Politics So...Europe then?

[TdC]

whereas bitcoin is uppppp. so?

 

[Raven]

No, but then I never said it was...so... I said it was down to speculation, as, you know...we haven't had brexit yet.

 

[dysfunction]

Yes...but Brexit brings further uncertainty and thus further devaluing of Sterling.
And the markets are reacting to the indication that Brexit could become a reality...and the markets don't like it.

 

[throdgrain]

Who cares. 37 pages, has any argument here changed anyone's mind? No.

What a waste of time.

I think the vote might just go in favour of the people, by the way.

 

[Scouse]

I think the vote might just go in favour of the people, by the way.

Now you're making me laugh.

Whichever way you vote, the rich are going to win and "the people" won't get a look in.

 

[Raven]

Remain campaign unleashes even less likeable politicians

 

[Jupitus]

I'll just leave this here... taken from Reuters news...

The world's biggest banks including Citi and Goldman Sachs will draft in senior traders to work through the night following Britain's referendum on EU membership, set to be among the most volatile 24 hours for markets in a quarter of a century.

A vote to leave the European Union on June 23 would spook investors by undermining post-World War Two attempts at European integration and placing a question mark over the future of the United Kingdom and its $2.9 trillion economy.

Citi, Deutsche Bank, JPMorgan, Goldman Sachs, HSBC, Barclays, Royal Bank of Scotland and Lloyds are among those banks planning to have senior staff and traders working or on call in London as results start to dribble in after polls close at 2100 GMT, according to the sources.

Jamie Dimon, chief executive officer of JPMorgan Chase & Co, told employees on a visit to Britain this month that if the vote was to leave the EU, the bank would have to have "teams of people thrown on what that means".

"We won't know what it means: there is a wide range of outcomes," Dimon, a supporter of Britain's membership who has warned of job cuts at JPMorgan in Britain if there is an Out vote, said in the broadcast speech.

A vote to leave could unleash turmoil on foreign exchange, equity and bond markets, spoiling bets across asset classes and potentially testing the infrastructure of Western markets such as computer systems, stock exchanges and clearing houses.

Federal Reserve Chair Janet Yellen has cautioned that a Brexit vote could shake financial markets and potentially push back the timing of the next rise in U.S. interest rates.

Bank of England Governor Mark Carney has said sterling could depreciate, "perhaps sharply" and some major banks have forecast an unprecedented fall to parity with the euro and as low as $1.20 in the days following any vote to leave the bloc.

The Bank of England will be staffed overnight, with senior policymakers on call if markets go into meltdown. The finance ministry would not comment on its staffing plans.

The official Vote Leave campaign argues there is no evidence that leaving the EU would weaken sterling long term, while Nigel Farage, leader of the UK Independence Party has said that even if the currency did fall, it would simply boost British exports.


BREXIT NIGHT?

Sterling - the world's fourth most traded currency - has moved sharply in recent weeks, often on the back of opinion polls.

Depending on the results from across the United Kingdom, the night of June 23 and early morning of June 24 could rank as one of the most volatile nights in the history of the London market.

"We've all seen U.S. elections, UK general elections, we've had the Scottish referendum, the collapse of Lehman and QE (Quantitative Easing) but this is by far and away the biggest risk event that has presented itself to the UK," said Chris Huddleston, head of money markets at specialist bank Investec.

London accounts for 41 percent of global turnover in the $5.3 trillion-a-day foreign exchange market, more than double the turnover in the United States and far more than the 3 percent of its closest EU competitors, France and Switzerland.

"All the traders are going to be in ... They don't like missing big moments, if there's going to be one, they want to be at their desk," said a senior source at a major bank based in the Canary Wharf financial district of London.

Some banks are planning the night down to the smallest detail to keep their traders on top form - laying on all night catering and booking nearby hotels to offer temporary respite.

"It is the biggest planned risk event that anyone can remember, so everyone is going to be involved. The question is just when you try and get some sleep," said one senior foreign exchange trader.

No exit polls are planned by British broadcasters so the first numbers from the counts will be turnout results from 382 different areas followed by totals for 'Remain' and 'Leave' in each area. [L8N1920W5]


STERLING

Polls have given contradictory pictures of British public opinion, keeping markets guessing on the final outcome.

