UK Leaves the EU - What happens next?

[spiderspider]

More good news ...

No one listened to those dastardly workers rights union leaders and instead voted to leave.
http://www.dailymail.co.uk/news/art...t-stop-Tories-dismantling-workers-rights.html

Ooops my mistake! Ignore me

 

[VSC]

Same thing with the Labour MPs.

A shocking disrespect for democracy.

But was the way Corbyn was elected democratic?
http://blogs.lse.ac.uk/politicsandpolicy/the-labour-leadership-election-is-a-democratic-travesty/

Corbyn was elected by labour supporters to be leader.
Labour MPs were elected by labour supporters to represent them.
More people were involved in the votes to elect MPs than were in the vote to elect Corbyn.
Simplistic viewpoint yes, but as a lifelong labour voter I do not want Corbyn as leader.
Easiest way to sort out is a leadership election.

 

[gimpydog]

But was the way Corbyn was elected democratic?

The Labour MP's rigged the ballot to get him nominated. It backfired on them.

Now they want to have another go. (Sound familiar?)

But what did he do wrong?

 

[Edwin]

Live economic update from Osborne on BBC Parliament just starting.

 

[gimpydog]

Right then. Let's see who's got a sense of humour...

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[tinHatOn]

 

[gimpydog]

Live economic update from Osborne on BBC Parliament just starting.

"Why do the poor people all hate me, mater?"

 

[BREWSTERS]

I think many people fail to realize that the worst excesses of the 'casino' bankers which caused the crash have very little to do with the rest of our massive financial services industry. There's not much sympathy out there for bankers and most people might not care about numbers on screens - but they will when it hits their pockets.

If you pay tax, it's been hitting your pockets for years.

Also, the casino bankers, and the rest of the financial industry, are largely under the same ownership.

We've adjusted to a new status quo where the BoE prints money without consequence, mortgage rates are at historic lows and inflation doesn't hurt us. All those things can change very quickly

The consequences of the (privately owned) BoE printing money, is inflation - that is the direct consequence of adding to the money supply.
And it does hurt - for anyone who struggles to get a wage rise (nurses 1%, after years with no increase) and inflation at 2.3%, they're effectively losing money year on year.
Mortgage rates are too low, and 100% mortgages are making a comeback. There is only ever going to be one result from these actions...and please don't try to say that being out of the EU is the problem with this...it's unregulated, fractional reserve banking. A system designed from the outset to fail - which hurts us, not the banks because they're 'too big to fail'.

 

[BREWSTERS]

Tim Farron: We had a referendum. I lost. Let's have another.

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Ohh, so that's who Tim Farron is

 

[Edwin]

Osborne making a very reasoned argument (based on data gathered during the 2008 financial crisis) that the fall in currency value is unlikely to benefit exporters in full because so many rely at least partially on parts that are sourced from outside the UK, so they also face a sharp rise in input costs.

 

[BREWSTERS]

So you are condoning a country to commit violence if you perceive them to being honest about it?
(Okay, slightly tongue in cheek).

Wars are fought for money or land, yes.

For me it is the lesser of two evils ... I perceive the Russian Federation are being more evil that the USA is in the context of our discussion.

Regarding spend ... according to this chart:
http://visualeconomics.creditloan.com/how-countries-spend-their-money/
the USA spends 19.3% of it's budget on the military and 17.3% on education.
the Russian Federation, 18.7% military and 11.3% education.

So the USA would be spending more in comparison terms than the Russian Federation.

Multiple sources - another way of looking at it is, the US with 4.5% of the worlds population, spends one third of the entire military spend of the world. If that doesn't scare you, nothing will.

 

[bonusmedia]

If you pay tax, it's been hitting your pockets for years.

Also, the casino bankers, and the rest of the financial industry, are largely under the same ownership.



The consequences of the (privately owned) BoE printing money, is inflation - that is the direct consequence of adding to the money supply.
And it does hurt - for anyone who struggles to get a wage rise (nurses 1%, after years with no increase) and inflation at 2.3%, they're effectively losing money year on year.
Mortgage rates are too low, and 100% mortgages are making a comeback. There is only ever going to be one result from these actions...and please don't try to say that being out of the EU is the problem with this...it's unregulated, fractional reserve banking. A system designed from the outset to fail - which hurts us, not the banks because they're 'too big to fail'.

