Account Login

Email Address
Password
Remember Me -
* Recover Password
* Create FREE account


Advertisements






Yesterday This Day's Madness did Prepare

 

Exhibit One:
 
The cost of Brexit to the British economy is running at £40bn a year and a damaging no-deal scenario could force an emergency cut in interest rates, according to a Bank of England rate setter.
-From the Guardian
 
One of the main points of the Brexit vote was pointing out that not being in the European Union would save Britain 350 million Pounds a week and that this money could be put right into the National Health Service. However that claim assumed that there would be no monetary cost to leaving the Union and all the benefits it was bringing to the economy would just keep rolling in. But according to the Bank of England since the June 2016 vote the economy has lost about 2% of GDP which is around 800 million Pounds a week. Now this could be a biased statement as it is coming from the Banking Community but since the referendum the UK’s economic growth has slowed while the rest of the world has recorded one of its strongest periods of growth in the past decade. “Business investment in Britain had been stuck around zero, with a drop of 3.7% in 2018, despite an upswing worth about 6% annually in the rest of the G7. Consumer spending also slowed as households came under pressure from higher prices, sparked by the sharp fall in the value of the pound straight after the Brexit vote.”
    The Guardian continued to quote Gertjan Vlieghe, a member of the Bank’s monetary policy committee: “It is very unusual for investment to shrink that much when the rest of the world is doing pretty much just fine, until at least recently. UK growth in the past two years has been weaker than we would have expected based on the performance of the global economy alone,” he said. “Based on what happened in the rest of the world we would have expected UK growth to accelerate but actually it slowed.”
As for a hard Exit on March 29th which Britain is currently heading for the banks foresee doom and gloom. The Guardian reports that “Threadneedle Street [the British version of Wall Street] estimates the worst-case disruptive scenario could spark a slump into a recession with worse consequences for Britain than the 2008 financial crisis, while the Treasury estimates that all Brexit options are worse for the economy than remaining in the EU.”
It seems votes have consequences.
 
-John Oliver sums it up:
     “A true act of political courage wouldn’t be to call for a second referendum…it would be to acknowledge that the first one was fatally flawed and that carrying it out would do long-term damage to the country and then cancelling Brexit altogether. But, it seems that there is no way that’s going to happen. Instead, Britain seems determined to step firmly down upon the rake of history and suffer the consequences.”
 
Exhibit Two:
How is that trade war going?
 
The tariffs placed on solar panels was supposed to boost US jobs. While the rise in such jobs was soaring up to two years ago, 2018 marked the second annual drop in a row. Perhaps this is just a pause in the trend and US manufactures are tooling up and growth will resume. Only time will tell but currently free traders are waging their fingers and saying, ‘We told you so.’
 
WASHINGTON, Feb 22 (Reuters) - U.S. Department of Agriculture has paid out $7.7 billion so far to farmers, William Northey, Undersecretary for Farm Production and Conservation, said on Friday, in aid designed to offset the negative impact of tariff imposition.
 
Trump warned the farmers they would be hit hard and they have. Even with the socialist governmental aid noted above bankruptcies are up this year and more are on the way.

A total of 84 farms in the upper Midwest filed for bankruptcy between July 2017 and June 2018, according to the Minneapolis Star Tribune. That’s more than double the number of Chapter 12 filings during the same period in 2013 and 2014 in Wisconsin, Minnesota, North Dakota, South Dakota, and Montana.
 
Soybeans and other crop prices are now at a 10 year low, and that does not bode well for the future. And we have opened up the Chinese Market to our competitors, notably Brazil. Now we’ll have to win back the business, and that could mean keeping the pricing low for year to come.
 
 Exhibit Three:
That Wall?
 
Republicans are now for asset forfeitures to fund eminent domain condemnation of private property by unilateral executive action.
— Scott Shapiro (@scottjshapiro) February 17, 2019
 
Exhibit Four:
“This is more work than in my previous life. I thought it would be easier.”
     -D. Trump
 

“Are you telling our allies that we are going to go to zero by April 30?” he asked Shanahan, according to Graham.
“Yes, that’s been our direction [from the president],” Shanahan replied.
“That’s the dumbest f---ing idea I’ve ever heard,” Graham responded.
Graham then launched into a list of consequences he feared would result from a precipitous U.S. withdrawal from Syria without a follow-up plan: The Islamic State would return, Turkey would attack Kurdish forces, Iran would gain the advantage. Graham asked Shanahan if he disagreed with that analysis.
“That could very well happen,” Shanahan said.
“Well, if the policy is going to be that we are leaving by April 30, I am now your adversary, not your friend,” Graham told the acting Pentagon chief, according to Graham. (Several other lawmakers confirmed this exchange.)
     -From the Washington Post
Note: February 22, 2019:
     The Administration now says that about 200 military personal will stay so at least our European allies will stay too, and the whole area won’t be ceded to Russian Diplomacy.
On another note the Trump administration seems to be changing its approach to North Korea, less than a week before the President is set to meet with North Korean leader Kim Jong Un in Vietnam. During a call to reporters a senior administration official now said, “I don’t know if North Korea has made the choice to denuclearize.” That is an interesting statement seeing how the administration has consistently claimed that Kim agreed to dismantle his nuclear program when he met with President Donald Trump last year in Singapore.

At the Exit:

And the Summit went well, for North Korea anyway. “…he’s quite a guy and quite a character. And I think our relationship is very strong.” 
-D Trump
And the Museum supposes Un has no further territorial demands in Asia.

Unkwil

------------

Uncle Willie loves to have feedback from both readers who appreciate his point of view as well as from missguided souls who disagree.