Brexit Phase Two - Trade

Or the money to rescue the Italian economy. Italy is definitely in the too big to fail category. Quite how the eurozone responds when a 'too big to fail' fails is an interesting conundrum.

The minnows were bullied into internal devaluation. The EU forced massive public spending cuts on Greece, et al. Which in turn forced the respective government to cut jobs and wages, restoring some of the competitiveness they'd lost due to euro membership/profligate financial policies.

No way can they do that with Italy. It's too big to bully - and might just retaliate by repudiating all debts owed to the ECB. Which would pull the eurozone temple down around the EU's ears.

Nor should we forget Spain; the Spanish banks required a partial rescue after the Lehman crash. I think the next recession might push then over the edge. A near simultaneous failure of the Italian and Spanish economies would be the double act from hell as far as the EU is concerned.

Wordsmith

There's a still a lot of funny money is the Spanish economy.
At least the Italians have taken substantive steps to deal with their economies mountain of funny money.

The Italians are the ones to watch.
There fundamentals are sound, hard workers, export led economy producing global brand goods… but, being crucified by a too highly valued Euro.
Its gotten so expensive to live in Italy, its exporting its young in ever growing numbers and its hurting and has caused bitter resentment.
 
Very interesting link. Some comments by the Dutch PM.
reminds me very much of Brown and British Jobs for British people, but of course that very much depends on what is meant by British/ Dutch. This constant harping on about integration is very New Labour, but I suspect that ulimately there will be a right wing backlash as money spent on integration won't be spent on enriching the general populace. Positive descrimination to the fore then.
 

skid2

LE
Book Reviewer
It’s all going well. Today’s Telegraph.



‘Buy your euros now the pound is only going in one direction’.



Brexit. ‘When ignorance is bliss, wisdom is folly’
 
As British as Unilever then. Not that it matters a hell of a lot. Maybe the London address put a bid in for the new passport, so that’s alright.

You Remainers clutching at straws is tres amusing.
British Petroleum runs its fleet operations from Singapore, does that make it a ‘Singaporean’ company?
 
It’s all going well. Today’s Telegraph.



‘Buy your euros now the pound is only going in one direction’.



Brexit. ‘When ignorance is bliss, wisdom is folly’

One writer heralds Sterling’s doom?

Many traders seem to expect a slow but steady climb to @ €1.18 by the summer.
 
There's an excellent piece in the Telegraph (apologies to those who can't get behind the paywall):

The next global recession will entirely reshape the Brexit debate

Basically it's bad news for everybody, but particularly the Eurozone as we head into the next downward cycle because it lacks flexibility and has pretty much fired off all its ammunition when QE ends in December. Italy looks odds on to play the role of Greece only, this time round, Paris and Berlin won't have the bullying option.
Let's all hope the vicar's daughter is cunning!
 

skid2

LE
Book Reviewer
You Remainers clutching at straws is tres amusing.
British Petroleum runs its fleet operations from Singapore, does that make it a ‘Singaporean’ company?
Show me the straws.....is the new passport being put together abroad. It looks like it. Has de la rue issued a profits warning. It seems so.

These are hardly straws, hardly earth shattering, but humorous and embarrassing all the same.

You would think by now the Brexit juggernaut would be rolling and crushing all opposition beneath it. Yet all it looks like is what happens when a couple of goats go consensual.
You have no shame.

Even the Luxembourgians are taking the piss. ‘When they were in they wanted opt outs. Now they are out, they want a lot of opt ins’
Now that’s harsh, in the good old days before we emasculated ourselves with Brexit. Had they talked about us like that, they’d have got a swift diplomatic clip round the ear.
 
Show me the straws.....is the new passport being put together abroad. It looks like it. Has de la rue issued a profits warning. It seems so.

These are hardly straws, hardly earth shattering, but humorous and embarrassing all the same.

You would think by now the Brexit juggernaut would be rolling and crushing all opposition beneath it. Yet all it looks like is what happens when a couple of goats go consensual.
You have no shame.

Even the Luxembourgians are taking the piss. ‘When they were in they wanted opt outs. Now they are out, they want a lot of opt ins’
Now that’s harsh, in the good old days before we emasculated ourselves with Brexit. Had they talked about us like that, they’d have got a swift diplomatic clip round the ear.

Will you burn your printed in England Irish passport in protest?
 

skid2

LE
Book Reviewer
Will you burn your printed in England Irish passport in protest?

Sorry. Not mental. I’ll continue to use whichever one is most convenient. It won’t cost me a thought. As long as they’re kosher and not knocked up on Bennys laptop.
That’ll be particularly embarrassing in Morocco.
 
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