Those of you who are old enough can remember the 80s. Not only the music from the 80s but politics on the right side. UK`s PM Margareth Thatcher and US President Ronald Reagan. Two characters who did so much great for the world.
Take a closer look at the pound. It`s 1 against the US dollar. Just like it was in the ’80s. The economy in the UK is in trouble, but PM Liz Truss wants to do something about that. And what she`s planning to do is very similar to Trump’s policy: tax cuts.
Liz Truss is pro-growth, and this is similar to Giorgia Meloni`s policy. They are both dismissed as extremists, and people are worried. Truss is also pro-fracking, and she will end the ban on fracking from oil and gas.
On top of that, she will provide relief for rising energy costs, reduce to the income tax rate, and slash corporate and payroll taxes. This is very similar to Trumponomics. If not to say; Reaganomics. And if Liz Truss can do all this, she can become the UK`s next Margareth Thatcher.
Many people believe that the more tax people pay, the more the government earns. But it isn`t that easy, and it doesn`t always work like this. When you raise taxes, very often we can see that revenues are declining.
I like to see a cheap pound because it makes me buy things from the UK very cheap. The lower the pound is, the cheaper the products are. Not only that. A lot of people around the world will take their next trip to the UK because of a lower pound. It means a party for the rest of us, and that can boost the economy in the UK. This is bullish.
Italy is doing the same. Meloni will cut taxes as well, and people are worried. They call them both extremists and neo-fascists. But they are the opposite. Let`s wait and see.
Many people around the world are in shock as right-wing Giorgia Meloni is set to become Italy`s first female prime minister. The leader of the euro-skeptic Brothers of Italy party won a clear majority in Sunday`s election.
Meloni was born in the place where everything started: Rome. A place on earth where everything was fine until Julius Ceasar was killed and Rome started to collapse. Now, thousands of years later, the Italian politician and journalist Giorgia Meloni is the new leader.
She`s been a member of the Chamber of Deputies in Italy since 2006, has led the Brothers of Italy (Fd) political party since 2014, and has been the president of the European Conservatives and Reformists Party since 2020.
Meloni joined Youth Front, the youth wing of the neo-fascist political party Italian Social Movement (MSI) in 1992. She was appointed Minister of Youth in the Berlusconi IV Cabinet, a role she held until 2011. In 2012, she co-founded Brothers of Italy (Fd) and became its president in 2014.
She is a right-wing populist and Italian nationalist, and her political positions have been described as far right. She is opposed to abortion, euthanasia, and to partnerships, marriages, and parenting by same-sex couples, instead asserting that nuclear families are exclusively headed by male-female pairs.
Opposed to the reception of non-European migrants and multiculturalism, she has been accused of xenophobia and Islamophobia. A supporter of NATO, she maintains Eurosceptic views regarding the European Union and she was in favor of better relations with Russia before the 2022 Russian invasion of Ukraine, which she condemned, pledging to keep sending arms to Ukraine.
In 2004, Meloni was the first woman president of Youth Action, the AN youth wing. During these years, she worked as a nanny, waitress, and bartender at the Piper Club, one of Rome’s most famous nightclubs.
Meloni`s policy is more like Trump`s; Italians first. She also has an anti-immigration policy. Many people around the world are worried that her leadership could have a huge impact on other places around the world. Because Meloni and Italy are not alone.
Salvini, Berlusconi, and Meloni led their right-wing alliance to election victory, and people around the world react to it. Right-wing Marine Le Pen was one of the first to congratulate Meloni on the win, and she tweeted:
«The Italian people have decided to take their destiny into their own hands by electing a patriotic and sovereigntist government. Congratulations to Giorgia Meloni and Matteo Salvini for resisting the threats of an anti-democratic and arrogant European Union by obtaining this great victory!»
The Kremlin said Moscow was open to developing «constructive» ties with Rome. «We are ready to welcome any political forces that are able to go beyond the established mainstream, which is filled with hate for our country… and show a willingness to be constructive in relations with our country,» Kremlin spokesman Dmitry Peskov said.
Balazs Orban tweeted this: «Congratulations to Giorgia Meloni, Matteo Salvini, and Silvio Berlusconi on the elections today! In these difficult times, we need more than ever friends who share a common vision and approach to Europe`s challenges.»
Polish Prime Minister Mateusz Morawiecki congratulated Meloni and hailed the Italian far right`s «great victory.» Poland`s governing Law and Justice (PiS) party and the Brothers of Itlay are both parts of the right-wing European Conservatives and Reformists (ECR) group.
Former prime minister Beata Szydlo tweeted: «I`m glad that a party from the ECR group is assuming responsibility for yet another European nation.» Other Polish governing politicians highlighted the overlap between the two parties, including their emphasis on Catholic family values.
«The EU right is growing stronger….. We will defeat the communists, leftism, and the LGBT lobby. Everyone who is ruining our civilization,» Deputy Agriculture Minister Janusz Kowalski said on Twitter.
