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Raab's Whirl-wind Tour of NA as Germany Slumps

by Oui Wed Aug 7th, 2019 at 03:01:47 PM EST

At Last, Raab the Truth Teller

America, the land of opportunity for the Tory legacy of Boris Johnson.

Raab says Brexit will bring 'huge series of upsides' for UK trade | The Guardian |

Brexit will bring "a huge series of upsides" for the UK in international trade, Dominic Raab has promised at the start of a symbolically important trip to North America, during which he will press the White House about the need for a rapid deal.

Raab, a die-hard leave supporter, will be conscious of the need for positive words from Washington on a quick post-Brexit trade deal as a counterpoint to warnings over the likely economic impact on the UK of a no-deal departure from the EU.

A powerful group of Congress members warned last week that they would block any trade deal with the UK if Brexit affected the Irish border and jeopardised peace in Northern Ireland.

The UK's emphasis on a US deal was further illustrated with the news that the international trade secretary, Liz Truss, would also visit the country this week. She is to meet trade groups, officials and Congress members over four days, her department said.  

More below the fold ...

Buying Brexit bonds ... something like investing in Russian railroad a little over century ago ...

Raab's Freight Train Speeding West

Go West Young Man ...

UK trade delegation eyes post-Brexit deal with Trump | DW |

UK Foreign Secretary Dominic Raab arrived with a trade delegation in Washington, where he hopes to process a quickfire free trade deal with US officials. Raab said he "looked forward to working with our American friends to reach a free trade deal."

After meeting US President Donald Trump and Secretary of State Mike Pompeo, Raab expressed his appreciation for the "president's warmth and enthusiasm for the UK-US relationship." President Trump had told reporters after his first conversation with new Prime Minister Boris Johnson that a trade deal with post-Brexit Britain could be "three to four, five times" bigger than it is currently.

Merkel's Industrial State of Germany left at the station biting dust ...

Germany's industrial production dropped by 1.5 percent month-over-month in June 2019
Spot gold breaches $1,500 as Wall Street tumbles - as it happened

FM Raab's Policy and Priorities ...

In a brief statement, Mr Raab said: "I was delighted to meet the president and the vice president on my first visit to Washington as Foreign Secretary.

Joining Trump in right-wing rhetoric and military campaigns  ... an extension of Trump's trade wars!

U.S. Trade on Life Support ...

The super-rich have made Britain into a nation of losers | The Guardian Opinion |

    While nurses beg on TV for pay rises and neighbours feud
    about benefits, the wealthy continue to take without giving

Think of a football stadium. Not one of the vast caverns like Old Trafford or Wembley, but somewhere rather smaller and more bijou. Somewhere like Fulham's Craven Cottage, which, once its new stand is completed, will pack in only about 30,000 fans. Now imagine this stadium of 30,000 souls rising up into the air and hovering unnoticed over central London. Thirty thousand men in late middle-age living the high life with the capital at their feet - and there, stuck way below on terra firma are their 66 million fellow Britons, tearing lumps out of each other.

Congratulations: you've just pictured the central problem stalking the UK today. Not Brexit. Not the breakdown in civil debate. Not the dark money contaminating Westminster. These are urgent and vitally important, but there is one big factor that forms a large part of the backdrop to all of them. It can be summed up by that gulf between a mid-sized football stadium of super-rich men in their 50s, and the rest of us spread out across our suburbs, our towns, our unpretty stretches of urban sprawl.

That football stadium represents the top 0.1% of earners in the UK. To join their ranks, numbering just 31,000, you'd need a taxable income of at least £650,000 a year - £12,500 per week. In less than a fortnight, you would easily pull in more than the average Briton makes as taxable income over a whole year.


The stratospherically rich are among the subjects of a new report by the Institute for Fiscal Studies. An analysis of the tax returns of the highest earning Britons, it shows in uncompromising detail just how our money has ended up in fewer and fewer hands based in less and less of the country. Almost half the super-rich live in London and nearly 90% of them are men. What's more, they often end up paying a lower tax rate than the pay-as-you-earn mugs like you and me.

