Brexit sets global economy reeling

First topic message reminder :

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money poured into safe-haven gold and government bonds. Sterling suffered a record plunge.

The blow to investor confidence and the uncertainty the vote has sparked could keep the Federal Reserve from raising interest rates as planned this year, and even spark a new round of emergency policy easing from major central banks.

The traditional safe-harbor assets of top-rated government debt, the Japanese yen and gold all jumped. Spot gold rose more than 5 percent and the yield on the benchmark 10-year U.S. Treasury note fell to lows last seen in 2012 at 1.5445 percent.

Stocks tumbled in Europe. London's FTSE .FTSE dropped 2.4 percent while Frankfurt .GDAXI and Paris .FCHI each fell 6 percent to 8 percent. Italian FTMIB and Spanish .IBEX markets, and European bank stocks overall .SX7P, were headed for their sharpest one-day drops ever.

Worries that other EU states could hold their own referendums were compounded by the fact that markets had rallied on Thursday, seemingly convinced the UK would vote to stay in.

Britain's big banks took a $100 billion battering, with Lloyds (LLOY.L), Barclays (BARC.L) and RBS (RBS.L) plunging as much as 30 percent.

Stocks on Wall Street opened more than 2 percent lower but cut losses after about an hour of trading. The Dow Jones industrial average .DJI fell 340.24 points, or 1.89 percent, at 17,670.83, the S&P 500 .SPX lost 42.11 points, or 1.99 percent, at 2,071.21 and the Nasdaq Composite .IXIC dropped 116.74 points, or 2.38 percent, at 4,793.31.

MSCI's all-country world stock index .MIWD00000PUS fell 3.5 percent.

Having campaigned to keep the country in the EU, British Prime Minister David Cameron announced he would step down.

http://www.reuters.com/article/us-global-markets-idUSKCN0Z92MZ

Ben Reilly wrote:

Raggamuffin wrote:

I didn't think about it at all Ben.

You and 52 percent of your fellow countrymen. That sums it up right there -- you didn't think, you threw a tantrum and now the world is paying the price. Well done.

I didn't throw a tantrum. I voted the way I wanted to, and I was very calm about it. You appear to be the one throwing a tantrum.

We need for our gunboats to start patrolling our island waters and turn back those we do not want here.

Our airports and ports need to be manned fully to turf out the unwanted IMMEDIATELY, no asylum, they should have claimed asylum on the opposite side of the sea, NOT HERE.

We need not build so many new homes now.

We may even be able to see our own GP at our convenience now??????????

We need to control the breeding of all those who are not wanted here.

We must go the whole hog now we have started.

Great Britain is OURS, let us now make it mega great.

Stormee wrote:We need for our gunboats to start patrolling our island waters and turn back those we do not want here.

British gunboats patrolling the island waters...turning back the riff-raff:

Original Quill wrote:

Stormee wrote:We need for our gunboats to start patrolling our island waters and turn back those we do not want here.

British gunboats patrolling the island waters...turning back the riff-raff:

That's definitely a member of Britain First  lol

The General Electric GAU-8/A Avenger is a 30mm hydraulically driven seven-barrel Gatling-type cannon that is typically mounted to the United States Air Force's Thunderbolt.

We need these, fantastic.

Um-hum...

Major wrote:We need for our gunboats to start patrolling our island waters and turn back those we do not want here.

Our airports and ports need to be manned fully to turf out the unwanted IMMEDIATELY, no asylum, they should have claimed asylum on the opposite side of the sea, NOT HERE.

We need not build so many new homes now.

We may even be able to see our own GP at our convenience now??????????

We need to control the breeding of all those who are not wanted here.

We must go the whole hog now we have started.

Great Britain is OURS, let us now make it mega great.

Oh

For

Fuck

Sake

eddie wrote:

Major wrote:We need for our gunboats to start patrolling our island waters and turn back those we do not want here.

Our airports and ports need to be manned fully to turf out the unwanted IMMEDIATELY, no asylum, they should have claimed asylum on the opposite side of the sea, NOT HERE.

We need not build so many new homes now.

We may even be able to see our own GP at our convenience now??????????

