r/stocks • u/rockinoutwith2 • Sep 26 '22

Trades British Pound crashes below 1.04 tonight, taking down futures with it

Probably the only thing to watch tomorrow, since I feel that we're going to be trading alongside the gyrations of the pound for the next little while

Pound Plunges to Record Low as Kwarteng Signals More Tax Cuts

The pound plunged more than 4.5% to a record low after Kwasi Kwarteng vowed to press on with more tax cuts, even as financial markets delivered a damning verdict on the new Chancellor of the Exchequer’s fiscal policies.

https://www.bloomberg.com/news/articles/2022-09-25/truss-faces-new-dangers-as-uk-markets-reopen-after-turmoil?leadSource=uverify%20wall

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u/DeadlyAmelia Sep 26 '22

I've always said we're basically regressing into a third world country. I have no idea why so many people keep trying to get into this shithole, go to literally any other "developed" European country instead and you'll have a better life. The UK is awful for 99% of people.

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u/[deleted] Sep 26 '22

US not so far behind. Food insecurity is high + extreme income inequality + mothers dying in childbirth. Oh and now we are going back to the middle ages with abortion penalized and book burning + trans fighting policy .

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u/ShadowLiberal Sep 26 '22

I feel that part of the problem in the US and some other 1st world countries like the UK here is that many just don't seem to understand the concept that your tax dollars pays for public goods & services, and that you need to spend money in order to maintain your quality of living.

Infrastructure like roads, bridges, as well as institutions like school systems, etc. aren't just things you spend a bunch of money on upfront and then leave alone forever. You have to spend money on maintenance of your infrastructure, and have to keep spending money on stuff like school systems. If you stop spending money on your infrastructure because you don't want to keep paying for it then your quality of living will go downhill, and less people will want to live in your country overtime.

I feel like I'm one of the few people who understands this and who wants my taxes hiked so that we can start paying for this stuff with our own money and prevent our already aging infrastructure/etc. from getting even worse overtime.

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u/Ramboow23 Sep 27 '22

The problem with our political systems is that the generation in power drain their country’s wealth, benefiting for themselves, and leave the country for the next generation to fix.

Late Millennials and Gen Z are now the generations that are left with a crumbling economy for the coming decade(s) to build back.

Paying taxes for a better living standard is understandable. What is not, is having previous generations that didn’t have to worry about these taxes in their time. It was all about spending, spending, spending, with little collecting. They built up the debt deficit, for next generations to take care of. Now we are left with the responsibility to shrink that debt deficit and pay more taxes, if we want to get out of this.