That has left sterling, currently priced at $1.41, far away from either of its likely resting places after the final result is known - seen by banks as around $1.50 in the event of a remain vote, or $1.30 or lower if Britain votes to leave.

That almost-certain rapid repricing could set the scene for one of the rockiest sessions since traders wrestled down the value of sterling on Black Wednesday, September 16, 1992, when Britain crashed out of the European Exchange Rate Mechanism.

"If it's Brexit, then we're looking at something that's at least on the scale of Black Wednesday," said Nick Parsons, global co-head of FX strategy at National Australia Bank and a veteran of the 1992 sterling crisis.

Prices for derivatives used to mitigate the risk of sharp swings in sterling point to a period of intense volatility.

Officials and bank managers planning for the event draw comparisons with the 40 percent surge in the Swiss franc in January 2015, which bankrupted dozens of small investment funds and cost banks including Citi hundreds of millions of dollars.

Traders and analysts told Reuters they would expect a Brexit vote to cause sterling to 'gap', or plummet lower - as orders to sell the currency met an absence of willing buyers, leaving a blank spot on the price charts snaking across traders' screens.

Gaps can inflict huge losses on banks and traders, forcing them to bail out of trades at prices far below the automatic sell orders, or 'stops' they normally use to limit losses.

Currency market participants have urged the Bank of England to call on U.S. Federal Reserve if the turbulence gets really bad. The BoE could buy sterling with dollars borrowed directly from the U.S. central bank under arrangements first used in response to the global financial crisis in 2008.

Carney has said the Bank would not stand in the way of any exchange rate adjustment but would take the necessary steps to ensure markets remained orderly. It has not commented on whether or how the bank might intervene.


"MONEY TO BE MADE"

A senior source at one London bank said his firm had been building big reserves of sterling to lend out to any clients who get caught short by swirling asset valuations that require them to post extra security deposits with their trading partners.

Foreign exchange brokers such as PhillipCapital UK and Saxo Bank have raised the security deposit they demand from clients in order to trade, a step designed to offset the increased risk that customers get caught out by sharp moves.

One asset manager who declined to be named said his firm had run a test to see if it could cope with a 30 percent fall in sterling. The fund had increased its cash holdings and would have traders working overnight, ready to sell other assets in case it needed to raise more cash in a hurry.

Volatile markets not only put traders under pressure: they test the limits of the technology that underpin the market.

A source at the London Stock Exchange said volatility could spike on June 24 and that it was putting in emergency capacity for transaction reporting to cope with any spike in trading volumes that might otherwise overwhelm its systems.

A spokesperson for LSE declined to comment.

Despite facing a battle against surges in trading volumes, volatile prices and, at times, the absence of enough buyers or sellers to meet demand, some traders are rubbing their hands at the prospect of a night and day of high drama.

"You look forward to days like this," said one bond trader at a major London bank. "There's money to be made and lost ... You've just got to hope you're on the right side of it, not the one being carried out the door."


(Additional reporting by Jamie McGeever, Anirban Nag, John Geddie, Dhara Ranasinghe, William Schomberg, Anjuli Davies, Andrew Macaskill, Lawrence White, Simon Jessop, Marc Jones and Maiya Keidan, Editing by Guy Faulconbridge and Philippa Fletcher)

London traders brace for biggest night since 'Black Wednesday'

 

[Scouse]

Yeah, I'm thinking of doing a little currency trading. Made a fair whack on the 2008 banking crash. Enough for 6 months off work.

One asset manager who declined to be named said his firm had run a test to see if it could cope with a 30 percent fall in sterling

Brexit'll piss me off royally though. 30% loss of my net value compared to the rest of the world would mean I have to work until I drop. No retirement.

 

[Raven]

Said most people, Europe or not.

 

[Scouse]

Said most people, Europe or not.

The not is clearly making it much more likely in the opinions of all of the people that actually matter.

Deny it all you like. Brexit would cost each and every one of us a *fuckload* of cash.

 

[Raven]

Seeing as a huge amount of people don't actually have any cash in the first place, due to rock bottom wages and stupid house pricing/rental markets I think they will just be saying "go suck a dick, lets try something new" next Thursday. I know you like to say you are against the banks and the corps when it suits you but as soon as they are about to get gang raped you get the jitters.