Can you even imagine the number??

$ 15,000,000,000,000

Amount of global debt with negative yields balloons to $15 trillion | CNBC |

The anxiety of the small saver in a world of negative interest rates

Food for thought ...

Central Bank Shenanigans

by Oui on Wed Aug 7th, 2019 at 05:21:42 PM EST
by Oui on Wed Aug 7th, 2019 at 07:27:43 PM EST
[ Parent ]
In the meantime, Trump allows repatriation by the numbers ... migration from the Bermuda Islands!!  In addition, foreign investment coming in primarily from The Netherlands and Ireland. Hmmm.

Direct Investment by Country and Industry - 2018 | BEA |

The U.S. direct investment abroad position, or cumulative level of investment, decreased $62.3 billion to $5.95 trillion at the end of 2018 from $6.01 trillion at the end of 2017. The decrease was due to the repatriation of accumulated prior earnings by U.S. multinationals from their foreign affiliates, largely in response to the 2017 Tax Cuts and Jobs Act. The decrease reflected a $75.8 billion decrease in the position in Latin America and Other Western Hemisphere, primarily in Bermuda. By industry, holding company affiliates owned by U.S. manufacturers accounted for most of the decrease.

The foreign direct investment in the United States position increased $319.1 billion to $4.34 trillion at the end of 2018 from $4.03 trillion at the end of 2017. The increase mainly reflected a $226.1 billion increase  in the position from Europe, primarily The Netherlands and Ireland. By industry, affiliates in manufacturing, retail trade, and real estate accounted for the largest increases.

by Oui on Wed Aug 7th, 2019 at 05:22:38 PM EST
While most of the focus is, rightly, on the enormous amount of US direct investment in Ireland, through companies like Apple, Facebook, Intel, Microsoft, Google, IBM, Oracle, Ebay and big pharma etc., there has also been a not inconsiderable amount of real (as opposed to book-keeping) investment by Irish firms in the USA. It's not all been a one way street, and the impact of an EU/US trade war would have significant impact on the US economy as well.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Aug 8th, 2019 at 09:18:32 AM EST
[ Parent ]
UK too desperate to secure US trade deal, says Clinton's treasury secretary - Guardian
The former US treasury secretary Larry Summers has said he does not believe that a "desperate" UK would manage to secure a post-Brexit trade deal with Washington, as Dominic Raab, the new foreign secretary, heads to the US to scope out the potential for such an agreement.

Summers, who was a senior official under Bill Clinton and Barack Obama, said the UK was in a weak position when it came to negotiating with trade partners.

He told BBC Radio 4's Today programme on Tuesday: "Britain has no leverage, Britain is desperate ... it needs an agreement very soon. When you have a desperate partner, that's when you strike the hardest bargain."

by Bernard on Thu Aug 8th, 2019 at 06:31:27 PM EST
Does Trump possess the ability to negotiate a fast track trade deal with the UK on an expedited basis, only having to present the results to the Senate for approval? Even if so the Senate might pose problems even if such a deal could be ready before 2020.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Sep 2nd, 2019 at 05:17:29 PM EST
A trade deal would take years of negotiations ... most likely Trump would lower or remove tariffs on agricultural goods, cars, airplanes, aerospace and financial services. The president would offer some sweet deals for public consumption and invite Boris or the Queen for a State visit ... pompous and BIG.
by Oui on Tue Sep 3rd, 2019 at 04:24:03 AM EST
[ Parent ]
Boris will be fortunate indeed to still be PM by Oct. 16.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Sep 3rd, 2019 at 05:17:50 PM EST
[ Parent ]
The UK joined the EU in 1973.  Every trade deal since has been negotiated by the EU.  

OK, what does that mean?

Beat's me.  I am neither a lawyer nor an International Trade expert.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Tue Sep 3rd, 2019 at 04:46:36 PM EST
[ Parent ]

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