I read the spin that Rishi Sunak is a grown up. The Establishment use that phrase to write off anyone they disagree with as not part of their grown up club. Their idea of a grown up is one who just does and says what they want them to.
So it was Grown ups who pushed the U.K. into the Exchange Rate mechanism . Those of us who warned it would lead to a boom/bust were told we were not grown ups. We were, however, right.
It was more Grown ups who told us between 2005 and 2007 that the huge multiples of debt and derivatives produced by the global banking system were fine as they had found new ways of managing risk. The many of us who warned it would be inflationary were dismissed.
Once the grown ups accepted they had triggered a debt laden inflation they switched to blaming the banks, draining markets of cash and forcing some banks into bankruptcy. Again we few who said make the adjustment slower and manageable were dismissed.
In recent years the grown ups told us money did not matter. They said they could create billions of it and keep interest rates at zero with no inflation. Anyone who said the opposite was dismissed.
Now they recognise they do have an inflationary problem in the U.K. the so called grown ups want to create a needless recession to tackle the inflation. They do not see the big monetary tightening belatedly undertaken will bring inflation down next year.
How much more damage do these grown ups want to do? Why are they addicted to boom/ bust policies. Why are they so bad at reading the cycle?