The revolution will begin It's going to me great.

 

[Scouse]

Seeing as a huge amount of people don't actually have any cash in the first place, due to rock bottom wages

Yeah man!! Bring on the revolution! British TTIP! The power to reduce wages even further than the EU would ever allow!

Lets have a revolution for the rich! Instant dismissal! Zero trade unions! Corporate governance!

FUCK YEAH! Fighting for the needy is so five minutes ago! Power to the non-impoverished!


Moar sentences that end in exclamation marks!!!!!!! In fact - trademark exclamation marks - FOR THE RICH!!!!!!!!!

 

[Raven]

Ah, bless. You think the status quo will continue?

 

[Scouse]

Ah, bless. You think the status quo will continue?

No. It's obvious that post-brexit the rich will take further advantage of idiots. A bit like Farage and "chicken-feed" Johnson are doing right now.


Having said that, Murdoch and the Sun are also behind brexit, and we know what quality intellectual fodder that publication serves up to it's above-average-IQ readership so perhaps the unified front of pretty much every single financial organisation on the planet is just "scaremongering" and Murdoch and his incredibly clever cohorts are right and there's nothing to worry about, or lose, eh?

I for one wouldn't mind losing 30 percent of my net worth. I'd be happy if the brexit campaigners succeded in making one year in every three of my working life into a pointless endeavour.

 

[Raven]

Your net worth would be better spent being shared out to the poor.

 

[Scouse]

Your net worth would be better spent being shared out to the poor.

I ain't rich by any stretch of the imagination - so right after you m8. Right after you.

What I'll tell you tho is that Boris Johnson and his Eton-pals won't be giving up shit. Their net worth is going to rocket in the event of a Brexit - right in line with the poor's pay and conditions falling.

 

[Embattle]

Thames: Nigel Farage and Bob Geldof fishing flotilla clash - BBC News

If Bob didn't turn up would any one of noticed or give it much coverage, probably not.

 

[Jupitus]

Seeing as a huge amount of people don't actually have any cash in the first place, due to rock bottom wages and stupid house pricing/rental markets I think they will just be saying "go suck a dick, lets try something new" next Thursday.

Earnings, excluding bonuses, rose by 2.3% compared with last year.
The rise was bigger than analysts had expected, and pay growth in April itself was 2.5%, which the ONS said was partly due to the introduction of the National Living Wage.
The introduction of the new, compulsory National Living Wage of £7.20 an hour for workers aged 25 and above affected 1.8 million workers.

UK unemployment rate at lowest since 2005 - BBC News

 

[Gwadien]

I think there should be two questions, I think the first one should be 'Would you be financially secure if the economy had a crash again?' If your answer is Yes, then your vote is ignored.

 

[caLLous]

 

[Job]

Holy crap!!!


Labour MP Jo Cox shot in West Yorkshire – latest updates

 

[throdgrain]

What

 

[caLLous]

Nobel prize-winning economists warn of long-term damage after Brexit

 

[old.Osy]

Be seeing you brits, tis been fun. Be well.

 

[Job]

Yes...and keep learning English, obviously we won't bother with your obscure dialect.

 

[Scouse]

Yes...and keep learning English, obviously we won't bother with your obscure dialect.

Only because we're feckless and lazy, unable to appreciate the benefits of being multilingual, regardless of usage levels.

 

[TdC]

The French beat you to it Job.

 

[caLLous]

UK car industry and more leading businessmen back Remain

The car industry's trade body and company executives warned that leaving would increase costs and threaten jobs.

...

Vote Leave rejected the idea that leaving would hurt the car industry, instead saying it could help exports.

Vote Leave then proceeded to produce statistics to back up this very vague claim. Oh, no, wait, they didn't do that at all.

 

[Job]

Only because we're feckless and lazy, unable to appreciate the benefits of being multilingual, regardless of usage levels.

Except we are on the cusp of universal translators..there is actually a phone app allready that works quite well..and of course knows every language in the world...which I doubt anyone anywhere has ever been that good.

 

[Job]

UK car industry and more leading businessmen back Remain
Vote Leave then proceeded to produce statistics to back up this very vague claim. Oh, no, wait, they didn't do that at all.

Dont care about trade..that will sort itself out, this is about freedom or joining the collective