Financial Markets Take a Tumble after Brexit Vote

[JOE]

Not my opinion, but you can sure see the ruling elite & their powerful news media sure don't like the Brexit result.



And you can see which side their bread is buttered and where their axles are greased:



http://www.theglobeandmail.com/opinion/editorials/the-brexit-vote-is-complete-folly-but-there-is-still-time-to-reverse-it/article30608142/">http://www.theglobeandmail.com/opinion/ ... e30608142/">http://www.theglobeandmail.com/opinion/editorials/the-brexit-vote-is-complete-folly-but-there-is-still-time-to-reverse-it/article30608142/



...they refuse to recognize the result.

[size=150]Globe editorial

The Brexit vote is complete folly, but there is still time to reverse it[/size]



First, the anger.



It is appalling that fear has won the day in Britain. In a result so close – 52 per cent Leave versus 48 Remain – it is inevitable that voters motivated by the veiled racism in the anti-immigration rhetoric of the Leave side had a direct impact on the outcome.



They may also have fallen for empty promises of a better life. On the morning after the vote, Nigel Farage, the leader of the UK Independence Party, said it was a "mistake" to mislead voters into thinking a Leave vote would put £350-million into the health system overnight. A "mistake." One that people no doubt based their votes on.



Some Leave voters were already expressing buyer's remorse in media interviews on Friday, wondering what they had gotten themselves and their country into. Angry populism that had promised "independence" had delivered isolation and uncertainty instead.



Boris Johnson, the opportunist who backed the Leave side in his eagerness to take control of the ruling Conservative Party, said, "This does not mean that the United Kingdom will be in any way less united, nor indeed does it mean that it will be in any way less European." But he is fooling himself and those who listen to him.



So much has been thrown into doubt. The foundational tenets of modern capitalism – that free trade brings prosperity and is the surest way of ensuring the peaceful co-existence of nations – have been rejected by one of the most advanced trading nations in the world.



The British pound has collapsed, stock markets are plunging and, contrary to Mr. Johnson's assertion, the future of the U.K. is very much in doubt. Scotland and Northern Ireland are both better off in the EU, and both voted heavily for the Remain side. They now have more ammunition than ever to argue their case for independence. England, where the Leave side won, has no ammunition at all – none – with which to fight back.

...anyways, feel free to weigh in with your reaction to the editorial.

[cc]

It's O V E R  .... and the good guys won one



finally

[JOE]

It's O V E R  .... and the good guys won one



finally

...not sure if that's the case, cc.

Its another nation's referendum, don't live there.

I can see pros and cons for either side.



Actually I think you/we should be more concerned what's going on in our own backyard - how our provincial and civic leaders are managing our cities and the province. That has wider repercussions than a Brexit referendum thousands of miles away from our shores.



Ie - wasn't there a recent proposal to merge your city with Surrey?

With all the gangs, crime in that place, I'd be more concerned about that development than the Brexit. If you let some government official guided by self interest to determine your future, could be some gangland thug movin in your neighborhood. When you take your eye of your own backyard, things can take a turn for the worse.

[cc]

Slow learner syndrome strikes again

It's O V E R .... and the good guys won one

[Twenty Dollars]

I remember when Chretien, Clinton and that former drug lord president of Mexico, I think it was Salinas signed the agreement. It was supposed to turn Mexico into an advanced nation. All it did was hollow out the auto sector in Canada as the Seoul brother talked about and give the gangs in Mexico new companies to shake down.

You can't always get what you want. Better to do business with the Chinese? Tell me about shit wages. There will always be those who can make it cheaper. Why not the Mexicans? They are part of the Americas.

Why should anyone outside of our countries make our goods?

Because people within your country want cheaper prices. I know it's a secret. I won't tell.

Best we can do is at least keep it in the Americas.

[Twenty Dollars]

Hello Twenty Dollars. ac_wub

Good Afternoon Pricilla. Hope all is well with you. I've had some friends from NCal here. Doing the tourist thing with them. They left to go to Mal Pais this morning. Hope you have a nice Sunday.

[Anonymous]

I would like to see Canada and the US negotiate the UK's entrance into NAFTA. Kick Mexico out and bring the UK in. Call it TAFTA or Trans Atlantic Free Trade Agreement.

Again Herman, what's wrong with keeping it in the Americas? The rest of the world can fuck off as far as I'm concerned? Fuck the UK, France, Iran, etc, etc. Who needs them? All of everything we need, exists in North , Centeral, and South America.

