It was all a bad dream

I hope Liz Truss goes this week and it can be as if my country woke up from a terrible dream.

If not, at least the mini-budget and her economic policy is a nightmare from which we have woken. 

Ambrose Evans-Pritchard last night: 

'Fiscal order has been restored at breath-taking speed. Jeremy Hunt has done exactly what you have to do in fast-moving crises of this nature.

'Dribbling out half-measures was never going to work. You have to outflank the markets with shock and awe moves that entirely change the conversation.

'The reward has been instant. The pound is back to this year’s average against the euro. Gilt yields have converged with US yields. Futures markets have shaved 75 basis points off the “terminal” Bank rate for this cycle at a stroke, with a virtuous circle for funding costs on gilt debt-service and payments on excess reserves by the Bank of England.

'Global markets will soon forgive the UK for its brief lurch into ideological adventurism whether or not Liz Truss survives as Prime Minister.

'They will switch their focus to the next country that steps out of line as the US Federal Reserve sends ever more powerful and destructive tremors through the global credit system. Few can withstand the shock of vanishing dollar liquidity, down $4 trillion since April.'

Vanishing liquidity means the end of cheap money all over the world.

None of this fiasco has anything to do with Brexit. 

I remind you that La Truss campaigned against Brexit.

I couldn't stand Mrs Thatcher at the time, but admire her and miss her now. The Tory left went on to give us women with penises, autistic teenagers being persuaded by venal doctors to have their private parts removed, nudges, quotas for women on boards and many other aspects of the modern age. On the other hand, Thatcherites did nothing to impede the rapid victory of social liberalism and gave us Liz Truss.

My objections to her mini-budget (for it was hers) are not the policies but their timing and the way they were presented. 

My bigger objection is that Liz wanted to spend vast amounts on defence, overseas aid and Carbon Zero (like Boris) and uncosted plans for energy support, instead of a windfall tax on companies that own monopolies and are profitting from the international situation.