This matters because it addresses the ongoing debate about fiscal responsibility in the UK, especially in light of past financial crises. Understanding these dynamics can help prevent future economic missteps.

Liz Truss fell not for borrowing, but for incompetence. Rachel Reeves mustn’t repeat the mistake with rules markets don’t demandIn 1995, Nick Leeson, a 28-year-old trader for Barings Bank, brought down the City’s oldest finance house by, among other things, betting that the Bank of Japan (BoJ) couldn’t <a href="https://pages.stern.nyu.edu/~sbrown/leeson.PDF">keep rates low</a> after a financial crash led to a government borrowing spree. The devastating <a href="https://www.reuters.com/article/world/us/lessons-on-japan-quake-from-rogue-trader-leeson-idUSTRE73416D/">Kobe earthquake</a> was the final blow. The BoJ cut <a href="https://onlineservices.ubs.com/staticfiles/pws/adobe/wmr_isg_q1.pdf">rates</a>, bond prices rose and his losses spiralled to $1.4bn. His failed gamble that markets would beat Japan sank Barings.Barings’ collapse is perhaps a spectacular example of&nbsp;the “<a href="https://billmitchell.org/blog/?p=61510">widowmaker</a>” trade, where speculators think they can outsmart Japanese authorities. They’ve ended&nbsp;up with egg on their face as their gamble on Japan losing fiscal control proved misguided. Japan,&nbsp;with its own currency and a central bank working with the government, shows how the state shapes markets, not the other way round.Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our<a href="https://www.theguardian.com/tone/letters"> letters</a> section, please <a href="mailto:guardian.letters@theguardian.com?body=Please%20include%20your%20name,%20full%20postal%20address%20and%20phone%20number%20with%20your%20letter%20below.%20Letters%20are%20usually%20published%20with%20the%20author%27s%20name%20and%20city/town/village.%20The%20rest%20of%20the%20information%20is%20for%20verification%20only%20and%20to%20contact%20you%20where%20necessary.">click here</a>. <a href="https://www.theguardian.com/commentisfree/2025/sep/03/the-guardian-view-on-fiscal-rules-and-financial-myths-britain-must-stop-fearing-imaginary-bond-vigilantes">Continue reading...</a>

هذا مهم لأنه يتناول النقاش المستمر حول المسؤولية المالية في المملكة المتحدة، خاصة في ضوء الأزمات المالية السابقة. فهم هذه الديناميات يمكن أن يساعد في منع الأخطاء الاقتصادية المستقبلية.

تناقش افتتاحية الغارديان الحاجة إلى إعادة التفكير في القواعد المالية في بريطانيا وعدم الخوف من حراس السندات الوهميين، مع تسليط الضوء على الأخطاء الماضية في الإدارة الاقتصادية.

Esto es relevante porque aborda el debate continuo sobre la responsabilidad fiscal en el Reino Unido, especialmente a la luz de crisis financieras pasadas. Comprender estas dinámicas puede ayudar a prevenir futuros errores económicos.

El editorial de The Guardian discute la necesidad de que Gran Bretaña replantee sus reglas fiscales y no tema a los vigilantes de bonos imaginarios, destacando errores pasados en la gestión económica.

Cela est important car cela traite du débat en cours sur la responsabilité fiscale au Royaume-Uni, surtout à la lumière des crises financières passées. Comprendre ces dynamiques peut aider à prévenir de futures erreurs économiques.

L'éditorial du Guardian aborde la nécessité pour la Grande-Bretagne de repenser ses règles fiscales et de ne pas craindre des vigilants obligataires imaginaires, en soulignant les erreurs passées dans la gestion économique.

The Guardian editorial discusses the need for Britain to rethink its fiscal rules and not fear imaginary bond vigilantes, highlighting past mistakes in economic management.