Brexit

[malchior]

President Obama basically stated that the UK would effectively go to the back of the line when it comes to trade with the US if they leave.

Obama was just stating what business would do. British access to the single market was a big part of the relationship. Couple that with political and economic uncertainty and Britain has possibly severely damaged its role as a conduit through the City and without for investment and commerce.

[hepcat]

BBC has called it for leave. Turns out shouting, "racists!" at the opposition wasn't a good tactic for Remain. Who knew?

First off it is true

If Americans are going to say shit like that they're going to get Trump elected.

Haven't you heard? There is no racism any more. It's now just considered being politically incorrect...and it's a rallying cry.

[LordMortis]

I honestly don't know what it's like in Britain/UK. Are nationalism and racism the same thing? That doesn't feel right to me. Probably because in spite of all of the muck, I tend to have pretty strong nationalist feelings unto the fringes of isolationist xenophobia about my country but racism doesn't enter my nationalist equation. I don't know if that's because the US as a nation doesn't go back thousands of isolated years.

[LawBeefaroni]

I honestly don't know what it's like in Britain/UK. Are nationalism and racism the same thing? That doesn't feel right to me. Probably because in spite of all of the muck, I tend to have pretty strong nationalist feelings unto the fringes of isolationist xenophobia about my country but racism doesn't enter my nationalist equation. I don't know if that's because the US as a nation doesn't go back thousands of isolated years.

The US is technically a nation of immigrants. Nationalism isn't as tied to a single cultural or racial identity at closely as it is in other nations.

UK nationalism isn't necessarily racist but racists have jumped on it as a way of legitimising and mainstreaming their racism.

Just like anti immigration in the US.

[Defiant]

The UK is now poorer than France

[Rip]

Has anyone noticed that Boris Johnson looks like Trump with his hair messed up?

[Archinerd]

I'm going to watch Children of Men tonight to cheer myself up.

[PLW]

All the economists I read were so sure this wouldn't happen that I absolutely should have hedged in my retirement account. One day, I'll learn.

[Defiant]

[gilraen]

All the economists I read were so sure this wouldn't happen that I absolutely should have hedged in my retirement account. One day, I'll learn.

Yep, the markets usually predict such shockwaves in advance and are able to adjust. This time, all predictions were dead wrong.

[Holman]

What are the odds that Parliament will ignore the referendum in the name of saving the economy?

[tru1cy]

All the economists I read were so sure this wouldn't happen that I absolutely should have hedged in my retirement account. One day, I'll learn.

I've been carefully watching my accounts

[Defiant]

The trouble with democracy is that your votes count: A man.... or make that moron.... who voted to leave is shocked that his vote mattered

[AWS260]

[Isgrimnur]

[Carpet_pissr]

Dammit, forgot to sell my one British holding in my portfolio yesterday, just in case. Down 13% this morning!

Thanks, Obama! (and I say that via Trump: "Donald Trump says that UK's vote to leave the European Union "might have been different" if President Obama had not voiced his support for EU unity.")

[Chrisoc13]

I don't get how predictions were so wrong when it has been stated as too close to call.

I'm sure most of what Obama said was bluster. A new trade agreement will be worked out with the UK. We have years to do it anyways.

The special relationship won't just end because of Obama and Cameron, especially since both are leaving office very soon. Face it the U.S. Would have voted the same way, we have lots in common still.

I'm disappointed by the vote, but devolution has been a theme in Europe even while the EU has continued to increase. It will be interesting to watch this and see what happens.

[Isgrimnur]

[cheeba]

The left has been relying on shouting "racist!" at the opposition for too long and it's no longer working. The remain campaign was awful and its reliance on calling millions of people racist was part of the reason why.

When a huge part of the leave argument was that there were too many brown people in Britain, how do you spin it?

Maybe immigration is a valid concern to some of these people and that they're not evil incarnate for not wanting to take in huge numbers of immigrants from the middle east, especially when countries like Saudi Arabia, Qatar, UAE, Kuwait aren't taking in any?

[Jaymann]

More like stupidity incarnate.

[Carpet_pissr]

UN hating Fox News knows exactly what they are doing.