Deputy Justice Minister Michal Wojcik said Meloni`s victory was a «defeat» for European Commission President Ursula von der Leyen, calling her a «representative of anti-democratic forces in the EU.»
Juergen Hardt, a lawmaker and foreign policy expert for the conservative Christian Democratic Union in Germany (CDU), said he was troubled by the «openly post-fascist statements» of Meloni and the «hair-raising positions» of her fellow Brothers of Italy party members.
«Racism and the exclusion of minorities can no longer have a place in Europe,» Hardt told the DPA news agency. Hardt said Berlusconi, who is nearly 86 years old, had acted as kingmaker in order to share power once more.
Secretary of State Antony Blinken said the United States looked forward to working with Italy`s new government but would encourage respect for human rights. « We are eager to work with Italy`s government on our shared goals; supporting a free and independent Ukraine, respecting human rights, and building a sustainable economic future,» Blinken tweeted.
«Italy is a vital ally, strong democracy, and valued partner,» Antony Blinken said.
Giorgia Meloni is Italy`s first-ever female prime minister at the head of its most right-wing government since World War Two. What is the Pope saying now?
Spanish Foreign Minister Jose Manuel Albares warned on Monday that populist movements always surge during difficult times but always end badly in response to the election results.
Inflation is serious stuff. It makes people`s money less valuable, and it means a lot of trouble for a lot of people. But I`m not shocked, because we knew it was coming someday. I wrote about nine years ago, and here we are.
Ronald Reagan was fighting against inflation in the ’80s, and he once said;
«Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man.»
I bet Chair Powell thinks the same, as he raised the federal fund’s rate by 75 bps to the 3% – 3,25% range during its September meeting. This is the third three-quarter point increase, pushing borrowing costs to the highest since 2008.
Policymakers also anticipate that ongoing increases in the target range will be appropriate which was reinforced by Chair Powell during the press conference.
«We have got to get inflation behind us. I wish there were a painless way to do that. There isn`t. The so-called dot plot showed interest rates will likely reach 4,4% by December, above 3,4% projected in June, and rise to 4,6% next year.
Meanwhile, GDP growth forecasts were revised lower to show a 0,2% expansion this year, compared to 1,7% seen in June and 1,2% in 2023, below 1,7% seen in June. Inflation as measured by PCE is seen to reach 5,4% in 2022 (5,2% projected in June) and 2,8% in 2023 (vs 2,6%).
They also expect the unemployment rate to raise up to 4,4% next year. In August this year, the unemployment rate rose to 3,7%, which is the highest since February and above market expectations of 3,5%.
The number of unemployed people increased by 344 thousand to 6,014 million, while employment levels went up by 442 thousand to 158,732 million. Meanwhile, the labor force participation rate rose to 62,4% in August from 62,1% in July.
The unemployment rate was about 4% right after the dot com bubble, but it rose to about 6% a few years later. In 2010, the unemployment rate rose to about 10% but it peaked at an all-time high of nearly 16% after all the lockdowns.
Banks in nearly every country (not China and Japan) are facing similar trade-offs as they raise rates to combat their own inflation problems.
The inflation rate in the US is 8,3%. In the UK it`s 9,9%. Euro Area; 9,1%. In China and Japan, the inflation rate is 2,5% and 3,0%. But this is nothing compared to Turkey where the inflation rate rose for the 15th consecutive month to 80,2% in August of 2022.
This is a historic moment, but should not be a surprise for someone, because Thatcher and May did the same. They all survived a confidence vote, but only for a short period of time. And now, Prime Minister Boris Johnson is doing it. To resign. A series of ethical scandals forced PM Boris Johnson to step down. Even his most stalwart supporters abandoned him.
Margaret Thatcher resigned in 1990. Tony Blair stepped down in 2007. David Cameron in 2016, and Theresa May in 2019, and they`re all part of intense political drama. Theresa May was tearful as she expressed her gratitude for being able to serve the UK she loved.
In December 2019, Boris Johnson won a landslide victory on the promise of delivering a Brexit deal and leading the UK to a bright future outside the European Union. But Brexit and Covid-19 made it very difficult for Johnson and the UK.
Johnson described the job as a PM as the best job in the world, and he wanted to continue. But after nearly 60 members of his government stepped down, he was forced to do the same.
He had a speech in front of the famous 10 Downing Street door on Thursday and said that he would be stepping down. Just like his predecessors Thatcher and May when they delivered their own resignation addresses.
«It is clear now the will of the parliamentary Conservative Party that there should be a new leader of that party and therefore, a new prime minister,» Boris Johnson said.
His opponents said it was good news for Great Britain that Johnson decided to resign. They also believe that it should have happened long ago.
He was responsible for lies, scandals, and fraud on an industrial scale, Stamer said on Twitter.
Former British Prime Minister John Major said it would be «unwise and may be unsustainable» for Johnson to remain in the office of prime minister for long while a new Conservative leader is chosen. He too suggested Raab could serve as the acting prime minister.
The last thing PM Boris Johnson said in his speech on Thursday was that «the future together is golden».
