Brexit logic is a curious thing.
The list of names of organizations who are against Brexit are the very same names that ignite memories of housing bubbles, blown economic forecasts, and the rising income inequality woes the left rails against.
Yet, the British left sings the praises of preposterous claims made by Goldman Sachs, JP Morgan, the IMF, and David Cameron who have all blown economic call, after call, after call!
Will Anyone On the Left Stand Up for Brexit?
Praises to Counter Punch writer Oliver Pawley for his insights in Will Anyone On the Left Stand Up for Brexit?
Goldman Sachs, JP Morgan, The IMF, David Cameron, George Osborne, Hillary Clinton, Mark Carney — it’s a list of names that many on the left would surely like rather see condemned than side with in a democratic debate. Yet the build-up to the forthcoming referendum on Britain’s EU membership sees them doing exactly that.
Goldman Sachs warn us that homebuilders and banks would be the worst affected if we chose to leave the EU. It’s hard to think of two sets of industries that have failed the British people more in recent years.
At least twice George Osborne has warned the British that leaving the EU would cause house prices to fall, the second time he came out with a figure of 18 per cent as an upper bound. UK house prices could halve and they would still be high — particularly in London and the South East. The latest wheeze to extend the bubble appears to be the introduction of intergenerational mortgages.
This kind of financial ‘innovation’ combined with ever rising student debt means Britain’s young graduates face a lifetime of debt servitude. If Brexit really could bring down house prices the millennials and the generation beneath them ought to be clamouring for it, yet the pollsters suggest they don’t and that three-quarters of 18 to 24 year-olds want to remain.
The threats from the Remain camp that leaving the EU will be a catastrophe for the UK’s economic cooperation with the continent are overblown. Anyone who has spent any time in central London recently will have noticed the huge quantity of continental Europeans employed in the capital. It seems very unlikely that their home countries, many of which are beset with economic difficulties, would want all these people delivered back to them. It is also hard to believe that those countries would wish to jeopardise tourism from the UK, or the spending power of British pensioners living out their days in the sunshine of Southern Europe. The idea that deals could not quickly be done to facilitate movement between Britain and the EU as well as mutually beneficial trade agreements is absurd given that it would in nobody’s interests, least of all big business, to do otherwise. Angela Merkel’s recent hint that Britain ‘will never get a really good result’ in negotiations if it leaves the EU is unlikely to be popular with German firms which exported 90 billion Euros worth of goods and services to the UK last year.
Much of Britain’s left perceives the EU as some sort of enlightened force for good but this isn’t a notion that stands up to much scrutiny. Has it formed a bulwark against US imperialism as we were told it would? Not at all, European leaders have meekly followed America’s neo-conservative agenda leading to disaster. Indeed, Europe’s refuge crisis is the direct result of the Western establishment’s gauche attempts at terraforming Iraq, Libya and Syria into groves of economic opportunity for the few. Sadly, the recent terrorist attacks on European soil haven’t raised the right questions about events both at home and abroad. Instead of trying to curb civil liberties and drop more bombs, European leaders ought to be considering the deeper reasons for discontent. Is Brussels’ Molenbeek district really a hotbed of jihadist sentiment because of few internet videos and radical clerics or does it have more to do with the 40 per cent unemployment rate of Muslim men? Is a foreign policy that supports the continued ruination of Muslim lives abroad ever going to be compatible with amicable relations at home?
Then we have economic policy which has been a disaster. Where was the European sense of fraternity when Greece as in trouble? It completely disappeared. Europe’s leaders chose to protect their failed bankers and broken single currency and throw the Greek people under a bus.
Compare this to Iceland which sits outside of the EU. Its response to the financial crisis was not to kowtow to bankers but to jail them. The Icelandic economy has now recovered to a size above its pre 2008 peak, a target far away from the likes of Greece.
While the Goldmanite European Central Bank chairman Mario Draghi prepares to pump money into a corporate black hole, the youth of Southern Europe see their futures evaporate into a sclerotic mist of unemployment, under-investment and hopelessness. Why does Britain’s left wish to support an EU that propagates such unfairness? Is it not time to admit that Europe has been captured by financiers and will not prosper until their influence is reduced and un-payable debts written-off?
