Truss lambasted central banking practices and stood by her short-lived economic plan, proposing Bitcoin and a new CPAC UK forum as catalysts for financial overhaul.
Liz Truss speaks at CPAC in Texas last month. (Brandon Bell/Getty Images)Key takeaways:
- Truss claimed the nation is rapidly becoming poorer, attributing the issue to excessive taxation, heavy regulation, and insufficient growth motivation.
- She connected rising inequality and inflation to the ‘debasement of our currency,’ describing the silence on monetary policy as ‘quite sinister.’
- Having left office, she is championing Bitcoin and initiating CPAC UK to foster a movement centered on ‘sovereignty and liberty.’
The U.K.’s briefest prime minister, Liz Truss, argued that the economy has been stuck in stagnation for years, with many issues stemming from a shortage of stable currency and the erosion of monetary value, driven by inflation and the creation of new banknotes.
Truss, who headed a Conservative administration for just 45 days in 2022, stated that these financial challenges have deepened her fascination with Bitcoin BTC$76,068.04, which some view as a countermeasure to currency debasement. She expressed strong interest in the digital asset, noting she first learned of it during her tenure at the Treasury, where she used the topic to ‘shake things up.’ Truss served as Chief Secretary to the Treasury for nearly two years until July 2019.
‘A significant portion of our issues stems from the debasement of our currency and the absence of sound money,’ Truss told CoinDesk. She criticized the lack of serious discussion on monetary topics in both academia and government, calling it ‘quite sinister,’ and noted that debates on monetary policy have become ‘a taboo’ despite their critical impact on economic results.
For Truss, Bitcoin represents a broader opposition to centralization and control. She cautioned that the existing framework promotes ‘centralized control’ and restricts financial autonomy, particularly via regulation and taxation, positioning Bitcoin as a response to this trend.
She described the economy as being on a ‘very negative trajectory,’ warning of long-term decline fueled by sluggish growth, expanding state oversight, and what she considers a failure of monetary policy.
‘We are getting relatively poorer, very quickly,’ she stated, citing high taxes, regulation, and energy costs that deter entrepreneurs by making ‘the risk often not worth the reward.’ ‘There’s a massive disincentive to work in this country.’
Reflecting on the aftermath of Chancellor Kwasi Kwarteng’s 2022 mini-budget, which defined her time in office, she argued that the market volatility revealed existing weaknesses rather than creating them. ‘There was a tinderbox in the system that people didn’t know about,’ she said, referencing leveraged pension strategies.
CPAC UK
Now outside government, Truss is dedicated to establishing a political movement, including CPAC UK