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I'll be traveling to Europe for a month beginning next month. I'm interested in what effects this will have on exchange rates, the pound, the euro, ect. Would be interested in some opinions, not something I have any insight on.
The pound is already down 10+%. Lower than it has been in 30 years. It was an idiotic move on their part, but should make for a cheaper trip.
Yeah, I'm wondering where the pound ends up by mid-July. Even more interested in the Euro, as I'll be primarily in The Neatherlands, Germany, Rome, and France.
The Euro is down as well although not quite as much. I'm sure you will still get favorable rates. I'm no expert but it may be worth buying some up in the next couple days if you have the opportunity.
Never understood why they handed over their sovereignty to unelected officials in the first place. The EU's purpose was they wanted what the US had, economic power, even though they were saying no one should have an economy that powerful. I guess that criticism didn't include themselves. It was built on a lie from the get go strictly for limiting power to a few that weren't accountable to the citizens. Incredibly smart and brave what they are doing. As one person has said tonight, the drop in the pound is a short term pain for a long term gain. Britain was sending 34 million pounds A DAY to the EU. Like they said, they can do a lot with that money. The Remain people, mainly the banks and large corporations, celebrities and establishment want open immigration meaning they were more concerned about non citizens. They should be concerned about their citizens. If they want things to be better for non citizens then get the governments in those countries to make things better for them, don't do it by taking away jobs and income in countries that have worked to make things good for their citizens and punishing them.
I have a good friend that lives in York and he's been telling me over over the last 2 years that the american dollar is getting stronger.
In Mexico it's buy one get one free 19 pesos to the dollar up from 13 last year.
The pound has been dropping fast it used to be 25 pesos to the pound now it is around 21.
In Mexico it's buy one get one free 19 pesos to the dollar up from 13 last year.
The pound has been dropping fast it used to be 25 pesos to the pound now it is around 21.
I'm just pissed I sold gold last week thinking there is no way bre it happens. Good for them though, hello recession, get ready for it
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anon_j0hjgb7us6s1a
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I wish I knew enough about it to understand why Scotland wanted to stay in so bad.
Northern Ireland I kind of understand because Ireland is next door and a firm EU member
Northern Ireland I kind of understand because Ireland is next door and a firm EU member
Markets always do 'knee jerk" reactions that are almost always negative.
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anon_j0hjgb7us6s1a
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you sometimes have to pay a price for Freedom. Many suffered greatly in winning our freedom from England but in time it worked out for our good. England felt they had to stop Turkey from flooding Great Britain with more people from that region
What an incredibly sensational tweet. The two are not even close to the same. Of course the market is going to react within the first 24 hours, but that doesn't mean that the value won't recover once everyone stops speculating and cools off. Any reaction at this point is pure chicken little because no one knows what the true long-term outcome will be.
The UK economy will certainly suffer. That isn't chicken little. It may recover eventually, but it is going to suffer for a while. They will lose jobs. They will lose money. They literally went from the world's 5th largest economy to 6th overnight. People are acting like this is knee jerk and will recover soon, but nobody knows that to be true. This is unprecedented.
There's also a chance that it never actually happens. There are a number of things that could happen to stop the Brexit from going through 2 years from now.
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anon_j0hjgb7us6s1a
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From The Atlantic today,
"There’s reason to fear that the spiral and volatility, at least for the U.K., will not end anytime soon. With stock markets and currency already taking a beating, some are worried that property markets will be next. Additionally some major economic players and investors, such as global investment banks, may shift their global strategies by moving jobs out of the U.K. after publicly supporting the campaign to stay attached to the E.U. No one can forecast how the separation will play out, politically or economically—and that alone is something to worry about."
"There’s reason to fear that the spiral and volatility, at least for the U.K., will not end anytime soon. With stock markets and currency already taking a beating, some are worried that property markets will be next. Additionally some major economic players and investors, such as global investment banks, may shift their global strategies by moving jobs out of the U.K. after publicly supporting the campaign to stay attached to the E.U. No one can forecast how the separation will play out, politically or economically—and that alone is something to worry about."
They know it's going to suffer...everyone knows it's going to suffer. People aren't looking at the short-term. The only inconvenience of everything is where we are in the cycle...at least it's done with and no more uncertainty on this front.
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anon_j0hjgb7us6s1a
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Don't get your point. Is my statement not true? Their size means you can not compare?
I'm not so sure everyone knows it is going to suffer. There is a lot of regret in the UK this morning. For the most part it was poor, uneducated people that voted to leave. They are the ones that are going to be losing jobs in the short term.
You'll see a lot of young people leaving the UK and you will probably see most of the tech industry leave as well.
Can a country exist without being part of the EU? Is that your question? Of course they can. The majority of the world does. The UK was the world's 5th largest economy yesterday morning. I'm not sure they can continue to be a world power without the backing of the EU.
I mean let's call a spade a spade here. The people that voted to leave didn't do so because they thought it would benefit the UK economy. This was 100% about immigration. Keeping foreigners out was more important than economic stability to a lot of people in the UK. Whether you agree with that issue or not, that is democracy.
I am getting a kick out of all the people saying they voted to leave and are regretting it today. And the fact that "what does the EU do" is one of the most googled searches today in the UK. They would be endlessly making fun of the United States if something like this happened here, so a part of me is enjoying it.
I am getting a kick out of all the people saying they voted to leave and are regretting it today. And the fact that "what does the EU do" is one of the most googled searches today in the UK. They would be endlessly making fun of the United States if something like this happened here, so a part of me is enjoying it.
It is gonna be a rough 2-3 years adjusting to this. That being said, the US should start negotiating agreements with them today. The financial market dominance alone between the US and UK Banking and Insurance industries would be VERY powerful.
Absolute Radio London is playing "Breakup Songs" in honor of Brexit. The first two songs:
"You did it to yourself" - Radiohead
"You Oughta know" -Alanis Morrisette
"You did it to yourself" - Radiohead
"You Oughta know" -Alanis Morrisette
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anon_j0hjgb7us6s1a
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same here Scott O.
There will be many that get hurt but many will prosper. Always happens. In our Depression, some got rich.
It was not all about immigration but it was what put it over the top. Maybe some will get jobs that would have gone to an immigrant , maybe the fishing industry can rebound by getting the EU off their backs.
....I don't care, if I am a Brit, what it took to get free from being run by a bunch in Brussels .
There will be many that get hurt but many will prosper. Always happens. In our Depression, some got rich.
It was not all about immigration but it was what put it over the top. Maybe some will get jobs that would have gone to an immigrant , maybe the fishing industry can rebound by getting the EU off their backs.
....I don't care, if I am a Brit, what it took to get free from being run by a bunch in Brussels .
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anon_j0hjgb7us6s1a
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Yep. This could be not only the breakup of the EU, but the UK itself.
I am curious to see what Germany does. I am not sure what motivation it has to stick around at this point.
They are the ones going to be losing jibs in the long run if you keep that open door policy for immigration
The point was that her tweet about the value of the marketplace is not tied to true economic performance. It was simply a hyper-emotional reaction to the news by traders, as evidenced by the fact that the market has already bounced back. Once they stepped away from the edge, people realized that the sky isn't quite falling like they thought. The long-term effects could still be negative, but the tweet was a gross misunderstanding of economics and current event market fluctuations.
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