We need to control the breeding of all those who are not wanted here.

We must go the whole hog now we have started.

Great Britain is OURS, let us now make it mega great.

Oh

For

Fuck

Sake

I hope Britons are starting to realize who they just handed the steering wheel to ...

I don't vote for storm to do anything and he doesn't represent the majority of England either Ben.

yeah right ben...cos we voted out of the bully boys club.....its an automatic vote for britain first

your hysteria and hyperbole is ....well......hysterical......

wilst I realise that your powers of comprehension are strictly limited to ideas of less than one word...

like ...food or sex or spliff or.......

even YOU should be able to grasp the minor concept that we voted OUT of the EU.....NOT just had a general election which returned the fourth reich unopposed....(that would be the EU commission)

now take a couple of acetaminophen and have a lie down.....

That was patronising Vic

moi?

Lord Foul wrote:yeah right ben...cos we voted out of the bully boys club.....its an automatic vote for britain first

your hysteria and hyperbole is ....well......hysterical......

wilst I realise that your powers of comprehension are strictly limited to ideas of less than one word...

like ...food or sex or spliff or.......

even YOU should be able to grasp the minor concept that we voted OUT of the EU.....NOT just had a general election which returned the fourth reich unopposed....(that would be the EU commission)

now take a couple of acetaminophen and have a lie down.....

You just made a major decision based on the opinions of the likes of Stormee ... he's just one of the ones who wasn't trying to hide behind some veneer of decency.

Hell, you yourself were talking this morning about running the stay voters out of "your" country, if that doesn't sound reichy I don't know what does.

Ben Reilly wrote:

Lord Foul wrote:yeah right ben...cos we voted out of the bully boys club.....its an automatic vote for britain first

your hysteria and hyperbole is ....well......hysterical......

wilst I realise that your powers of comprehension are strictly limited to ideas of less than one word...

like ...food or sex or spliff or.......

even YOU should be able to grasp the minor concept that we voted OUT of the EU.....NOT just had a general election which returned the fourth reich unopposed....(that would be the EU commission)

now take a couple of acetaminophen and have a lie down.....

You just made a major decision based on the opinions of the likes of Stormee ... he's just one of the ones who wasn't trying to hide behind some veneer of decency.

Hell, you yourself were talking this morning about running the stay voters out of "your" country, if that doesn't sound reichy I don't know what does.

Bloody spot on!

yeah ben...I was ....becasue they want to (yet again) subvert democracy....

they dont like it when it doesnt go their way....

hell they were suffiicently vile to use the death of one of their own as a lever....


I find THIS rather more to the point than anything stormee says.....




A friend in Oxford was puzzled to receive a last-minute leaflet which said: “Don’t let someone else decide your future: Vote Remain.” He obeyed the first demand, and not the second, since it flatly contradicted the first. He voted Leave.

If, like me, you feel a bit numb this morning, it is because we British actually have decided our own future. We have not been allowed to do this since 1975. It is a slightly frightening, wonderful feeling – that the people can, through the ballot box, set their country free.

More people – 17,410,742 – voted Leave on Thursday than have ever voted for anything in British history. As David Cameron wisely and firmly acknowledged in his resignation speech yesterday, the result, with its very high turnout, is decisive: our decision must be enacted.

The Leave campaign was assailed for scorning the advice of experts. Experts should, of course, be respected for their expertise. But no one is an expert where democracy is concerned. Each of us is worth only one vote. It took enormous courage for the majority to refuse to be cowed by bankers and archbishops, prime ministers and presidents, scientists and economists, the BBC and the CBI, Richard Branson, Peter Mandelson and David Beckham, but it was not rash to do so. It was the mass assertion of a right which, over the years, we had been losing.

