Forgive me, but a proper rant is needed. The "experts" in this case were the usual suspects: led by the IMF, OBR and @FT (natch) with Bloomberg's often more sensible @johnauthers and many others joining in. In understanding the UK gilt meltdown, some of us tried to point to the UK yield curve lagging the US move higher in the worst (global) bond bear market since Volker in '81-'82. Or the liquidity crunch in Gilts driven by LDI funds with cash-only collateral terms in their CSAs. Yes, massive forced selling will tend to trash a market. Doh. Heck, even the BoE announcing £80bn of QT on the eve of the Gilt crash, the proximal domino, was airily relegated to marginal mentions in their autopsy of UK Plc and "Trussonomics". Instead the Usual Suspects blamed the selloff on Truss and Kwarteng's tax-cutting mini-budget. The OBR woodenly insisted that the future cost of Govt help with energy bills be costed off spot prices for energy. They heroically managed to ignore the forward curves in energy markets that pointed to prices tumbling in H1 '23. Which they duly did. Well done guys! Of course: OBR's *serial muppets* know better than the energy markets, amirite? Doh. The min-budget decisions to cut the top marginal rate of income tax and cancel a massive hike to corporation tax was modeled by the OBR solely as a "hit to government finances", with any resultant economic boost discounted to zero. Doh. Again, the OBR's wooden economic modelling which assumes tax cuts from all-time highs won't stimulate growth, debunked more often than the Flat Earth Theory, was sacralised and trumpeted by the massed bands and bugles of the bond Bluffer Brigade. Just take a look back at the flailing faceplant that all these groupthinking panjandrums have suffered since then: -IMF and OBR forecasts of HMG's tax revenues out by a country mile (roughly 2 kilometers in Remainer parlance). -Ditto their costing of the energy price cap, which followed the September '22 energy forward curve to a tee. -Ditto their GDP forecasts: lining up an entire train of hell-bound handcarts that failed to leave the station, despite them all looping a funereal fugue over the station tannoy. So instead of having more competitive corporation and income taxes to buoy the economy while the burst of Covid money printing falls out of the inflation figures, we have limp growth, corporate investors swerving the UK and a coronation of all the clowns that got us here. This isn't just a problem of the repeated institutional failure of all our bollock-naked Emperors. The much deeper problem is the lack of accountability. Any rates trader who'd had their ar*e handed to them this often would have had a black binliner over the back of the chair and been stretchered off the floor long ago. The cognitive dissonance and groupthink is now so acute that a serious democratic deficit looms like a dark shadow behind the throne of state. Grima Wormtongue ain't in it. Yes, Richard Hughes @OBR_UK , @KGeorgieva @IMFNews , Andrew Bailey @govBailey , Rishi Sunak @RishiSunak , @FT , @johnauthers YOUR BOYS TOOK ONE HELL OF A BEATING! telegraph.co.uk/business/202…