BREXIT

[conduit]

Then why do you think the bulk of German gold deposits have been stored in New York and not in the UK.

I never stated fx and commodities trading will leave the UK and I even explicitly stated before that it will remain untouched. I stated that most all euro denominated contracts will be cleared outside of the UK and trading in those will follow soon after. I even reckon that a number of European companies that list in London may overthink that decision.

lol. Many people would disagree with you that their gold has been safer in Germany for centuries compared to UK. Germany has been the worst debt defaulter in world in the last century.

The bulk of gold trading is OTC Physical Bullion and the London market is by far the world's largest and most influential.

Let me guess, now we are are leaving the EU, this will all be moved to frankfurt, brussels or paris. not happening ever.

 

[endicottsteel]

Then why do you think the bulk of German gold deposits have been stored in New York and not in the UK.

I have no idea. I was merely pointing out that your argument that it has been safer to store gold in France, Germany & Italy for centuries was absolute horseshit. London is the centre of the world in terms of Gold Bullion trading, we have never defaulted as a sovereign nation. None of this will change. Nobody is storing their family gold in Italy, you do make me chuckle.

 

[conduit]

I would not be surprised to find that Italy stores most of its gold deposit in...em... Italy

But back to the main point. Fx trading and gold trading makes a tiny tiny fraction of the overall revenues from sales and trading for most every investment bank. In contrast revenues from trading euro denominated contracts in most investment banks in London is massive. It will make a difference to London as financial center when this piece of the pie moves out of town. We can at this point only speculate when and to what degree this happens. But with brexit happening there will definitely be a negative impact to the city of some sort.

I have no idea. I was merely pointing out that your argument that it has been safer to store gold in France, Germany & Italy for centuries was absolute horseshit. London is the centre of the world in terms of Gold Bullion trading, we have never defaulted as a sovereign nation. None of this will change. Nobody is storing their family gold in Italy, you do make me chuckle.

 

[fhl]

Brittain learned nothing from the vote. Absolutely nothing.

I've been reading up on the replacement of Cameron by the Tories. From what i've read, they've installed another Cameron type establishment pol in Theresa May. The other of the final two, Andrea Leadsom, was the real deal, but the establishment types smeared her and won the campaign. Leadsom was for Brexit, against all the immigration, and apparently importantly in the race, is against the homosexual agenda.
The new Torie leader, May, was against Brexit, for all the immigration, and goes along with the homosexual agenda. It's looks pretty much like the equivalent of them installing Jeb Bush.

So there is going to be continued chaos in Britain as people leave the party for Ukip.
The establishment there, just as here, refuse to listen to the voters. They think it's their divine right to rule.

 

[AAAintheBeltway]

Many members of my family past currently rest in war graves in France. They gave their lives to fight off a dictator. They safely delivered our British sovereignty on to my parents and they paid for it. For me voting leave EU was a very simple matter of making the choice to pass on British sovereignty safely to my children and future grandchildren. Forget all the trade deals and regulatory passporting BS, that is a sideshow.

Spoken like a true Englishman. Well put, sir.

 

[AAAintheBeltway]

The idea of a tariff-free trading zone in Europe has great appeal. Somehow that turned into Brussels dictating the terms of everyday life in the member countries. I suppose it is the inevitable result of ceding sovereignty. It's never enough. They will always want more.

 

[AAAintheBeltway]

So there is going to be continued chaos in Britain as people leave the party for Ukip.
The establishment there, just as here, refuse to listen to the voters. They think it's their divine right to rule.

Well in fairness, they have a different system. We shouldn't be too smug. After all, we replaced John Boehner with Paul Ryan. Not sure I see the improvement. If the republican officials were picking our candidate, Trump would not make the long list, never mind the short list.

The Brits will come around or they will have to deal with the consequences.

 

[conduit]

A tariff free trade zone would have never happened. What benefits will Portugal, member Spain, Greece and 15 other members have who hardly export a thing to France or Germany while the export powerhouses sell to them tariff free. They needed something else in exchange and got it. That the UK unlike every other member seemed to not understand where this union is heading and still joined it is beyond everyone's understanding...

The idea of a tariff-free trading zone in Europe has great appeal. Somehow that turned into Brussels dictating the terms of everyday life in the member countries. I suppose it is the inevitable result of ceding sovereignty. It's never enough. They will always want more.

 

[fhl]

What benefits will Portugal, member Spain, Greece and 15 other members have who hardly export a thing to France or Germany while the export powerhouses sell to them tariff free. ...

The citizens of the country get to buy things they want without a tax on it and you don't consider that to be of any benefit? I do. It benefits every consumer in those countries. How come consumers count for nothing? How come manufacturers are supposed to take precedence?


Btw, these free trade deals are not free trade deals at all. They are some kind of 'fair trade' deals. A free trade deal could be written on one sheet of paper. Probably in one paragraph. No tariffs. Period.
Where I think people miss it is simply thinking that Brussells is just a bunch of busybodies putting their noses in everyone's business. I don't think that at all. I think they have people that they want to please. And the people they want to please are big business. When they write umpteen rules on the size of a pillowcase, they aren't just trying to make it safe to own a pillow, they're fixing it so certain players will win in the market. The big firms who pay the lobbying bills.

A zillion laws by Brussells does one thing. Eliminate competition from the little players and makes sure that the big companies get all the business. That is the purpose of Brussells, the purpose of 'fair trade' deals, whether it's in the EU or the US. It's all the same.

 

[conduit]

Really? How come the backbone of the German economy for decades, if not for centuries are small to midsized, often family owned businesses. Take Birkenstock for example. It is a company that was established in the 18th century (believe it or not). And that is a big company by German standards. How come even most smaller businesses have thrived and survived within the European union? This fact directly contradicts your points that you made re European leaders looking to satisfy big businesses. It is simply not true. In fact the opposite holds. Most countries in Europe had utility monopolies. Now any small provider of internet, gas, water, electricity can compete and sell its services to consumers. In fact even you can feed a local grid with self-produced electricity if you lived in Germany. What you are saying is simply not true.

The citizens of the country get to buy things they want without a tax on it and you don't consider that to be of any benefit? I do. It benefits every consumer in those countries. How come consumers count for nothing? How come manufacturers are supposed to take precedence?


Btw, these free trade deals are not free trade deals at all. They are some kind of 'fair trade' deals. A free trade deal could be written on one sheet of paper. Probably in one paragraph. No tariffs. Period.
Where I think people miss it is simply thinking that Brussells is just a bunch of busybodies putting their noses in everyone's business. I don't think that at all. I think they have people that they want to please. And the people they want to please are big business. When they write umpteen rules on the size of a pillowcase, they aren't just trying to make it safe to own a pillow, they're fixing it so certain players will win in the market. The big firms who pay the lobbying bills.

A zillion laws by Brussells does one thing. Eliminate competition from the little players and makes sure that the big companies get all the business. That is the purpose of Brussells, the purpose of 'fair trade' deals, whether it's in the EU or the US. It's all the same.