Jun 292016
 June 29, 2016  Posted by at 12:46 pm Finance Tagged with: , , , , , , ,

Marion Post Wolcott Coal miner waiting for lift home, Capels, West Virginia 1938

George Osborne declared on Monday that the UK “is in a position of strength” (he meant the economy, not the football team). No, it is not. That’s why he and his ilk lost the vote. But Osborne’s actually thick enough to look in the mirror and tell himself he did a good job. Utterly blind to the people he keelhauled over the past 6 years.

And no doubt while he’s at it, he’s at least tempted to label all 17 million Britons who voted ‘Leave’, uneducated racists. George’s well-to-do friends may be in “a position of strength”, but the British people who paid for these friends of George’s to be comfortable, are nowhere near “a position of strength”.

The only way to protest the wringer they have been put through was to vote against anything Osborne and Cameron represent. And so they did.

Most of the “Brexit is the end of the world” claims that have followed Friday’s referendum result are as stunning as Osborne’s blind spot for this own people (who he doesn’t even see as ‘his own’). And most of them come from people who until recently claimed to detest ‘Gideon’.

In the eyes of a vast majority of commentators, all hell is busy imminently breaking loose in UK society and its economy because those 17 million dumb racists voted No to the EU, which was in reality simply a No to Osborne and Cameron -and Juncker et al-, and all they stand for, something just about entirely overlooked; for most of these voters, it was not a Yes to anyone else, just a NO!.

At the same time the Leave campaign claims endless streams of milk and honey are in the offing, an equally unlikely proposition (is it perhaps an idea to not only talk about money or race; how about physics?).

Fact is nobody knows where Brexit will lead, for the simple reason that there are no precedents or other comparisons. Everybody on all sides just makes things up. Since most of the media outlets that have any pretense left of serious journalism are on the Remain train, it would be easy to be fooled by them.

The whole ‘discussion’ -it’s more an endless parade of monologues- has turned into the metaphorical hammer looking for a nail in embarrassing ways.

Who do all these people have to blame but themselves? Weren’t they the ones who felt up to the very last moment that there would be no Brexit? And isn’t that why they decided to keep calm and carry on? Let’s see some denials of that, please.

The “I was asleep but that’s not really my fault, is it?” kind of thing. Bring it on. The Guardian has the audacity to ask for donations from those who “appreciate their Brexit coverage”. Granted, they publish some 826 pieces a day on the topic. But I’d consider paying them just to stop doing that.


Hillary Clinton’s reaction to Brexit was to call for ‘steady, experienced leadership’. Which sounds sort of reasonable but is in reality just another way of saying ‘more of the same’. And that in turn happens to be exactly what Brexit was a reaction against.

Clinton’s simply and obviously aiming for those Americans who are afraid of change. But that doesn’t mean she has the power to prevent it. Nor that it’s a wise track to be on, given that Trump is where he is because so many people clearly want change, not ‘more of the same’.

European Parliament president Martin Schulz was quoted as saying: “The British have violated the rules. It is not the EU philosophy that the crowd can decide its fate.” Still wondering what the source of that quote is. Saw Prof. Richard Werner quote it, but without the source.

Jean-Claude -‘You have to lie’- Juncker told European Parliament members yesterday that he has imposed a ‘Presidential’ ban on EU commissioners holding informal or secret talks with the British about the country’s exit from the EU, until the UK government formally invokes Article 50. I bet you he’s holding secret talks right now.

A Bloomberg headline: “EU Chiefs ‘Held Hostage’ by UK Tell Cameron to Spell Out Goals”. Err, guys and dolls, Cameron resigned. He’s in no position to spell out anything, and he wants it even less; Georgy ain’t even touching that hot potato just to pass it on. He’ll take a pig’s head any day.


As Jeremy Corbyn faces a Labour Party rebellion, George Monbiot says “I fear that may be the end of the Labour party. Just when we need it most.“ No, that’s not what you need, George, you need a party or other organization that stands up for you and ‘yours’. And when’s the last time Labour has done that for the majority of British people?

Also, beware of economists who talk politics; they think these are separate fields. Some even think there’s science involved. Brexit is not “Britain’s democratic failure”, as economist Kenneth Rogoff suggests, that failure came a long time ago, when corporatism fascism came in, first through Labour’s own Tony Blair, and was subsequently perfected by Cameron and Osborne.

