Can Truss Make the Shorts Look Silly? Just Maybe
Liz Truss is now the prime minister of the UK. The cabinet will be composed largely of her closest allies. For the first time ever, none of top four positions will hold a white man.
Truss's political stances are inconsistent. Her libertarian economic rhetoric might be good for the future, but it's not going to deliver results swiftly. The Labour opposition looks convincing since losing power in 2010.
Truss's leadership campaign was scary. She has made the mistake of sheltering behind a narrow faction of her own party. Less than half of the Conservatives’ members actively voted for her. Britain is resigned to enduring a recession over the next year. The surge in natural gas prices has created a crisis in the cost of living. The issue of Northern Ireland”s post-Brexit status remains unresolved.
Andrew Adonis is negative about Truss. Andrew Adon is a former history professor and Tony Blair's policy chief. Simon Jenkins, a journalist, points out some historical parallels between Trussel and Thatcher. Therese Raphael writes that Thatcher was unimpressive and nearly fired as a minister but she asserted herself over her party. There was a previous crisis for the pound that was worse than the current one.
Sebastian Mallaby compares Truss with Angela Merkel. He thinks the similarities between Trussel and Merkel are relevant. The former German chancellor dominated German politics for 15 years. Trrussel is not a fool. She took a difficult course in logic at Oxford in 1994-95. Speculators are betting on the UK economy. It's a long shot, but it could happen. It looks like a decent bet. They are shorting the pound. There is no obvious technical support until it hits parity with the dollar. UK stock market is loaded with global resources companies.
The rally in stocks that lightened spirits in July and August has ended. The S&P 500 is still a way from setting a new low for this cycle. Economic data in the US continue to be consistent with a "soft landing" for the economy.
The price of natural gas in Europe is the most important economic indicator. It is a lead weight on the economy and is equivalent of a tax hike for consumers. Russia shut down the Nord Stream 1 pipeline. The government will have to do something to alleviate the suffering.
The eurozone economy is heading for recession. The fall in gas prices is a specific issue for the EU. In the US, falling oil prices have eased economic conditions and raised the political spirits of the Democrats.
The band's recent sexual abuse scandal has caused a moral debate. Mrs. Lincoln went to the concert and found it hard to enjoy the music. She went 30 years ago to see Michael Jackson at Wembley Stadium. She also went with her kids to Bruckner's Seventh Symphony. The connection between the artist and the art grows more important at a live concert. It's different when listening to their records. They are unchanged by the revelations. Some people liked the show more than others. There were also some negative responses. If you don't respect the performer, you probably won't have a good time at the concerts.