Democratic self-government – parliamentary democracy – is what the modern British nation is founded on. As Boris Johnson put it yesterday, in his restrained and generous speech, it is also “the most precious thing” we offer to the world. It was slipping away from us. Now we have reclaimed it. The Vote Leave campaign began and ended with the slogan “Take Back Control”. This – not “the economy versus immigration” – is what our decision is about.
Boris: The British people have spoken up for democracy

I can testify how hard it is to assert our right against those in power. In most of my work as an editor and commentator, I am usually content to engage in the arguments of the moment, say what one thinks needs saying at the time, and then move on. But in the case of Europe, more than 30 years ago I decided (having voted Yes in 1975, aged 18) that the need for self-government overrode all other issues and that Britain could not be a harmonious or free country so long as this was denied. So ever since I have done everything I could think of to explain why. I quickly discovered how instinctively most powerful people felt the opposite, and how skilfully they marginalised all discussion of the subject. Parliamentary government mattered less to them than our “seat at the top table”.
"The most precious thing this country has given the world is the idea of parliamentary democracy. Yesterday, I believe the British people have spoken up for democracy in Britain and across Europe"Boris Johnson

If you used the word “sovereignty”, you were regarded as a sort of crank. If you aspired to political office, let alone government service, you soon learnt that being pro-EU was a career requirement. The only leader who seriously challenged this was Margaret Thatcher, and look how her career ended.

From the Nineties, the evidence of events – our blessed falling-out of the ERM, the sequence of treaties taking ever more legal rights away from us, and more recently the continuing job-destroying catastrophe of the euro – at last made people take notice. But even in the face of these shocks, successive leaders – John Major, Tony Blair, Gordon Brown and David Cameron – tried never to confront the issue but to slide round it. Only the combination of the credit crunch (which crunched the euro) and the migration crisis made it unavoidable. And only Mr Cameron’s tight corner with his own party before the last election forced him to give us the referendum.



When we voted, it turned out – as I had always believed it would – that if only the matter could be properly put to the voters, they would understand what it was really about. Seen from the pro-EU point of view, the EU elites have been proved right in their belief that the people should never be consulted. In this sense, Mr Cameron is the leader whom they will now resent above all others. It is because of his reluctant capitulation to democracy that the whole edifice has come tumbling down.

So the result exposes a huge gap between the powerful and the rest. Major, Blair, Brown and Cameron – all have seen themselves as embracers of modernity. A badge of that modernity, they have believed, has been the EU. Now voters have recognised that the EU rejects modernity, because it denies the rights of the people and confirms the sense of powerlessness which we have felt since the banking crisis. The leaders all seem, like the EU itself, very 20th century. Imagine how Mr Cameron could have dominated the modernisation of British politics if he had led his country to vote Leave. Instead, he has to be content with little more than gay marriage as his legacy.

One image I keep in my mind from the referendum campaign is the strange sight of our Chancellor of the Exchequer standing on a platform in Bournemouth with an American titan of the great 2008 crash, Jamie Dimon. Both were trying to frighten Mr Dimon’s captive bank workers into voting Remain. Such scenes will soon look as remote and incomprehensibly hierarchical as jerky old films of the Delhi Durbar in 1911 (but a lot less romantic).


It is understandable to feel a bit shocked by what we have done. People such as Mr Osborne, who surely cannot stay much longer in his job, conjured up such terrible visions that markets naturally get the jitters. So did his man at the Bank of England, Mark Carney. Is there a steady hand on the economic tiller?

Membership of the EU (originally known as the Common Market) has also been one of the foundations of British foreign policy for nearly 60 years, not just from when we actually joined. Now, what foreign policy do we have?
"Britain is an open society, it is a welcoming society, and we will continue to be cooperating with European countries on an international level"Gisela Stuart

Such questions cannot be fully answered today, but at least we now know the basis on which to start answering them. British politicians were right to seek harmonious relations and freer markets in post-war Europe. Their fatal error was to ignore the construction of the superstate in return for transient advantages of trade or diplomacy. Because they could not admit this error, they dealt with their own people in bad faith for half a century. Yesterday, Boris, Michael Gove and the brave Gisela Stuart laid a better foundation – a role in the world that is shaped by our democratic institutions, our capacity to make our own laws and our economic and cultural openness to the world.

