Traders in the financial
markets have coined
a new abbreviation this week, MRP. It stands for ‘Moron Risk Premium’, and
is the technical term for a situation where holding assets underwritten by a
government of morons requires an additional premium to be paid in the form of a
reduction in the value of the currency and an increase in interest rates.
Apparently, those traders – no, let’s not underestimate the numbers involved –
apparently, most of the world outside the ranks of the English Conservative and
Unionist Party and the editorial desks of the Mail and the Express thinks that putting
morons in charge of the economy is a really, really bad idea. Interestingly,
there’s a high level of correlation between the subset of the population which
coined the new term and the subset which finances the Tory Party. It turns out
that having morons in charge may be bad for most of us, but creates a mega
opportunity for a tiny few. And they’re grabbing
it with both hands.
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1 comment:
Rest assured - I hear that Mr Kwarteng is to ask bankers not to bet against the pound when he meets them later today.
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