Liz Truss and The Tory Civil War
John Sydenham
The Conservative Party has been in a state of open civil war since 2016. Half the Party favoured leaving the EU and the other half favoured merging with the EU. In 2015 the opinion polls finally showed that Remaining in the EU was the most popular option in the country.
As a result a Referendum was arranged that would solve the problem once and for all. The Conservatives led the campaign for the UK to Remain in the EU. After they lost the EU Referendum in June 2016 David Cameron, the Prime Minister, resigned and open civil war broke out in the Party.
Cameron instructed his civil servants to make no plans for Brexit. He hoped that the ensuing chaos would result in a second referendum.
Remaining in the EU was never about the EU. It was always to do with deep seated globalist Internationalism and New Racism in the senior, upper class faction of the Party. Labour and LibDems are totally Internationalist and New Racist but the Conservatives were split. Cameron’s decision started an open conflict between the Conservative Internationalists and the rest of the Tories.
Parliament was in turmoil from mid 2016 to late 2019 when Boris Johnson was elected with a large majority on a promise to implement the EU Referendum. The senior Conservatives believed that Johnson was such a blunderer it would be possible to ease him out of office.
Sure enough, Johnson had a row with his chief advisor, Dominic Cummings, that was so bitter that in 2021 Cummings swore to bring him down.
The Conservatives leaked photos of Johnson breaking his own lockdown rules. (The foolish Johnson had not exempted the essential business of senior government officials from these rules). Johnson’s behaviour was reported to the Parliamentary Privileges Committee which consisted of 7 MPs, 4 of whom were Conservatives. This would normally have been enough to defend a Conservative Prime Minister but the objective was to get rid of Johnson. Johnson was such a duffer that he was easy to dispatch.
In 2022 the Conservatives held a leadership election. The senior Tories thought that their man, Rishi Sunak, would get elected by the Conservative Party members but to their dismay Liz Truss was elected on 5th September 2022. The Tories used the same tactic as they had tried after the EU Referendum: create a sudden fall in the pound. Truss had a mini budget on the 23rd September 2022. The Tories’ banker pals sold pounds on the currency markets to create an artificial fall.
The pound had already been falling against the dollar for the whole year (as had the euro) so it was easy to create a small downward spike in value. The spike was very transient. In fact the pound had not fallen much, what had happened is that the dollar, by chance, was at a high vs the pound and euro in September. The Truss mini budget certainly did not cause the fall in the euro on the 23rd September! The Euro vs the dollar had the same pattern as the pound vs the dollar but with a smaller spike downwards on the 23rd.
Anyway, Truss was blamed by the senior Tories and their Banker friends. The media and Labour Party were happy to agree. The Bank of England’s increase in interest rates was blamed on Truss even though central bank interest rate rises were happening globally because of inflation:
The Parliamentary Tory Party appointed Sunak as Prime Minister without reference to the Party’s membership and constitution, claiming that the collapse of the pound and sudden rise in interest rates needed immediate correction. She was replaced on the 24th October.
Interest rates doubled within a year under Sunak’s leadership but somehow this was not a problem any more. Despite this Liz Truss was blamed for rising mortgage rates.
We can now see that the Tories overdid their machinations on Truss. The Conservatives under Cameron and Prime Minister Sunak justified seizing power by declaring that Truss had crashed the economy . This claim has since been repeated to great effect by the Labour Party and the Conservatives have had to agree. They cannot say “no, the economy was fine, we were just stabbing another leader in the back to get the old Conservatives, like Cameron, Hunt etc. back in power”.
A decent electorate would consign these nasty Conservatives to oblivion. They only care about their own power and wealth and do not give a damn about the country. They are Internationalists.
The role of the press in these events is depressing. Economics and Business journalists knew what was going on in the case of Truss and said nothing. We also need investigations into who is selling pounds whenever there is a sudden fall such as in September 2022 or June 2016. These falls are obviously artificial and not normal speculation, especially the fall after the mini budget that happened during very low trading volumes - the Bank of England could easily have quietly supported the pound. It could equally easily have caused the sudden fall in the pound… It is a vicious trick played by politically motivated banks that should be exposed.
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PS: The Bank of England has subsequently produced a working paper that shows it was largely to blame for dangerous state of the bond market after the mini budget by failing to regulate the pension market properly. The paper fails to mention that in low trading volumes for sterling the Bank could easily have prevented the fall in the pound that this caused. But it chose not to do so. An independent Bank of England is an independent source of power and policy that, in this case was probably used to eject a government.