If anything, it’s the opposite, that is to say, Brexit is Britain’s democratic resurgence, though it has arguably come in a repulsively distorted shape. But perhaps that is inevitable once real democracy has had its head held underwater for so many years.

Through all the insistence that Britain must stay inside the EU, I can’t help wondering when ‘Britain can’t stand on its own two legs’, which is what all these commentaries come down to, came to be perceived as a winning argument, but all but a few ‘expert voices’ insist this is true.

‘Britain faces an uncertain future’. How awful is that? Still, I bet you, when next time it sounds even halfway convenient, uncertainty will get to mean ‘opportunity’. Oh, and don’t you, too, hate the implications of a word like ‘nervousness’, as in: “everyone’s nervous”? Well, unless one’s favorite musician or athlete talks about the ‘healthy nervousness‘ necessary to perform well.

Much respected economist/writer Edward Harrison says on Twitter: “.. this is the part I HATE. We are, what, 5 days into this. No one knows how severe the Market reaction will be. It’s ludicrous..”

And I’m like, chill, mate, why is it ludicrous that you can’t predict what ‘The Markets’ reaction to something, anything will be? If that’s something you HATE, maybe you should not be in the game, or in the kitchen for that matter.

The markets are not supposed to be predictable, and when they are, it means someone is manipulating them, and someone else is paying for that predictability, and that second someone is invariably not in on ‘the game’.

Kids say the darndest things. So do investors and economists.

Just because you want want certainty, doesn’t mean you have a right to it, democratic or not. And neither does anyone else. But if you want some regardless, here goes: you can be certain the economy will collapse at some point. That’s not the certainty you were looking for, is it? So what would you prefer, accepting that certainty, or to let someone tell you that this negative prediction is still uncertain? I’ll give you a few minutes to think about it.


Mariana Mazzucato, another economist, says:

The third challenge is green growth. EU legislation has improved the quality of British beaches and the air we breathe. But green policies will also form the next industrial wave that will lead to future prosperity. Today green spending is an option for governments and businesses; soon it will be a necessity. Those who have chosen to invest will be in a strong position.

And I’m thinking: where to begin? A wave of future prosperity? You mean as in Elon Musk prosperity? Using public money to blow pipe dreams? Green spending is a big ruse meant to allow the formerly rich -yeah, that’s you- lay their worried consciences to rest, and pay for it through their noses.

But there is so much debt burying us all, inside our own societies, that we will never be able to afford any transition to a green economy, even if it were possible from a physics point of view. Which it is definitely not. All the rest is just propaganda.

Our future consists of using a lot less energy -try 90% on for size-; how we get there is partly up to us -but only partly-, we can do it wisely and voluntarily or stupidly through hard set limitations, but that’s the only choice we have. We will never replace even a fraction of fossil fuels with wind or sun or algea or project X.

That same species of certainty applies to the European Union, even if it may appear -even- less obvious. The grandiose EU project of an ever closer union is running into the limits of economics as well as physics. European nations can work together, but not when they’re forced to give up their sovereignty, their independence and their livelihoods.

That will lead them to turn on each other. There’s no escaping it. The EU is the sack the cats will fight in.

The EU is a monstrosity with no parallel in modern times, as evidenced in how it bulldozed the Greek economy, and in how it allowed many hundreds of promising young lives to drown in the Mediterranean, and you Britons want to not just belong to that monstrosity, you’re willing to fight one another over the privilege?

I’m afraid I don’t get it.




Home Forums Britain Can’t Stand On Its Own Two Legs

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    Marion Post Wolcott Coal miner waiting for lift home, Capels, West Virginia 1938 George Osborne declared on Monday that the UK “is in a position of st
    [See the full post at: Britain Can’t Stand On Its Own Two Legs]


    Free quality BCPs for all (perhaps with “mandated” use and a lottery for exceptions) will be the most effective fertilizer for green growth. But that of course is another far-off utopian dream. Near-term, our well-known proclivity for increasing the death rate will be the operant paradigm.

    V. Arnold

    While I’m highly skeptical, the Brits may be closer to a revolution than any since the U.S. war against Vietnam in the late 60’s/early 70’s; but I strongly doubt it.
    The Euro-nazi’s running the EU are firmly in control and pumping the propaganda machine at full speed.
    If this regime comes apart; all hell will break loose and the U.S. hegemon will dissolve to nothing; it could signal acceptance of a multi polar world or nuclear holocaust…
    I vote for the second option as the most probable given the recent U.S. behavior.

