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Asian central banks, policymakers wade in to calm markets after Brexit vote

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What's that song again about regrets and having a few? The decision to run away from the union will certainly be one of them.

3 ( +13 / -10 )

Well done the Brits.

A very welcome poke in the eye for the smug European elites and their undemocratic institutions.

2 ( +21 / -19 )

My office is near the stock exchange and many outside signs show stock market fall. Many tv crews are taking pictures all around Nihombashi, maybe I am on tv!

3 ( +6 / -3 )

The millionaires and billionaires are hit in the pocketbook the most by the distress of the local UK population that used democracy to subvert their plans. A long time coming. Karma is a....

1 ( +10 / -8 )

What's that song again about regrets and having a few?

Frank Sinatra - My Way

0 ( +3 / -4 )

The former Sick Man of Europe has voted for RELAPSE.

1 ( +10 / -9 )

The yen’s strength due to its safe-haven status has been a frustration for Japanese authorities, who want a weaker currency to support exports and the economy.

This is misinformation here, it's a frustration for ONE Japanese authority who made it his policy to ensure the yen got weaker and the world is refusing to play along.

0 ( +4 / -4 )

Well done the Scots.

A very welcome poke in the eye for the smug southern elites and their Spitfire Ale fantasies.

3 ( +8 / -5 )

SenseNotSoCommon

The former Sick Man of Europe has voted for RELAPSE.

Britain is far from the sick man of Europe - Greece! Italy! Spain! - and believe me this is going to have repercussions for a lot more EEC members - France! Spain! Denmark!

It wasn't really about Europe for the majority of voters, it was about the negative effects of globalization over the last 20 years and where Britain showed the way, let's see others follow suit with similar global eco-financial monstrosities - TPP! NAFTA! - and take control of their lives again.

9 ( +15 / -6 )

None of you are talking about the very real impact this will have on jobs and families both in the UK and elsewhere. Not to mention that Scotland may revisit her departure from the Uk to remain I. The EU independently.

This is a poke in the eye for most of the world.

4 ( +8 / -4 )

Money market rates were calmer in early trading.

..and retail money exchangers in Japan are maintaining same 'calm' rates, practically speaking trading is suspended.

1 ( +1 / -0 )

Fantastic result! Time to buy some sterling. Well done "Vote Leave"!

-9 ( +7 / -16 )

The millionaires and billionaires are hit in the pocketbook the most by the distress of the local UK population that used democracy to subvert their plans. A long time coming. Karma is a....

Its a bit naive to suggest that this is hitting millionaires and billionaires, while leaving working people better off. What has actually happened in the past few hours is that working people in the UK have seen about 10% of the value of their pensions and savings wiped out. Millionaires and billionaires, who are rich enough to diversify, haven`t lost a dime off of this.

The wealthy mostly wanted the UK to remain, but dont think that they are hurting. They have the ability to protect themselves from shocks like this. Working class people dont and they are the ones who are paying the price.

11 ( +16 / -5 )

People in Italy, France, Holland and Denmark have all called for referendums too. Those European Members of Parliament must be terrified of having to jump off their 'no-receipts-necessary-all expenses paid' gravy train. Looks like the EU experiment, spawned by the US post WW2, may come to an end.

3 ( +9 / -6 )

Britain is far from the sick man of Europe

Agreed @Gary Raynor. But it's just voted for a return to those dark days.

An economy can't survive on warm beer and Dad's Army reruns.

8 ( +15 / -7 )

embrace for the aftermath, for many people, in or outside of Britain, its gonna hit like a truck

5 ( +6 / -1 )

embrace for the aftermath, for many people, in or outside of Britain, its gonna hit like a truck

Fine... But, "Pain is inevitable, suffering is optional." - Haruki Murakami

2 ( +3 / -1 )

People can embrace change, not corporations. Fantastic result!

People have been given scraps for years while corporations have been raking it in and youth just accept it as normal because they don't know anything else. There is another way. No more scraps.

Tossing EU and its overarching control system means more personal responsibility, less government omnipotence, not by desire by such a system certainly, but by the very nature that it will be too expensive to maintain.

Jobs will change, sectors will diminish, but opportunities where the corporations will flee and where they never cared to venture to begin with will now be open to figure out, without their interference. Power, renewables, re-localization of many things help local development.

