Monday, July 16, 2018

Tag: Brexit

Disaster capitalism: the shocking doctrine Tories can’t wait to unleash

The Tory right doesn’t care about the damage Brexit will do. The prize is a free hand to exploit this mess and roll back the state for good. One of the most startling aspects of the Brexit debate is the rapidity with which the Conservatives have set it behind them....

Why Gold Is Now In A New Bull Market

Investors’ interest in gold peaked in September 2011, when it was generally agreed upon that the endless rounds of quantitative easing policies by the world’s central banks will result in rising inflationary pressures, while concerns over a potential Euro Zone break-up ran rampant, as government finances in countries such...

Soros Says Brexit Has Unleashed a Financial-Markets Crisis

Britain’s decision to leave the European Union has “unleashed” a crisis in financial markets similar to the global financial crisis of 2007 and 2008, George Soros told the European Parliament in Brussels. “This has been unfolding in slow motion, but Brexit will accelerate it. It is likely to reinforce the...

Italy’s Banks On Death Bed. Are Bail-Ins Coming?

Italy's third largest bank by assets, Banca Monte dei Paschi di Siena SpA is on the death bead. It’s been there since mid-2014. Italian banks in general have €200 billion in non-performing loans. They have another pile of troubled loans that are late just some of the time. To address the...

Chaos at Europe’s big banks: Italy begs for bad loans bailout and IMF warns...

Europe's banking sector is braced for chaos, with Italian giants desperate for a bailout and Germany’s biggest lender deemed a threat to the world economy. In Italy, politicians begged the European Union for permission to bail out troubled lenders sitting on more than £300bn of bad loans. Meanwhile, Portugal – long...

Frexit Is Coming

Britain's departure meant the end of an era. France's departure would mean the end of the EU. After Grexit and Brexit, the next crisis to confront the European Union will be Frexit. It will prove to be the worst of all. While dramatic, the Greek tragedy had a limited run....

Westminster’s Squabbling Is Making Brexit Worse

The simple fact is that political uncertainty hurts the economy. And with chaos reigning in the U.K., the road ahead looks bumpy indeed. When the Brexit vote was still months away, veteran Conservative Party politician Kenneth Clarke predicted that, should David Cameron lose the campaign for Britain to stay within...

Forget December. Forget Next Year. The Fed’s Done Hiking Until 2018

Circle Jan. 31, 2018, on the calendar. That’s the soonest the Federal Reserve hikes next. At least if money market derivatives are to be believed. Traders, who have consistently been better at projecting the path of interest rates than the Fed itself, are now pricing in a greater probability that policy...

The monetary bubble to end all bubbles is coming

Central banks continue to create new money through quantitative easing. But should they? That’s the question both Harvard economist Terry Burnham and economics correspondent Paul Solman explore in two separate pieces. Below, Terry Burnham warns against quantitative easing. You can read Paul’s take on the issue, “Why the Fed should...

John Kerry: Brexit could be walked back

US secretary of state expresses doubts over whether Brexit will happen as David Cameron ‘has no idea how he would do it’. The US secretary of state has raised doubts about whether Brexit will ever happen, suggesting most leave campaigners do not truly believe in Britain’s divorce from the EU...
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French Labor Law, Brexit, and Greek Austerity: Class War Against European Workers

Economist Richard Wolff says the old European elite believed it could fix their broken capitalism on the backs of the masses and that has proved to be a fatal mistake. Richard D. Wolff is a Professor of Economics Emeritus at the University of Massachusetts, Amherst, and currently a Visiting Professor...

The Roots of Brexit

In their quest for the Conservative leadership, two rival Eton schoolboys have managed to take the United Kingdom out of the European Union—the first by calling for a referendum in 2013 in order to consolidate his hold over the leadership, and the second by joining the leadership of the...

The Neoliberal Prison: Brexit Hysteria and the Liberal Mind

The enraged liberal reaction to the Brexit vote is in full flood. The anger is pathological – and helps to shed light on why a majority of Britons voted for leaving the European Union, just as earlier a majority of Labour party members voted for Jeremy Corbyn as leader. A...

Italy Said to Seek Opening to Fund Lenders With $44 Billion

Italy, which failed to gain European Union approval for a bad bank just months ago, is considering ways to inject funds into some of its lenders after the U.K.’s vote to leave the trade bloc sparked a fresh selloff, according to people with knowledge of the talks. The government is...

The Fed Is Now More Likely to Cut Interest Rates Than Raise Them

Wall Street’s odds have reversed since the Brexit vote. Wall Street is betting Brexit will change the minds of the Janet Yellen and the Federal Reserve. Before Britain voted to leave the European Union last week, the majority of traders believed the Fed would raise interest rates at least once in...