    Dr. Diablo

    Thanks for running down the long list of gaping insanity. Listening to the positions is a lot like walking down the hall in the psych ward and listening to the schizophrenic ramblings that initially seem lucid, then after a few sentences devolve into the earnest rambling of lunatics.

    For point? Farage said “Hey can we get a grip on the hyperbole here? Not helping.” And already the markets have the FTSE at par with the EU markets down, showing the opposite of all paranoid fears. The Dow is still over nosebleed 17,000. Nothing’s happened. Not really. Even Osborne has not yet resigned. A lot of lawyers have to sit in a lot of rooms before we’ll know anything for sure. The only thing we seem to know is the dictatorial hyper-globalization seems to have reached its high water mark, whatever path that water may take as it recedes. And good riddance. If only it could have broken earlier, tens of thousands of Greeks, Spaniards, and other austerity fodder might still be alive now.

    A thought, if this is the 224 year cycle, that’s been centralizing since the U.S. was founded, then it’s going to be a long, long unrecognizable reversal down the other side.

    John Day

    What if the EU rules governing member-state-exit through the famous article-50 change on April Fool’s Day 2017, and suddenly require approval of a mojority of EU member states/ Yeah. that’s how the treaty is written. That’s the date things change. “Take your time. Take years” (snicker)


    Where to begin on this one…

    Last friday night I went out to the pubs and clubs (outskirts of London) to gauge the reaction to the result, and what I witnessed left me mildly depressed and unable to sleep! (And that wasn’t just because of all the tequila, although it probbly didn’t help).

    The level of ignorance that I encountered around the subject was jaw-dropping. Largely from the under 30 crowd. A lot of miserable people out; a lot wailing and bemoaning, and gnashing of teeth.

    The best response by far was from a semi-naked inebriated 20 year old; “I voted In, because only c**ts vote Leave”. And there you have it. In a nutshell. Anyone with more than half a brain cell to rub together is obviously a Massive C**t to the well-informed sagacious sexpots of suburbia. No further explanation or reasoning required.

    The EU migrant worker contingent – of which there are many in my town – were to a man and woman also very upset about the result, for obvious reasons. It can’t be easy for them to learn that the only reasonably safe refuge they have found from the economic meltdown in southern Europe turns out to be not that keen on the tsunami of economic migrants that is now seriously impacting their society. Their insecurity is now compounded; they have no future and way back home, and cannot now see a way forward here either.

    The Polish contingent were far more sanguine. Perhaps they see an opportunity to run things themselves now that Cameron doesn’t really fancy ‘doing the hard shit’. They have always found opportunity in the jobs the English don’t have the stomach for. Who knows, they might even do a better job!

    But perhaps the funniest response was from a well-meaning but utterly clueless native, talking about how we can now “transition to a post-oil economy”. You touch on this kind of vacuous thinking above, and for these people there really is no hope. They are probably in for the rudest awakening when TS really HTF if they believe in such fairy tales.

    To cut a long story short, there is no end to the ways in which people seek to comfort, reassure and explain all the uncertainty now swirling around them. Some will turn on ‘the old’ for ‘selling out their futures’ becuse they now see that they may never enjoy the standards of living of their parents and grandparents. Others have fully bought into the marxist lullabies of the EU apparatchiks, and are marching forward over the cliff of EUtopianism.

    Many just prefer to get drunk and try to blot out the grim realities that are starting to envelop us all. Most don’t think that a Greece could happen here. They are certain of that.

    Nowadays, I’m not so sure.

    Dr. Diablo

    Sounds like a good time to stake your allotment and grow some potatoes and peas. …If you’re really serious about that “post-oil economy.”

    Imported Tequila and smartphones will not be on the menu.


    “Many just prefer to get drunk and try to blot out the grim realities that are starting to envelop us all.”

    “A gram is better than a damn.”


    The political chaos in the UK looks even more opaque with the decision by Boris Johnson, the favorite to win the election for Prime Minister, not to put himself forward as a candidate. He has always tries to present himself as the dumb, but amusing blond, when in reality he is far from dumb, and clearly smart enough to have spotted the poison pill hidden in David Cameron’s resignation speech given outside 10 Downing Street. The nature of this poison pill is clearly revealed in this comment on the article “Brexit: UK’s most senior EU official resigns after leave vote – as it happened”


    As the wiley politician Boris Johnson undoubtedly is, I suspect it’s more likely he spotted Cameron’s trap and has declined to take the bait, leaving it for some other (dumb?) politician to drink from the poison chalice on offer, rather than any doubts about winning the Tory party election to become the next prime minister due to Michael Gove’s latest political shenanigans, and his decision to put himself forward as a candidate.