It can go bad, but I believe in the people of the UK to make it work, by making themselves work, not be snowed anymore by their upper class who have treated them so badly for far far too long.

-1 ( +6 / -7 )

Stock exchange pages are off-line.

2 ( +4 / -2 )

What's that song again about regrets and having a few?

Ironically enough, it's a French song. The lyrics were later changed by Paul Anka though.

1 ( +3 / -2 )

Stock exchange pages are off-line.

The pound's been rogered like an Etonian. What irony.

7 ( +8 / -1 )

Japan can do little but to watch the yen rise! Maybe, a more negative interest rate might help ?

However,

If Japan let in more immigrants they'd see an uptick in the economy just like the UK did?

0 ( +2 / -2 )

UK population that used democracy to subvert their plans. A long time coming. Karma is a.... but that's just it the mega rich may lose in the short but they'll just pack up and move to Belin/Paris within the EU, and tariff free. along with all the UK jobs that their factories/companies employ. So in the long term the average Brit will suffer through rising unemployment higher taxes reduced health care benefits. The elite never loses over the long term its the little guy that'll pay for their losses. Karma can't beat a rigged system.

4 ( +7 / -3 )

The British pound plummets, the yen jumps, 8% is wiped off the value of the Nikkei, and the market capitalization publicly traded companies, who have just seen a significant amount of the "record amounts of money they are sitting on" evaporate into thin air.

But it was a good excuse to exchange yen for dollars today, a little bonus for my vacation.

In the end, I have to say "Bravo" to Britain for having the balls to leave. I wonder who will be next?

-1 ( +7 / -8 )

negative effects of globalization over the last 20 years and where Britain showed the way, let's see others follow suit with similar global eco-financial monstrosities

but you're leaving off the most important part of this globalization: immigration. this was a pure nativist movement, with economics as a sideshow. many brits rightly or wrongly feel that their country is being overrun with europeans. net migration into the UK was seen as being out of control. Trump wants to make Merica great again and the Brits wanted to make the UK Brtiish again.

-2 ( +3 / -5 )

Congrats to the majority of Brits who wanted out of the untenable mess that is the EU. I guess many folk were fed up with propping up failed economies led by governments unwilling to change - Greece, Spain, Portugal among others. There will be short-term pain for all, no doubt about it. Great time for a (cheaper) UK holiday!

I wonder who will be next?

I know of at least a few envious Germans today...

0 ( +7 / -7 )

We haven't even begun to see the beginning of volatility in the stock market. Just wait til the rest of the UK votes to leave England (and they will). Its gonna be mental.

5 ( +6 / -1 )

Were Liverpudlians, who voted 58% Remain, heeding the following Beatles wisdom:

Don't you know that its a fool who plays it cool by making his world a little colder?

0 ( +4 / -4 )

Take that bankers and global elite. Power to the people!

-1 ( +7 / -8 )

At least two Asian central banks were suspected of intervening in their currency markets on Friday,LMAO and people still bitch abouts Japans propased currency intervention (last time 2011) nope every central bank has a right to set policies that support their economies. So please no part time currency experts crying foul when Japan does the same, any day now!

-5 ( +2 / -7 )

The dominos effect has begun.This is the beginning of the end for the E.U. Hopefully dignity,culture and elegance will return to all the individual countries we call Europe.

-2 ( +6 / -8 )

bathe me in your down thumbs all you like but Japan will intervene in currency markets and now is no better time. anybody who bets 90s/$1 for any period of time is a brave soul.

1 ( +2 / -1 )

News just coming in that Cameron has quit. No surprise - it was almost certain - but quicker than I had thought. Get ready for the American-born, messy haired PM Johnson!

3 ( +5 / -2 )

Okay ... well enough. Now Britain and the rest of the world must figure out how to keep everything from collapsing here on out. We've managed to get along this far in history, so I guess we'll survive this mini-crisis. So many things could happen because of this. Will be interesting to see what happens on down the road ...

2 ( +2 / -0 )

The NWO/EU just got a nice poke in the eye. Well done! Now, the EU overloads are rightly fretting about "contagion" spreading, threatening their monopoly. The EU's days are numbered as others will also clamor for exit.