[hepcat]

[stessier]

Stocks only down around 2% so far - that's not so bad (he says foolishly).

[stessier]

What are the odds that Parliament will ignore the referendum in the name of saving the economy?

I wonder about this too.

"The British people have made the very clear decision to take a different path and as such I think the country requires fresh leadership to take it in this direction," he said Friday in a televised address outside his residence.

But it was like 52-48...that is not a "very clear decision". There is totally a way they could spin this along the lines of "these are the reasons people voted to leave - we have heard them and this is what we are working on within the union to address them." They just need someone with the political will to try. Maybe I'm just jaded because we get stupid results on non-binding referrendums all the time...it doesn't mean we always listen to the result.

[LordMortis]

Stocks only down around 2% so far - that's not so bad (he says foolishly).

Spy went from 210 down to 203, where I thought about playing the game. It was back up to 206 last time I checked. We'll see what happens.

[PLW]

Stocks only down around 2% so far - that's not so bad (he says foolishly).

Spy went from 210 down to 203, where I thought about playing the game. It was back up to 206 last time I checked. We'll see what happens.

I think the market overreacted., so I bought triple-levered sp500 first thing this morning. Just with play money, though.

[LordMortis]

I think the market overreacted., so I bought triple-levered sp500 first thing this morning. Just with play money, though.

I don't have enough play money to buy at 203. If we dip back into 190 territory, I'll wince and move some savings over if my ability to move money coincides with the dip.

[em2nought]

The left has been relying on shouting "racist!" at the opposition for too long and it's no longer working. The remain campaign was awful and its reliance on calling millions of people racist was part of the reason why.

When a huge part of the leave argument was that there were too many brown people in Britain, how do you spin it?

Maybe immigration is a valid concern to some of these people and that they're not evil incarnate for not wanting to take in huge numbers of immigrants from the middle east, especially when countries like Saudi Arabia, Qatar, UAE, Kuwait aren't taking in any?

Prepare to be called racist by the flock of sheeple.

[Defiant]

when countries like Saudi Arabia, Qatar, UAE, Kuwait aren't taking in any?

There are 500,000 Syrians in Saudi Arabia, according to Nabil Othman, acting regional representative to the Gulf region at the UNHCR.

link

About a quarter of Saudi's population are foreign workers.

(Of course, it's Jordan and Turkey thats got the most)

[Isgrimnur]

[RunningMn9]

Maybe immigration is a valid concern to some of these people

That would make more sense if we didn't observe that the people most likely to actually deal with immigrants weren't a lot less concerned about immigration. It's always the people that don't really have any connection or interaction with immigrants that seem to be the most terrified.

[Fireball]

I'm sure most of what Obama said was bluster. A new trade agreement will be worked out with the UK. We have years to do it anyways.

The United States isn't exactly in a "free trade" sort of mood, and after all the EU-oriented businesses in the UK move to Paris and Berlin, there won't be nearly as much reason to negotiate a great deal with whatever is left of the UK in 2018. The more immediate issue for the imbeciles who voted "Leave" will be convincing Northern Ireland, whose peace agreement relies on the free flow of people, capital, and goods into Ireland that Brexit just threw into disarray, and Scotland not to leave the UK.

Why should Scotland and Northern Ireland be dragged out of the EU by the votes of angry, old Englishmen?

[LawBeefaroni]

The left has been relying on shouting "racist!" at the opposition for too long and it's no longer working. The remain campaign was awful and its reliance on calling millions of people racist was part of the reason why.

When a huge part of the leave argument was that there were too many brown people in Britain, how do you spin it?

Maybe immigration is a valid concern to some of these people and that they're not evil incarnate for not wanting to take in huge numbers of immigrants from the middle east, especially when countries like Saudi Arabia, Qatar, UAE, Kuwait aren't taking in any?

It not just the middle East. This isn't just Syria fallout. It's immigrants from India, Africa, and Europe.

The sweet irony is that rich Indians, Africans, and Europeans will be buying up UK real estate on the cheap now.

[Fireball]

And, of course, the Indians and most of the Africans are coming in because of the Commonwealth, not the European Union.

[Defiant]

Sexit?

