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Liz Truss resigns as UK prime minister

bbc.co.uk

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Re: Liz Truss resigns as UK prime minister

#411

Post by nequo »

ShredKazoo wrote: post #366
nequo wrote: post #297

Earlier quoted context omitted.

This is an interesting idea. Although if anyone has enough money to single-handedly move the market price, it devolves into a dictatorship of that person.

Robin Hanson has a paper where he argues that such attempts at manipulation won't work: https://mason.gmu.edu/~rhanson/biashelp.pdf Based on the abstract, I think the essential argument is that a market manipulator acts as "dumb money", attracting "smart money" who are happy to profit by bringing the market back in line with reality.

I think what I got confused by is the idea that a proposal that is “popular with the market” is popular because it reduces inequality and not because it has good financial returns.

Take the inequality example that you mention. Reducing inequality might require large government spending, like free higher education, or extensive government-provided healthcare. This requires funding which pushes up interest rates.

Someone in the prediction market might agree that free higher education reduces inequality but might also think that it will increase the government’s cost of financing its spending. The latter is what usually gives politicians trouble with financial markets. How would a prediction market resolve this issue?

Re: Liz Truss resigns as UK prime minister

#412

Post by vmilner »

frereubu wrote: post #364
smcl wrote: post #284

Earlier quoted context omitted.

No "Public Schools" in the UK refers to a very specific subset of fee-paying schools mentioned in the Public Schools Act of 1868 (sometimes informally includes a couple of others). Private Schools are the other fee-paying schools. What a non-Brit might think of as "public" schools are actually called "state" schools in the UK

The way I explain it to American friends is that any member of the public, if they have £45,000+ per year to spare, can send their son to Eton. Simple.

Or win one of the (up to 4) 100% “New Foundation Scholarships” offered to state school boys.

Re: Liz Truss resigns as UK prime minister

#413

Post by pjc50 »

MichaelZuo wrote: post #361
markvdb wrote: post #206

Earlier quoted context omitted.

Her government proposed an unfunded budget that caused a gilt market panic. Part of the mortgage market dried up. Variable mortgage rates exploded. Pension funds had to resort to emergency measures. The Bank of England had to intervene.

Don't the groups in the gilt market, mortgage market, pension funds, etc., have lobbyists that would be able to communicate their concerns and fears ahead of time? For that matter aren't there Whitehall staff that could easily have said something? It all seems bizarre from the outside.

There are all sorts of processes to say to her that this was a bad idea. She ignored them. It's a very Chernobyl kind of process: in order to run your experiment, first ignore all the safety alarms.

And, of course, very Brexit.

Re: Liz Truss resigns as UK prime minister

#414

Post by cjrp »

brink wrote: post #397
pjc50 wrote: post #375

Earlier quoted context omitted.

Why? She's a Brexiteer running on an "anti-woke" platform, we need more serious people instead.

Are you implying woke is serious?

If wokeness is the biggest problem a politician sees at the moment (which is the implication if that's the platform they're running on), then no - they are not serious.

Re: Liz Truss resigns as UK prime minister

#415

Post by addicted »

cameronh90 wrote: post #245
hairofadog wrote: post #90

I know this topic is important in substance and the thing I'm about to say is an aesthetic issue, but as an American watching this unfold I have admired the Brits for the sense of heart that still seems to be present in their politics. I'm referring to the parliamentary sessions in which, even though they're savagely roasting each other, they're doing in a way that feels somehow good-hearted and doesn't lay bare the…

For all parliament's faults, it's still largely populated by well educated, intelligent individuals who are skilled orators and debaters. Even some of the most awful parliamentarians would easily talk circles around me in any kind of debate. For anyone not aware, a large number of our politicians come from a background at public schools such as Eton, and read Philosophy, Politics and Economics at Oxford. Institutions…

The UK government also has an excellent civil servant corps. In reality it’s the civil service, that continues across government, that keeps the UK govt running. The elected officials are limited to providing high level directions.

One of the major mistakes made by Kwarteng as chancellor was firing an extremely senior civil servant which spooked not just the civil service but also the markets, because it indicated that elected officials would now be more active in running the business of government. That’s something no one really wants.

Re: Liz Truss resigns as UK prime minister

#416

Post by ycombigator »

charlieyu1 wrote: post #362
smcl wrote: post #308

Earlier quoted context omitted.

So all the names of PMs you mentioned bar one went to Oxford...

And American top politicians don’t go to top schools?

Looking at American politics from the outside, I feel like (in most cases), you're lucky if your elected representatives know how to spell the names of common vegetables and know that the US doesn't share a border with Afghanistan.

Re: Liz Truss resigns as UK prime minister

#417

Post by lostlogin »

iamacyborg wrote: post #367
FridayoLeary wrote: post #277

Earlier quoted context omitted.

A lot of it is theatre. For example keir starmer congratulating boris on the birth of his child, i think, and sounding sincere. Then pretty much in the same breath, he lashes out at him on some policy or scandal. English people banter a lot more then americans, so its not taken personally.

I mean, given you example I think Keir congratulating Boris was the actual piece of theatre.

It came across well, but should do as opportunities to congratulate Boris do come up regularly.

Re: Liz Truss resigns as UK prime minister

#419

Post by addicted »

mensetmanusman wrote: post #406
cameronh90 wrote: post #245

Earlier quoted context omitted.

For all parliament's faults, it's still largely populated by well educated, intelligent individuals who are skilled orators and debaters. Even some of the most awful parliamentarians would easily talk circles around me in any kind of debate. For anyone not aware, a large number of our politicians come from a background at public schools such as Eton, and read Philosophy, Politics and Economics at Oxford. Institutions…

They still have low class diversity so they had no idea how to combat brexit rhetoric.

Almost all the major Brexit leaders were upper class publicly educated twits. (Johnson, Rees Mogg, Farage).

Re: Liz Truss resigns as UK prime minister

#420

Post by _5uxp »

cameronh90 wrote: post #245
hairofadog wrote: post #90

I know this topic is important in substance and the thing I'm about to say is an aesthetic issue, but as an American watching this unfold I have admired the Brits for the sense of heart that still seems to be present in their politics. I'm referring to the parliamentary sessions in which, even though they're savagely roasting each other, they're doing in a way that feels somehow good-hearted and doesn't lay bare the…

For all parliament's faults, it's still largely populated by well educated, intelligent individuals who are skilled orators and debaters. Even some of the most awful parliamentarians would easily talk circles around me in any kind of debate. For anyone not aware, a large number of our politicians come from a background at public schools such as Eton, and read Philosophy, Politics and Economics at Oxford. Institutions…

So with all information, they must be expert as a how to steal from common man in a more sophisticated way? I mean it just gets more advanced each decade. How they distract via what PM says or do, it is soo good that I admire now.
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