Why Brexit Might Not Happen at All

As I noted on Friday, Britain won’t be exiting the E.U. anytime soon. If and when the U.K. government invokes Article 50 of the Lisbon Treaty of 2007, which grants member states the right to leave, there will be at least two years of negotiations about the terms of Britain’s future relationship with Europe....
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Alan Greenspan on Brexit, U.S. Economy, and Inflation

Former Federal Reserve Chairman Alan Greenspan discusses fallout the U.K.'s Brexit referendum, U.S. economic growth, wage and economic stagnation, central banks, low productivity, and his call for inflation in the U.S. economy. He speaks with Bloomberg's Michael McKee and Tom Keene on Bloomberg. U.K. policy makers miscalculated and made a...

I do not believe that Brexit will happen

There will be howls of rage, but why should extremists on both sides dictate how the story ends? All good dramas involve the suspension of disbelief. So it was with Brexit. I went to bed at 4am on Friday depressed that Britain had voted to leave the EU. The following...

U.S., EU: Full Speed Ahead with Transatlantic Trade Deal, Despite Brexit

The White House rules out moving a bilateral trade deal with Britain to the front of the line. Top U.S. and European officials vowed to press ahead with a massive transatlantic free trade deal on Monday despite Britain’s historic vote last week to exit the European Union. In making the...

Angela Merkel Doesn’t Have a Brexit Plan, Either

Britain's departure from the EU has made Germany far more powerful than it should be. At Monday afternoon’s news conference in Berlin, German Chancellor Angela Merkel's body language was a notch less downcast than her post-Brexit vote appearance on Friday, when the dispassionate, even-keeled chancellor actually looked disheartened in a...

S&P Strips U.K. of Triple-A Credit Rating

Credit rater cuts the country’s debt by two notches; ratings outlook is negative. Standard & Poor’s Global Ratings stripped the U.K. of its pristine triple-A credit rating on Monday, following through on its warning that last week’s vote to leave the European Union threatens the country’s constitutional and economic integrity. The...

Brexit loophole? MPs must still vote in order for Britain to leave the EU,...

MPs will have to do their duty to vote according to conscience and vote for what's best for Britain. Parliament must still vote on a bill to allow the UK to leave the European Union, leading lawyers have said. Geoffrey Robertson QC, who founded the Doughty Street Chambers, said the act...

U.S. Stocks Fall With Global Shares, Pound on Brexit; Gold Gains

The aftershocks of the U.K.’s vote to leave the European Union reverberated across financial markets after a weekend of political turmoil, with the pound extending its record selloff and European equities dropping to levels last seen in February. The S&P 500 dropped 1.8 percent to the lowest since mid-March, while...

The Collapse of the Liberal World Order

The world is entering a period where once-robust democracies have grown fragile. Now is the time to figure out where we went wrong. Once upon a time — that is, back in the 1990s — a lot of smart and serious people believed liberal political orders were the wave of...

A Stunning Email About Brexit Vote As Elites Panic And Global Collapse Edges Closer

After the stunning Brexit vote to “Leave” the EU followed by turmoil in world markets, today the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events, warned the elites are now panicking as global collapse edges closer. But first, the powerful...

After Brexit Vote, Europe’s Leaders Debate Timing of U.K.’s Departure

Officials in Brussels and Berlin suggest giving Britain a chance to reconsider its decision to quit the EU. Pressure abated on the U.K. to serve swift notice of its intention to leave the European Union after last week’s referendum, as senior European policy makers suggested Britain should be allowed time...

Brexit Is Only the Latest Proof of the Insularity and Failure of Western Establishment...

The decision by U.K. voters to leave the EU is such a glaring repudiation of the wisdom and relevance of elite political and media institutions that — for once — their failures have become a prominent part of the storyline. Media reaction to the Brexit vote falls into two general categories: (1) earnest, candid attempts...

Europe’s Loss Is NATO’s Gain

Britain is about to have more money and manpower to pour into the West’s military alliance -- and more motivation to do so. The people have spoken, and United Kingdom will leave the European Union. The United States and Europe will be confronted with a raft of bad news that...

European Union’s Imperial Overreach

While few analysts are putting it this way, the European Union suffers from a self-inflicted crisis of overexpansion — a form of “imperial overstretch,” if you will. The Brexit vote was just the latest symptom of this policy disaster, which also includes escalating confrontations with Russia and the ongoing...

Brexit wipes $2tn off markets as Moody’s lowers UK credit rating outlook

Amid concerns that the EU referendum result risks sparking fresh financial crisis, Bank of England governor says it is ready to do whatever is needed. The ratings agency Moody's has lowered the outlook for the UK's credit rating from stable to negative amid what it said would prove a prolonged...

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