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At the dizzy, crazy, moon-lit, midsummer party the night before hosted by those two charming gentlemen from Vote Leave everything seemed so feasible, so plausible, so possible. How much fun it was to ridicule those boring pen-pushers in Brussels. The streamers were flowing, the mood was light and optimistic . At midnight, when the moon was bright and the English champagne flowed freely, when the brass band played Rule Britannia with such aplomb how giddy everyone felt at the idea of Britain’s invincibility, greatness and unique position in the world. Everyone hugged each other wearing funny party hats and shouted – “We’ll be fine. After all – they need us more than we need them! Ha, ha, ha! We’re the fifth largest economy in the world! Hurrah for the British Grenadiers’.

Nigel Farage entered the room with a pint in one hand a fag in the other grinning like a Cheshire Cat “Ladies and Gentleman – so what if the pound falls!” he roared. Everyone thought this was hilarious! A great joke! Farage at his humorous best – never had he made them feel so happy and complete as when he announced “They need us more then we need them!” The Cheshire Cat continued between pointed, yellow teeth, “We will finally be free!” The crowd went wild. Next entered Boris Johnson, the ass with long ears and brown teeth, announcing “Tomorrow, your savings will be devalued along with the pound but you have nothing to fear I will be well on my way to becoming your new Prime Minister!” The crowd roared their approval chanting “We are the fifth largest economy in the world! They need us more then we need them!” and “Three cheers for the Brexiteers!”

.....

On the morning of 24th June 2016 the British nation woke up to that dreadful “morning-after” feeling with a knot in the pit of their stomach, a thick tongue and a thumping headache threatening to spoil not just their day but their decade. The night before, 23 June 2016, will seem like a hazy fog. In the harsh reality of the morning comes the gut wrenching realisation that the British just signed away their house, their savings and their pensions to a likeable, persuasive rogue, with no recourse to redress since the rogue is now in charge of the asylum.

.....

Politics are fun to watch. Business news too, especially when all you can see are diagrams and tables of red numbers. I just hope you guys in Britain and Europe saves enough money and has a stable income job to continue buying weeb merchandises. Japan still need those moneis even if Japan's economy somewhat profit from this!

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8 minutes ago, Zebhra said:

There is a decent chance nothing will happen.

If Britain really gonna exit...well...that is gona be interesting...and then Trump gonna get elected...hmm...i guess i better return to digging my bunker :sachi:

Um... Britain ALREADY exited dear... The referendum was today and well 52% voted to leave. Obviously stocks went mad and red becomes their favorite color followed by pounds deciding that skydive is his favorite sports... and finally finished with David Cameron rage quitting his job and saying "it's no longer my shit to deal with, it's ya'll brexiteers."

So yes, we got that and either Hillary or Trump for US president. I say this has been a very eventful year!

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2 minutes ago, Zebhra said:

Pretty sure Greece had some kind of referendum too :makina:

Yeah well, Greece was in debt and no way EU would let them ran away with all of those money...

But UK? Well it is already officially written as the first country to leave the EU, Germany is already holding an emergency meeting, world's economy in tumbles, David resigns and Scotland is massively hinting that it would create the second independence referendum. So hide yo moneis kids cuz the depression will hit. Hard. :marie:

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10 minutes ago, Zebhra said:

Pretty sure Greece had some kind of referendum too :makina:

Whether to accept austerity measures as a means to pay back their debt. They voted 'no', which led to the demise of the PM. The new PM had to install a great many of those measures anyway, so it must have been a bit of a let down. They're close to holding a referendum to leave the EU also, along with a few other countries (just my observation.) One of the reasons Greece is pissed is that they're forced to accept the Euro currency, which is quite high compared to the rest of the world. So they can't lower their currency to help with tourism and exports (I think.) Others are annoyed for other reasons.

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6 minutes ago, Jibril said:

world's economy in tumbles, David resigns and Scotland is massively hinting that it would create the second independence referendum.

The economy isn't in tumbles, markets just don't like uncertainty. It's actually not an indication of whether the decision was a 'bad one' or a 'good one' at all, nor is it a precursor of what's to come, think of it as the market getting a tremendous shock and not knowing what things will be like in the future. Investors don't like not knowing what things will be like in the future (well, they don't 'know' in any case but they 'think they know' which is usually good enough.)

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6 minutes ago, Rooke said:

The economy isn't in tumbles, markets just don't like uncertainty.

