Wednesday, June 15, 2016


My bud, Gordon, who I have often mentioned is, in addition to being a rather successful denizen of the City, is one of the finest craftsman of the English language.  I pass this on not because of the richness of the verse (tho it is rich), but because it explains a few things that most of us Over Here do not understand and should...if we can ever stop being among the most provincial nations on earth.  Il Duce of course will never be taught, but you might compare this view with the nonsense he tried to preach to the British Public on his blessedly last visit.


Well, the 'Sun' has come out this morning in full, front page, style for Brexit, and the Brexit poll lead has been widening. It is really fairly simple. Why does Britain need to be tied to an economy whose share of world trade continues to decline? Why is it right that more than half of the laws which govern Britain's citizens originate outside this country. And why is it sensible for EU citizens to have an unfettered right to migrate to Britain, irrespective of this country's capacity to absorb them?

This country is different from its neighbours. Its laws, traditions, institutions, and customs are all peculiar to it. The British are phlegmatic, practical, tolerant, self-deprecating, humorous, sceptical folk; we are not romantics like, say, the Italians, philosophers in the way of the French, dour social liberals like the Scandinavians, or disciplined operatives like the Germans (Britain in charge could not have brought itself to punish Greece, as Germany has). But that is not to say that we don't delight in these other nations, the spectacle of our sun-ripened and tattooed envoys to happily throwing up on Spanish beaches being only one example. However the point is that these different characteristics and traditions have created systems which are not really in tune with ours, and which, embodied as most of them are in the the statutes of the EU (as opposed to "Europe") sit badly with us.

Sadly, this morning the government has gone yet further in trying to terrorise the public into voting to Remain, by promising that a Brexit vote will be followed by an emergency budget to raise taxes and cut spending. Punishment, in other words, for voting the wrong way.  After a point people cannot fight a government prepared to threaten actual damage to their standard of living in order to get their way. Contemptible as it is, it has a good chance of frightening voters into toeing the line.

Meanwhile, it is not only our politicians who have been damaged by this debate. A very large section of British voters has sturdily ignored the doom-laden economic piffle produced by the group thinkers at HM Treasury, the IMF, the Institute for Fiscal Studies, 13 former US Treasury Secretaries, the Bank of England, and so on and on. What price now a career as a professional economist, now that the entire country has pondered the thought that the economic theorising of Mark Carney or Larry Summers is largely nonsense?

Sinatra is surely right. We would indeed "get by" if we left the EU. More than that, I believe - after a hiccough or two - that we would flourish. Whether the government will allow it, is another matter.

The 17.59 from Charing X to Hastings has just lurched into motion. The old eyelids are slipping. Until next we talk...


Although not the main point of the piece perhaps it's most telling commentary focuses upon the economic masters who run the show today.  If there was ever a prime example of "Piffle" and nonsense more on display than that at Janey Yellen's press conference today I cannot think of it.  Complete, total drivel, highlighting nothing more than the astoundingly incorrect economic forecasts of this Fed and the level of irrelevancy to which it has sunk.  I leave you to ponder Gordie's words and perhaps apply some thoughts to our own situation Over Here.   We will deal with Janet's chat in a full discussion tomorrow.

Oh, by the by, there will be no rate hike in June...and none for the rest of the year.  Surprise.

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