0 ( +3 / -3 )

The politicians should keep their ignorant behinds out of the markets. Markets always jump on any news and overreact, driving by speculations by traders. Some will get burnt, some will make money. That is why these are markets, and not government committees. Now, with the politicians ordering their central banks to intervene, the markets have even more material to speculate on.... fools.

-1 ( +1 / -2 )

Saw Cameron give his sayonara speech on TV just a while ago. He said he will leave in three months. He said a lot more, but you can read his comments in news stories that are sure to follow.

1 ( +1 / -0 )

Scotland is now looking at an independence referendum again. This is going to domino. Others are also looking to exit the EU. One of my friends in England who voted 'leave' just said on Twitter he 'may have made a mistake' as the value of the Pound dropped the way it did.

Only the big companies are going to profit from this, then bail into the EU when the effects really start to hit long term. The little people are going to lose BIG. Misplaced pride is going to see an increase in taxes on everything under the sun, and every single facet of life is going to be effected, with the irony being it's not going to make Britain 'great', but a whole lot smaller and weaker.

6 ( +9 / -3 )

Breaking G7 promises all over the place, why even bother with these meetings, it's all smiles and nods but anything said is pure bullshit.

1 ( +1 / -0 )

Frederic Bastiat:

" The NWO/EU just got a nice poke in the eye. Well done! Now, the EU overloads are rightly fretting about "contagion" spreading, threatening their monopoly. The EU's days are numbered as others will also clamor for exit. "

I wish I could share your optimism. Alas I think the elites will find a way to ignore and circumvent this vote, just as they did previously with the EU "no" votes in France, Holland, Ireland, and Denmark. The NWO elites are still hell-bent on realizing their undemocratic super-state, come hell or high water.

-4 ( +1 / -5 )

I'm surprised by the result. I'm surprised the Elites allowed this to happen. Usually when they make their minds up about something they close ranks and make sure the media, etc., play along. Maybe next Trump will be allowed to become president.

4 ( +6 / -2 )

wtfjapanJun. 24, 2016 - 03:44PM JST

At least two Asian central banks were suspected of intervening in their currency markets on Friday,LMAO and people still bitch abouts Japans propased currency intervention (last time 2011)

Oh please can't you make at least one knowledgeable post, but why break a habit of a lifetime?

Those 2 banks intervened, the BOK and BOI, to stop the weakening of their currencies.

The only times the BOJ has intervened has always been to weaken their currencies and help japan Inc export and beggar thy neighbor

-2 ( +0 / -2 )

I for one applaud this bold decision, thoug economically there may be tough times ahead.

That said, this has been in the making for some now alright. The EU is black hole monster, taking from the richer nations and distributing it to the poorer nations like candy. Then there is the self-enrichment, corruption, Brussels iron will that whatever they tell you to do you must do - i.e. very undemocratic, the immigration issues, it just really never ends.

Britain needs to reinvent itself and it can do that. Look at Switzerland, not doing to bad I think....

As for the EU, down with it. Europe can do so much better.

-1 ( +2 / -3 )

What a complete disaster. The turkeys haven't just voted for Christmas, they' ve sharpened the knife and are holding it to their own necks. It's beyond comprehension how these people have voted to burn their own country's future. Unbelievable.

6 ( +8 / -2 )

Lloyd WeemsJun. 24, 2016 - 06:39PM JST

What a complete disaster. The turkeys haven't just voted for Christmas, they' ve sharpened the knife and are holding it to their own necks. It's beyond comprehension how these people have voted to burn their own country's future. Unbelievable.

Look.... It's very simple really.... this was a vote against supra- nationalism and the institutions that support globalization.

At the base level it was the guy in the UK who can't get German Netflix, while Roku can build their boxes which pick up that Netflix and import them to the UK without any similar hindrance.

This is about the woman in the UK who can't shop on Amazon US, but Amazon can avoid paying any tax on that captured woman's overpriced purchase in the UK.

This is about the plasterer in the UK who has to compete with similar skilled migrants who will work for 1/2 his salary, while he doesn't have the choice to compete in a market, such as US or Australia, where his skills would get him double his salary.

This is... God I could go on and on about the unfair balance that supra-nation economics has wrought on the average man in the street... the British vote is really that earthly.