#1 Reason to Vote Brexit
I did a search for images that portray the current situation. This one is perfect (red text mine).
“I merely reminded these yokes that without some incentive to stay in their pathetic little state, we’d take our globally ruinous business elsewhere“.
The British left bows down to that message.
Mike “Mish” Shedlock
I wonder what the significance of the $27,000,000 is?
That’s easy… 1,000,000 average Bernie Sanders donations
You may be right greg; I have been keeping tabs on The Bern and he always asks me for a donation of $2.70. It would take 10 million of those to equal $27,000,000.
Nothing.
I think the lefties favor the EU because they see it as step toward Orwellian one world government, which they also support. Individualism and personal responsibility be damned.
Huh? The EU (European Union) joins 28 of the countries of Europe into a COMMON MARKET (which is what its predecessor was called) to enable the easy and stable flow of goods and trade and services among all of those 28 countries of Europe, without which there would be vastly higher costs of doing business which would cut trade down significantly and create vastly higher compliance costs and currency conversion issues and costs. Isn’t that clearly obvious that that is the primary benefit of the EU?
The positive and negative are often, for a time, orthogonal, and there is no reason that the “primary benefit, cannot be overshadowed by “steps toward Orwellian one world government, which they also support. Individualism and personal responsibility be damned” central authority. Eventually however the central tenants of one world government destroy those “primary benefits’. There are other means of achieving those benefits then submitting to the authority of nameless unelected EU officials.
Additionally the Brits will be able to continue selling their stuff to the EU because it already conforms to the tech specs required by the EU single market.
If the Europeans block trade, what will happen to their considerably greater trade with Britian? Is Merkel going to tell Mercedes Benz, BMW and Volkswagen not to sell us their cars? Is François Hollande going to ban the French farmers from selling us their wine and cheese? Are all those billions of euros’ worth Airbuses on the line at Toulouse awaiting Rolls Royce engines from Derby, wings from BaE Filton and avionics from (AFAIK) Thales in Manchester going to sit there unfinished, condemning Airbus Industrie to endless vastly expensive lawsuits from Quatar, the Emirates and Malaysia for breach of contract? Are three quarters of those Formula One teams going to suddenly give up racing – even Mercedes Benz pay us to build their racing cars.
Obviously, none of these things are going to happen. Placing road blocks to trade with Britain would be dumber then the Soviet embargo, and the EU can ill afford more inane actions.
The United Kingdom is the fourth most powerful military power, the fifth biggest GDP and the sixth biggest industrial exporter on Earth, you seem to think they are some sort of insignificant banana republic.
A Brexit would mean all euro’s and anything denominated in them would be worthless, yes?
Not at all. Britain still has its Pound sterling, so there is no need to sell Euro’s to create Pounds. If Germany. France, Spain, or Italy left the EU and converted Euro’s back to their traditional currencies, THAT could cause a disruption in currency and debt markets.
Huh? How would a so-called “Brexit” have anything at all to do with the Euro when the UK is not even part of the existing 19 country EuroZone? The UK uses its own bizarre and quaint little irrelevant currency called the pound sterling or something like that. 19 countries of the 28 countries of the EU use the Euro and those 19 countries are known as the Eurozone. Helllooo?
Adam Price,
The deal with the Euro and UK pound is that in early 1990’s the then Chancellor of the Exchequer was shadowing the then German Deutsche Mark in preparation of entering a common currency which was called the ERM or exchange rate mechanism. It was during that time that Soros & Druckenmiller took on the Bank of England in forex markets and gave Nigel Lawson a schooling in Macro Economics that cost $1 billion in a day.
The UK Exchequer having formally learned that lesson opted not to become a fully fledged member of the currency union because it created problems that became apparent in Greece a decade later. That & the fact that as Margaret Thatcher said “The problem with socialism is that you eventually run out of other peoples’ money” The whole mechanics of Europe just cost too much money. The benefits of a single currency far outweigh the costs of Brussels and the ECB. Just go ask an Athenian how he loves Brussels, Frankfurt & Berlin and I am sure you’ll get a wonderful answer to that question.. All of the above for the Brexit makes so much sense to folks like Nigel Farage. Thank goodness for sensible people. .
Goldman Sachs, JPM, IMF… Ben Dover.
