Economy - UK Column News - 18th November 2022

- Parliament yesterday: Chancellor's Autumn Statement
On-screen graphics:
- The economy has entered a recession that has lasted just over a year
- High inflation results in falling living standards
- Consumer Price Index inflation peaks at a 40-year high 
- Energy Price Cap (Liz Truss' idea) to rise on 1 April 2023 (start of new financial year) from £2,500 to £3,000—but taxpayer still on the hook for all the thousands of pounds payable per household above the cap
- Cost of Living support factsheet issued by UK Government: obligations upon people to work full-time while in receipt of paltry benefits, even those on Universal Basic Income in some cases
Patrick Henningsen commentary: You can't keep writing blank cheques for ever; time for some reversals of bad policy
- FTX scandal grows: contagion spreads
CNBC: FTX tells court it has evidence Sam Bankman-Fried transferred assets to Bahamas government custody after bankruptcy
Patrick Henningsen analysis: The big hitters like BlackRock were loath to see problems where their money was invested
Tweet by Rep. Madison Cawthorn (R–NC) draws attention to year-long Ukrainian funnelling of US tax dollars into FTX
Tweet by entrepreneur Kim Dotcom suggests President Biden was taking a hefty cut
Graphics by Patrick Henningsen: "This looks like a controlled demolition of the cryptospace ... you see how incestuous this gets ... remarkable post-midterms timing"
With uncanny synchronism—CoinTelegraph: NY Fed launches 12-week CBDC pilot program with major banks
Patrick Henningsen commentary: A key plank of the Federal Reserve is setting the framework for the use of approved cryptos just as another cryptocurrency has (been?) exploded, "almost as if scripted"

Sources:
https://www.ukcolumn.org/video/uk-column-news-18th-november-2022