-2 ( +2 / -4 )

This needed to happen. The EU is in geopolitical & economical dire straits. Others may soon follow!

0 ( +4 / -4 )

Congrats to the majority of Brits who wanted out of the untenable mess that is the EU. I guess many folk were fed up with propping up failed economies led by governments unwilling to change - Greece, Spain, Portugal among others. There will be short-term pain for all, no doubt about it. Great time for a (cheaper) UK holiday! I wonder who will be next? I know of at least a few envious Germans today...

BurakuminDes you amaze me with your utter thoughtlessness. NOW British people have to pay export tariffs, and now have to go through passport control when entering France. WHAT a PAIN! And all because of their hatred about immigration. They are going to PAY a heavy price--read that the most likely scenerio for Britain is going to be a nice recession and umemployment rising to 7 percent. And to think of all those retirees in Spain will now lose their residency rights and have to leave, putting more strain on the social systems in Britain. So, yeah, you right-wiingers REALLY DO NOT THINK THINGS THROUGH too much do you, your hatred is just all that matters.

4 ( +7 / -3 )

TheRatJun. 24, 2016 - 07:16PM JST

And to think of all those retirees in Spain will now lose their residency rights and have to leave, putting more strain on the social systems in Britain. So, yeah, you right-wiingers REALLY DO NOT THINK THINGS THROUGH too much do you, your hatred is just all that matters.

You think so?... All my family have retired there in one form or another.....the Costa Del Sol..... Is it an accident of geography, oil or gas, that this has made this place having the richest local services in Spain?.... get rid of these UK residents their payment of local taxes and the Costa Del Sol will return to the arid dirt hole it was 30 years ago where the average salary was 50% of the national average.

I hate the place... it's not Spain and the fish and chips shop on every corner is so ugly... Give me Bilbao any day, but Spain has done very very well out of those retirees and any attempt to force Spain to give up that cash cow might well slip Spain to seek an exit from Europe.

If every migrant to England had been a rich retiree, instead of an unemployed Polish heating engineer, then migration would have never been an issue in this referendum.

-6 ( +0 / -6 )

@TheRat Most of the poor Brits never had the opportunity to get out of the UK, never mind stand in line at immigration! However, the next time they are in a shop or a hotel they'll at least be able to fluently speak their native language!

I pity you standing in line mate, but not much....

0 ( +1 / -1 )

Like Churchill said:

The best argument against democracy is a five-minute conversation with the average voter.

Undeniably, Britain shot itself In the foot with this decision. Scots rethinking their status in the UK is just the first step.

2 ( +3 / -2 )

Those 2 banks intervened, the BOK and BOI, to stop the weakening of their currencies. oranges or apples!? who give a hoot, the whole point to strength or weaken your currency is to put your currency in the zone that best suits its economy, to weak or too strong isnt good for any economy. intervention is intervention! so lets stop with all the cherry picking BS. and call it what it is! A tool used by nearly all central banks that isnt ILLEGAL! oh and in case you missed my last post. iM not a used car exporter, but have close friends that make over 100million yen profit yen a year doing just that, not bad for high school dropouts!

-1 ( +0 / -1 )

Question for you British here....doesnt the Queen of England have absolute veto power? Is it possible that the Queen of England, could over turn this referendum if she thought differently?

-1 ( +0 / -1 )

Its no secret. The larger the world becomes the more segregated it becomes.

2 ( +2 / -0 )

@ TheRat -

BurakuminDes you amaze me with your utter thoughtlessness. NOW British people have to pay export tariffs, and now have to go through passport control when entering France. WHAT a PAIN! And all because of their hatred about immigration. They are going to PAY a heavy price--read that the most likely scenerio for Britain is going to be a nice recession and umemployment rising to 7 percent. And to think of all those retirees in Spain will now lose their residency rights and have to leave, putting more strain on the social systems in Britain. So, yeah, you right-wiingers REALLY DO NOT THINK THINGS THROUGH too much do you, your hatred is just all that matters.

Please dont lump me with the right-wingers, my friend. I despise the likes of Farage and all his supporters. Scumbags and racists. I am certain a good deal of those who voted Leave were not rightists or racists. I agree with many of your points, and if I were still living in the UK and decided to vote, I possibly would have voted Remain. However, I can see both sides of the argument, and understand the despair with so many Brits and other Europeans RE: the failure of the EU. Personally, it bums me that my right to live/work in 27 other nations in future will now be up in the air, but I respect the Brits' decision.

