Monday, June 13, 2016


The greatest line from the greatest Sinatra song ever.  Don't Worry 'Bout Me, as most Sinatra songs, could not be more apropos today as we watched the panic--well, concern--in the markets continue to build over the BREXIT vote in ten days.  Flights to safety everywhere including of all places Japan with negative interest rates and nothing immediately apparent that will lead the country out of its economic doldrums.  The two day Fed meeting beginning tomorrow didn't help matters much either and while it is now generally agreed that nothing in the way of "normalization" will occur at this point in time, focus has now shifted to whether Janet will announce a July clam bake or can the entire idea altogether which will mean no further rate rise in 2016.  I think she will hedge.  BREXIT is going to make that decision for her depending on which way the vote goes.  But back to old Blue Eyes.

Not to put too much schmaltz into it, but it seems to me that this things boils down to the wishes of a free people to be free in their choice of government which I freely admit is more attractive-sounding to old geezers like myself rather than the youth of today who appear to be quite more content to rail after individual rights but seem to be quite content to do as they are told by a group of faceless bureaucrats be they located in Brussels or Washington.  Mind you, we are far better off as those in D.C. are at least our own countrymen but the Brussels mob...well, one might ask, why have a Parliament at all?  But the fear-mongers are out in force forecasting the death of Britain as a nation and if not quite that, then certainly the death of the City as a center for commerce, trade and finance.

Good argument, but may I suggest that it works only if one posits that the EU survives come what may and it is not, as the Chairman would croon it, "Some fading thing..."  Which some of me believe it to be.  The U.K leaving would simply speed the inevitable or force the radical reform of the Brussels mandate.  That will not happen, for you see, the Euro politicians love the concept:  governance by a faceless, unknown mass who can be blamed for all failures great and small.  All are in charge and yet no one leads.  Perfect.  Except that it just might be As Frank put it; This little show is over and now the story ends.  Why not call it a day in a sensible way and just stay friends.

I have a growing feeling that this is what is going to happen.  The horror of this weekend in Orlando is surely going to stiffen the resolve of those who wish to leave for as much as the more PC-minded wish to avoid the issue, immigration is at the top of list for many of those who seek separation and in the minds of all.  This can only add to their belief that ...Look out...look out for yourself should be the rule.  I hope somebody Over Here and Over There has a plan.  Keep calm and carry on works.  Or humming Don't worry 'bout me on a stroll along Moorgate might be soothing.  Ten days and counting.  Sing on Francis Albert.

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