Goldman Sachs and JPMC are superb banks headquartered in the United States and JPMC is one of the largest and best banks in the world. The IMF stands for the International Monetary Fund and is not a conventional bank at all but that a political monetary fund based in the US in Washington DC and always traditionally headed by a financial expert from Europe. The IMF does not do any traditional banking or lending and exists to aid credit worthy countries in need of special assistance, although it is not supposed to be aiding non-creditworthy countries such as Greece at all.
“JPMC is one of the largest and best banks in the world.”
JPMC is a felon bank.
“Huh?” “Helloooo” “Goldman Sachs and JPMC are superb banks”
Have you been lobotomized, or are you an American?
JPM has paid tens of billions in fines for criminal behaviour in just the past few years.
It is an organized crime operation and you are nothing but a pathetic, useless troll of theirs.
No one is suggesting we hold JPM (et al) up as moral role models. But they do know know a lot about financial markets.
Political left and political right mean nothing in the Western countries these days; they are basically synonyms that provide captured mass media with circus disinformation opportunities. It is axiomatic that anything proposed by the Zioglobalist central banks, financial institutions, think tanks, and corporate-political allies is against the best interests of the working, non-rentier classes. Wall Street’s Think Tank: The Council on Foreign Relations…by Laurence Shoup is a good place to gain some insight into the mechanics of the thumbscrews employed by these thugs in Ermenegildo Zegna suits.
What on earth do you think central banks are? Some kind of welfare or charity agencies like most governments around the world have become? First and foremost central banks are the BANKS FOR BANKERS and that is why they exist to maintain order and stability in the global banking system and for the most part they do an excellent job of doing just that with the superb Federal Reserve far in the lead in terms of intelligence and conservative banking principles and standing high above all of the other central banks in the world. Thje worst offenders are the BOJ (Bank Of Japan) and PBOC (People’s Bank Of China) which have been grossly irresponsible egregious money printers debasing the yen and renminbi (RMB / yuan) respectively and corrupting sound banking principles, followed by the ECB under that utter moron Draghi who should be thrown out immediately and replaced with someone who has at least something resembling a brain.
“Federal Reserve far in the lead in terms of intelligence and conservative banking principles and standing high above all of the other central banks in the world.”
Alan Greenspan doubled down on reckless late 1920’s FED policy, which Greenspan previously had admitted, lead into the Great Depression.
Greenspan also took lending standards to zero, after being warned within the FED in 2000, that he needed to tighten lending standards.
After the FBI warned congress of massive mortgage fraud in September 2004, Greenspan had the gall in 2005, to praise bankers for getting people into homes they otherwise could not afford. With massive mortgage fraud, Greenspan knew they could not afford those homes- period.
The FED has no principles.
Central banks are agents of usury that are committing suicide. There will not be a place for these instruments of greed and inequality in the next iterations of human society.
Ever since the end of formal, hereditary privilege; being “on the left” has basically meant being unusually predisposed to believe the hype. Any hype. And the ones with the reach, size and wealth to spread hype, are never regular Joes. But rather wealthy, powerful organizations. Governments, large corporations, unions, abstract aggregations like “the women”, “the poor” etc…. Basically any organization or group who can afford a big PR arm.
Hence, “left” has come to mean being i favor of what large organizations favor, which is power concentrated in large organizations, rather than distributed across every Tom, Dick and Jane. Just look at the “gun debate” for a prime example.
Other topics: Obama finally endorses Hellery. They have several things in common, including:
Both are corrupt lying crooks with roots in Chicago, and
Both hold Saul Alinsky in high regard. Hellery wrote her college thesis on him. Maybe Obummer did too but nobody knows for sure since that is one of the many things from his past that he covers up.
Obama had that inane video shot several days ago and released it today after his meeting with Bernie. Obama says Hellary is “tough” and Billy can certainly attest to that as he has been beaten up many times by that witch.
Hillary Beat Bill Severely, Multiple Assaults – Ex S/S Agent
http://www.thegatewaypundit.com/2016/06/breaking-new-damning-allegations-hillary-beating-husband-bill-clinton-violent-assault/
27 billion? Is that what they are aiming to pay in paper for the 10,000+ tonnes of gold in all that bankrupt Eurozone … just doing nuthin – just waitin!
