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  • Brexit

    Well it's over...Britain has voted to leave the EU.

    The pound overnight has already dropped from US$1.49 to1.34.
    I'm lucky to have transferred most of my UK savings into IDR at 20,000 to UKP as its currently around 18,000.
    However, my UK Old Age Pension, which I contributed to for 50 years, has now declined 10% in spending power in RI.

    Hopefully there may be some corrections but I'm worried about the stock market openings tomorrow...maybe a blood-bath.

  • #2
    Swings and roundabouts. I remember when the Pound was 1 for 1 with the Dollar. It recovered to over GBP 2 to the dollar and now its 1.50 to the dollar. I have no assets in the UK anymore so I'm fairly impartial to these events. I do think that the project fear was a bad strategy. "No one will trade with us because of we are not part of Europe", Obama saying we are going to the back of the queue. Yeah right, so you don't want our hundreds of billions of dollars of trade!

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    • #3
      Originally posted by Aidy100 View Post
      Swings and roundabouts. I remember when the Pound was 1 for 1 with the Dollar. It recovered to over GBP 2 to the dollar and now its 1.50 to the dollar.
      Wow! you remember when the UKP was on par with the US$...when was that?
      My recollection, since decimalisation of UK currency, is its lowest rate is now right after the Brexit exit was obvious.

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      • #4
        I cannot really remember when, but I don't think the pound was ever actually one for one, but I think it came quite close, I was working in Luxembourg and flew out on the first day of the Shengen treaty, they made us show our British passports to board the aircraft, I thought that was rather childish, so never really thought much of the EU since. Also I was always put off by the fact that one of our most useless Prime Ministers, Neil Kinnock got a job with the EU after he was voted out, so did his wife and his son, all living on fat EU expenses, he retired after a few years with ten million pounds in the bank, so I expect there are many more fat cats at Brussels or at Strasburg they move to every so often at enormous expense just to keep the French happy
        Last edited by Anglian; 24-06-16, 15:14.

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        • #5
          Cameron has resigned... the betting is favouring Boris Johnson as the next PM...
          http://www.telegraph.co.uk/news/2016...otes-to-leave/
          Cicak Magnet

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          • #6
            I'm really surprised. A bit sad, too. Seems like the UK may have just taken a big step backwards.

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            • #7
              What a great shock really. So all the british drunkard in Spain should pull up stumps and take over all the migrant jobs back home?

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              • #8
                Did we fuck take a big step backwards.

                By leaving the EU we have taken a huge step forward and regained control of our own country again. We can actually enforce our own laws democratically without being overruled by a bunch of self serving eurocrats. We have regained control of our borders and our own industries. From today the English people will thrive unlike we have not done for decades. This is monumental for England, and will be the start of a mass exodus of other European nations pulling out of the EU who are also sick of being dictated to by Brussels.

                And as an added bonus we got rid of David Cameron.

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                • #9
                  This is the time for hand wringing and predictions of dire consequences. I expect to lose 2 or 3 percent when the NYSE opens this evening, but I think this initial impact will be transitory. Nothing is going to happen fast and the negative impact will be mitigated as an exit process is worked out. Don't get me wrong, I think it is a bone-headed move; most ordinary Brits will be worse off once the dust settles. I just hope the rest of the world (namely me) don't end up circling the bowl, as well.

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                  • #10
                    GBP to USD January 1985 bottomed at 1.04. I remember the money exchangers on Oxford Street doing the 1 for 1 thing.

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                    • #11
                      I guess Australia will have more Brits coming to down under looking for jobs before the government offers a remedy to British economic downturn following this exit. I never have a scouser as my taxi driver. This could be my chance.

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                      • #12
                        Scoot, I'm not even a UK citizen. Still, I tend to think that in most things progress towards unity, integration, is a good thing. I look at the UK leaving the EU like I would look at Wales leaving the UK; "if that's what you want to do, its your choice, but why?" It seems like there is less benefit in going it alone than in trying to change things from the inside. How much fragmentation would you like to see? Should Wales, Scotland and Northern Ireland split from the UK? You think it's a good idea for London to decide it wants to be it's own country?

                        Yep, it's a foreigner's view, but almost half of the UK shares it.

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                        • #13
                          Big boost for Donald Trump. Got a feeling will have President Trump. OMG!

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                          • #14
                            I'm glad that I don't have a dog in this fight. Democracy is a perpetual experiment, sometimes it works other times it doesn't. It would be very interesting to see the effect of this decision in the long term, as everybody agrees it's bad for the short.

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                            • #15
                              Isnt it worrying to have Trump sitting in the white house?
                              Last edited by Missnaughty; 24-06-16, 17:40.

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