Financial Times (Paywall):
The pound fell below $1.09 after Kwarteng’s £45bn tax cut package
Kwarteng marks the top rate of income tax and lowers the basic rate but gilt yields rise on fears of government borrowing.
The Institute for Fiscal Studies think-tank has predicted that public borrowing will peak at £190bn this year, the third-highest peak since the Second World War. In an interview with the Financial Times, Kwarteng vowed to prepare a medium-term financial plan. New Year”, as he tries to reassure markets, he has a strategy to reduce debt as a share of gross domestic product. But he insists that the “big gamble” is the path to higher taxes and lower growth. “The danger is in stalling growth. That’s the danger. The only way to deal with it is to grow the economy.” Responding to the financial turmoil that followed his statement, he said: “Markets Always moving. It’s very important to stay calm and focus on the long-term strategy.
Isaac Chotiner/The New Yorker:
What Putin’s Mobilization for War in Ukraine Means
The Kremlin announced a draft to dramatically increase its combat power. Will the Russian public fight back?To talk about what the dynamics might mean, I spoke by phone with Sam Green, a professor of Russian politics at King’s College London and director of democratic resilience at the Center for European Policy Analysis. He is the co-author, with Graeme B. Robertson, of Putin vs. the People: The Dangerous Politics of a Divided Russia. During our conversation, which has been edited for length and clarity, we discussed what Putin’s announcement indicates about his view of the war, how much Putin fears far-right Russian nationalism, and the views of the Russian people. How to measure
Ann Applebaum/The Atlantic:
The Kremlin must be in crisis
Putin’s erratic actions are not those of a safe leader.
In part, the crisis stems from Putin’s fear of losing what he counts as international support. No ideology holds the club of global dictators together, and neither does emotion. As long as they believe that Russia actually has the world’s second-largest military, while Putin seems destined to remain in power indefinitely, the leaders of China, Belarus, and Kazakhstan, the powers that be, India and Turkey. were happy with To tolerate his company.
But Putin’s inevitable military victory is in jeopardy. His army looks weak. Western sanctions create problems not only for him but for him trading partners, and their tolerance is decreasing. At a summit in Uzbekistan last week, he was knocked by a series of Central Asian leaders. Prime Minister of India Narendra Modi Told him That “today’s era is not an era of war,” and Chinese President Xi Jinping revealed His “concerns” too. On Monday, Turkish President Recep Tayyip Erdogan told PBS that he Putin appealed To end the war: “Lands that were invaded will be returned to Ukraine.” And those lands, he clarified, should include Crimea, which Russia annexed in 2014, following a bogus referendum, as it plans to phase in other parts of now-occupied Ukraine. has been
But while losing support abroad is bad, losing support at home is bad, and there are some signs of that.
Anchorage Daily News:
Judge disqualifies Wasilla lawmaker for Oath Keepers membership, delays election certification pending trial
An Anchorage judge said Thursday that based on the limited evidence presented, Wasilla Republican Rep. David Eastman is likely unfit to hold public office, but his name will remain on the general election ballot for December. Vote certification will be delayed until a scheduled trial. can be held.
Former Met-Su Assemblyman Randall Kowalke, who filed the lawsuit, has argued that Eastman’s membership in the Oath Keepers is wrongful. of the Alaska Constitution The disloyalty clause, which bars anyone from holding public office in Alaska who advocates overthrowing the U.S. or state government by force. The Oath Keepers have been leaders and many allies Charged or the US The conviction is related to his participation in the January 6 attack on the Capitol.
Judge Jack McKenna gave preliminary injunction Kowalke said Thursday afternoon and based on the evidence presented, he will likely succeed in arguing that Eastman is a member of the Oath Keepers, that the group is active and that it is currently attempting to overthrow the U.S. government. is doing
What Joe Biden can learn from Harry Truman
He could take some lessons from the last Democratic president who preferred to pick fights with Republicans.
Picture the scene in Dexter, Iowa, in mid-September 1948. Truman, trailing in the polls by double digits, arranged to appear during the polls. National plowing match, which was a major farm belt event at the time. Speaking to a skeptical crowd of 80,000, Truman declared in hellish style, “The reactionaries of Wall Street are not satisfied with getting rich. They want to increase their power and their privileges, regardless of what happens to the other fellow. . They are the gluttons of privilege. These gluttons of privilege are now putting incredible sums of money into electing a Republican administration.”
I don’t expect Biden to ever feel comfortable with lines about the “gluttons of privilege,” no matter how accurate that describes the American economy in 2022…
Class warfare does not come naturally to modern Democratic presidents, especially when dealing with the party’s donor class. As a result, Biden’s style is far less confrontational. “We understand something that Republicans don’t,” he said on September 9 DNC fundraiser. “Wall Street did not build this country. The working people, the middle class built this country. And I’ve got news for you: unions built the middle class.
Religion News Service:
Southern governors who send migrants north face a crisis of confidence
It is getting harder for a politician to follow Christian ethics and for a president-elect.
No one would deny that America’s immigration system is overburdened and in need of serious reform. And the southern states are bearing more of the burden of that broken system by the mere fact of geography. But misguiding immigrants and sending them where resources to help them are in short supply and less easily obtained is impossible to reconcile with the basic tenets of Christianity, which demand that all men share their nationality. or should be treated with respect and compassion regardless of citizenship. .
In a statement in response to DeSantis’ stunt, the Catholic archbishop of Miami said, “Immigration is not just a political issue, but a fundamental human and moral issue. Because immigrants are not faceless numbers — but human persons. They are our are brothers and sisters; justice and prudence demand that we treat them with dignity and find a reasonable way to recognize their contribution and presence within the law.