@emilybee - SMH. Sort of like here in the US when certain governors rail against the federal government, but let a tornado hit and they can’t apply for federal assistance fast enough.
“All this was predictable. The City will lose its status as a financial and business capital for Europe.”
I know it was. Anyone with a modicum of intelligence knew it too.
But look at Corwall and the other regions which voted to leave now demanding lost EU money be replaced by the gov’t. That’s not going to happen. They are going to be in a world of hurt through their own doing. SMH
Maybe a do-over in about 3 months would be a good thing.
"So if a binding referendum produces the wrong result it is nullified because the voters did not know what they were doing? "
Not so unusual- the House of Representatives ignores what the majority of US citizens want, all the time…
And its NOT binding btw.
If Parliament didn’t ratify the vote, it would mean revolution or at least magnify the crisis by many times over. A constitutional crisis. Even people who didn’t want Brexit wouldn’t want the government overruling the will of the people.
Why? Being an autonomous state w its own currency hasn’t stopped tiny Hong Kong from being a major financial & business capital for Asia.
By all means, let’s do it over until the idiot voters approve what we want.
@LasMa “The finest small craft in the world is going to have a very rough time in the ocean of global trade. Sheer size matters now.”
Well said!
Switching metaphors, perhaps the UK and the EU have traded rooks. Damage on both sides but not endgame. Between now and a Parliamentary vote, I’d expect quite a lot of manuevering (and manuring).
Sold international stock yesterday buying US today. Great time to take a vacation to UK if it’s on your bucket list.
“Why? Being an autonomous state w its own currency hasn’t stopped tiny Hong Kong from being a major financial & business capital for Asia.”
Because it will be cheaper for the banks to be located in an EU country.
Norway and Switzerland are not EU members and they are certainly not impoverished wastelands.
The banks don’t want to be where it’s cheaper. They want to be where they’ll MAKE MONEY.
Otherwise they’d all be located in Omaha instead of NYC.
This is an interesting post by Paul Krugman, Nobel Prize winning Economist, about the consequences of the Brexit vote.
Should we thank Mama Merkel for this outcome?
They give anyone the Nobel Prize nowadays.
Brussels and the EU, are going to make this very painful, so that others are discouraged from wanting to leave.
A united Europe with an all powerful Germany calling the shots. Where did I read about this before?
I think the Krugman article succinctly summarizes the REAL reason this happened:
" The big mistakes were the adoption of the euro without careful thought about how a single currency would work without a unified government; the disastrous framing of the euro crisis as a morality play brought on by irresponsible southerners; the establishment of free labor mobility among culturally diverse countries with very different income levels, without careful thought about how that would work. Brexit is mainly a symptom of those problems, and the loss of official credibility that came with them. (That credibility loss is why the euro disaster played a role in Brexit even though Britain itself had the good sense to stay out.)
At the European level, in other words, I would argue that Brexit just brings to a head an abscess that would have burst fairly soon in any case."
“The banks don’t want to be where it’s cheaper. They want to be where they’ll MAKE MONEY.”
They will make money no matter where they go - but it will cost them money to stay in London. They aren’t stupid. Dublin and Brussles aren’t Omaha, either.
“Should we thank Mama Merkel for this outcome?”
No, we should “thank” the people who are responsible for voting leave. They made their bed.
American independence cost our economy too, for awhile.