BREXIT a “Blow to Global Economy?

[longknife]

I've been reading similar articles across the net since the vote. One says that George Soros is going to make a fortune out of it – as if he wasn't already filthy rich – and is should stress the word filthy. This particular article indicates the wide-spread effects in place already.

South Korean says Brexit blow to integrated global economy @ South Korean says Brexit blow to integrated global economy - One America News Network

As for those living on the US/Mexican border, today's exchange rate is 18.81 pesos for $1. Good for us, horrible for them.

Post-Brexit world: Financial downturn, political turmoil & protests @ Post-Brexit world: Financial downturn, political turmoil & protests

 

[longknife]

7 Ways ‘Brexit’ Decision Will Affect Everyday Americans Wondering Why They Should Care @ 7 Ways ‘Brexit’ Decision Will Affect Everyday Americans Wondering Why They Should Care gives us these reasons:

1. The economy

2. Your 401k could take a hit.

3. Immigration policy:

4. Mortgage rates:

5. We could see a state in the U.S. attempt its own ‘Brexit’:

6. If you planned to vacation in the U.K. this summer, it might cost you less:

7. The 2016 Presidential Election:

With lots and lots of links

 

[longknife]

8 Bizarre Regulations Brits Will No Longer Have to Worry About — When They’re Free From the EU w/explanations @ 8 Bizarre Regulations Brits Will No Longer Have to Worry About -- When They're Free From the EU

1: Curvy Bananas and Crooked Cucumbers:

2: Incandescent Lightbulbs:

3: High-Powered Vacuum Cleaners:

4: Water Bottles:

5: Diabetic Drivers:

6: Eating Horses:

7: Jams and Jellies:

8: Olive Oil:

 

[longknife]

The Real Brexit "Catastrophe": World's 400 Richest People Lose $127 Billion



Sounds like something most of us common people could cheer about. But. How does this affect their businesses? How many lay offs will occur? What will be the misery index of this?

Full story w/more graphs @ The Real Brexit "Catastrophe": World's 400 Richest People Lose $127 Billion | Zero Hedge

 

[B. Kidd]

Americans have an opportunity to be heroes, just like the Brits, if only for one day!!!

 

[waltky]

Brexit financial effect being felt...

British EU vote causes alarm abroad as ripples spread
Sun Jun 26, 2016 - Britain plunged deeper into political crisis on Sunday after its vote to leave the European Union, spreading further confusion and uncertainty to the continent, where officials were unable to agree about what to do next.

The turmoil also caused alarm around the world; China's finance minister said fallout from Thursday's referendum "will cast a shadow over the global economy" while a senior official in Tokyo warned of the danger of "speculative, violent moves" in currencies. Britain's finance minister will make a statement on Monday to provide reassurance about "financial and economic stability". Open political conflict spread from his ruling Conservatives to the opposition Labour party, where senior lawmakers withdrew support for their leader after traditional backers rejected the party's pro-EU stand in droves.

Splits widened across the nation. Over 3 million Britons signed a petition demanding a re-run of the referendum, with the number climbing by the hour, and an opinion poll showed a large majority of Scots now want to break with the United Kingdom. Scotland's leader promised she would do whatever it takes to keep her strongly pro-EU country in the bloc, including potentially vetoing legislation on a British exit from the world's biggest single market. But French President Francois Hollande declared there was no going back on "Brexit". "What was once unthinkable has become irreversible after the vote of a majority of the British people," he said during the inauguration of a World War Two memorial in central France.

Hollande called for France and Germany to use their strong friendship to seize the initiative, warning that "separated, we run the risk of divisions, dissension and quarrels". He and Chancellor Angela Merkel discussed the issue by phone and an aide said they were in "full agreement on how to handle the situation". German Vice Chancellor Sigmar Gabriel also took a tough line on the EU's future ties with London, although Merkel had been more emollient on Saturday, calling for clear-headed negotiations with a "close partner". "We will not hold talks about what the EU can still offer the Britons to keep them in," Gabriel said.

