now unless they changed their money very early (horsemouth hates to mention this) they will be 10% richer during their time here because of the 10% fall in the value of the pound against the dollar. and because various things essential to the running of the economy are priced in dollars (oil for example, necessary for cars to move about, for lorries to move about and for the delivery of just about anything to everywhere( this itself is an inflationary pressure hardbaking that inflation into the economy and leading to interest rates staying higher for longer making it more expensive for actual capitalists to raise capital to invest in things (businesses that might make things for example).
so far so capitalism 101.
on the other hand if you've made your money elsewhere and are merely spending it here everything will be cheap as chips.
inflation, as a character in a hans falada novel says, is the way they rob you of the value of the money in your pocket without touching the money or the pocket. for people with savings or with fixed incomes it is bad news.
on the other hand if you are a worker you can strike for a wage rise in the teeth of the repressive legislation coming in..
what then goes on is a battle between the workers and the rich for who gets to keep the benefits of such production as still occurs. for the rest of the populace (excluding the rich) it is bad news - their money is taken off them in energy price rises, inflation in the cost of food and (later) tax rises for them to pay down government debt (and cuts in services disproportionately used by the poor. however at a certain point you get into CAN'T PAY - the people just can't pay, you get a collapse of demand.
workers power had a slogan about the anarchy of the capitalist markets (and they weren't wrong).
horsemouth cannot help but feel a little sorry for truss and kwarteng - they thought they were doing what the infallible markets wanted (but it has turned out not so). in their eagerness to please they have stumbled upon their entrance. the infallible markets have ruled them bad ponies and demanded to see the adult in charge. .
horsemouth does not totally believe the markets either, he just thinks they have seen the opportunity for a little light looting and taken it.
for truss and kwarteng it is a difficult situation to come back from (and in any event the damage, if not all of the damage, has been done). the party has been had (now all that remains is to tidy up (and pay for it)).
horsemouth apologises - he had james cleverley (foreign minister) and kwasi kwarteng (chancellor of the exchequer) confused (presumably on the basis they're black dudes and tories. he apologises, they're new(ish) in their jobs, but still he should know better. how can you trust his judgement on these matters when he can't keep the facts straight?
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today a grey cold morning (after the beauties of yesterday). probably a walk with TG later. maybe a medical appointment later on.
yesterday horsemouth got to read various documents about various decarbonisation and energy saving schemes and to attempt to write about them (he got to feel useful ad smart). in the evening assault on precinct 13 ('nobody said anything about a cholo'). horsemouth will now check his emails and see where he is.
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