Britain Votes To Leave EU

[Sig226GuyNJ 128]

how do you check the price of gold?

 

I use kitco.com or monex.com.

[Guest]

 

 

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That is a GREAT and accurate cartoon.

 

But you could substitute the "EU" flag for the US flag and see the exact picture except the BREXIT boat would be the Trump train moving in to fix things and stop the madness...

[Howard 538]

It was a such a great move that the English Prime Minister quit his job. That action alone should speak volumes. I wonder what's going to happen when England wants to get back in and they are not allowed, then it's going to be a party.

Because that is the way their government operates, might be nice if our's worked that way too.  When the Prime Minister's party loses a major vote in Parliament they always resign and call for new elections.  He bet the farm on calling for them to stay in the EU, so when the vote went against him it is no surprise for him to resign.  We would be better off if the President had to resign when he proposed major change and it was voted down by Congress. 

[45Doll 5,877]

Another Sussex Co firebrand...........    Keep speaking, don't let anyone make you stop.

If you're agreeing with my sentiment, fine. I'm not sure about that.

 

So if not, then just tell us what word you use to most accurately describe the combined actions of 30 million+ people violating the border of another country without invitation or permission, and I'll consider it.

 

No one I know would apply the standards currently in vogue for border security to the front door of their house.

 

Edit: Well, since NickJC 'like this' I guess that answers that. I shall let the fire burn on! By the way, will the British mark the 23rd of June the way we honor the 4th of July?

[AlDente67 563]

What I don't understand was how the death of that MP, Jo Cox would have ANYTHING at all towards keeping the UK in the EU, yet it helped skew the vote much closer to remain.

 

It'd be like me voting for Hillary Clinton because someone does something to Huma Abedin.  Who is such a low informed voter that they are swayed by an unrelated event?   It boggles my mind.

 

Some 60 % of the American population fits that description perfectly.

[Shawnmoore81 623]

Well this is interesting

 

http://www.express.co.uk/news/politics/683739/EU-referendum-German-French-European-superstate-Brexit

 

 

 

 

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[Malsua 1,422]

The EU superstate dictatorship is exactly why Brits wanted out.  It seems that the EU will have to double down and enslave their people sooner otherwise the jig is up!

[Shawnmoore81 623]

Very agenda 21 ish

 

 

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[T Bill 649]

If those Euro libtards think that Germany, France, Poland will just mold into the fold, all I can say is WOW.  They are trying the Obama tactic, by raising the stakes aka doubling down to try and smoke out a win.  Well, the Germans are just about over the edge with their government, Poland is a big UK ally because of trade, and France answers to no one.  Time to prepare for the revolution of all time, greater than when the Romans tried to take over the known world,  EU was a mistake from the beginning.

[302w 83]

If those Euro libtards think that Germany, France, Poland will just mold into the fold, all I can say is WOW. They are trying the Obama tactic, by raising the stakes aka doubling down to try and smoke out a win. Well, the Germans are just about over the edge with their government, Poland is a big UK ally because of trade, and France answers to no one. Time to prepare for the revolution of all time, greater than when the Romans tried to take over the known world, EU was a mistake from the beginning.

Third time is the charm, am I right?

[Albanian 121]

The UK voted for increased freedom, maybe they'll want the state to release its stranglehold on their natual right to self defense next. Snowballs chance in hell I fear.

[Shawnmoore81 623]

Actually I read that they are going to go for gun rights back

 

 

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[mikeyjones 88]

Actually I read that they are going to go for gun rights back

 

 

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Doubt that will ever happen, but good for them if it does

[Sig226GuyNJ 128]

 

 

https://www.youtube.com/watch?v=fmTGaocn_hE

[PD2K 115]

UKIP's Nigel Farage taking a victory lap in the EU Parliament...you can't barrage the Farage!

 

[Shawnmoore81 623]

Love it!

 

 

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[Rob0115 1,105]

UKIP's Nigel Farage taking a victory lap in the EU Parliament...you can't barrage the Farage!

 

 

He's a politician and lies.  He's already backpedaled on the 350mm sterling per week paid to the EU going back into NHS.  

 

http://www.telegraph.co.uk/news/2016/06/24/nigel-farage-350-million-pledge-to-fund-the-nhs-was-a-mistake/

 

If you questioned this your were labeled a fear monger.  

[Shawnmoore81 623]

Anyone watching this speech between Obama, Canada's pm and Mexicans president. They really are pushing this global bs

 

 

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[Kevin125 4,772]

Anyone watching this speech between Obama, Canada's pm and Mexicans president. They really are pushing this global bs

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One World Government / Open Borders people.

 

If they had their way, the United States would be nothing but a patch of dirt anyone on the planet could walk into unfettered. And it would be run by socialist elitists somewhere in Europe. And yeah, they would all agree America would be getting screwed....but they also think America deserves to be screwed for its crimes of success.

[mipafox 438]

67 isn't that much on $1300. Bit coin has gone crazy in the last few weeks as well.

 

I'm also not sure it'll be good in the long run. The UK is a global economy and they're shunning their biggest trading partner.

 

Yeah in terms of immigration, it might be good, but that's not the only impact.

 

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I forget the name of it, but Europe has a free trade program outside of the EU. Most (all?) of Scandinavia and some Eastern European countries are members. Britain will surely join the program and the only difference economically is they will save about 10% of taxes and fees for all citizens and corporations.

