Is this the start of a new (bigger) financial crisis?

deise mike

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A few people I discuss such things with are really growing alarmed. What do you think?

(I am purposely withholding their thesis'.)

Britain's EU commissioner, finance chief Hill, resigns | Reuters

As an Englishman living in Ireland for 35 years this is a disaster for all concerned. I don't think everybody that voted leave really wanted it to come to pass but just to have a go at the establishment. There is already a feeling of buyers remorse. 3m people have already voted for it to be brought up in the Parliament again.
 

BGIF

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As an Englishman living in Ireland for 35 years this is a disaster for all concerned. I don't think everybody that voted leave really wanted it to come to pass but just to have a go at the establishment. There is already a feeling of buyers remorse. 3m people have already voted for it to be brought up in the Parliament again.

Could be, but has Cameron pulled a Rubio and decided to stay on because the people really didn't mean it?

Haven't 3m actually signed up to petition for another non-binding referendum. That's only about 16% of the Remain's simply logging on at an electric site. There must be that many bankers, the Downton crowd, and scrambling politicians alone. This was a well financed campaign with a lot of media exposure and passionate supporters. 3m logging on isn't impressive. Now if 3m actually took the time to go to their respective city hall's to physically sign a petition ... that would be impressive.
 

NDVirginia19

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As an Englishman living in Ireland for 35 years this is a disaster for all concerned. I don't think everybody that voted leave really wanted it to come to pass but just to have a go at the establishment. There is already a feeling of buyers remorse. 3m people have already voted for it to be brought up in the Parliament again.

Over 2/3 of those signatures on the petition were from outside the UK...
 

deise mike

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3m isn't a lot out of about 48m voting population but it's an indication of the surprise at the result. It only requires 100,000 to sign up before it must be raised in Parliament. I feel sorry for the younger voters who voted in large numbers to remain.
 

NDVirginia19

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3m isn't a lot out of about 48m voting population but it's an indication of the surprise at the result. It only requires 100,000 to sign up before it must be raised in Parliament. I feel sorry for the younger voters who voted in large numbers to remain.

I think it's only 100,000 for it to be considered to be brought up before parliament
 

IrishLax

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It was absolutely fascinating being in France while this whole Brexit thing went down. Especially staying at hotels/resorts with quite a few Brits and getting a wide array of opinions.
 
B

Buster Bluth

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I wouldn't be surprised if the British government went through negotiations with the EU and then presented that reality to British citizens in a second referendum.

Either way I doubt this downturn is even close to 2008.

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Ndaccountant

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Hard to tell, IMO, as the outcome would depend on what the countries shown above end up doing. Way too many questions than answers. I will say this though......none of this looks good for Germany.

I see this going one of two ways.....

1) Negotiations make this an isolated event with little long term impact
2) This is the start of protectionism at it's finest.

My company has half a dozen factories in England that I work with regularly. While my sample size is limited to those interactions (and most said they preferred to "stay"), the general response I got from people there was that if they were voting leave, it was due to the role of "free movement of people" policy. It was about control of who comes and who goes and when. If there was a way that the UK could get the control it wants while keeping the majority of the economic principles together, there is a chance this is just a hiccup.

My fear is that it isn't and it is just the start of a much bigger protectionist movement where Smoot-Hawley resurfaces in 2016 form. Before we laugh and push this aside, lets remind ourselves who voted most strongly for leave.....

Many of these faultlines have been clear for several years now. The surge in Ukip support recorded in both the 2014 European parliament election and 2015 general election was concentrated among voters whom Matthew Goodwin and I labelled the “left-behind”: older, white, socially conservative voters in more economically marginal neighbourhoods. Such voters had turned against a political class they saw as dominated by socially liberal university graduates with values fundamentally opposed to theirs, on identity, Europe – and particularly immigration.

.......

While immigration was the lightning rod, the divides the Brexit vote has revealed run deeper and broader than a single issue. They reflect deep-seated differences in outlook and values, hopes and prospects, between graduates and school leavers, globalised cosmopolitans and localised nationalists, the old and the young, London and the provinces.


These divides have been building for decades, but were long latent because, before the emergence of Ukip, they lacked a political voice. Now the sheer magnitude of the fracture between the globalised middle class and the anxious majority is clear for all to see. The patterns of Brexit voting last week map almost perfectly on to the pattern of Ukip voting seen in the 2014 European parliament. The only difference was the numbers: on Thursday, the Ukip coalition ballooned to an overall majority. Those who have dictated the terms of politics to the “left-behind” for a generation suddenly found the tables had turned. The result was a massive shock to the citizens of London, Manchester and other cosmopolitan cities, who discovered that much of provincial England utterly rejects their Europhile worldview. It leaves both the Tories and Labour facing stark challenges. The divides in identity, values and outlook it reveals cut straight across class, income and geography.

Sound familiar?

Older ‘left-behind’ voters turned against a political class with values opposed to theirs | Politics | The Guardian
 
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