That question has been answered by two different posters. Having Mexico as a member of NAFTA is bad for Canadian and American workers. They do not pay wages Canadians or Americans can live on, they do not have the same worker safety standards and they do not have the same concern for environmental sustainability. Britain on the other had does. If the choice was between having a Mexico out and Britain in, it is a no brainer.

What do you mean "they do not pay wages Canadians and Americans can live on"?

I live in Central Ontario. We have lost a lot of good auto parts supplier and assembly jobs to Mexico. Around here they made $20-$30 per hour plus overtime after eight hours, extended medical and pension. In Mexico these factories that have left are paying about $20-$30 per day so I have heard.

So if that new carburetor is 30% more you, you'd be ok with it? Or the new washer/dryer, automobile? Most would would go the cheaper route, which perpetuates the whole thing.  Pay workers more, so they can pay more? Still not seeing the logic?

Mexico being part of NAFTA has put Canadians out of work though. Chretien and Clinton sold us out.

[Anonymous]

It appears the bad news for Canada continues.

[Anonymous]

The UK has lost its top AAA credit rating from ratings agency S&P following the country's Brexit vote.



S&P said the the referendum result could lead to "a deterioration of the UK's economic performance, including its large financial services sector".



Rival agency Fitch lowered its rating from AA+ to AA, forecasting an "abrupt slowdown" in growth in the short-term.



The moves come after Chancellor George Osborne said the UK will face the future "from a position of strength".



Speaking earlier, in an attempt to restore calm to the markets, the chancellor said the economy would need to "adjust" but was strong enough to cope.



S&P had been the only major agency to maintain a AAA rating for the UK.



On Friday, Moody's cut the UK's credit rating outlook to negative.



A rating downgrade can affect how much it costs governments to borrow money in the international financial markets. In theory, a high credit rating means a lower interest rate (and vice versa).



S&P said that the leave result would "weaken the predictability, stability, and effectiveness of policymaking in the UK".

[smell the glove]

I'll simplify things for everyone...



Free Trade works if you want cheap, disposable shit.



Free Trade doesn't work if you want jobs at home.



Take your pick between these two!  You have only two choices, and nothing else!

[Twenty Dollars]

I would like to see Canada and the US negotiate the UK's entrance into NAFTA. Kick Mexico out and bring the UK in. Call it TAFTA or Trans Atlantic Free Trade Agreement.

What's wrong with keeping it in the Americas Herm? Brown skin?

A developed economy that pays similar wages to the US and Canada or a corrupt narco-state. Use your little pea-sized brain Gomer.

Like you'd pay more for anything. This fact is universal to your trade and Origen.

[Anonymous]

I'll simplify things for everyone...



Free Trade works if you want cheap, disposable shit.



Free Trade doesn't work if you want jobs at home.



Take your pick between these two!  You have only two choices, and nothing else!

When it is between third world and developed nations. That would not be the case with Britain in and Mexico out of NAFTA.

[cc]

I'll simplify things for everyone...



Free Trade works if you want cheap, disposable shit.



Free Trade doesn't work if you want jobs at home.



Take your pick between these two!  You have only two choices, and nothing else!

Ditto to IH & Mel (the mel who would do better if he didn't use childish nics)



While unnecessary in all cases, it "tends to work" between equally mature countries - Always fails miserable for mature countries dealing with 3rd world counties



In all regards, trade should be based on "roughly equal 2 way trade".



 If you are buying more from any country than you are selling to it  .. you are losing / it is not beneficial in "the overall" to the loser ... period!!







Someone, anyone please show me how the people of Canada win here ..... I mean beyond greedy people wanting cheap disposable crap .. and a few corporations that moved to Mex for cheap labour

[cc]

Substituting UK for Mex would result in many more people working, surviving, paying taxes, contributing to our economy  ... growing our economy



Meanwhile, today, the 3 hombres, 2 of whom don't give a shit about their people,  meet to further the imbalance



One hombre is quietly laughing at them .. .thinking "I hope they stay stupid"



http://www.blazingcatfur.ca/wp-content/uploads/2016/06/Make-Canada-Mexico-Again.jpg">

[smell the glove]

Ditto to IH & Mel (the mel who would do better if he didn't use childish nics)

Nobody likes my handle...



Perhaps I should register a new nick?