From 1776 to the present day, July 4th has been celebrated as the birth of American independence, with festivities ranging from fireworks, parades, and concerts to more casual family gatherings and barbecues. It started with a civil war and a revolution.
The American Revolution was an ideological and political revolution that occurred in British America between 1765 and 1791. The Americans in the Thirteen Colonies formed independent states that defeated the British in the American Revolutionary War (1775-1783), gaining independence from the British Crown, and establishing the constitution that created the United States of America, the first modern constitutional liberal democracy.
American colonists objected to being taxed by the British Parliament, a body in which they had no direct representation. Before the 1760s, Britain`s American colonies had enjoyed a high level of autonomy in their internal affairs, which were locally governed by colonial legislatures.
During the 1760s, the British Parliament passed a number of acts that were intended to bring the American colonies under more direct rule from the British metropole and increasingly intertwine the economies of the colonies with those of Britain.
The passage of the Stamp Act of 1765 imposed internal taxes on official documents, newspapers, and most things printed in the colonies, which led to colonial protest and the meeting of representatives from several colonies at the Stamp Act Congress.
Tensions relaxed with the British repeal of the Stamp Act but flared again with the passage of the Townshend Acts in 1767. The British government deployed troops to Boston in 1768 to quell unrest, leading to the Boston Massacre in 1770.
The British government repealed most of the Townshend duties in 1770 but retained the tax on tea in order to symbolically assert Parliament`s right to tax the colonies. The burning of the Gaspee in Rhode Island in 1772, the passage of the Tea Act of 1773, and the resulting Boston Tea Party in December 1773 led to a new escalation in tensions.
Opponents of Britain were known as “Patriots” or “Whigs”, while colonists who retained their allegiance to the Crown were known as “Loyalists” or “Tories”.
The Continental Congress declared British King George III a tyrant who trampled the colonists’ rights as Englishmen, and they pronounced the colonies free and independent states on July 4, 1776. The Continental Army was led by Commander in Chief General George Washington.
The Patriot leadership professed the political philosophies of liberalism and republicanism to reject rule by monarchy and aristocracy. The Declaration of Independence proclaimed that all men are created equal, though it was not until later centuries that constitutional amendments and federal laws would incrementally grant equal rights to African Americans, Native Americans, poor white men, and women.
The British captured New York City and its strategic harbor in the summer of 1776. The Continental Army captured a British army at the Battle of Saratoga in October 1777, and France then entered the war as an ally of the United States, expanding the war into a global conflict.
Finally, a combined American and French force captured Cornwallis’ army at Yorktown in the fall of 1781, effectively ending the war.
The Treaty of Paris was signed on September 3, 1783, formally ending the conflict and confirming the new nation`s complete separation from the British Empire. The United States took possession of nearly all the territory east of the Mississippi River and south of the Great Lakes, with the British retaining control of northern Canada, and French ally Spain taking back Florida.
Among the significant results of the war were American independence and the end of British mercantilism in America, opening up worldwide trade for the United States, including with Britain.
The Americans soon adopted the United States Constitution, replacing the weak wartime Confederation and establishing a comparatively strong national government structured as a federal republic, which included an elected executive, a national judiciary, and an elected bicameral Congress representing states in the Senate and the population in the House of Representatives.
It is the world`s first federal democratic republic founded on the consent of the governed.
Shortly after a Bill of Rights was ratified as the first ten amendments, guaranteeing a number of fundamental rights used as justification for the revolution.
We can see civilization on a brink of war and revolution even today, and there are many similarities. Back then, the American Revolution was shaped by high and low principles, imperial politics, dynamic rivalries, ambition, greed, personal loyalties, patriotism, demographic growth, social and economic changes, cultural developments, British intransigence, and American anxieties.
It was shaped by conflicting interests between Britain and America, between regions within America, between families, and between individuals. It was shaped by religion, ethnicity, and race, as well as by tensions between rich and poor.
It was shaped, perhaps above all else, by the aspirations of ordinary people to make fulfilling lives for themselves and their families, to be secure in their possessions, safe in their homes, free to worship as they wished and to improve their lives by availing themselves of opportunities that seemed to lie within their grasp.
What causes a revolution is five elements that create an unstable social equilibrium: economic or fiscal strain, alienation and opposition among the elites, widespread popular anger at injustice, a persuasive shared narrative of resistance, and favorable international relations.
The American Revolution committed the new nation to ideals of liberty, equality, natural and civil rights, and responsible citizenship and made them the basis of a new political order.
None of these ideals was new or originated with Americans.
They were all rooted in the philosophy of ancient Greece and Rome and had been discussed, debated, and enlarged by creative political thinkers beginning with the Renaissance.
The political writers and philosophers of the eighteenth-century Enlightenment disagreed about many things, but all of them imagined that a just political order would be based on these ideals.
What those writers and philosophers imagined, the American Revolution created, a nation in which ideals of liberty, equality, natural and civil rights, and responsible citizenship are the basis of law and the foundation of a free society.