You kind of just said it. Market hates uncertainty and uncertainty has always been bad for the market. I mean you can't ignore the fact that Pounds at its lowest since 31 years, Asian markets closing at lows with Japan's Nikkei at its worst since 5 years (5 years ago being the Fukushima disaster), an up to 450+ million dollars worth of UK shares movement in the first 30 minutes of its opening, FTSE 100 tumbling down to its worst since the Lehman Brothers collapse.... I haven't even touched on how countless companies decided to cancel their UK projects due to the outcome of the referendum... On top of that we got David's resignation as the bloody cherry. I mean if the market isn't at a bad situation then why would Mark Carney himself has to assure the market is safe? Even having to announce that the Bank of England is ready to inject £250 billion in case for the worst to come? Thank God that he said that though as any kind of re-assurance steadied the market even if its just by a little bit.

Sure you could say there are positives, with all of these reds stuff in UK are bound to be cheaper and the economy should bounce back. Foreign investors should invest back when they saw those expensive properties being way cheaper than they know before. It could even be argued that the foreign investors panic of selling all their GBP and EUR and buying the more stable USD and JPY is just for short term to see how the economy would go in a few months.... I suppose it's not going to be like the 1930s... but arguably it could be even worse than the 2008s....

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39 minutes ago, Jibril said:

Yeah well, Greece was in debt and no way EU would let them ran away with all of those money...

The problem with that debt is that EU forced Greece to issue bonds, which were then sold to banks in Germany and France. Those bonds have an annual interest of 25%. Greece didn't want to do that but EU would punish them if they didn't. Greece could drop out of EU, declare state bankruptcy and stop paying. EU would be very upset because that would cause some banks to fold, in which case Greece can say "ok, we will pay, but the interest is 0%". EU (well mainly Germany and France) would be screwed if that happens as they would likely have to accept no interest in order to save the banks. The Greek credit rating would be appalling, but it's not like it's AAA to begin with. Greece leaving EU doesn't seem impossible, but yeah EU wouldn't want it to happen like that, but then again they don't like the UK leaving.

 

Having said that, I don't see Greece leaving EU anytime soon. It's not likely that they would be able to pull it off. Maybe they will be kicked out of the Euro, but that would force EU to admit it was a mistake to accept them even though they didn't fulfill the criteria for joining, so that's not the most likely scenario either.

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4 minutes ago, Jibril said:

You kind of just said it. Market hates uncertainty and uncertainty has always been bad for the market. I mean you can't ignore the fact that Pounds at its lowest since 31 years, Asian markets closing at lows with Japan's Nikkei at its worst since 5 years (5 years ago being the Fukushima disaster), an up to 450+ million dollars worth of UK shares movement in the first 30 minutes of its opening, FTSE 100 tumbling down to its worst since the Lehman Brothers collapse....

My bank emailed me telling that they predict the market is overreacting and will recover. Claims like "a new Black Friday" certainly will make the financial market turn upside down. What really happened today compared to yesterday is.... nothing. The UK will get a new PM within 3 months and then it will likely take 2 years before we will see something change. Until then the UK is part of EU and it will be business as usual. It's not like some declaration of independence where they say "we have left the EU".

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13 minutes ago, Jibril said:

You kind of just said it. Market hates uncertainty and uncertainty has always been bad for the market. I mean you can't ignore the fact that Pounds at its lowest since 31 years, Asian markets closing at lows with Japan's Nikkei at its worst since 5 years (5 years ago being the Fukushima disaster), an up to 450+ million dollars worth of UK shares movement in the first 30 minutes of its opening, FTSE 100 tumbling down to its worst since the Lehman Brothers collapse.... I haven't even touched on how countless companies decided to cancel their UK projects due to the outcome of the referendum... On top of that we got David's resignation as the bloody cherry. I mean if the market isn't at a bad situation then why would Mark Carney himself has to assure the market is safe? Even having to announce that the Bank of England is ready to inject £250 billion in case for the worst to come? Thank God that he said that though as any kind of re-assurance steadied the market even if its just by a little bit.

Sure you could say there are positives, with all of these reds stuff in UK are bound to be cheaper and the economy should bounce back. Foreign investors should invest back when they saw those expensive properties being way cheaper than they know before. It could even be argued that the foreign investors panic of selling all their GBP and EUR and buying the more stable USD and JPY is just for short term to see how the economy would go in a few months.... I suppose it's not going to be like the 1930s... but arguably it could be even worse than the 2008s....

It’s a short term shock. What you’re looking for is whether there’s a recovery/correction or a continuation. Money is lost and regained on the stock market fairly quickly. Investors are just holding off to see what the UK's financial situation will be like. Economists are split (like always) on whether a British exit is a good or bad thing long term, I suppose we'll find out. Also the falling British pound will help British exporters (who have been complaining for a while.)

