Comment on Can we go back to 2019?
9point6@lemmy.world 1 day ago
I feel for you guys that didn’t get to live in the world pre-9/11 and pre-2008 financial crash. The world was just significantly worse in many ways after each, and never got to recover.
Though I will say the rate of these perma-shittening events does seem to be getting worse. Here’s what I consider to be the big ones with related shit in sub bullets (caveat I’m British so a couple of things are more specific to my country):
- 2001: 9/11 and all the pointless war and islamophobia that followed
- 2008: subprime mortgage crash
- 2010: Murdoch successfully blames the above on Labour causing the Tories to get in on an austerity manifesto
- 2016: Trump & Brexit, leading up to this:
- 2011: Alternative vote campaign fails thanks to the propaganda directed by the guy who does the same for the Brexit campaign. We didn’t realise at the time but this was the trial run.
- 2014: Putin tests the water in Georgia
- 2015: David Cameron changes the BBC charter to allow government appointments to the board. What follows is a defanging of the news department and the installation of a load of right wing editors. This is a big contributor to Brexit happening and everything else that follows.
- 2020: COVID
- 2021: failed Coup in the US
- 2020: Putin invades Ukraine
- 2022: Liz Truss gets in and delivers an actual real-deal right-libertarian budget and policy platform, despite everyone with a brain telling her it would tank the economy. She does it anyway and instantly wipes £30bn of our country’s wealth out of existence in a day.
- 2023: the current Israel-Gaza conflict kicks off, quickly turns into a genocide with the support of the western world leaders
- 2025: Trump gets in again and goes mask-off fascist
FishFace@piefed.social 1 day ago
This is a pointless nitpick in a meme community but (in my defence, this “meme” was srs to begin with): Liz Truss’s “experiment” never actually happened and the damage to the economy was reversed some time ago already.
It now serves as a useful warning about the Tories and their reliability on the economy.
9point6@lemmy.world 1 day ago
The damage wasn’t really reversed, rather overcome.
If the world (not just the UK) didn’t see the massive increase in bond yields over the years following the mini budget, we would still very much be in the hole. The Bank of England had to intervene to buy an unprecedented number of bonds at not great prices, if they weren’t able to sell them for profit, we would still be directly facing the consequences.
If the bank didn’t have to intervene, we would be better off today because we’d have that growth without the hit.
FishFace@piefed.social 1 day ago
But that’s just the point, the mini budget caused a small drop in bond yields that are insignificant now because of their small size relative to background changes. Maybe we’d be better off today - by a tiny, insignificant amount - or maybe part of that background growth in yields was actually everyone saying “oh, it hasn’t happened, it’s fine” and correcting for the sell off. It’s hard to tell which but it doesn’t really matter because of the scale.