In honor of the amazing, yet common sense vote by the citizens of the UK to leave the EU, I have a musical tribute to offer.
Congratulations to the UK on this well deserved divorce from the EU.
Sarkozy Calls for New Treaty, Reiterates “Turkey has no place in EU”.
Former French president Nicolas Sarkozy has called for a new treaty. Here is a clip from the Telegraph Live Blog.
“I call for a meeting of European heads of state and government to take the decision of drawing up a new Treaty. That will show the peoples of our continent that Europe has decided to take its destiny in hand,” said Sarkozy.
This treaty should have “five pillars”.
- The first should be the creation of a Schengen 2 agreement overseen by a European interior minister to ensure Europe’s borders were “respected” and that non-Europeans could not enter and move around the continent as they please.
- Second, he called for “an economic government of the eurozone with a stable president elected by his peers, a European monetary fund that will “ensure the independence of Europe”.
- Third, the principle of subsidiarity “must become a reality”, bar around a dozen stategic priorities that can be handled at continental level, such as energy and agriculture.
- Fourth, the European Commission “can no longer cumulate executive, legislative and judicial competencies”, he said. “It must enact the European Council’s decisions” and not take any without the “explicit accord of the European parliament or national parliaments”.
- And finally, “the process of European englargement must clearly be stopped until further notice”. Turkey, he went on, “has no place in the EU”.
Congratulations to the Telegraph for excellent live coverage. MarketWatch was pathetic, the Wall Street Journal had few details and frequently lagged by an hour, Number Cruncher UK was down for most of the evening, Matt Singh himself tweeted hardly at all, and Bloomberg was weak.
Mike “Mish” Shedlock
Gotta love your taste in music!
Mish
it appears to me the markets are saying it is good from Britain to have voted out the EU. I base my comment on the fact the Germany exchange dropped twice as much as the FTSE, French dropped about 2 1/2 times and the Italian market 4 times. looks like money as normal is voting and specking with its feet.
I made the same observations in the equity markets as you did. The surprise was a falling Pound relative to the Euro since the referendum to leave the EU is also a statement against the Euro currency, the UK Gilt rallied hard, and has a positive yield. The German bund sold off a little, but is still in negative territory. The currency and debt markets have some sorting out to do. Germans should be converting Euro’s to Pounds and then buying UK gilts instead of taking guaranteed losses on bunds.
Its a bit of a simpleton explanation of the market moves considering the drop 8% drop in pound sterling. We have to wait and see of course, but very likely that the pound will drop further over the coming week(s). So any positive move on FTSE or the guilt will likely be offset be a further decline in the value of the pound sterling.
Politicians will sing whatever song necessary to get elected or in this case back in office.
So first off why not buy Standard Chartered today?
Great Britain is a tiny island. They don’t know what their credit risk is? Fine…they can move to a new island then.
Second is the election in Spain. Why would Spain listen to France? Of course there might not be a Spain come Monday…nor an Italy or Greece apparently.
I don’t recall the ending in Casablanca as being “we”ll always have Frankfurt!” though.
Turkey in the EU?
Magnificent!
Exactly what the Utopians in Brussels deserve.France has no place in the EU. Nor does any right thinking country filled with people who aren’t ruled by politicians who think government is the highest form of life.
Turkey in the EU? Vote YES!!!
“Second, he called for … a European monetary fund that will “ensure the independence of Europe”.
Ok, I have to ask: What does this mean? Independence of Europe from what?
Bills that can’t be paid from freshly printed money. The French gotta live. Taxes are old school, not supported by modern financial engineering. Better yet, an ECB that soaks eager wannabe Turkey or some other sucker for French deficit financing is a natural right.. The French deserve this as a divine expectation and promise from Him. Go Turkey, the next EU member. You also deserve it.
#Turkentry
The CAC 40 index (France) was down 8.04% today vs 6.72% for DAX (Germany) and far worse than FTSE (London) down 3.15%.
Mish predicted the end of the EU on this site’s ancestor in 2008, though he wrote it would start with Greece or Portugal over unpayable debt.
Immigration control probably forced marginal British votes against the status quo.
Nevertheless I believe the root cause holds: The union was built “One size fits Germany”.
European Union has been declared dead.
The best government is directly and promptly responsible to voters at the local level for every decision. Democracy is a foreign concept to Eurocrats. Unelected bureaucrats set shapes and dimensions for bananas, cucumbers and teapots. These forty thousand bureaucrats are no longer paid by the British.
Agree with your opinion of Marketwatch. I use to love their front page. I could get a lot of information from there. Like the Bloomberg opening page which I also loved but seldom visit anymore. I guess they felt they were becoming old fashioned. I hope Drudge keeps the same old front page forever.
If it ain’t broke don’t fix it.
When Trump says NATO is outdated and useless, the losers in the media say that’s crazy. When one of their little clique says the same thing (jettison Turkey because it doesn’t obey the lunatics in Brussels) the media doesn’t bat an eye.
I’ll say it for them: Sarkozy is as crazy as Endrogan. And while we are on the subject, Merkel, Hollande, Rajoy, Cameron, Juncker and Draghi all belong in padded cells too.
The EU was marketed as a bloc to improve trade. Its mandate, such as it was, stopped there.
Hitler wanted to impose himself on Europe. So did Napoleon. So do these EU lunatics. Stop pretending like the EU is any different or any better. No one voted for this nonsense.
Congrats to the UK for finally putting a stop to the insanity. Shame on Cameron for trying to throw his own country under the bus. Good riddance to you sir.
Cameron deserves credit for keeping his word (not a liar) and putting the Referendum on the ballot. I think history will judge Cameron very well for putting the referendum on the ballot. One might say that Cameron provided the path for the UK to liberate itself from its EU colonial status and return to self-rule. Democracy in action in the UK, and the will of the people respected is a good Cameron legacy. So what if he was on the losing side of the vote; he allowed a fair and unrigged election and abided by the results. Very different than after the Greek vote. I think resigning and handing the transition over to a true Brexit believer (like Boris Johnson) is a class act way to exit.
Not putting it up for a vote would have been throwing his country under the bus. The 48% voting Remain were probably voting to throw their country under the bus, though they did not see it that way. If the EU had not been so arrogant and out of control, Cameron might have been able to get by without the referendum. The EU really forced his hand. So, give credit to the EU and Merkel for going so ape-shit-wild that Brexit not only became possible but went over the top. Really an amazing event.
Cameron will be remembered as fondly by the British as Gorbachev is remembered by the Russians. In other words, ash heap of history. Perhaps as fondly as Sansa will remember Ramsay Bolton: