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gb Member
Joined: 01 Jul 2010 Posts: 6313 | TRs | Pics
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gb
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Thu Jun 23, 2016 8:54 pm
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The pound is down 10% versus the $ already. The FTSE and US markets are already way down.
Will a recession follow because of this move?
Follow Bloomberg for the details.
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AR 724
Joined: 22 Aug 2007 Posts: 1514 | TRs | Pics Location: Saratoga Passage |
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AR
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Thu Jun 23, 2016 9:44 pm
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That blows my mind...
I thought for sure the German's would drop it before England.
This bodes horribly for the Brit's.
...wait...are we just going to hang here or go hiking?
...wait...are we just going to hang here or go hiking?
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gb Member
Joined: 01 Jul 2010 Posts: 6313 | TRs | Pics
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gb
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Fri Jun 24, 2016 8:32 am
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Essentially at this point, one day out, The British people imposed a 10% tax on themselves in their move to exit the European Union. The pound is down around 8%, and the FTSE down just 2.25%. At one point the pound was down 11+% and the Ftse down more than 8%. Apparently, most of the FTSE is dependent on imports and the fall in the pound has insulated the drop in the FTSE.
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grannyhiker Member
Joined: 29 Jul 2006 Posts: 3519 | TRs | Pics Location: Gateway to the Columbia Gorge |
The "Brexit" vote doesn't surprise me at all. After my trips to France in 2000 and 2001, hearing constant complaints about increasing regulations dreamed up by unelected bureaucrats in Brussels, I'm surprised it has taken this long! I wouldn't be at all surprised if France is the next to exit.
Did you know that Norway has never been in the EU and has thrived all these years?
Keep calm. After a while the many Chicken Littles will realize that the sky has not fallen, and things will stabilize.
In the meantime, a nice hike sounds like a good idea!
May your trails be crooked, winding, lonesome, dangerous, leading to the most amazing view.--E.Abbey
May your trails be crooked, winding, lonesome, dangerous, leading to the most amazing view.--E.Abbey
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Randito Snarky Member
Joined: 27 Jul 2008 Posts: 9513 | TRs | Pics Location: Bellevue at the moment. |
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Randito
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Fri Jun 24, 2016 8:47 am
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Grannyhiker wrote: | Did you know that Norway has never been in the EU and has thrived all these years? |
I don't think Norway is a very good guide for what will work well in other countries, 40% of their GDP is oil exports. Take that away and I think their economy looks very different.
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treeswarper Alleged Sockpuppet!
Joined: 25 Dec 2006 Posts: 11279 | TRs | Pics Location: Don't move here |
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treeswarper
Alleged Sockpuppet!
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Fri Jun 24, 2016 9:49 am
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Keep calm and plod on...
The Brits have done that for eons.
What's especially fun about sock puppets is that you can make each one unique and individual, so that they each have special characters. And they don't have to be human––animals and aliens are great possibilities
What's especially fun about sock puppets is that you can make each one unique and individual, so that they each have special characters. And they don't have to be human––animals and aliens are great possibilities
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mike Member
Joined: 09 Jul 2004 Posts: 6400 | TRs | Pics Location: SJIsl |
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mike
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Fri Jun 24, 2016 10:45 am
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Plod on for sure but they have come to a fork in the road and taken it. Life will be different. FWIW this is a non-binding resolution. Parliament may respond as it sees fit.
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HitTheTrail Member
Joined: 30 Oct 2007 Posts: 5462 | TRs | Pics Location: 509 |
The stock market had been slowing going up for the past few weeks for no other reason than the fact that people thought the exit vote would fail. Now it is just giving back those speculative gains and getting back to normal.
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jinx'sboy Member
Joined: 30 Jul 2008 Posts: 932 | TRs | Pics Location: on a great circle route |
What this does probably mean is the end of the UK, as it currently exists.
Scotland is already planning another referendum on independence, and as they voted 64% for staying in the EU, I would expect "indyref2" to pass the next time around. When Scotland leaves, Northern Ireland won't be far behind. And possibly Wales, too?
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Snowbrushy Member
Joined: 23 Jul 2003 Posts: 6670 | TRs | Pics Location: South Sound |
The English are known to be brilliant businessmen so I wouldn't worry about them.
Oh Pilot of the storm who leaves no trace Like thoughts inside a dream Heed the path that led me to that place Yellow desert stream.
Oh Pilot of the storm who leaves no trace Like thoughts inside a dream Heed the path that led me to that place Yellow desert stream.
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NacMacFeegle Member
Joined: 16 Jan 2014 Posts: 2653 | TRs | Pics Location: United States |
The British are frantically googling what the EU is. Looks like most people didn't really know what they were voting for!
We can only hope that dramatic economic downturn the vote caused will cause the government to not carry on with the process of leaving the EU.
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AlpineRose Member
Joined: 08 May 2012 Posts: 1953 | TRs | Pics
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Quote: | The English are known to be brilliant businessmen so I wouldn't worry about them. |
It wasn't those brilliant businessmen who voted for Brexit. imho, the vote was a reaction by the masses to the frustration of what they perceived as "EU business as usual", and the fact they didn't have enough say in the matter. As well, I think a significant influence on the vote was anti-immigration. Sound familiar?
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gb Member
Joined: 01 Jul 2010 Posts: 6313 | TRs | Pics
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gb
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Fri Jun 24, 2016 2:44 pm
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HitTheTrail wrote: | The stock market had been slowing going up for the past few weeks for no other reason than the fact that people thought the exit vote would fail. Now it is just giving back those speculative gains and getting back to normal. |
Talk about speculation...on your part. Bank stocks down 5-10%, biggest drop since 2011, Pound down the largest amount in history, larger than (for the Brits) 1992 collapse. Airlines down 6-9% and speak of expectations of less international travel and changes in business models.
Show me the huge rise that this drop counteracts.
Most British economists (not politicians) were on record that Brexit would lead to recession in the UK. Will it spread to the rest of the world (economy not great)?; Janet Yelin expressed such a concern today.
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MyFootHurts Huge Member
Joined: 22 Nov 2011 Posts: 912 | TRs | Pics Location: Kekistan |
NacMacFeegle wrote: | The British are frantically googling what the EU is. Looks like most people didn't really know what they were voting for!
We can only hope that dramatic economic downturn the vote caused will cause the government to not carry on with the process of leaving the EU. |
THIS IS WHAT DEMOCRACY LOOKS LIKE!!!
THIS IS WHAT DEMOCRACY LOOKS LIKE!!!
THIS IS WHAT DEMOCRACY LOOKS LIKE!!!
I thought democracy was the best thing ever. Unless they never meant that and they're really authoritarian Marxists who only cheer for democracy when it goes in their favor.
Anyway it looks like Draghi's globalist plan hit a little snag.
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Tom Admin
Joined: 15 Dec 2001 Posts: 17856 | TRs | Pics
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Tom
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Fri Jun 24, 2016 3:53 pm
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Stock market drop is only a bad thing for those looking to sell.
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