Multipolar Bear

BREAKING: Top investors warn Britain faces a Liz Truss-style bond market revolt if Labour ousts Keir Starmer Michael Pfister, FX strategist at Commerzbank: “The goal of a balanced budget is likely to falter should a less fiscally conservative candidate take over. And in recent years, we have repeatedly seen situations where the British government bond markets came under pressure and the pound followed suit. This time, the situation is unlikely to be any different.” Cathal Kennedy, senior UK economist at RBC Capital Markets: “I think this morning there is a 2022 feel toward this, with the Prime Minister carrying on as normal while all indications show he has lost his authority in the party.” Craig Inches, head of rates and cash at Royal London Asset Management Ltd: “The market is now pricing almost four rate hikes for the UK which it can’t withstand. Whoever replaces Starmer will not be able to borrow more money via gilts regardless of what they say.” Mohit Kumar, chief economist and strategist for Europe at Jefferies: “Any replacement would likely be left-leaning and be negative for the long end of the curve and the currency. We maintain our steepeners and short position in sterling.” Jordan Rochester and Evelyne Gomez at Mizuho: “We’ve been looking for 10 year UK gilts to sell off towards 5.15% by year end for quite some time, but this political drama accelerates the timeline, and we could see a move toward 5.20% until the political situation is settled and/or 5.35% in extreme stress.” Laura Cooper, global investment strategist and head of macro credit at Nuveen: “Gilts are increasingly behaving like a real-time referendum on fiscal and political credibility, aggravated by the recent move higher in oil prices.” Roger Lee, head of equity strategy at Cavendish: “Even if Starmer resigns the political uncertainty is unlikely to end as internal rivalry within the Labour Party ramps up. To stabilize the gilt market the government may have to commit to the fiscal rules and the only candidate seemingly prepared to do that is Wes Streeting.” James Athey, fund manager at Marlborough Investment Management Ltd: “The last thing that Gilts needed was weakness in the US treasury market. Now we’ve got potential for the ceasefire to collapse, the US doing some fiscal expansion all on top of the utter domestic shambles that is UK politics.”

Ayn Rand never understood capitalism as it actually exists and so she created this fantasy version of it wherein all the downsides or contradictions were actually a byproduct of “statism” or “collectivism” as opposed to the market itself —- imo it was because she resented the soviets so much, she didn’t didn’t want to admit Marx was right about *anything* including a lot of observations he made about how Capitalism works that are now regarded completely mainstream, even among non-Marxists.

Who is the philosopher with the most annoying fanbase?

Why is it always "seize the means of production" and never "create the means of production"?

Barak Ravid is a journalist of the highest caliber. He is one of the world's best reporters on this war, and he is out-scooping everyone else. This conspiratorial nonsense stops now.