    All of the debate and its political and economic fallout over the UK decision to leave the EU , which is far from over, given the fragile state of the global financial system, with a good exemplar being the effective insolvency of much of the European banking system, misses the bigger picture revealed by this extract from this excellent TAE article:

    “At the same time the Leave campaign claims endless streams of milk and honey are in the offing, an equally unlikely proposition (is it perhaps an idea to not only talk about money or race; how about physics?)”.

    The “unspoken” bigger picture against which this current UK needs to be seen agains the fading global economic growth due to Limits to Growth, see this link:-


    The world is effectively saying, “Sorry, I’m finite, which means the ever expanding future you ordered is no longer available, because the affordable resources needed for its manufacture, delivery and maintenance, are running out”.

    We have a choice, we can either fight each other for these remaining resources needed to run our current society or manage as humanely as possible, the inescapable consequences of transitioning to a much lower resource and energy hungry one. Unfortunately if history is any guide, we will probably opt for the first choice and simply make matters far worse.

    The Brexit debate and decision to leave the EU and the political and economic fallout, which is far from over, needs to be seen against the “unspoken” bigger picture that arises from fading economic growth due to Limits to Growth. The world is effectively saying “Sorry, I’m finite, which means the ever expanding future you ordered is no longer available, because the resources needed for its manufacture, delivery, and maintenance are running out”.

    We have a choice, we can either fight each other for the remaining affordable resources needed to run our current society, or manage the inescapable consequences of transitioning to a much lower resource and energy hungry one. Unfortunately if history is any guide, we will probably adopt the first choice and simply make matters worse.


    Nothing will change until the debt-money systems (and their controllers) are identified as the root cause and extirpated from society, once and for all. Nothing can change until that is done. Everything else is merely rearranging chairs on the Debt-Money Titanic (for ordinary people, world control through financed political quislings for the Debt-Money Monopolists).


    As the politico-economic system unravels, the politicians who were/are on the take are finding out there’s no place for them anymore. Or rather, it’s going to be either full-tard serve the masters, or go Podemos. Britain desperately needs the latter, the traditional parties have nothing left that would appeal to anyone. Reforming Labour is a crazy and useless idea.


    Podemos is either controlled by the Money Power or an arch-enemy of the Money Power… and things will work out very badly for them if they are an actual arch-enemy of the Money Power.
    Just ask all the real socialists attacked, false flag style, in Operation Gladio.

    Sword Play And Operation Gladio
    By Chris Floyd, Moscow Times

    ‘You had to attack civilians, the people, women, children, innocent people, unknown people far removed from any political game. The reason was quite simple: to force … the public to turn to the state to ask for greater security.”
    ~Gladio agent Vincenzo Vinciguerra


    Well. As a Brit living in London who voted ‘out’ I have to say I disagree with your idea that we can not stand on our own two feet. I happen to think we can. In fact that’s half of what this is all about – us standing on our own two feet – as a trading nation – trading with the rest of the world not just Europe – and able to make our own trade agreements which right now we can’t do. So. Please. Have a little faith.


    Dr Diablo;

    “Post-oil economy” sounds like a glaring oxymoron to me.

    Since oil is the unguent that props up the dollar complex and exponentially rehypothecated financial system, any economy after oil will be more mad max than mad men.

    But yeah, allotments FTW. S’why i have me two,



    I don’t think Raul meant that Britain cant stand on its on feet, rather he is parsing the media claptrap and propaganda to illustrate the hollowness of these arguments. The EU cannot really allow the UK to stand on its own, after all, what kind of message would that send out to the other ex-nations under its yoke!

    As Schulz said, it’s not the EU philosophy that the sheep can decide their own fate. That’s solely the preserve of the wolves and petty apparatchiks.

    Ultimately, the vested interests will do everything in their power to bring the UK to its knees one way or another if the proles get too uppity and insist on leaving the plantation. If that means scorched economic earth, then so be it. Whatever it takes.


    Absolutely. I’m not the one making the argument that Britain can’t stand on its own two feet, that’s a logical conclusion from much of what I read from the Remain campaign as well as the panicky reactions. My view should be clear: the EU is a monster that no-one in a sane mind should wish to be part of.

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