Discover and read the best of Twitter Threads about #SecondGFC
Most recents (7)
#Budget2023 and #NetZero a thread. The UK is lagging behind in its commitment to achieving a drastic reduction in GHG emissions & protecting us against climate change.
#Budget2023 has an industrial strategy. However, it is clear that it will be insufficient to meet the requirements of #NetZero in the right place, in a timely manner in order to reach the target by 2040, not 2050. We are in war-time crises of an unprecedented kind.
Russia has been waging a cyber war against the West for at least 10, if not 15, years. Now due to #Brexit, #COVID19 , & #WarInUkraine, prices, especially energy & food, are spiking, but the Tory govt is either inadequate or absent in response.
We have arrived in the mountains. After a journey to Cannes, Nice, Toulon, Aix, Nimes, Arles, Lyon, starting in Paris, Gare de Lyon. Over two days & nights. Here at last. TGV staff made multiple errors, cock-ups, mess-ups, mistakes, you name it. We are to be fined for their… twitter.com/i/web/status/1…
The oddeysey began in UK on a rail strike day. We chose to travel exclusively by rail&foot, successfully in that regard. Random chance, love, laughter, human interaction, sympathy, much humour, dancing, 20 hours on trains acros La France. We were overwhelmed.
By a prolonged sunscape with clouds merging formingly to create rain and wind afar. Speeding by Van Gogh country in a TGV. twitter.com/i/web/status/1… 
Too true. The #SiliconValleyBank collapse is another confirmation & deepening of the #SecondGFC. Another straw in the global financial hurricane. We are seeing an acceleration of major bankruptcies in #Crypto, now #Tech. The danger is #Contagion. Do the banks have it covered? No
How can the banks, the Central Banks, the retail banks, Barclays Execution, manage a global crisis, without having sovereign power? They could not. They need to take over governments via threat & bullying, as they did in the #GFC financial crisis in the USA and the UK in 2008.
Bankers saved banks & the bankers in trouble, because they captured the USA Govt under Bush. It was shocking and unprecedented, but they justified themselves via PR and tame, greedy, or cowardly journalists, as “too big to fail”. The rest of us can fail & suffer, but not them.
This thread is of great interest to urban planners post-pandemic. I’m sure that there is a similar movement of people from UK and I suspect Irish urban centres to their periphery. Or to the countryside.
My guess as to the reason for the long-term movement at least since the 1990s and its recent reversal is that a steady trend had developed in which people moved to get a job, or to be with friends and relatives, or they followed traditional migration routes.
The pandemic destroyed long-term built-up habits and routines, including family life. It frightened people and forced them to rethink their lives and life styles. It broke supply chains, but also demand expectations, leaving us frustrated and disappointed.
New thread on the #SecondGFC follows.
So Moody’s has downgraded the UK as a “warning sign” re the volatility of £ & UK politics. One of the rating agencies that awarded top grades to junk bonds etc in the #GFC. A 100 yrs ago Moody himself gave the UK our now lost top rating. How times change. C/f £⬇️ since then.
Clearly governments were in charge of the markets then. And now, shockingly, markets seem to be in charge of governments! The “markets” are warning the UK to appoint the right finance minister and maybe PM. [lunch beckons, more to follow]
Let’s be clear, BJ does *not* have a mandate to govern the UK. The meme comes from the populist plot to divide & create chaos. Incredibly, we are seeing Naomi Klein’s The Shock Doctrine (2007) in action. Our global political-economic-energy system #capitalism has been corrupted.
The UK’s unwritten constitution has the PM as primus inter pares, first among equals. He/She is not elected by popular demand, but in secret ballots in orderly elections. The UK’s constitutional checks & balances are in @HouseofCommons rules & procedures that BJ likes to flout.
So how has our Western version of #capitalism been corrupted? My guess is by the pursuit of money, and the gradual, insidious spread of insider trading in markets, the buying & selling of politicians & policies, and regulatory capture by those being regulated.
The crisis is upon us. The PM & Chancellor have provoked the interlinked financial markets & the bear has woken, angry & hungry. What should the PM, with power, do? Remove the dart that wounds the beast. Calm & if necessary subdue it. Convene wise & experienced councils.
Combat climate change. But now, today: 1. Replace Kwarteng by Sunak, & cancel #budget2022. It has been an unmitigated disaster, politically & economically. 2. Reappoint a previous respected mandarin to head @hmtreasury to reassure the public & the markets.
3. Convene an open public meeting of the PM, the Chancellor, the Governor @bankofengland , the head of the @OBR_UK & the head of the @TheFCA to further reassure the markets. The turmoil must be stopped urgently before bankruptcies overtake policy. The markets take no prisoners.