3 ( +4 / -1 )

So I'm just thinking aloud here, but given this process will take two years to be finalized, is it possible that the "Remain" forces could stage another referendum in a year to nullify this latest one?

2 ( +2 / -0 )

There is that.

If the exit negotiations (during those 2 years) don't go well some British might change their view/opinion.

0 ( +0 / -0 )

Wow, that was quick:

http://www.independent.co.uk/news/uk/brexit-petition-for-second-eu-referendum-so-popular-the-government-sites-crashing-a7099996.html

3 ( +3 / -0 )

Donald Tusk, President of the European Council:

As a historian I fear that Brexit could be the beginning of the destruction of not only the EU but also of western political civilisation in its entirety.

What an idiot.

Does he think anybody believes this nonsense?

I heard that even Remain supporters were embarrassed by this puerile drivel.

It just shows us the kind of idiots running the EU.

Well done Brits.

You will be much better off without idiots like this running the show.

The only people debating honestly and facing up to the real issues in Europe are the Brits.

Respect.

2 ( +6 / -4 )

Donald Duck

Donald Trump

Donald Tusk

I'm seeing a trend here.

1 ( +1 / -0 )

Question for you British here....doesnt the Queen of England have absolute veto power? Is it possible that the Queen of England, could over turn this referendum if she thought differently?

Yubaru,the referendum does not have any legal weight in itself - it is simply an opinion, but there is no fixed law by which it must be converted to legislation.

The Queen does not have to give consent to any law. However, it is unthinkable that the monarch would ever withhold consent to laws passed by its government.

4 ( +4 / -0 )

English pride again will make England poorer and more isolated. She hasn't learned the lesson that pride (being superior cultural and racially to the colonized territories, then), leads to isolation (it lost all of its now richer territories). And it's a pity that people, even in this forum, doesn't understand (haven't read, perhaps) that EU from the beginning wasn't merely about trade, but about wars too (avoid political chaos that lead to WW I and II). England is the old Japan: cold, proud, an island, but Japan left the Meiji era, England has just entered its own one.

2 ( +5 / -3 )

It is not just xenophobia that drove the break. Ever since the ECB introduced negative rates, the commercial banks of England have seen the writing on the wall. The EU is incapable of managing it's economy or just about anything else in a meaningful way, and it is no surprise that the UK was the first to step back. One of the most respectable things about the UK is the integrity of it's financial system; it is the foundation for the stability of the world's fiancial structure. It cannot be allowed to be infected by the irresponsible and foolish policies of the ECB. I for one am breathing a sigh of relief. Though I know we are in for hard times, in the end tne world is better off for the "Brexit."

2 ( +3 / -1 )

I have to admit, that this result has surprised me. However I don't envisage doom, but a massive restructure in finances. I think that the markets will calm during the transitional period.

-1 ( +0 / -1 )

Great news!

Democracy wins!

Now if only Okinawa could do the same thing!

-1 ( +4 / -5 )

wtfjapanJun. 24, 2016 - 08:39PM JST

Those 2 banks intervened, the BOK and BOI, to stop the weakening of their currencies. oranges or apples!? who give a hoot, the whole point to strength or weaken your currency is to put your currency in the zone that best suits its economy, to weak or too strong isnt good for any economy

And it best suits their economies not to steal wealth from other countries or steal other countries' jobs - agreed that it is only temporary with South Korea who unfortunately followed the Japanese model and now also have a generation of xenophobic non-procreating 'individuals' - but Japan ought to also give the mercantilist model a holiday for once and live with the quality of life that such action would afford them.

As I write Switzerland is doing fine, thank you. Ever sold a second hand car there?

0 ( +1 / -1 )

"Question for you British here....doesnt the Queen of England have absolute veto power? Is it possible that the Queen of England, could over turn this referendum if she thought differently?"

I am not British but I know that Q.E.2. would not veto the popular vote. First, it would create a constitutional crisis where H.M. / the monarchy would likely instigate one's own demise. Second, H.M. has already made one's feelings clear on the matter by hinting several times one wants out of the E.U. Third, why would any head of a sovereign state not want that country to be more independent?