If one wants proof of the hopefulness of it all, one need look no further than how people behaved as Thursday night (Downing Street privately briefing a 57 per cent Remain vote) turned into Friday morning. Almost no politician on either side questioned the result, denounced his opponents or threatened rebellion. The talk was chiefly of reaching out to anyone who felt left out. By the deep cultural instinct of a free people, this amazing, unprecedented restoration was accepted without riots, or police, or revolution. It is the most momentous thing I have seen in nearly 40 years covering British politics, and the most moving.


http://www.telegraph.co.uk/news/2016/06/24/the-european-elite-forgot-that-democracy-is-the-one-thing-britai/

And if you fall for that you'll fall for anything

I have only one thing left to say:

I always thought the left pride themselves on their ability to see what people really wanted and needed.

Well, over 50% of this country have spoken: perhaps they should listen to what they want.
They are humans too.

Almost no politician on either side questioned the result, denounced his opponents or threatened rebellion.

Only because the outcome was "leave." If the outcome had been "stay," you wouldn't have seen peaceful acceptance -- AT ALL.

"If, like me, you feel a bit numb this morning, it is because we British actually have decided our own future. We have not been allowed to do this since 1975. It is a slightly frightening, wonderful feeling – that the people can, through the ballot box, set their country free"


Perhaps you need to just simply, understand how people feel.

Yep, 48% of them are fucking furious lol

And perhaps the other 52% have been furious for a long time?
It's not all about ONE GROUP OF PEOPLE, is it?

Ben Reilly wrote:

Almost no politician on either side questioned the result, denounced his opponents or threatened rebellion.

Only because the outcome was "leave." If the outcome had been "stay," you wouldn't have seen peaceful acceptance -- AT ALL.

yeah right ben....our politicians are thugs like yours....

the funny thing is.....many on the leave side were........labourites.....lefties.....




you pretend to "know" our people...but for a journo you are sometimes pretty dumb....

of course the problem is that what it was about for the ultra lefties.....is POWER...that has been snatched away from them ...

eddie wrote:I have only one thing left to say:

I always thought the left pride themselves on their ability to see what people really wanted and needed.

Well, over 50% of this own country has spoken: perhaps they should listen to what they want.
They are humans too.

Scare mongering going back nearly 20 years. It really reminds me of America in 2004:

Wednesday, August 4, 2004; Page A11
Bush administration officials acknowledged yesterday that the latest terrorism alert was based primarily on information that is three to four years old, but they aggressively defended the decision to warn financial sectors in Washington, New York and Newark because of the continuing threat posed by al Qaeda.

http://www.washingtonpost.com/wp-dyn/articles/A37954-2004Aug3.html

09/20/2009 05:12 am ET
In a new book, former Secretary of Homeland Security Tom Ridge reveals new details on politicization under President Bush, reports US News & World Report’s Paul Bedard. Among other things, Ridge admits that he was pressured to raise the terror alert to help Bush win re-election in 2004.

http://www.huffingtonpost.com/2009/08/20/tom-ridge-i-was-pressured_n_264127.html

Brexit wasn't what the British people would have wanted had they not be manipulated by liars, in short. Contracts signed under coercion don't hold up in court.

No, that's what it's about and good on Nicola Sturgeon for saying it.

Lord Foul wrote:

Ben Reilly wrote:

Almost no politician on either side questioned the result, denounced his opponents or threatened rebellion.

Only because the outcome was "leave." If the outcome had been "stay," you wouldn't have seen peaceful acceptance -- AT ALL.

yeah right ben....our politicians are thugs like yours....

the funny thing is.....many on the leave side were........labourites.....lefties.....




you pretend to "know" our people...but for a journo you are sometimes pretty dumb....

http://www.theguardian.com/politics/2016/jun/04/eu-referendum-campaign-polls-fault-lines-politics

Not that many

If the vote had been to stay and posters here were bringing up their fears - you'd have said it was all "scaremongering" and "rubbish".

There's truth and lies, fact and fiction to everything you're reading - let's wait and see now, shall we?

eddie wrote:If the vote had been to stay and posters here were bringing up their fears - you'd have said it was all "scaremongering" and "rubbish".

There's truth and lies, fact and fiction to everything you're reading - let's wait and see now, shall we?

Of course I would, because it is scaremongering and rubbish. Just because it worked doesn't change what it is.