KNEE-JERK REACTION

See also:

Post-Brexit global equity loss of over $2 trillion worst ever: S&P
Sun Jun 26, 2016 - The $2.08 trillion wiped off global equity markets on Friday after Britain voted to leave the European Union was the biggest daily loss ever, trumping the Lehman Brothers bankruptcy during the 2008 financial crisis and the Black Monday stock market crash of 1987, according to Standard & Poor's Dow Jones Indices.

Global markets skidded following the unexpected result from the June 23 referendum, in which Britons voted to withdraw from the EU by a 52 percent to 48 percent margin. Markets in mainland Europe were hit the worst, with Milan .FTMIB and Madrid .IBEX each down more than 12 percent for their biggest losses ever. Britain's benchmark FTSE 100 .FTSE was down nearly 9 percent at one point on Friday, but rallied to close down 3.15 percent. The rout started in Asia, with the Nikkei .N225 down 7.9 percent, and carried over into Wall Street as the S&P 500 fell 3.6 percent.

A trader works on the floor of the New York Stock Exchange (NYSE) in New York​

Mohit Bajaj, director of ETF trading solutions at WallachBeth Capital LLC in New York, said the severity of the sell-off was partly due to investors misreading the outcome and betting the wrong way. "People positioned themselves longer because they thought the market was going to pop," he said. "We knew that we were going to sell off pretty hard and people were kind of shocked by the market." In dollar terms, Friday's loss overtook the previous record from Sept. 29, 2008, the day when Congress rejected a $700 billion bailout package for Wall Street during the financial crisis. On that day, global markets lost $1.94 trillion. The losses are calculated using the S&P Global Broad Market Index (BMI), which includes equity markets in 47 countries.

To be sure, the record size of the dollar decline is partly due to the larger absolute size of today's equity markets compared with the period during the financial crisis, and especially compared with the 1980s, said Howard Sliverblatt, senior index analyst at Standard & Poor's Dow Jones Indices. Friday's decline as a percentage of total market capitalization was 4.7 percent. That was outstripped on seven occasions during the financial crisis. The largest percentage decline during that period was 6.92 percent on Oct. 15, 2008, when the market was panicking about a deep recession. The loss corresponded to a $1.65 trillion decline. A rival measure of global stocks, the MSCI all-country world index .MIWD00000PUS, fell 4.76 percent on Friday, its biggest percentage loss since Aug. 8, 2011, when it fell 5.09 percent on the first trading day after S&P stripped the United States of its "AAA" credit rating.

Post-Brexit global equity loss of over $2 trillion worst ever: S&P

 

[B. Kidd]

As usual, Walt-chimp posts info that anyone can get over the interwebz, without posting an opinion!

 

[rdean]

Not as big as what Republicans did at the end of 2008. Now there was a "blow".

 

[CowboyTed]

8 Bizarre Regulations Brits Will No Longer Have to Worry About — When They’re Free From the EU w/explanations @ 8 Bizarre Regulations Brits Will No Longer Have to Worry About -- When They're Free From the EU

1: Curvy Bananas and Crooked Cucumbers:

2: Incandescent Lightbulbs:

3: High-Powered Vacuum Cleaners:

4: Water Bottles:

5: Diabetic Drivers:

6: Eating Horses:

7: Jams and Jellies:

8: Olive Oil:

On just the first one:

Was the European Union trying to ban straight bananas, or bent ones? This story goes back so far that a lot of people are no longer sure quite what the scandal was about. They just remember that Brussels seemed to be taking an unhealthy interest in the shape of this fruit.


If it's abnormally curved, it's not Class I
Here is the correct answer: the commissioners have no problem with straight bananas, it's the crooked ones they don't like so much, but they have never banned them. As Commission Regulation (EC) 2257/94 puts it, bananas must be "free from malformation or abnormal curvature". In the case of "Extra class" bananas, there is no wiggle room, but Class 1 bananas can have "slight defects of shape", and Class 2 bananas can have full-on "defects of shape".

