The UK isn't Taking it Anymore
H/t @quigleyp for pic
For What it's Worth
The EU has been demonizing a UK withdrawal since before the vote through propaganda and fear mongering. Now, the UK's Carney fires back in defense of Britain's role in Europe. And he has good reason to do so. The UK is the second largest contributor to GDP in the EU behind only Germany. Lowering the mean country GDP in the EU means the whole of the EU is much weaker as an entity than the UK is. In fat, the nationalism of a country will force it to survive. The differences among EU countries , especially economically, will only be exacerbated in a negative way. The UK will suffer, but the EU will not survive we bet as other countries consider leaving.
Germany's next best industrial partner would be France. France cynically speaking, is really a semi resort country, geographically and industrially somewhere between the North and the South. If you ask us, Germany should be leaving the EU and partnering with the UK. France would cry "uncle" as Atlas would truly shrug. Finally, we feel that the EU's loss will be the USA's gain.
Finally, if the UK were to remain, it must then surrender its currency for the EURO. For, to remain and not be totally integrated is no progress for the EU Globalists. The EU will want no more half-measures and demand complete assimilation. We doubt the Brits will give up Sterling, and for good reason.
There is a difference., and to give up one's currency is to exchange the risk of national responsibility for the larger systemic risk of the EURO.
But at least the risk of national responsibility comes the tool of self- determination. Accepting systemic risk for convenience sake is like responsibility without control. A lesson for people as well as nations.- Vince Lanci
Draghi Should Learn the Lessons of History
Draghi should be careful. There is only so much a gentleman Brit can take before defending himself. The lessons of history show those who are forced to "convert", whether it be nationality or religion, are much more likely to remind them of those beliefs and identities they hold dearest. Our advice to Draghi is back off or risk rallying UK Nationalist pride further. Our hope is the UK honors the will of its people. For if they do not, that will embolden other globalisers to ignore their responsibilities. So let the war of words begin.
Draghi Attacks
“If, in the long run, the risk of a less-open U.K. economy in terms of trade, migration and foreign direct investment were to materialize, there would be a negative impact on innovation and competition and, thus, productivity and potential output,” Draghi said in testimony to European Parliament lawmakers in Brussels on Monday. “Such developments would first and foremost weigh on the U.K. economy.”
Carney Fires Back
Bank of England Governor Mark Carney had a warning for the European Union this morning when he said that the EU has a lot to lose if the British banking system is damaged due to Brexit.
Risks to Britain's financial stability remain elevated, Bank of England says https://t.co/dPj8kvxDeY pic.twitter.com/aanBcxO3aF
— Bloomberg Brexit (@Brexit) November 30, 2016
“The U.K. is effectively the investment banker for Europe,” the Bank of England governor said at a press conference in London on Wednesday. “These activities are crucial for firms in the European Union economy, and it’s absolutely in the interest of the European Union that there is an orderly transition and that there’s continual access to those services.”
Do you really Want to Insult Your Number 2 Guy?
List of nominal GDP for European countries (in billion USD)
2016 Rank
Country
2010
2011
2012
2013
2014
2015
2016
1
Germany
3,418.371
3,755.549
3,535.199
3,831.427
3,859.547
3,357.614
3,467.780
2
United Kingdom
2,409.409
2,594.114
2,624.291
2,680.123
2,945.146
2,849.345
2,760.959
3
France
2,651.772
2,865.304
2,688.210
2,807.306
2,846.889
2,421.560
2,464.790
4
Italy
2,130.586
2,280.315
2,076.370
2,137.615
2,147.952
1,815.757
1,848.691
5
Spain
1,434.257
1,495.968
1,356.483
1,393.476
1,406.855
1,199.715
1,242.356
6
Russia
1,524.915
1,904.790
2,015.154
2,079.134
1,857.461
1,324.734
1,132.739
7
Netherlands
837.949
894.576
823.595
853.806
866.354
738.419
762.521
8
Turkey
731.539
774.729
788.605
821.918
806.108
733.642
751.186
9
Switzerland
580.696
696.528
665.898
685.871
712.050
664.603
651.770
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