Other topics: some other major investors seem to have come around to the same opinion as Mish the Bear:
http://davidstockmanscontracorner.com/the-jig-is-up-george-soros-joins-icahn-and-druckenmiller-in-betting-on-the-bear/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost
Note that Soros is shorting the market and supporting Hellery at the same time. Is there a connection there?
No. Why would you think so?
http://i.telegraph.co.uk/multimedia/archive/01400/karta-460_1400212c.jpg
Orang-utan Karta short-circuits electric fence in Zoo ‘escape’.
That was in reply to CJ.
Remember Hank Paulson’s end of the world threat. Now these scaremongers. Have the Brits the spunk to call their bluff. We will know soon. I for one want to see what the end of the world looks like… It appears only these guys can see it.
They have it all backwards , as usual .
I was reading an article by some French on that they feel they are becoming stateless (or more correctly nation-less ).
The referendum vote is on whether to leave UK .
It is just more convenient for some to leave the UK , and remain there all the same, by dissolving it in EU.
Nifty eh?
They think that if afterwards they choose to go to EU mainland , they will be taken care of just like at home , that everywhere they go old barriers will be lifted and new welcomes extended .
Yet if they feel potentially trapped in the UK , they have no idea what awaits them once they settle abroad , but it won’t matter , because there will be no UK to return to, and so the decision is made in advance for them.
People would be that naive, or stupid.
There is no logic in favor of so-called “Brexit” at all. A vote in favor of that stupidity and nonsense would be totally detrimental to the UK and have no positive virtues or benefits whatsoever to the UK. It is up to the people of the UK to decide, however, if they want to cut off their noses to spite their faces, but I really doubt if even the British people are really seriously that stupid.
Adam are you paid to post here? If not go and troll elsewhere. This is about democracy and the ability to make our own decisions. Maybe the huffington post or the guardian would be a more appropriate site for you?
LOL
Mish – you are correct, Oliver Pawley’s article is extremely well written and he nails the truth. Thanks for posting it; everyone should read it.
Now the polls are so close the debate has turned very nasty. A real knife feet between friends, inside parties, within the same wings of the same party etc. Great entertainment.
Britain faces an important decision as to whether it is time to “Brexit” from the European Union. Their decision has huge ramifications going forward. A key issue for many watching as the vote grows near is whether a Brexit would also make the UK more vulnerable to its own breakup. The article below explores this and other ramifications of the vote.
http://brucewilds.blogspot.com/2016/05/brexit-choice-and-ramifications.html
Best to Brexit , it will not only allow a nation to control its own destiny. It will keep those morons in Bussels from declaring, rules and regulations that will ride roughshod over common sense.
Why would any nation want to be subject to group of non elected politicians that say ” No one we allow to see the laws and regulations we passed can copy or show them to the General Public Who Are Subject to the Laws.”
How did we sink to the depths that allowed this to happen?
A “Brexit” would be absolutely catastrophic for the future of the UK both economically and politically.
Adam you are commenting so much people are complaining.
I deleted most of your comments.
Keep it down.
Mish
Jamie Dimon threatened his employees with unemployment if they vote to brexit.
There you have it – another reason to support the Brexit.
Bankers have always directed world affairs ever since they have been organized. They decided when kings could go to war and used debt as influence and leverage even then. Why should it be any different today. They had to come out of the shadows and become central bankers once communication reached the point that they could no longer hide.
Interesting discussion. I am a Brit who has already voted (by post) for Brexit for all the usual reasons, but these two as well. 1. After the vote, the EU is going to re-start the planning for an EU Army. I think it would probably do nothing, but be very expensive, and I wonder about the response from NATO. 2. I am thinking of the best future for my children’s children. A short blip in the economy we will get over.
OMG! “UK house prices could halve and they would still be high”. If the price of my house halved I wouldn’t be able to pay my mortgage payments (as like most people my interest rate is linked to the value of my property). If I then had to sell my house (because I couldn’t pay my mortgage) then would only get a half what I paid for it and be left owing the bank more than I could ever pay back in my life.
The flippant way you appear to suggest fall in house prices would be no big deal is crazy. By all means say you don’t believe the predictions of George Osborn is making but your argument suggests you don’t understand what a serious threat to people’s lives is being described.