Conservative conventional wisdom is that the UK will now be better off not being a member of the European Union. The habitually-wrong Larry Kudlow explains....
"It gives Britain an opportunity to improve its economic policies on the supply side with less regulation and lower taxes and spending," he said.
Kudlow doesn't say which Voodoo Mama he consulted before uttering that chant.
On Friday, the Brexit vote was met by the markets with...well....panic. The worth of the pound sank to a 30 year low, which means that it will take more shillings to buy the same stuff UK citizens were buying just last week. Apparently, with this morning's news, it will take even more shillings to buy the same stuff UK citizens were buying just over this past weekend....
The British pound, which last week plunged to its lowest level since 1985, dropped another 2.4 percent to $1.3352, despite the British Treasury's reassurances that the economy was strong enough to withstand the uncertainty.
So, cause for celebration?
See, Real Smart Business People like Kudlow and Trump-o know what they're talking about when it comes to economic-related activities. Both of those "successful" businessmen are certain that the UK's exit out of the EU will work wonders for Britain's sluggish economy
Surprisingly though, these British businessmen don't seem to "get it".....
In the first direct reflection of business sentiment in Britain, a leading business group said Monday that 20 percent of its members plan to move some of their operations outside of the U.K. in light of the country's decision to leave the EU. The Institute of Directors said that a survey of its 1,000 members showed that three out of four believe that Britain's exit from the EU, or Brexit, will be bad for business.
Among the Very Smart conservatives on this side of the Atlantic, that is known as "winning." So much "winning", I would suggest.....that very, very soon British citizens will be crying out to please stop all the "winning", it's just too much "winning". You're (literally) killing us with all this "winning."
Yeah, UK citizens may be paying more for the same stuff they bought just last week....and sure, on average, Brexit will wind up costing EVERY UK citizen an average of $5900. But at least, now, there will be social tranquillity...I mean, right?....
The Polish embassy in London said on Monday it was deeply concerned by what it said were recent incidents of xenophobic abuse directed against the Polish community since Britain voted to leave the European Union.
Looks like that UK "winning" stuff is already paying social dividends...
Cambridgeshire Police are investigating suspected post-referendum racism after notes were allegedly posted through letterboxes of Polish residents in the county.
Laminated cards reading "Leave the EU - no more Polish vermin" were reportedly delivered to members of the Polish community in Huntingdon, north west of Cambridge, on Saturday.
Polish ambassador to Britain Witold Sobkow said on Monday: " We are shocked and deeply concerned by the recent incidents of xenophobic abuse directed against the Polish community and other UK residents of migrant heritage."
So, not only are British citizens poorer today than they were just last week...but also more intolerant. A twofer of "winning."
So much "winning"....
Providers of annuities - the policies that convert pension pots into incomes for life - have cut their rates this morning to reflect falls in the financial markets since Thursday's Brexit referendum. Two annuity firms, Just Retirement and Retirement Advantage, announced annuity rate cuts this morning. Just Retirement’s rates are down by around 2pc.
“Those in receipt of the state pension should not worry – any changes are more likely to affect those who have not yet retired.”
Britain's over-50 population proved to be the bloc of voters that helped the most in voting the UK out of the EU.....and, apparently, that demographic group will be some of the first to taste the appetizing bounty of "winning." Those who "have not yet retired", but are getting close to retirement can celebrate their smaller state pension checks to come and UK geezers can adjust their life-styles to a smaller monthly annuity check. All evidence, no doubt, of "real British" citizens having successfully taken their island nation back.
Finally, there's something else that can be thrown onto the UK winning-spoils boxcar. Nothing quite communicates success like a new UK recession...here's the knowledgeable U.S. economist Diane Swonk....
The UK will likely dip into recession in response to the unprecedented uncertainty regarding London’s unique role as the financial center for Europe. Many financial firms are now looking to relocate to Dublin and Frankfurt.
The Bank of England is stepping in to provide stability where possible. Monetary policy will not, however, be able to stop the UK from suffering a recession.
Less purchasing power, smaller annuity and pension checks, higher unemployment, lower wages, an imminent recession, less export trade AND more social intolerance.
Among British Tories, and U.S. conservatives supporting Trump, that is what is known as "winning." I wonder how long it will be, though, before we hear....with an English accent...the words...."stop all this winning".