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British Pound Drops Bigtime. Good job Brexit morons.


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For Britains Brexit Bunch, the Party Just Ended http://nyti.ms/2dGCiG2

Ouch.

Thanks for spotting this.

 

Key quotes....

 

For those blithely inclined toward the view that Britain would somehow find a way to sever its relationship with the European Union free of drama or financial consequences -- like canceling a car rental reservation, with a tad more paperwork -- Friday was a sobering day of reckoning.

 

As the British pound plunged some 6 percent against the American dollar in the span of two minutes in early trading in Asia, the markets offered a reminder that divorce tends to be messy, expensive and laced with uncertainties. It rarely ends happily.

 

More than anything, though, the precipitous drop seemed to attest to an increasingly unmistakable reality: Britains vote to exit the European Union -- Brexit, in common parlance -- has put its commercial relationships with the world on uncertain and potentially perilous ground. That poses risks for the British economy, making its money less attractive to hold.

 

"The world believes that the U.K. is going to be poorer in the future, and find it more expensive to trade," said Paul Johnson, the director of the Institute for Fiscal Studies, an independent research institution in London. "Essentially, the world is betting against the pound." And against the British economy.

 

The week began with an admission from Britains new Conservative prime minister, Theresa May, that access to the European market is likely to be a casualty of Britains pursuit of a primary aspiration expressed in the Brexit vote: imposing limits on immigration.

 

Brexiteers had steadfastly maintained the illusion that Britain could have it both ways -- that it could retain access to the European market while still controlling immigration. In destroying that idea, the prime minister's admission badly rattled the markets.

 

The stakes are considerable. Britain ships nearly half its exports to other European Union members. None of these risks were unforeseen. Reports varied on details and degree, but they nearly unanimously concluded that Brexit would entail economic pain. The British Treasury surveyed the trading arrangements the government might strike with Europe after a Brett vote and concluded it could lop some 6.2 percent off the gross domestic product by 2030. That would leave the average household worse off by about 4,300 pounds a year (at the current, depressed exchange rate, about $5,300).

 

But those campaigning to leave dismissed such talk as fearmongering. They described a swashbuckling and reinvigorated Britain that would break free from a stagnating Europe -- the land of unemployed children moving in with their parents -- to instead focus on improving trade with faster-growing countries like China, India and the United States.

 

Some have focused on the upsides of a declining pound, which makes British exports cheaper on world markets and renders Britain a more affordable tourist destination.

 

But this misses the fact that nearly one-third of the goods and services consumed in Britain are imported. In dollar terms, the price of those goods and services is spiking. Eventually, economists assume, this inflation will work its way through the economy, further depressing growth by crimping consumer spending and potentially sowing unemployment.

 

"Somehow, a whole combination of people were in denial up until now," said Adam S. Posen, a former member of the rate-setting committee at the Bank of England, and now president of the Peterson Institute for International Economics in Washington.

 

"There were the people who thought Brexit would be reversed," he continued. "There were the people who delusionally thought there would be a soft Brexit, and all the northern Europeans would be nice to them. And there were people who believed that this crew in charge of the British negotiations were somehow going to strike a good deal. All of the delusions have run out of material."

 

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Lol

This is hilarious

So you people wanted them to stay in a regional government that took their sovereignty?

Lol lol

The elite playing with the pound is supposed to make self determination a bad thing

You government dick swingers are funny

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This is hilarious
So you people wanted them to stay in a regional government that took their sovereignty?

The Brits basically cut their own dicks off. This is never a good idea.
Lol lol
The elite playing with the pound is supposed to make self determination a bad thing

People who speculate in exchange rates have existed for centuries it is a good way to get something for nothing.

Anyone who knows anything about world commerce could have predicted this. I know that many did.

The older Brits took the benefits of the EU for granted and voted out of fear of the immigrants. They will be sorry.

 

Any day now they will want to pee and notice that it hurts...

They will look down and exclaim, "what have we here? Hullo? Hey, I HAVE NO DICK!"

and they will come to realize that they did a very, very stupid thing.

Because growing a new dick is not really possible.

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Lol

This is hilarious

So you people wanted them to stay in a regional government that took their sovereignty?

Lol lol

The elite playing with the pound is supposed to make self determination a bad thing

You government dick swingers are funny

Correct!

 

The Brits were tired of having politicians in other countries telling them what to do,....

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Well, the price they had to pay was a huge one.

Britain is not Norway or Switzerland. which have small populations and much greater resources on a per capita basis.

 

As I said, they cut their dicks off.

They will be ever so sorry.

 

I wish them well.

 

Voting for Trump would be a similar act for Americans.

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Well, the price they had to pay was a huge one.

Britain is not Norway or Switzerland. which have small populations and much greater resources on a per capita basis.

 

As I said, they cut their dicks off.

They will be ever so sorry.

 

I wish them well.

 

Voting for Trump would be a similar act for Americans.

X..

 

What you fail to understand is that about 80% of the decisions being made in London were being made by people in other countries...

 

Example?

 

How would you feel if politicians in Brazil were telling the State of Florida how many refugees they would have to take in?

 

Cause that's what was happening......

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Again, the decision was one of weighing the benefits against the liabilities.

No American citizen has any say about how many refugees they let in as it is.

On my block in Miami, I am the only person born in the US. So foreigners do not generally bother me much.

 

From all I have read, the UK got tons of benefits from membership in the EU. And most of their immigrants are from former British colonies.The Hungarians are certainly not accepting the number of immigrants that the EU tells them to.

 

If I were a Brit, I would have voted against the Brexit.

