FORUMS > The Sin Bin > Will Brexit Be Blamed For Any Coming Economic Crisis? |
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995.gif "If the American people knew tonight, exactly how the monetary and banking system worked, there would be a revolution before tomorrow morning."
-Abraham Lincoln:995.gif |
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| The global financial system is just a giant ponzi scheme that should have collapsed in 2008 but the global elites persuaded governments around the world to bail out the failing banking system, with austerity imposed on the masses to pay for it.
They preach capitalism yet when the banksters run into trouble they are bailed out by Government, showing total hypocrisy and avoiding the rules they impose on others.
However all the bailouts did was delay the inevitable. The (mainly western) world is drowning in unpayable debts as Greece know to their cost. The system will eventually fall like a house of cards. I thought Greece would be the trigger but now it could well be Brexit (although the Italian banking system is on the verge of collapse and Deutsche Bank has been rated the biggest threat to the financial system by the IMF.)
With this in mind will the millions of working class Brexit voters become the fall guys, blamed for any collapse and castigated for the crimes of the financial elites who flooded the world with toxic debts?
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| Probably
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icons077e_files/5885-54zedonite-msnicons.jpg regards
and ENJOY your sport
Leaguefan
"The Public wants what the Public gets" - Paul Weller:icons077e_files/5885-54zedonite-msnicons.jpg |
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| No!
Brexit is the panacea for all the countries problems.
Within a few years we will all be rolling in it.
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| Quote: Leaguefan "No!
Brexit is the panacea for all the countries problems.
Within a few years we will all be rolling in it.'"
Unlikely , but you might be right , or not
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187.jpg [img:2penstlp]http://img301.imageshack.us/img301/5994/saints7sk.gif[/img:2penstlp]
"...the biggest boor, the most opinionated pompous bigot that frequents these
boards and he is NOT to be taken at all seriously. ":187.jpg |
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| Quote: LeighGionaire "The global financial system is just a giant ponzi scheme that should have collapsed in 2008 but the global elites persuaded governments around the world to bail out the failing banking system, with austerity imposed on the masses to pay for it.
They preach capitalism yet when the banksters run into trouble they are bailed out by Government, showing total hypocrisy and avoiding the rules they impose on others.
However all the bailouts did was delay the inevitable. The (mainly western) world is drowning in unpayable debts as Greece know to their cost. The system will eventually fall like a house of cards. I thought Greece would be the trigger but now it could well be Brexit (although the Italian banking system is on the verge of collapse and Deutsche Bank has been rated the biggest threat to the financial system by the IMF.)
With this in mind will the millions of working class Brexit voters become the fall guys, blamed for any collapse and castigated for the crimes of the financial elites who flooded the world with toxic debts?'"
It's a fairly straightforward assessment. If many different countries across the globe suffer economic collapse simultaneously, it's unlikely that Brexit is to blame, although one shouldn't rule out the possibility that fear of a British collapse can have an impact on the world markets.
However, if the UK suffers an economic slowdown or collapse which is significantly worse than other countries, then it's a fairly solid bet that Brexit is to blame.
At the moment, given the devaluation, the freezing of property funds, the sustained 10% drop in the FTSE 250, and the increasing jungledrums of firms suspending investment and recruitment decisions, the second option looks a pretty safe bet.
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| Quote: Roy Haggerty "It's a fairly straightforward assessment. If many different countries across the globe suffer economic collapse simultaneously, it's unlikely that Brexit is to blame, although one shouldn't rule out the possibility that fear of a British collapse can have an impact on the world markets.
However, if the UK suffers an economic slowdown or collapse which is significantly worse than other countries, then it's a fairly solid bet that Brexit is to blame.
At the moment, given the devaluation, the freezing of property funds, the sustained 10% drop in the FTSE 250, and the increasing jungledrums of firms suspending investment and recruitment decisions, the second option looks a pretty safe bet.'"
This is what happens when you try to leave the ' Mob ' we'll have the proverbial horses head next
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18686.jpg In Springfield, they're eating the dogs, the people that came in. They're eating the cats! They're eating the pets!:18686.jpg |
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| No, because everything is now going to be fine & dandy.
Just ask Boris, Gove & Farage.
Better not though, because they've all left the scene of the crime .
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| Quote: The Devil's Advocate "No, because everything is now going to be fine & dandy.
Just ask Boris, Gove & Farage.
Better not though, because they've all left the scene of the crime
Not forgetting ' chicken ' Dave
Not sure exactly how Nigel could have contributed
Not too upset that Boris and Gove are out of the frame
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1977_1349889235.jpg "You are working for Satan." [i:2886spie]Kirkstaller[/i:2886spie]
"Dare to know!" [i:2886spie]Immanuel Kant[/i:2886spie]
"Do not take life too seriously. You will never get out of it alive" [i:2886spie]Elbert Hubbard[/i:2886spie]
"We are all in the gutter, but some of us are looking at the stars." [i:2886spie]Oscar Wilde[/i:2886spie]
[url=http://thevoluptuousmanifesto.blogspot.co.uk:2886spie][color=#4000FF:2886spie]The Voluptuous Manifesto[/color:2886spie][/url:2886spie] – thoughts on all sorts of stuff.:d7dc4b20b2c2dd7b76ac6eac29d5604e_1977.jpg |
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| Quote: GUBRATS "Not forgetting ' chicken ' Dave
Not sure exactly how Nigel could have contributed
Not too upset that Boris and Gove are out of the frame'"
Farage certainly was the 'head' of a large group in the European parliament. In the aftermath of the vote, he stated that the Tory Brexiteers would not just push him into touch, but that he would use that position to take charge of Brexit negotiations.
