Liz Truss, England’s shortest-serving prime minister, argued that the country’s economy has been stuck for decades and that the root of this situation lies in the shortcomings in monetary policies and the depreciation of sterling. Truss, who once held a senior position in the Treasury, stated that inflation accelerated by money printing poses a permanent risk.
Economic Recession and Currency Depreciation
Truss, who was in the prime minister’s chair for only 45 days in 2022, thinks that the current economic structure has not been able to show serious growth for a long time. Stating that he was introduced to Bitcoin while working at the Treasury, Truss argues that cryptocurrencies, which stand out with their emphasis on privacy and independence, can be an alternative to the traditional financial system. According to Truss, with increasing inflation and the printing of new banknotes, the British pound is constantly losing value.
Truss stated that the debate on monetary policy has been almost completely ignored in both academia and government, which means that its effects on the economy may be much deeper than it seems. “The basis of many problems lies in the depreciation of our currency and the lack of sound money,” he said, emphasizing that the issue has become almost a taboo.
Concern about Centralization and Financial Independence
Truss opposes increasing centralization in the financial system and feels that current regulations restrict personal financial freedom. He believes that high taxes, complex regulations and energy costs deter entrepreneurs. According to him, the slowdown in economic growth and the increased involvement of the state in the economy feed each other, causing a long-term decline.
Regarding the market turmoil that occurred after the controversial budget of his short term as prime minister, Truss argued that the crises that emerged during this period revealed the existing systemic weaknesses. He particularly drew attention to the risks posed by leveraged pension funds.
Agenda of the Political Movement and Outlook for the Future
Liz Truss, who charted a new path in the political field after leaving the government, is working on new initiatives that will strengthen the “sovereignty and freedom” movement. One of these, the conference called CPAC UK, aims to create social solidarity by bringing together various segments of society.
Truss states that the economic difficulties cannot be overcome with only solutions that will save the day, and that radical changes are needed. According to their own words, there are two options for the country: “We will either approach the end, or we will make radical changes.”
The basis of many problems lies in the depreciation of our currency and the lack of sound money. The lack of a serious discussion on money in government and academia has made the situation quite worrying; Talking about monetary policy has almost become a taboo.
