Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
So long as Article 50 is not complied with or, were the Parliament pass a resolution to the effect that the outcome of the referendum will be ignored - on whatever grounds, they could keep on doing this until the people tired of the farce. For the UK elites the danger is that someone, even if not Corbyn, WILL start discussing the reasons that 90% of the people are unhappy and hurting. And I don't even know if that would resonate with any significant part of the electorate.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Jun 27th, 2016 at 02:57:38 AM EST
[ Parent ]
Never mind the politics - the psychological effect of the referendum has been incredibly poisonous. It was going to be poisonous whatever the outcome, but now it's double-plus super poisonous because it has become clear to at least some of the Leave voters that the leaders they trusted were simply conning them.

The press are trying to play this down by concentrating on the Labour/Corbyn story, which conveniently has distracted everyone from WTF just happened.

That will run for a while. But sooner or later, the UK has to face up to the fact that the class and orientation divides can only be bridged by a genuine political genius. And there certainly aren't any of those in or around Westminster.

So I suppose we're going to see increasing extremism and right-wing violence as the UK descends into poverty and a fascist police state.

The poverty will start a lot more quickly if the UK can't reassure RoW that it's credit worthy. We're already seeing a run on the pound, and it's not clear when that will stop.

It's an impossible situation. The best outcome is mitigation, and that's going to enrage at least some of the population.

The worst outcome is hyperinflation within the next year or so. A huge jump in import costs for a country that has limited export potential - because we've just thrown away London's position as the prime European financial centre - is a classic set-up for a full blown inflationary crisis.

If that happens, we'll back where we in the mid-70s asking the IMF for a bail-out - on god only knows what terms, because there's precious little valuable industry left, and hardly anything left to sell.

I'm seriously considering converting my savings into Swiss Francs, or some other haven currency - not so much for profit, but to guarantee I have money for food.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Jun 27th, 2016 at 07:41:56 PM EST
[ Parent ]
Speaking of poisonous:

Family rifts over Brexit: `I can barely look at my parents' | Life and style | The Guardian

The EU referendum result has thrown many thousands of people, particularly young adults, into bitter conflict with the closest members of their families - divisions that `won't heal any time soon'

The article contains several examples of Remain-voting kids confronting their Leave-voting parents (and one counter-example).

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon Jun 27th, 2016 at 09:24:42 PM EST
[ Parent ]
but now it's double-plus super poisonous because it has become clear to at least some of the Leave voters that the leaders they trusted were simply conning them.

You think this is fun? Wait till Trump ascends to his throne and his gun-toting idiot supporters realized they've been played ... no new jobs, pitting state against state in a race to the wage cellar. Those guns will come in handy when it's time to flush the USA down the toilet. 😷

They tried to assimilate me. They failed.

by THE Twank (yatta blah blah @ blah.com) on Mon Jun 27th, 2016 at 10:22:27 PM EST
[ Parent ]
I hesitate to say it, but the US$ is likely to be the refuge of choice for a while at least. Among other things we still have the least bad economy and at least some prospects for counter cyclical spending in January. Just keep an eye on how Trump is doing.


"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Jun 28th, 2016 at 03:24:42 PM EST
[ Parent ]

Display:

Occasional Series