David’s resignation was an internal party stoush/power-struggle between the moderates and the conservatives. This was always on the cards, everybody knew Johnson wanted the top job. Just like the Labour leader, Jeremy, has been weak for a long time now and people have been wondering how long before he’s deposed. People elect a party, the party elects the leader, it won’t matter too much except the conservatives will have more of a voice with Johnson in power. Australia’s done this a few times in the past few years and nothing untoward has happened to us. Unless you’re America and have the people directly elect your head of State, then this isn’t cause for panic.

Mark Carney is trying to cut off an unjustified panic, which is kinda what you’re doing at the moment :P It’s all about settling investors’ nerves. There’s nothing to indicate the financial sector is going to collapse like in 2008, where a number of financial institutions fell. The sooner things settle down, the sooner the stock market settles, and the sooner companies return to investing in the UK.

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Although getting Cameron out of there is nice and all, getting Boris as MP would be even worse...

Honestly, this is such new territory nobody really knows what the hell can happen, but history has taught us about how nations split all the time, so let's support Britain's decision and try to make the future work.

This is truly a case to say "Ah fuck, I can't believe you've done this".

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Pretty sure the dutch had a referendum before the British, twice......

1. about the European constitution, which we rejected because ours was simply better.
We got the European constitution anyway.

2. The one about the Ukrainian association agreement, we voted no again.
Well lets just say nothing has happend yet because our prime minister want to use the smoke laid by the British to either sign it anyway, change it or not ratify it. (My geuss he is going to sign it anyway and hope no one notices)  

From a personal standpoint, the European Union could have been a great thing that would be beneficial to just about everyone.
But as it is now, The sooner it dies the better.
That and seeing it burn seems like it would be interesting.

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3 minutes ago, Funyarinpa said:

All I truly comprehend here is the fact that you'd need to be a kind of special idiot to want to give up freedom of movement in the EU

Freedom of movement in Europe has to do with the Schengen Area, not the EU itself (Iceland, a non EU member, is in the area, for example). The UK wasn't in that area to begin with though, so nothing really changes on that front.

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1 hour ago, Rooke said:

It’s a short term shock. What you’re looking for is whether there’s a recovery/correction or a continuation. Money is lost and regained on the stock market fairly quickly. Investors are just holding off to see what the UK's financial situation will be like. Economists are split (like always) on whether a British exit is a good or bad thing long term, I suppose we'll find out. Also the falling British pound will help British exporters (who have been complaining for a while.)

David’s resignation was an internal party stoush/power-struggle between the moderates and the conservatives. This was always on the cards, everybody knew Johnson wanted the top job. Just like the Labour leader, Jeremy, has been weak for a long time now and people have been wondering how long before he’s deposed. People elect a party, the party elects the leader, it won’t matter too much except the conservatives will have more of a voice with Johnson in power. Australia’s done this a few times in the past few years and nothing untoward has happened to us. Unless you’re America and have the people directly elect your head of State, then this isn’t cause for panic.

Mark Carney is trying to cut off an unjustified panic, which is kinda what you’re doing at the moment :P It’s all about settling investors’ nerves. There’s nothing to indicate the financial sector is going to collapse like in 2008, where a number of financial institutions fell. The sooner things settle down, the sooner the stock market settles, and the sooner companies return to investing in the UK.

5 Prime Ministers in 5 years specifically. We've actually got an election next month so we're batting for 6.

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A lot of people suspect this of being a political power play to bully the EU and for the UK's far-right to gain the upper hand internally. It seems like many of the Leave advocates actually expected to be able to renegotiate down the line so they didn't have to fully leave. The EU seems to be calling them on their shit and might wish to make an example out of the UK: 

http://www.theguardian.com/politics/2016/jun/24/europe-plunged-crisis-britain-votes-leave-eu-european-union
"EU leaders call for UK to leave as soon as possible"

So yeah, this could backfire spectacularly on the leavers if they didn't intend to actually leave. And pretty much nobody wins.

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2 hours ago, Decay said:

So yeah, this could backfire spectacularly on the leavers if they didn't intend to actually leave. And pretty much nobody wins.

Boris Johnson said something about not being in a hurry. Leaving before 2018 isn't really possible and a number of people in the leave campaign mentioned 2020 due to avoid causing issues due to changing too fast. I think Johnson was one of them. Mentioning that "we will not declare independence this week" isn't the same as they are backing out. They just don't want to cut all trade and stuff like that in the process. I wouldn't call this an issue unless they postpone it until after 2020. They do have to work on it soon, but Cameron will likely have to be replaced before we see the PM doing something actively about it.

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Rooke pretty much nailed it. We've become a reactionary society based on what the market does, which is based on a bunch of rich people not liking that they can't quite get a handle on what's going to happen down the road like they thought they did. The market fluctuates greatly based on any number of events one can list. The repercussions and results of the exit have yet to play out entirely. However, I'm not optimistic that those said results will be positive.

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