Video Chapters:
00:00 Introduction
01:15 Sponsors
02:11 UK Political and market chaos
03:21 The mini-budget didn't focus on cutting the size of the government
04:40 UK technically Defaults on £500 billion
06:46 Gilt market sell-off and final salary pension market meltdown
08:00 Move to change linkers from RPI to CPIH led to the loss of faith and confidence in the UK Treasury
10:28 Bank of England steps in to save Linkers
11:20 UK economy falls into recession
15:06 Market update
18:26 Dutch nat gas trades negative
19:44 Shanghai copper shortage imminent
22:00 Conclusion
Today we will go back in time a bit to look at a video I did on September 15, 2022, about the UK High Court's decision to allow the UK Treasury to change the terms of £500 billion Gilt Linkers.
At the time I said it was a technical default and that it would hurt the credibility of the UK government. With the Gilt market collapsing a few weeks after that and the meltdown in final salary pensions, we have focused on Kwarteng's mini-budget.
My conclusion though is that it was the High Court's decision in late August that was the major reason behind the debacle in the Gilt market and the collapse of sterling.
My September 15, 2022 video - UK Technically Defaults on £500 Billion and Short Changes Millions.:
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