No attempt is made to define "abnormal curvature" in the case of bananas, which must lead to lots of arguments. Contrast the case of cucumbers (Commission Regulation (EEC) No 1677/88), where Class I and "Extra class" cucumbers are allowed a bend of 10mm per 10cm of length. Class II cucumbers can bend twice as much.

BBC NEWS | Europe | Guide to the best euromyths

First is bullshit... I don't need to chase the others..

 

[jwoodie]

I call BS. Any uncertainty causes a temporary run on the dollar. Big deal. Buy British Pounds.

 

[oreo]

I've been reading similar articles across the net since the vote. One says that George Soros is going to make a fortune out of it – as if he wasn't already filthy rich – and is should stress the word filthy. This particular article indicates the wide-spread effects in place already.

South Korean says Brexit blow to integrated global economy @ South Korean says Brexit blow to integrated global economy - One America News Network

As for those living on the US/Mexican border, today's exchange rate is 18.81 pesos for $1. Good for us, horrible for them.

Post-Brexit world: Financial downturn, political turmoil & protests @ Post-Brexit world: Financial downturn, political turmoil & protests

I imagine there are a lot of people that will be shorting the pound.

 

[oreo]

I call BS. Any uncertainty causes a temporary run on the dollar. Big deal. Buy British Pounds.

You first--LOL

 

[HenryBHough]

George Soros is so busy shorting the pound that he's put naming The Democrat Party's nominee on the back burner. But he likely has not forgotten.

 

[oreo]

George Soros is so busy shorting the pound that he's put naming The Democrat Party's nominee on the back burner. But he likely has not forgotten.

That's why he's a billionaire today, I believe the last one was Russia where he made his fortune.

 

[oreo]

BTW--just a tip wait for the dead cat bounce then short, short, short. Let the fools rush in to the buy the pound first.

 

[TyroneSlothrop]

Within hours of the vote to leave the EU, Nigel Farage, the leader of the UK Independent Party (Ukip), pulled the veil back on the lies that propped up the Leave campaign, especially the pledge that was painted on buses across Britain that the vote would put £350m ($475m) directly into NHS.

“No I can’t [guarantee it], and I would never have made that claim,” Farage revealed on Good Morning Britain. “That was one of the mistakes that I think the Leave campaign made.”

Just like Farage, Trump is holding a shiny object in one hand – his personal wealth, or at least boasts of wealth – to distract conservative voters and politicians alike from the race and religion-baiting that enlivens his hardcore base.

Brexit stands as a warning to American conservatives

 

[The Rabbi]

I see lots and lots of gloom and doom but no substance. People assume the pound will drop and it will cause problems. But the Eurozone has been trying to drive down its currency for years to spur export growth. A Britain freed from constraints will do better, as capitalism always wins out over socialism.

 

[TyroneSlothrop]

• 
  
  Parliamentary fightback against Brexit on cards
  The prospect of a parliamentary fightback against the result of the EU referendum gathered pace on Sunday, with pro-remain figures saying they would not “roll over and give up”.
  
  Some are urging a second referendum after Brexit negotiations have taken place.
  
  Lord Heseltine has pointed to the practicalities of an overwhelming majority in the House of Commons against leaving the EU. “There is a majority of something like 350 in the House of Commons broadly in favour of the European relationship,” he said.
  

 

[Tresha91203]

As usual, Walt-chimp posts info that anyone can get over the interwebz, without posting an opinion!

Aw, I like Walt's links. Saves time and always pertinent to the topic. Uncle Ferd doesn't let Waltky have an opinion anyway!

 

[rdean]

George Soros is so busy shorting the pound that he's put naming The Democrat Party's nominee on the back burner. But he likely has not forgotten.

Who?