Breaking news out of London: Liz Truss is out as PM after just 44 days in office, the shortest premiership in British history. Yesterday the Conservative Party, with its largest majority in decades, fractured over several of Truss’s proposals, throwing the House of Commons into chaos. If an election were held today the Tories would lose in a landslide to Labour, even as European conservative and populist parties are surging elsewhere in Europe, such as Sweden, Italy, and elsewhere.
Details of Truss’s political malpractice will surely emerge, chiefly not having her party lined up and unified behind her fast-start program. It was a mistake to back down on her tax cut plans because the markets had a temper tantrum, but here is a hint to the back story. By revealing herself as a self-conscious revival of Thatcherism, her defenestration ought to be understood as a revenge of the financial community that has wanted to exact punishment for Brexit, along with Britain’s own deep state that wants to make sure they never have someone like Thatcher again.
I recall that in the fall of 1981, as the economy weakened, and Democrats smelled blood in the water while they made plans to roll back Reagan’s tax cuts, the stock market swooned. A reporter asked Reagan: “Wall Street doesn’t seem to think much of your economic program,” to which Reagan replied, “I’ve never found Wall Street to be a very good source of economic advice.”
That’s how you do it.
P.S. Britain: Start fracking this afternoon.
Chaser—2022’s Bad Timing Award:
Chaser #2. Heh—Seen on Twitter: Truss lasted 4.1 Scaramucci’s.
Finally—how bad is it? Here’s how the story played out on German TV news:
German TV news on what is happening in British politics is amazing. No need to understand German, watch to the end pic.twitter.com/RFPnD1iOFF
— Ben Phillips (@benphillips76) October 20, 2022
In other words, it’s a total s— show.
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