Veering back into conspiracies again - the banks and financial services companies are almost all plcs owned by a wide variety of shareholders. Most people's pensions will include banking shares.

I'm well aware that QE results in inflation but it is currently so low as to be almost inconsequential - in fact if anything it's staving off deflation which is a healthy outcome. This could change, and we've collectively forgotten what high inflation and high interest rates are like.

If you don't want fractional reserve banking, presumably you want 100% reserve banking. This would mean a huge reduction in living standards and very limited access to credit for most people - forget the average person owning property.

As ever, the system is flawed and needs reform. It's easy to complain about how money is created - very difficult to live with the consequences of the supply drying up

Simplistic models which point at someone to blame and suggest easy answers are always attractive but rarely correct or workable

 

[BREWSTERS]

The Labour MP's rigged the ballot to get him nominated. It backfired on them.

Now they want to have another go. (Sound familiar?)

But what did he do wrong?

The Blairite element are trying to get rid of him before the Chilcot report comes out and he's desperately trying to cling in there until it does. He's been saying for years that Blair should be tried for war crimes.

 

[BREWSTERS]

Osborne making a very reasoned argument (based on data gathered during the 2008 financial crisis) that the fall in currency value is unlikely to benefit exporters in full because so many rely at least partially on parts that are sourced from outside the UK, so they also face a sharp rise in input costs.

That's been mentioned numerous times in the other thread. It's also very basic.

 

[bonusmedia]

No access to single market without free movement

 

[BREWSTERS]

Veering back into conspiracies again - the banks and financial services companies are almost all plcs owned by a wide variety of shareholders. Most people's pensions will include banking shares.

I'm well aware that QE results in inflation but it is currently so low as to be almost inconsequential - in fact if anything it's staving off deflation which is a healthy outcome. This could change, and we've collectively forgotten what high inflation and high interest rates are like.

"Almost inconsequential"? With inflation running at say, 2% a year for the last 5 years, a nurse who's got 1% pay rise over the same time is effectively getting 9% less than they were 5 years ago. That's not inconsequential in my book - it can be the difference between getting by, and struggling.

If you don't want fractional reserve banking, presumably you want 100% reserve banking. This would mean a huge reduction in living standards and very limited access to credit for most people - forget the average person owning property.

Yes, in the form of government issued currency...not issued by a private company. That way our tax money wouldn't be going to said private company in interest.
This would not lead to a reduction in credit or living standards.

As ever, the system is flawed and needs reform. It's easy to complain about how money is created - very difficult to live with the consequences of the supply drying up

You mentioned the supply drying up...I don't know why.

 

[gimpydog]

Ohh, so that's who Tim Farron is

You might know him by his Parliamentary name; Tim Who

 

[BREWSTERS]

No access to single market without free movement

Blackmail...nice.

They have more to lose than to gain....how do you think businesses in the 27 countries feel about that?

 

[BREWSTERS]

You might know him by his parliamentary name; Tim Who

Is this him?

 

[VSC]

The Labour MP's rigged the ballot to get him nominated. It backfired on them.

Now they want to have another go. (Sound familiar?)

But what did he do wrong?

It was not possible for labour MPs to rig the ballot. The majority of MPs did not support his nomination.
As a one person one vote system, MPs have as much power as any other member of the labour party.

What won it for him was the support of the unions and their recommendations to their members (though their members were free to vote anyway they wanted), and to a core of new £3 members in the "Momentum" movement whose sole aim was to see Corbyn elected.

I was willing to give him a try, but I am sorry to say that I cannot see him as a leader that could gain respect from the vast majority of labour voting electorate.

Want to have another go --- As I said, if MPs represent more people than those that elected him, I believe it is quite fair to have another election. If the outcome is the same, so be it.

What has he done wrong - My POV would be being an ineffective leader.

 

[gimpydog]

Blair should be tried for war crimes.