-1 ( +1 / -2 )

Before the referendum, HRH is rumored to have asked 'give me three reasons why we should be in the EU?'

Maybe the Queen was a secret Brexiteer all along!

-2 ( +0 / -2 )

So, you guys are cheering a Scottish independence vote while sneering at an English one? Is that the stench of hypocrisy, I fear?

-3 ( +0 / -3 )

One of the most respectable things about the UK is the integrity of it's financial system

How do you work that out? We've seen little but hatred for financial institutions in the UK for the last eight years.

2 ( +2 / -0 )

England is the old Japan: cold, proud, an island, but Japan left the Meiji era, England has just entered its own one.

This is just poppycock.

Brits are openly and honestly debating the European issues... some Brits are for the EU, some are obviously against.

But at least they are debating!

The rest of Europe seems to have lost this...err... pretty important skill...

Lets debate anything and everything...

Lets debate even the existence of the EU...

Well done the Brits for doing this.

Look at the mess that the EU is in now.

Don't blame the Brits for that!!!

Where is the comeback for the EU on this unholy mess...?

Can we get rid of Tusk, Schulz or Juncker for this terrible mess they have created?!!

Why is Britain being berated?

Why are they not Tusk/Schulz/Juncker being kicked out on their arses for this terrible mess?!

1 ( +3 / -2 )

So, you guys are cheering a Scottish independence vote while sneering at an English one? Is that the stench of hypocrisy, I fear? No Scotish voted overwhelmingly to stay in the EU, so while the UK decision to leave should be respected, so should Scotlands decision to leave the UK to stay in the EU if they decide to have another referendum which looks all the more likely now.

0 ( +1 / -1 )

UK population that used democracy to subvert their plans. A long time coming. Karma is a.... but that's just it the mega rich may lose in the short but they'll just pack up and move to Belin/Paris within the EU

You really don't understand who won do you. The people in distress, not the millionaires and billionaires who have kept them down for decades will now be able to rise into any gaps those who leave create by leaving. No company has a monopoly on their market. This will be an opportunity. Let the EU keep their rich, but they will venture into high taxes higer wages anyway. Hilarious. They could have done that at home but it's always pride before the fall.

I once had my own business. I'll start it again in a new area I hope in another year. I never fear that you or anyone will take my business away as there are always those that follow more than lead.

Release the pressure upon a nation that has been told to obey for too long and you get the results of real democracy. This is why referendums are not used. It ruins the world view of the rich who own politicians so they don't have to think about all the people they have stepped on

Time to start repairing the hollowed out nation and start taking responsibility.

It's a new day

-1 ( +1 / -2 )

@sf2k

not be snowed anymore by their upper class who have treated them so badly for far far too long

Strange, you don't consider Boris Johnson and Michael Gove to be upper class? They very much are; the elite is still very much in control, with the common man now more exposed to these vultures than ever before.

@onedragon

Take that bankers and global elite. Power to the people!

Again, very strange to characterise this in such a way. The elite are still very much in charge in the UK.

@BigCeltic1977

I'm surprised the Elites allowed this to happen

Again; the elites are still very much in charge.

@Gary Raynor

This is about the woman in the UK who can't shop on Amazon US, but Amazon can avoid paying any tax on that captured woman's overpriced purchase in the UK.

How on earth does leaving the EU change that? If you think that PM Johnson and the post-Brexit government is going to increase taxes on the wealthy and the global corporations you are having a laugh.

0 ( +0 / -0 )

The problem with the EU is the political bands which have connected it are, in the end, no match for nationalism.

1 ( +2 / -1 )

@sf2k

You really don't understand who won do you. The people in distress, not the millionaires and billionaires who have kept them down for decades

The winners - Boris Johnson, Gove & IDS, Farage, Rupert Murdoch et al - are very much the rich and powerful who have been keeping the people down. This result will not prevent them from continuing to do so - quite the contrary, it will make it even easier for them.

So how does this result help the people in distress? How will it create jobs in Sunderland and Sheffield and the Welsh valleys? It clearly will not - the economy will be badly damaged, and that will have the greatest effect of all on the people of Sunderland, Sheffield, etc, not on Bojo and Farage who are well insulated against the economic fallout. Turkeys voting for Christmas is very much the appropriate analogy.

