Confidence is a preference for the habitual voyeur Of what is known as (economic competence)

I failed economic "O" levels.

I mean I got a "U".

But even I understood that it is less a science and more a matter of belief.

In that, if the markets don't have confidence in your policies, then no matter how well argued and thought out they were, or how correct in dogma they might be, they will still fail.

Earlier this year, the Johnson Government told us taxes needed to rise to stimulate the economy.

This month, the Truss Government teld us taxes had to be cut to also stimulate the economy.

Both these things cannot be true.

On Friday the markets crashed in response. And so over the weekend, rather than adapt the policies, Truss and her Government doubled down by saying there's more of where that came from: more tax cuts in the new year.

The markets crashed again.

The pound is nearly at parity with the Dollar and Euro, and Government Guilts are now up to nearly 6%, whereas they were at 1.5% in July.

Truss has been PM for three weeks, twelve days of which there was no Parliament due to the mourning of the late Queen.

This is some record.

So, in short, the Government is loosening the nation's purse strings, while the Bank of England is tightening them.

Remember, these people are idiots.

Dogmatic idiots.

But idiots just the same.