UK vote to leave the EU ['BREXIT'] - 23rd June

[JR8]

Hilarious. What he fails to mention is the EU buys [cough cough 'funds' ] with showers of EU money the impoverished periphery. Scotland, Wales, and so on.
Unless Scotland turn anti, like [spit spit] Greece, Spain, Portugal, the UK, and more coming real soon, in which case they must be destroyed. .... All for the greater good, the good of the wholly undemocratic project you understand?

[BBCWatcher]

All for the greater good, the good of the wholly undemocratic project you understand?

Yes, about that. It's patently false, b.s.

1. The European Parliament consists entirely of MEPs, popularly elected from constituencies. That's the legislative branch. That's just like the Westminster parliament but without the (much less democratic) House of Lords.

2. The European Commission is the executive branch. The Commission President is nominated by the European Council and elected by the European Parliament. That's very similar to a run-of-the-mill Tory leadership contest, or even arguably more democratic. (Less democratic perhaps than a state-of-the-art Labour leadership contest, although that hypothesis is being tested right now.)

European Commissioners are nominated by each of the 28 member states, all of which have democratically elected governments. (And must, otherwise they cannot be EU members/cannot retain EU membership.) These are analogous to cabinet ministers in Westminster, except that they're even more democratically decided since each country's democratically elected government picks them, not a particular party or coalition (and its leader). The Commission President (elected by the Parliament) can, in practice, ask for another nominee, but only the member state's government can nominate.

3. The European Council consists of all the heads of state of the 28 members, all democratically decided.

4. The European Court of Justice consists of 28 appointed judges decided based on consensus among the (democratically elected) member governments, plus 11 Advocates-General (same). They serve for renewable terms of six years. (I don't think anybody favors popular, direct election of judges -- at least not anybody who favors a fair and impartial judiciary.)

....And that's your EU. Democratic? Very. Perhaps it could be more democratic, but by that standard so could Westminster.

[BBCWatcher]

Vox summarizes the big border problems Northern Ireland faces -- and thus the entire United Kingdom.

[x9200]

[Barnsley]

http://www.bbc.com/news/world-europe-36662636

The files showed how Luxembourg granted lucrative tax breaks that saved firms including Apple, Ikea and Pepsi billions of dollars in taxes, at a time when Jean-Claude Juncker, now head of the European Commission, was prime minister.

Glad this fella is in charge

[Wd40]

European markets have recovered all their post BREXIT losses. Now its only the currency loss.

Sent from my Redmi Note 2 using Tapatalk

[JR8]

Yep, closed +22 vs the pre-BREXIT vote count. The weak £ is troublesome if you're converting/repatriating funds ex-£, but in the meantime it materially boosts [converted] profits of FTSE company overseas sales.
Eurostoxx-50 +2.66%. Wall Street is following through quite nicely too, and oil up 4/+% on the day.
Your timing has come good very sweetly there WD

ps the head of the BOE Mark Carney is making an unscheduled speech tomorrow at 3pm [UK]. That'll be interesting, perhaps now the tide has turned he'll cement it with soothing words/added liquidity and so on.

[Brah]

And there there is this
London bankers look to flee to Asia following Brexit.

Banks and headhunters in Asia have already begun fielding calls from London finance professionals looking to relocate to the region in the wake of the UK’s Brexit vote.

But their timing couldn’t be worse – aside from specialist roles, opportunities for expats in Hong Kong and Singapore are now thin on the ground.

http://news.efinancialcareers.com/sg-en ... dium=EM_NW


...might have to update the Everyone's Leaving thread...

[JR8]

Meanwhile in refreshing news this hour...
-----
'Samuel Adams brewer plots 'Brexit' cider
David Cameron could soon be drowning his sorrows in his local over a “Brexit” cider, after the American brewer behind Samuel Adams submitted a trademark application for the word.
According to the United States Patent and Trademark Office, the Boston Brewing Company filed an application for the ‘Brexit’ trademark on Friday, the day the surprise result of the EU referendum was announced. The brief filing says the application relates to “hard cider”.

[Strong Eagle]

[JR8]

Unlike the US Dem leaders who remain there beside the fire, leaning forward, their fringes dangling perilously close to the flames....

[BBCWatcher]

I don't understand your comparison, JR8. The United States didn't vote to leave anything. Democrats in the U.S. don't favor leaving any international organization. Democrats have no objections to the residence and working rights of the citizens of CFA countries and no objections to NAFTA professionals.

[BBCWatcher]

Post-referendum, investors are desperately seeking safe havens for their sterling. Just a moment ago, for the first time ever, the nominal yield on a U.K. government bond (gilt) flipped negative. It was the bond that matures in March, 2018. The return fell to -0.04% briefly before rising just above zero.

The 10 year gilt also touched a record low, getting down to 0.831% at one point.

[Wd40]

Post-referendum, investors are desperately seeking safe havens for their sterling. Just a moment ago, for the first time ever, the nominal yield on a U.K. government bond (gilt) flipped negative. It was the bond that matures in March, 2018. The return fell to -0.04% briefly before rising just above zero.

The 10 year gilt also touched a record low, getting down to 0.831% at one point.

This is counter intuitive. If people were desperately seeking safe haven for their Sterling, why would they rush into Sterling denominated govt bonds? You know yield falling means high demand for the bonds.

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[Strong Eagle]

This is counter intuitive. If people were desperately seeking safe haven for their Sterling, why would they rush into Sterling denominated govt bonds?

Lemming like behavior that, contrary to market theory, is not at all rational?