^I fail to see how Brexit would hurts US economy? People don’t want United Kingdom Pound, for sure they want US Dollar!
@4kidsdad It hurts us because we are not an island. We live in a very global highly interconnected economy now. It is also a cautionary tale about allowing a demagogue to appeal to the worst in us.
“Dow futures down 600 points” . See http://money.cnn.com/data/premarket/
Typically, in a divorce between two unequally earnings partners, the higher earner takes an immediate hit in the pocket book but is better off financially in the long run.
I know. I don’t think that is a big deal. The dow was up over 200 points today. The stock market has been rallying for months.
I feel like this is one of those things that countries threaten to do and vote on… but not something we thought would actually happen. Perhaps the Founders were right when they warned of “tyranny by the majority”
Dstark, the scary thing to me about this is that it demonstrates the power of a demagogue.
@LasMa, yes. What you wrote is bad.
The press tries to paint this as the outcome of the ignorant unwashed masses following demagoguery
But I work w some VERY intelligent, highly educated British expats (including one w a graduate degree from MIT), and they’re evenly divided on this issue.
So GMT, do you think Brits are going to be better off because of this?
I see that the Dow futures are now rallying and are now down a little over 500 points. The United States is going to be ok.
Watching the talking heads on tv, they are so excited. They are busy trying to scare everybody. I guess the more you scare people, the more people will watch.
Cameron resigning. I’m shocked.
I agree with you 100% that Main Street is fed up, but they are being urged to misidentify the reason for their very real grievances. They’re not being told that the real problem is the growing wealth/income gap and the steady march toward plutocracy. Or I guess they’re being told, but it’s easier to just blame people who are even worse off than they are.
AP Twitter: “BREAKING: Prime Minister David Cameron says he will resign by the time of party conference in the fall”
When will PM Cameron triggering Article 50?
Also, when will Scotland tries the independence referendum again?
Governor of the Bank of England trying to calm the markets.
Oh well, at least a friend of mine (mentioned in the first paragraph) is getting some business out of this! (She says she has clients lining up for her advice, as disappointed as she is in the result.)
http://www.thetimes.co.uk/article/gearing-up-for-the-vote-d9b7w323l
Come to think if it, maybe my British MIT college (pro Leave) got “infected” when he lived in Boston.
Longer term, my guess is that it’s neutral or better. It’ll win economically in some things and lose economically in others. But at least it won’t have to pull the cart for total slacker countries like Greece, et al (southern Europe & Eastern Europe).
As the 5th largest economy in the world, Britain is relevant in the world. It was doing fine before it joined the EU. After some short term pain, it’ll probably be fine again.
It was an often vicious leave campaign designed to stoke up fears, often with blatant untruth or half truths. The turkeys voted for Christmas. Many of the poorest areas of the country will suffer greatly as the EU funded projects of all sorts from infrastructure to charitable projects will eventually cease. I cannot imagine that central governments will replace them as such areas have not been well treated in times past. The media also has much to answer for. Times will be interesting in the worst sense of that phrase for some time to come I fear. There is more at risk than mere money. It is better that people squabble within the family than fight as strangers.
LasMa , I couldn’t agree more. Sadly, they are told by, in the main, very wealthy but to them, attractive leaders, a false solution.