0 ( +2 / -2 )

the whole point to strength or weaken your currency is to put your currency in the zone that best suits its economy, to weak or too strong isnt good for any economy

When governments stop tampering with their currencies, the value is determined by the currency trading market, which assigns a realistic value to it. If a country like China or India has lower labor or regulatory costs, and they generate a trade surplus due to higher demand, the acquire an excess of foreign currency. This has the effect of increasing the value of their own currency while devaluing he currencies they own, which in the long run evens the playing field; a stronger currency negates the advantages of lower labor and regulatory costs.

But governments love to play with their currencies. They give the excuse that a cheaper currency improves exports because it makes their countries' goods less expensive overseas, but the real reason behind weakening their currencies is to devalue their spectacular debts, and allows them to spend more than they otherwise could.

Japan could easily adjust to a stronger currency, as most goods sold in Japan are imported, and Japan still has a large population. A stronger currency would make food, energy, clothes, raw materials, and such much cheaper, and cheaper goods usually increase demand. But protectionism of the large exporters, and the agricultural voting block (which still has the majority of votes in Japan, despite the scarcity of farmers), and Japan's staggering national debt means that the government will intervene to keep the yen weak.

The problem with policies like currency manipulation, interest rate manipulation, price controls, and anti-completive measures is that the market always overcomes them. This is the cause of the boom/crash cycle which has caused such economic problems in the world. Every product or service, or currency has a natural value, which is determined, well, naturally, by supply, demand, and natural conditions. Whenever this value is pushed one way or the other, it eventually pushes back. The harder governments try to weaken or strengthen currencies, or control the prices of goods or services, the harder the eventual correction will be.

I am glad the UK has pulled out, and with a fresh start, I hope it manages itself more responsibly than it's peers and neighbors have been doing.

1 ( +1 / -0 )

Scotland will probably become independent. That's the result of being ignored for too long and is the correct outcome. Northern Ireland also. I don't expect it to repatriate with Ireland. London might consider also becoming its own state given its own repudiation of the Leave side.

This is fine. Say all of them become independent countries. Some with tighter relations with the EU, and others not like England and Wales. Given the economic and geographic realities however it still means that the UK will exist, just as a collection of independent countries whose people deserved respect, and finally made it happen. No longer centrally controlled on day to day issues. Accountability, finally. No longer trapped by the facade that a large centrally controlled government controlled by the wealthy is capable of managing local issues. Keeping the rich in check, but with varying success no doubt.

I think the USA will be jealous actually.

Anyway, this is not the end of the world but the Remain people will be full of hyperbole for quite some time yet.

Strange, you don't consider Boris Johnson and Michael Gove to be upper class? They very much are; the elite is still very much in control, with the common man now more exposed to these vultures than ever before.

what are you talking about? Did I ever mention such people? The people will decide what becomes of them. You're going to have to accept that you can't predict democracy, especially since you expected a Remain victory.

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the economy will be badly damaged, and that will have the greatest effect of all on the people of Sunderland, Sheffield, etc,

I think it that quite likely. I don't know many of the people in Sheffield that voted our of the EU, but I think many of them are what used to be called Little Englanders.

We have them in the US, and they are the Trump supporters. I know the Trump supporter mentality quite well. They are willing to gamble on the economy because they don't really care. Their identity and interest is much more wrapped up in their nationalism. And so are willing to make themselves believe just about anything in furtherance of their narrow nationalist ideology.

That is why, I would like to add, they are where they are in the social and economic heap. They are mal-apapted to modern life; they are the losers of global capitalism. And rather than turn against global capitalism, they embrace small-minded parochialism.

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You know the story of the elephant and the chain around its leg? As a young elephant it's a real chain, and it learns that it can't break free. As it gets older the chain is replaced by a rope. An adult elephant can easily break the rope but does not because it remembers the chain and how it failed.

England Scotland Northern Ireland Wales London can all break its rope. The people have done it for them already. More to come!

UK will reorganize in some fashion but it will be a collection of independent nations. UK will be neutered for just foreign policy and trade committees, leaving local issues to the nations. Companies don't like people or their feelings or nation states. They want free trade no taxes and slaves. Only hundreds of years of change in social contracts and history has morphed them. This is now manifest again. They will need to change or leave, only to find out the opportunities were where they used to be.

