Former UK Prime Minister Warns of Economy's Downward Spiral, Expresses Support for Bitcoin

The UK's former Prime Minister, Liz Truss, has stated that the country's economy has been stagnant for decades, with many issues stemming from a lack of stable currency and the devaluation of sterling due to inflation and excessive money printing. Truss, who briefly led a Conservative government in 2022, believes the current financial situation has strengthened her interest in bitcoin, which some see as a hedge against currency devaluation. She expressed her fascination with the cryptocurrency, which she first encountered while working at the Treasury, and has been a proponent of it as a means to 'shake things up.' Truss served as Chief Secretary to the Treasury from 2017 to 2019. In an interview with CoinDesk, Truss attributed many of the UK's problems to the devaluation of its currency and the lack of sound monetary policy. She finds the absence of meaningful debate around money in academia and government 'sinister' and believes discussions about monetary policy have become taboo, despite their crucial role in shaping economic outcomes. Truss views bitcoin as part of a broader movement against centralization and control, warning that the current system is designed to increase centralized control and limit financial independence through regulation and taxation. She described the economy as being on a 'very negative trajectory,' driven by weak growth, rising state control, and the failure of monetary policy. Truss cautioned that the country faces long-term decline, with high taxes, regulation, and energy costs creating a significant disincentive for entrepreneurs. 'We are becoming relatively poorer, very quickly,' she said, emphasizing that the risk often outweighs the reward for entrepreneurs in the UK. Reflecting on the market turmoil that followed Chancellor Kwasi Kwarteng's 2022 mini-budget, Truss maintained that the resulting instability exposed underlying fragilities rather than causing them. She pointed to leveraged pension strategies as a key factor, stating that 'there was a tinderbox in the system that people didn’t know about.' Now outside of government, Truss is focused on building a political movement, including CPAC UK, a conference aimed at uniting activists, entrepreneurs, and voices from the 'sovereignty and liberty' movement. 'We need a movement of people who understand what the problem is,' she said, framing the stakes as a choice between accepting the status quo or driving change. 'There are two choices, either we’re finished or we change it,' she added.