Brexit

[Versus]

So...Crimean War part two?

[tankie]

so what, merkel has been in bed with putin since forever.

OMG surely he can do better than her lol

[Chunder]

OMG surely he can do better than her lol

Well I hear Gerhard knows a thing or two, and they appear close.

[Doktor]

Eric,

Any info on the youngsters who pro-EU according to the polls?

Some people here are saying they are first generation immigrants. Surprised, huh?

[SteveDaPirate]

Lots of this sort of sentiment among the younger folks.

[SteveDaPirate]

My question is if Cameron will be 2 for 2 in breaking up the EU and the UK when the Scots vote themselves out. Will Northern Ireland go as well?

[tankie]

Eric,

Any info on the youngsters who pro-EU according to the polls?

Some people here are saying they are first generation immigrants. Surprised, huh?

All londonistan voted in ?

[tankie]

My question is if Cameron will be 2 for 2 in breaking up the EU and the UK when the Scots vote themselves out. Will Northern Ireland go as well?

sinn fein is already calling for a vote

[SteveDaPirate]

The Spanish government is now calling for joint sovereignty over Gibraltar.

http://www.bbc.com/news/world-europe-36618796

[DOR]

I really didn't expect this, and neither did the financial markets. Today's Guardian front page -- set before the vote was counted -- cited a late poll showing 52:48 for "remain," which turned out to be almost exactly wrong: 51.9:48.1 for "leave." The Economist delayed publishing in the UK to cover the vote.

One bank said, "Due to results from the British exit referendum we're suspending foreign exchange of GBP pound until further notice. "

The pound fell 10% this morning, to as low as $1.323. Some £1.5 trillion (about US$2 trillion) evaporated from the stock market, and PM David Cameron has said he will resign. His replacement may not take office right away, and it might just be former Mayor (and Donald Trump look-alike) Boris Johnson.

One economist called it the catalyst for an "elective recession," and I think he's right. But, the process is going to be very long, very slow and full of surprises. Here's a few things to watch:

The terms of withdrawal from the EU have to be approved by all members, which means the UK cannot simply dictate terms.
The shock to confidence will hit demand, both consumption and investment. There's talk of an emergency budget to slow the fall.
The exchange rate depreciation will make imports more expensive, generating inflation amid recession.
Nothing happens to UK market access to the rest of the EU right away, so the cheaper pound might help exports in the short run. After that, it all depends on The Deal.
France, among others, has a strong minority that would also like to pull out of the EU, but as a euro-currency member, that's a whole lot more difficult.


Still, yesterday was wet and dreary and today is bright and sunny ...

[DarthSiddius]

Well well... consider me surprised. Interesting times indeed.

[tbm3fan]

...and now it is time to go to bed. Should be interesting to hear what KCBS says in the morning when the alarm goes off and I wake up to the news.

What happened, what happened! Great Depression? Grapes of Wrath? Bankruptcy? War? Confusion?

Which is it?

[tbm3fan]

Trump speaks and says America next

"Come November, the American people will have the chance to re-declare their independence. Americans will have a chance to vote for trade, immigration and foreign policies that put our citizens first," he said. "They will have the chance to reject today's rule by the global elite, and to embrace real change that delivers a government of, by and for the people."

Well nice knowing you all as I guess we are pulling out of the world according to him.

[tbm3fan]

All londonistan voted in ?

I noticed that and it was the only part of Britain that voted in. I would guess it was due to the wide variety of people in London proper as compared to the rest of Britain. Heavy immigrant vote for in?

[citanon]

The fundamental issue here is that the EU governing bodies and institutions they are structured are insufficiently democratic to be a true federal government for Europe. Originally this was to protect national interests but over the course of more recent years the bureaucrats governing the EU has taken advantage to enact regulations and policies and grab power without being responsive to the concerns of the citizens of member countries. In other words the EU has gone rogue and cannot be sustained in its current structure.

Already the Eurocrats are closing ranks to protect the EU's authority but they are doing so in a bubble. The national government leaders of France and Germany are already abandoning them and the sharks are circling. At the end if the day if the EU is to survive the entire crop of current EU leaders will have to go and the governance structure will need to be fundamentally reformed.

In the long run this vote will be good for both Britain and Europe.