[Kevin125 4,772]

Oh... and look that that..... the markets recovered in about 5 business days.  Brex-what?

[Rob0115 1,105]

I forget the name of it, but Europe has a free trade program outside of the EU. Most (all?) of Scandinavia and some Eastern European countries are members. Britain will surely join the program and the only difference economically is they will save about 10% of taxes and fees for all citizens and corporations.

That's not entirely accurate--but I'm not going to get into a pissing match. They recieve an enormous amount of what they pay back in the form of farm subsidies and educational grants. The EU also paid to redevelop Wales when they built a large tech call center in a place where England never invested.

 

There are a lot of financial services firms and financial services utilities, e.g. EuroClear, which will have to leave London to be EU relevant and passported. Franfurt will most likely be the destination for these things because they have the infrastructure to support it. Jamie Dimon and Brian Moynihan have already said they have to move operations. Deutsche Bank employs more people in London currently than they do Germany. All that will change and financial services is the biggest sector in the British economy. Look at the UK based banks just in the news.

 

Lastly, you can just google this, the minister of Exchequer, British version of the treasury, has already said this will result in a need to raise taxes and reduce spending.

 

Most of what happens will depend on trade agreements and a lot of that will depend on how the EU behaves towards England. It could be a bit cool for a while but who knows. However, most of the things that the Brexit movement voted for will be won't happen if Brits still want to work in and retire in other countries. Think about every British citizen having to obtain a work visa in the countries they are working in outside of England? Most counties will only grant foreign work visas if the role can't be filled by someone who is an EU citizen.

 

However, if the Brits are happy then I'm happy for them but most of them have no idea what they're in for. The night after the polling closed the most searched terms in the UK were, "what is the EU?" and "what does it mean to leave the EU?"

 

 

Here, cut and paste this into google: "minister of exchequer taxes spending Brexit"

[Rob0115 1,105]

Oh... and look that that..... the markets recovered in about 5 business days. Brex-what?

Markets overreacted but more importantly they are a lagging measure of the economy. The sterling is still a bit weak and gilts are yielding 1%.  In fact the sterling is at a 30 year low and the FTSE 250, a better measure of sentiment, is down 9.4% which is just short of correction.  The UK banks are crushed in market cap.

 

However, and way more interesting is Puerto Rico defaulting on 800mm in GO bonds. They made state payroll instead but their own constitution say GO bonds go before any other payment. This is the first time since the Great Depression that there has been a default like this. I don't get the whole commonwealth thing anyway. I'd statehood or cut them loose.

[Shawnmoore81 623]

I sold off some oil stocks, kept guns. Stuck some in savings

 

 

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[Rob0115 1,105]

I sold off some oil stocks, kept guns. Stuck some in savings

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If you're saving for the long term don't time markets. The Dow Jones Industrials have retuned 9% adjusted for corporate actions since inception. Sometimes it makes large moves up or down over a short observable period but it eventually mean reverts. Its been pretty steady as evidenced by the data.

[Shawnmoore81 623]

Yeah Mro went up today. But I doubled the money I put In. I'll probably buy back in if it drops again.

I was told to get in on MetLife and wellsfargo ASAP. So I probably will

 

 

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[mikeyjones 88]

Yeah Mro went up today. But I doubled the money I put In. I'll probably buy back in if it drops again.

I was told to get in on MetLife and wellsfargo ASAP. So I probably will

 

 

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I'd hold off on those investments.  Large domestic insurers are handcuffed to yields.  With the 10yr being sub 1.5%, their income #s are not going to be pretty for the foreseeable future.  

[Rob0115 1,105]

I'd hold off on those investments.  Large domestic insurers are handcuffed to yields.  With the 10yr being sub 1.5%, their income #s are not going to be pretty for the foreseeable future.

 

Agree not of fan of banks either for a lot of reason but Janet Yellen is one of them.

[Rob0115 1,105]

The pound is 1.28 this morning and may leg lower. It one thing to want to leave its another to have a plan and the Brits definitely don't have a plan. The Labour Party who led to the exit vote is completely in turmoil, Cameron is a lame duck and the Conservative party has no one. They really need to get a functioning government to begin negotiations the exit to calm everyone's fears.

 

That lacking global markets will continue to have high volatility. Also, start looking at commercial real estate prices in London--very bad already. A lot of REITS that have exposure to that market have been taken out of asset allocations by asset managers; Standard Life, Aviva, M&G Investment; the latter owns one of the REITS and it stopped investing. Home holder stocks are crushed and because London cannot remain as the financial capital of Europe, bank stocks at still hurting. Look at US treasury yields and you'll se where the money's going--personally good for me I had a bunch that'll sell. Remember yield and price move in opposite directions for bonds.

 

On Bloomberg from the Bank of England this yesterday:

 

The Bank of England also issued a gloomy statement on Tuesday, saying the economic outlook for financial stability is "challenging." The central bank announced an easing of capital requirements for banks and said it would provide more support for the financial system.

 

Federal reserve bank did the same once.....it was in 2008/9 when no one could fund themselves in the capital markets. It means the banks are really hurting. Soros is calling for a pound at 1.15 and UBS about 1.23. Either way the last time the pound was at this price according to my little Bloomberg chart it was June 1985--maybe that'll actually help.

 

I personally didn't care how they voted but I find it comical these clowns got their way and have no clue, actually they are in complete chaos and infighting, about what to do next.

[Kevin125 4,772]

They'll figure it out.