The rich will be in a scramble to buy new politicians to support them. The people having served a fatal blow to those enterprises affected enough might notice an opportunity for themselves and their communities. Re-localization can increase local economies. Say a company leaves leaving people out of work. Why not start a business with the market that company just left wide open?

People who lack imagination or a sense of change just haven't broken their rope yet

It'll come

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Companies don't like people or their feelings or nation states. They want free trade no taxes and slaves.

True for most.

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what are you talking about? Did I ever mention such people?

Yes, you did, when you mentioned the upper class and argued that the people will no longer be snowed(?) by the upper class. I simply pointed out that those behind the leave campaign who are set to be the ones to profit from it - like Messrs Johnson and Farage - are very much part of the upper class establishment elite to which you referred. The shafting of the people will continue unabated and with that bit more ferocity under this new rotation of 'leaders'

You never got back to me about how you think this will help the people of Sunderland, Sheffield, or the Welsh valleys? How will it create more jobs in such areas? How will it improve services in such areas? How will it improve anything at all in such areas?

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"HRH is rumored to have asked 'give me three reasons why we should be in the EU?"

I think you mean H.M. It's not just a rumor - she has on several occasions let the cat out of the bag.

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she has on several occasions let the cat out of the bag.

Not really; The Sun newspaper has on several occasions claimed that the Queen wanted to leave the EU, and been found in breach of press regulations for doing so. The Sun is owned by Ruper Murdoch and tends to make up, sorry 'report', things without any sound evidence (or sometimes just outright lies) in order to influence public opinion. A claim by the Sun is most definitely not proof of anything at all

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@Yoshitsune

sure I did. By corporations having to buy off a new set of politicians it opens up the possibility of counties instead voting in someone who would represent them and not the interests of London.

In fact if London became a city-state and joined the EU which it has just as much ability to it would free up the rest of the counties to do what matters to them, in particular, employment and immigration issues, instead of being undermined and ignored.

People of many distressed areas deserve the time of day and this vote will give them that to figure it out. One thing is for sure, solutions aren't coming from the EU or from its millionaires. Get the people who aren't helping out of the way is a great first step. Solutions have to come from people. It would still be a free market so I can't predict the solutions anymore than you could predict the referendum vote. Otherwise that's a more government controlled market, the one they just left. Therefore the solutions are not going to come from the methods they just abandoned. It'll have to be new.

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So the yen is rising again, after Japan artificially tried to devalue it. Good. Time to transfer my savings to dollars before I jump this sinking ship.

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You never got back to me about how you think this will help the people of Sunderland, Sheffield, or the Welsh valleys? How will it create more jobs in such areas? How will it improve services in such areas? How will it improve anything at all in such areas?

Well said Yoshitsune. These people can NEVER clearly explain HOW any of this will logically play out economically. It is all just an emotional reaction to some immigrants and paperwork--but prepare for some paperwork NOW and passports as these Brits now have to import permits and passports to leave their tiny island.

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@A.N.mOther

So, you guys are cheering a Scottish independence vote while sneering at an English one?

Predicting Scottish independence is not the same as cheering for it.

@sf2k

You're going to have to accept that you can't predict democracy, especially since you expected a Remain victory

Did I? Please show me when and where I made that prediction, or kindly withdraw the false accusation.

By corporations having to buy off a new set of politicians it opens up the possibility of counties instead voting in someone who would represent them and not the interests of London.

Boris Johnson? Theresa May? Michael Gove? A new set of politicians who care about the people? Not even remotely, on either count.

People of many distressed areas deserve the time of day and this vote will give them that to figure it out. One thing is for sure, solutions aren't coming from the EU or from its millionaires.

Distressed areas like Cornwall and the Welsh valleys are in fact the greatest beneficiaries of EU monies. That is about to stop. So, once again, please tell me how you think Brexit is going to help those in the Welsh valleys, Sunderland, Sheffield, Cornwall, etc? It patently is not; it's going to make things worse for them. The beneficiaries of this will only be millionaires and London political elites like Murdoch, Johnson, et al

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It's already been explained to you a few times and it's clearly been a waste of time. People who are not helpful will be in the way of change. I see no reason to continue with this

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