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Again, the decision was one of weighing the benefits against the liabilities.

No American citizen has any say about how many refugees they let in as it is.

On my block in Miami, I am the only person born in the US. So foreigners do not generally bother me much.

 

From all I have read, the UK got tons of benefits from membership in the EU. And most of their immigrants are from former British colonies.The Hungarians are certainly not accepting the number of immigrants that the EU tells them to.

 

If I were a Brit, I would have voted against the Brexit.

I heard three different Brit politicians that admitted that important decisions were being made about their future by politicians in other countries.

Refugees were just one of the issues.

 

You say "No American citizen has no say on refugees"..

 

Yeah....But Washington does and in the UK it didn't matter what their politicians felt. The policies were being made by OTHER politicians from OTHER countries...

 

So in the UK the people had no choice,,

And the government they elected had NONE either...

 

At least here our elected officials has a say in the matter......

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At least here our elected officials has a say in the matter......

 

 

They don't ask me. When I write them, they respond with one form letter if they agree with me,and another, saying "thank you for your thoughts", if they don't. I disagree with Marco Rubio and Rick Scott on everything. Both are just shills for Biog Sugar and the real estate swindlers.

 

Well over half of Floridians voted to legalize medical marijuana, but the State legislature demanded 60%, It is up for a vote again.

 

Again, there were pros and cons to Brexit, and I again say that I think the benefits greatly outweighed the cons.

 

OF COURSE the Brits had a choice. The younger people voted to stay in the EU. The better educated people understood the real issues, the old farts voted their emotions.

 

They voted to cut off their ties to the Continent. That is like cutting their dicks off.

 

They will be sorrier later on.

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Six percent is a huge drop. The pound might even drop more before this adjustment is over. And then it could rebound. The headlines will scream panic but it's not appropriate yet. I think separation was probably the wrong decision, but "It ain't over 'till it's over". And it ain't over yet.

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At least here our elected officials has a say in the matter......

 

 

They don't ask me. When I write them, they respond with one form letter if they agree with me,and another, saying "thank you for your thoughts", if they don't. I disagree with Marco Rubio and Rick Scott on everything. Both are just shills for Biog Sugar and the real estate swindlers.

 

Well over half of Floridians voted to legalize medical marijuana, but the State legislature demanded 60%, It is up for a vote again.

 

Again, there were pros and cons to Brexit, and I again say that I think the benefits greatly outweighed the cons.

 

OF COURSE the Brits had a choice. The younger people voted to stay in the EU. The better educated people understood the real issues, the old farts voted their emotions.

 

They voted to cut off their ties to the Continent. That is like cutting their dicks off.

 

They will be sorrier later on.

We seem to be talking about two different things...

 

You "the people" claim your elected officials don't listen to the will of the people.

 

The "will of the people" in the UK was to withdraw from the union.

 

Why?

Because their elected officials had NO say on numerous issues involving their government and their future....Refugees was just one of the issues.

 

 

I too feel like I have no say in Massachusetts.

We had an over ride vote on spending a few years back and the Speaker of the House made it clear that they'll do what they want regardless of the votes result.

We also have a majority of the people polled saying they would consider a death penalty.

However, it refuses to come to a vote.

My state is run by liberal Democrats.

By the way...The last three Democrat "Speakers" are now convicted felons...

 

I share your frustration X...

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I fail to see what a picture of Johnny Cash or the fact that he was an alleged Liberal have to do with Brexit. This is a British matter and not a US political one.

 

In 1981, I spent three weeks traveling around Belize, former British Honduras, in Central America. Later that year, the country would become entirely independent. There were about five Harrier Jets, at a base near the Guatemalan border and a bunch of troops, British Scots and Gurkhas stationed at the southern town of Punta Gorda.

 

I recall I got into a conversation with about six people in a bar/pool hall in Dangriga (Stann Creek), two were Brits who has immigrated to Belize, and three were locals and one was a fellow traveler, a Mexican guy named Spencer whose father was a Scottish engineer who had died in Mexico where Spanser was born. A bartender/owner popped in and out of the conversation.

 

The question was the issue of whether Belize (with about 270,000 people at the time) was big enough to be a country. One of the locals said that Belize was precisely the right size, because everyone was a personal acquaintance of the local politicians in Belmopan, the tiny capital city. Belize City had a tendency to get flooded and blown away on a regular basis, so they moved the capital.

 

Some people had been to Costa Rica, the only other country that had a real democracy,and there too, there were personal connections between the government officials and the locals. One guy pointed out that when he heard about one of the local representatives talking about some regulations for charter boats, the charterboat captain simply called the rep's mother and explained how one regulation would not work, and she immediately called her son and passed the work, and the whole thing was settled in a day.

 

So if you are a Belizean, you are one of now perhaps 330,000 people and there are 31 representatives, 12 senators and a prime minister.One person for every 7.500 citizens. In the US we have 535 Senators and Representatives, a president and a VP, for a total of 537 elected officials for 330000000 people. That is one official for every 55,865. citizens. So Belize is 7.4 times more democratic than the US. Of course we are ahead of the Indians and the Chinese, but still, the guy had a point.

 

On another trip to Costa Rica I was chatting on a bus with a woman from Alajuela. I mentioned a friend I had in Miami who was from there named Cifuentes. And this woman told me all about the Cifuentes, including the fact that they were all fond of the Social Christian Party, while she was with the Liberacion Nacional Party.

 

If every country had fewer than 5,000,000 people, we would probably have fewer wars, because we would be a lot more aware of the costs in lives and money or this.

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