Daniel Hannon from across the Atlantic puts his finger on the causes of much of the anger which is riling the West. The political class, the crony class, the smirking class, has taken the rest of us for granted while entrenching and enriching itself.
Europe and the UK are coming to terms with some big changes right now. Italy’s banks are in trouble. London’s insane property market may have snapped back to something closer to reality.
Reality can be a big bummer in finance.
As we’ve said before, many times, stocks go up and down. But FTSE performance immediately post Brexit is hugely telling.
Scotland has an ongoing deep historical beef with its neighbor to the south. It votes differently than England, to say the least. This was certainly true in the referendum last week. But Scotland constitutes a relatively small part of the overall British population. It had only 8% of votes in Brexit.
Seems a good time to run this.
Image: Screengrab from CNBC video
This is called “an excuse.” People wanted to sell, they saw a big fat excuse to sell in Brexit, and so they have. (Some were just sure that Brexit wouldn’t happen and were simply forced to sell.) Smart people are also prudently looking to buy. But one way or another life will go on and the world will adjust. The big banks just got socked and that is a good thing.
Good luck Britain.
Is he ever right. Most Americans in my experience do not understand how powerful the European Union has become. 70% of the laws Britons live under are decided in Brussels by a massive and largely unelected bureaucracy which probably eclipses even Washington in its opacity and self interested smugness. But it’s good for the bankers.
Britain is facing an important moment. Does it leave the European Union? Let’s hope for Britain’s sake (and ours) that it does.
Hooray for London’s mayor Boris Johnson who has come out for the United Kingdom leaving the European Union. He is indeed for #Brexit. And hallelujah.
JP Morgan and Goldman Sachs want Britain to stay within the European Union and they are spending money to make sure the UK stays. Surprise.
I had the pleasure of meeting Mr. Farage this past summer in Washington. I found him to be as passionate, straight forward, self effacing, and as generally good natured as his “official” persona. Not always a given with politicians. He called for the UK’s exit from the European Union. He emphasized the importance for the United States that Britain reassert its sovereignty and the need for the UK to look to the US not across the Channel. He warned of a federal Europe dominated by Germany.
I think Ayn Rand, whatever you think of her (and I am not a huge fan) is the most influential woman of the last 200 years. Her books have sold millions and millions of copies and her ideas have helped to define the political conversation around the world for decades. But Margaret Thatcher is pretty darn good too. I consider myself a fan and I am pleased to see her name at the top of this list.
I think it is very interesting that arguably the 2 most influential women of the last century have both been strong advocates of limited government.
And then there are these guys going around bashing cars in “anti-capitalist” protest.
It’s disappointing because these people, in an act of what they think is defiance, are actually jumping up and down asking for the shackles to be placed around their ankles. Capitalism, the voluntary exchange of goods and services, is the economics which most benefits the 99%. But some people will never believe that. They’ve been told the opposite their entire lives. They have been told that instead of capitalism a system of modern feudalism,