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50722_1319672516.jpg :d7dc4b20b2c2dd7b76ac6eac29d5604e_50722.jpg |
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| Enron was an indicator of how huge institutions are allowed to play fast and loose with billions of investors capital - there were lessons in that collapse that were not acted on by the US Government; although one patsy did go to jail. The subsequent semi-collapse of the western financial system, headlined by the US sub-prime lending market but not solely confined to that, was another opportunity to reform - and the OP is right that instead, the institutions involved reduced slightly in number, but were bailed out by a Washington/Wall Street cabal, and have by now returned to business as usual; much the same happened here, with financial institutions that were bailed out with tax payers money, now paying out $billions in dividends and bonuses. I'm not sure there's a viable way to unpick the system now - it's been allowed to evolve into something so complex and interdependent that many major economies now rely on amazingly clever people who don't actually make or produce anything.
As for Brexit - the FT has this to say today:
"Brexit has unleashed a different sort of currency depreciation, according to modern economics, one that is less likely to encourage domestic investment for exports, is more likely to raise inflation and will be more painful for hard-pressed families. As David Miles, a former MPC member, told MPs soon after the referendum: “I am not terribly optimistic that, if sterling now stays at the current level, we should expect a marked increase in exports from the UK and a significant reduction in the current account deficit”.
Hardly the land of milk and honey that Gove, Boris (he never believed it anyway) and Nige promised?
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| Quote: LeighGionaire "With this in mind will the millions of working class Brexit voters become the fall guys, blamed for any collapse and castigated for the crimes of the financial elites who flooded the world with toxic debts?'"
Yes, and you don't even need that in mind. Where the hell else are the newspapers and populists going to turn once blaming immigrants is a busted flush? The rich? LOL.
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| Quote: vbfg "Yes, and you don't even need that in mind. Where the hell else are the newspapers and populists going to turn once blaming immigrants is a busted flush? The rich? LOL.'"
It'll be the low paid who need handouts to get by day to day and the people on sick or the disabled. Oh wait. Haven't the Tory government already done that?
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| The fall in the pound is making inward investment in commercial property, etc much more attractive. When the immediate jitters subside, chances are there will be lots on capital inflows.
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| Quote: LifeLongHKRFan "It'll be the low paid who need handouts to get by day to day and the people on sick or the disabled. Oh wait. Haven't the Tory government already done that?'"
You're a cheat pretending to have a bad back. Get a proper job. etc.
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187.jpg [img:2penstlp]http://img301.imageshack.us/img301/5994/saints7sk.gif[/img:2penstlp]
"...the biggest boor, the most opinionated pompous bigot that frequents these
boards and he is NOT to be taken at all seriously. ":187.jpg |
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| Quote: Dally "The fall in the pound is making inward investment in commercial property, etc much more attractive. When the immediate jitters subside, chances are there will be lots on capital inflows.'"
That's just not true. In fact, the reverse is true. Property funds are either closing (not allowing investors to withdraw money), or significantly writing down their value.
rlhttps://www.theguardian.com/business/2016/jul/08/commercial-property-prices-brexit-clauses-ubsrl
I'm keeping completely level and calm on these boards, because positions are so entrenched that it takes almost nothing to make people start shouting and insulting. But it is essential for the future of our country that we don't embrace the sort of post-truth irrationality that afflicts, for example, large parts of Republican America, where any evidence which contradicts what they want to believe (for example, Obama's birth certificate), is dismissed as some sort of conspiracy, or simply ignored.
This is no longer a matter of opinion, (albeit expert opinions versus the opinions of liars and frauds during the campaign). What is happening now is fact. Commercial property investment funds are crashing because nobody with money to invest, no institutions, no banks, expects the market to do anything but drop, because Brexit means there will be far less demand for commercial property in the UK - after all, if you're looking to place a new firm or store, then why would you spend cash now on a country which is going to be outside the European market, and which already has far less money to spend because of the devaluation of the pound?
Similarly, one report has the number of job vacancies advertised across a range of recruitment sites as halving in the last two weeks. Halving. That's a massive reduction in recruitment. While committed Brexiteers are still talking about "Project Fear", and promising endless summer (and in one case I know, crowing about how a possible trade deal with New Zealand's 3m consumers is a worthwhile reward for ending free trade with 500m Europeans), the fact is that the economics are already going down the toilet, and we've not even invoked Article 50 yet. So this damage is actually being caused by people taking precautions. Imagine the scale of the carnage when Article 50 is invoked, and fearful precautions become appalled certainty?
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