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[kmag]

BOE making another £150 Billion available for bank liquidity. On top of the £250 billion currently available.

“There is evidence that some risks have begun to crystallise. The current outlook for UK financial stability is challenging,”

 

[Psychotext]

AGCO pulling European Headquarters out of Coventry.

At least 250 of the 500 workforce to go

http://www.profi.de/news/Agco-will-Europa-Zentrale-aus-England-abziehen-3880137.html

I really do hope someone is keeping track of all of these job losses, because there have already been a lot... and I don't see it slowing down.

 

[sohois]

Apologies if posted already, but here's Tyler Cowen's take on the chances of Brexit:

If your thoughts run along the lines of “they have to do this, otherwise there will be violence in the streets,” or “they have to proceed with Article 50, otherwise British government will have no legitimacy,” I say Beware The They!

It’s already being debated whether Article 50 invocation requires an Act of Parliament or not. I can’t judge the constitutional issue (can anyone?), but practically speaking it seems to me that if Parliament says it requires their explicit consent than it does. Similarly, if Parliament washes its hands of the matter, who or what can overrule them and make them vote if they don’t want to? So I see a few scenarios in this multi-stage game:

1. Parliament wants no vote in the matter, and claims it doesn’t have to vote. In this scenario, the new PM may not act on it either. Note that Theresa May was originally pro-Remain, she will believe that Article 50 will worsen the recession and thus her electoral prospects, and she wouldn’t have parliamentary approval as cover for pushing the nuclear button. If I were in Parliament, with a moderately pro-Leave constituency, I would be rooting for this scenario. No one acts, but everyone can blame other parties for not acting.

2. Parliament cannot run away from its voting rights, or even positively seeks to assert them. Under this scenario, commentators may suggest that Parliament as a whole has to desire Brexit, if only to keep its legitimacy. But recall that before the referendum, Parliament as a whole was about 3-1 pro-Remain. Why chase after a voting right you don’t wish to have? If Farage didn’t want to stick around for such an outcome, why should you? So vote Remain, claim you had initially campaigned along with pro-Remain forces, claim you are sticking to your original electoral mandate, and see what happens to your political future. Say it is “the others” who are detaching Parliament from the will of the people.

3. The 2017 PM and Cabinet take to the British people an alternative, non-EU vision of what Leave would look like, but they don’t lie too much to make it look so great. They hold a second referendum, not on Leave vs. Remain per se, but on whether that is a satisfactory target option for a Leave scenario. In fact they can design the plan to fail simply by being somewhat realistic. The option fails, and the politicians claim everyone has to go back to the drawing board. I get sick of my Twitter feed being full of so much Brexit talk for so many years, and I stop following so many British people.

4. The trickling, tortuous uncertainty through Fall 2017 is so economically costly that everyone realizes a decision must be made and soon. “Leave” is the only decision which is focal, because of the referendum, and so Leave is set in motion and Article 50 is invoked. You will note that this scenario, while it sounds plausible, is a bit at odds with waiting until Fall 2017 to begin with. So the reality of waiting today has to lower the probability of this one somewhat.

5. The trickling, tortuous uncertainty through Fall 2017 is so economically costly that everyone realizes a decision must be made and soon. “Leave” is a more focal decision, but it still takes years to negotiate and consummate, thereby ensuring the uncertainty continues to kill the British economy. “Leave” therefore is discarded through political shenanigans and Remain rules the day because only the status quo ex ante can be brought about so quickly.

6. In the meantime, the EU does something really stupid, which includes the steady insulting of the British people and government, and almost everyone in the UK wants to leave by Fall 2017.

6b. In the meantime, Putin does something really stupid, and English opinion shifts strongly to Remain and Remain comes about through emergency national security channels.

7. In the meantime, the French and German elections require those governments to reassert at least partial control over their borders vis-a-vis immigration. This right is then offered to the UK, if only verbally, and the support for Leave more or less collapses. There is the beginnings of negotiation for a new EU treaty, in the meantime a bunch of EU nations including the UK break the rules of the old treaty, yet without being punished. This strikes me as one of the more plausible scenarios.

More at the link.

 

[pitcairn55]

With secondary schools it's often just UK focused e.g. Industrial Revolution and then the World Wars.

I think this might not be quite so much the case these days. My youngest just took his History GCSE, and it wasn't just UK history. The overall theme of the course was the Making of the Modern World. A large part of it was studying the USA from 1919 to 1941.

