another inappropriate relationship – with hedge fund-owning backers who have bet on the disastrous effect of a “no deal” Brexit – also be investigated?

What is Boris Johnson’s Brexit really about?

It has been alleged that he is in cahoots with a number of ‘City’ financiers who backed his campaign to become Tory leader – and prime minister – on condition that he push the UK through a “no deal” Brexit that would enrich them (and, by connection, him).

The claim is that these hedge fund bosses have bet heavily on what’s known as “shorting” – and stand to make £8.3 billion if the pound plummets and inflation skyrockets after the UK crashes out of the EU without a withdrawal agreement.

It’s what Mr Johnson’s own sister has been saying – and also former Chancellor Philip Hammond.

Such a claim is extremely damaging to BoJob’s reputation as it implies that he is working, not as a servant of the public, which is the reason he draws a publicly-financed salary, of course – but in the interests of a shadowy group of self-motivated mobsters who are quite happy to endanger the entire UK economy for their own gain.

And, of course, to satisfy his own personal greed when they pay him off for his services.

Is there any evidence to support the claims? I don’t know. Mr Hammond and Ms Johnson must have reasons for saying what they have, otherwise they have put themselves in a very actionable position.

But what makes them believable to the public is the fact that Mr Johnson has been referred to the Independent Office for Police Conduct (IOPC) over allegations that he overruled his own officials to give favourable treatment – thousands of pounds in sponsorship grants and places on trade missions – to his friend Jennifer Arcuri when he was Mayor of London.

It is potentially a criminal offence – made worse by the fact that, as London Mayor, Mr Johnson would also have been Metropolitan Police and Crime Commissioner.

Of course, if the IOPC decides Mr Johnson’s behaviour towards Ms Arcuri was inappropriate, it makes it easy to believe that he is in collusion with these hedge fund bosses to rig Brexit – against the best interests of the UK as a whole.

The BBC – in its apparent role as propaganda arm of the Conservative Party – has run a story in which Downing Street has claimed the Arcuri allegations are politically-motivated, as it was timed to happen days before the start of the Conservative conference.

If that were true, why were the allegations published in the overtly pro-Tory Sunday Times, rather than by a news organisation that opposes Mr Johnson’s party, like The Guardian or The Mirror?

It seems clear that Boris Johnson will have to work very hard if he wants to make sure this mud won’t stick to him.

And what if the claims are true, but he fails to deliver the “no deal” Brexit these hedge fund bosses want?

Will they not be annoyed? And won’t they want some kind of compensation?

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