[Isgrimnur]

Risky click of the day.

[hepcat]

The left has been relying on shouting "racist!" at the opposition for too long and it's no longer working. The remain campaign was awful and its reliance on calling millions of people racist was part of the reason why.

When a huge part of the leave argument was that there were too many brown people in Britain, how do you spin it?

Maybe immigration is a valid concern to some of these people and that they're not evil incarnate for not wanting to take in huge numbers of immigrants from the middle east, especially when countries like Saudi Arabia, Qatar, UAE, Kuwait aren't taking in any?

Prepare to be called racist by the flock of sheeple.

And the claims of just not being politically correct if you are a racist jackass who wants to pretend you aren't really.

[Sepiche]

Wow, what a monumentally poor decision by a bunch of old English people.

In addition to talk of leaving the UK in N. Ireland and Scotland, there are also rumblings now in Gibraltar, which voted around 95% to remain, about leaving the UK for Spain.

David Cameron is possibly about to go down in history as the man who caused the UK to break apart all for the hope of a small political advantage.

[Isgrimnur]

What next

Article 50 of the Lisbon Treaty, which guides member states wishing to leave the EU, is a vague map towards the exit door.

Article 50 of the Lisbon Treaty, which guides member states wishing to leave the EU, is a vague map towards the exit door.
...
Once Article 50 is invoked, it could take Britain up to two years to actually leave the EU.

During the two-year negotiation period, EU laws would still apply to the UK.

The UK would continue to participate in other EU business as normal, but it would not participate in internal EU discussions or decisions about its own withdrawal.

Once Article 50 is triggered, the terms of Brexit will be negotiated not by British politicians or diplomats, but by the other 27 nations of the EU.

And, when the members are ready, they will present the British government with a departure agreement on a "take it or leave it" basis.
...
The EU's 28 European affairs ministers will meet in Luxembourg to lay the groundwork for Brexit talks at the EU summit on June 28-29. Talks start at 12:30 GMT.
...
On July 1, the Netherlands hands over the EU's six-month rotating presidency to the relatively inexperienced Slovakia, which now must lead the negotiations towards Brexit.

Britain had been due to take the helm at the end of 2017 but will now give that up.

EU civil servants will delay summer holidays to begin the painstaking legal work to bring about Brexit.

The official British divorce from Europe would take at least two years. But EU president Donald Tusk has warned that the whole process of negotiating trade and immigration deals with a non-EU Britain could take seven years in all.

[Anonymous Bosch]

Maybe immigration is a valid concern to some of these people

That would make more sense if we didn't observe that the people most likely to actually deal with immigrants weren't a lot less concerned about immigration. It's always the people that don't really have any connection or interaction with immigrants that seem to be the most terrified.

FWIW, Bostonians seemed plenty concerned in the following NYT piece that I recall reading a few months back:

BOSTON, England — Workers wearing fluorescent orange clothing picked their way through rows of dark green kale, looking like inmates on a prison farm.

After a long day of labor, which pays the minimum hourly wage, they return to a makeshift camp surrounded by barbed wire and security fences put up by their employer, Staples Vegetables, which supplies supermarkets across Britain and Europe. The pickers, about a thousand of them, are required to scan their fingerprints before entering the grounds.

Many of these men and women are from Eastern Europe. They are in Britain legally under the European Union’s principle of freedom of movement and labor, which allows any citizen of a European Union nation to work in any other member country.

But their presence has caused anxiety and resentment in Boston, a town on the east coast of England that has come to epitomize this country’s rising antagonism toward immigration. The increasing number of foreigners in the country has become a central issue for voters in the June 23 referendum that will determine whether Britain stays in the European Union.

“There are far too many of them,” said Peter Chamberlain, 61, as he sat on a bench recently and watched two Polish men argue loudly in their native language. “I’d accept being less well-off to get the town back.”

Boston, a town of 67,000, experienced a sixfold increase in foreign-born residents from 2001 to 2011, and the non-British population appears to have continued growing in the last five years, official statistics show. The rapid influx has put a strain on housing, jobs, policing, hospitals and schools, which are scrambling to find more teachers of English.