 

[Pyramid head]

During my GCSE's we did WWII early on (although I remember it mainly focusing on Hitler's rise to power) but everything else was 20th century US history: segregation, prohibition and the Vietnam war. Our history was 100% behind JFK conspiracy stuff too; taught it like it was fact.

 

[Palculator]

Here in Germany we naturally spent quite a lot of history class on the World Wars and the time immediately surrounding them. But we did also cover the gist of larger European nations (United Kingdom, France, Spain, Russia (if that counts)), America and a bit of Africa. Our English classes also covered a lot of American and British history and some surface-level Australian and Canadian history. It's Asia that was woefully under-represented in our history classes.

 

[Undead]

BOE making another £150 Billion available for bank liquidity. On top of the £250 billion currently available.

So how many years of EU membership fees (that people wanted to save) has this now cost us?

 

[jelly]

BOE making another £150 Billion available for bank liquidity. On top of the £250 billion currently available.

Is the shit filled catapult loaded and ready to be launched at the fan?

 

[Persona RS]

No idea about history in the UK, but at least in Portugal history classes are definitely quite focused on Portuguese history, which is silly, even the stuff that isn't Portuguese history is still Western History, when really schools should be teaching world history, and not the western version of history, where you would think the rest of the world were just waiting for the greatness of the west to come to them.

In the first few years, yes, but starting in the 7th grade they teach stuff about the world (like Rome, Europe between VI and XII century, Industrial Revolution, Marxism–Leninism, Great Depression, World Wars).

 

[KingSnake]

BOE making another £150 Billion available for bank liquidity. On top of the £250 billion currently available.

How deep are the pockets of BoE?

 

[Mindwipe]

Is the shit filled catapult loaded and ready to be launched at the fan?

The fan has an Italian flag painted on it, yes?

I am very concerned about next week, financially. We're already pulling all the levers, before fixing them up from last time. We are rapidly running out of things we could do if Italy's banking system implodes.

 

[blu]

How deep are the pockets of BoE?

We have the rare chance to see that now, don't we?

 

[Condom]

Here in Germany we naturally spent quite a lot of history class on the World Wars and the time immediately surrounding them. But we did also cover the gist of larger European nations (United Kingdom, France, Spain, Russia (if that counts)), America and a bit of Africa. Our English classes also covered a lot of American and British history and some surface-level Australian and Canadian history. It's Asia that was woefully under-represented in our history classes.

Netherlands here and I remember getting upset because we didn't have time to learn about ancient Asia. It was part of the schoolbook but not compulsory for state exams.

The thing about history is that you can almost never teach enough IMO, there are so many interesting things.

 

[Cromwell]

http://www.youtube.com/watch?v=r3RvsBnxTEY

Waltz give his opinion. Can't disagree with that.

Hahaha awesome

 

[Theonik]

GCSE actually has a range of topics colleges can elect to teach. You only needed to answer 2 questions and 1 source question in my IGCSE as I recall and if your college decides to teach 3 topics they are guaranteed to give you at least 2 of those in the paper.

It then stands to reason that a college looking for optimal results would choose topics not necessarily from the greatest teaching potential but to maximise results. They did causes of WWI, Treaty of the Versailles, Weinmar Republic and Causes of WWII then Cold War.

This is the current set of possible topics.

e:

I think this might not be quite so much the case these days. My youngest just took his History GCSE, and it wasn't just UK history. The overall theme of the course was the Making of the Modern World. A large part of it was studying the USA from 1919 to 1941.

That's one of the possibilities but the college decides what to do.

 

[dumbo]

BOE making another £150 Billion available for bank liquidity. On top of the £250 billion currently available.

AFAICT, the BoE requires banks to hold £150bn as a rainy day fund. Today the BoE said that it's a rainy day, so feel free to open up your piggy banks.

The underlying problem seems to be that nobody wants to invest in UK plc, even UK plc itself.

 

[kmag]

How deep are the pockets of BoE?

Technically infinite. This money created out of thin air. The BOE can continue to do that but there are a number of obvious side effects inflation and loss of value of currency. There's always a reckoning (unless you are the US).

 

[War Peaceman]

GCSE actually has a range of topics colleges can elect to teach. You only needed to answer 2 questions and 1 source question in my IGCSE as I recall and if your college decides to teach 3 topics they are guaranteed to give you at least 2 of those in the paper.

It then stands to reason that a college looking for optimal results would choose topics not necessarily from the greatest teaching potential but to maximise results. They did causes of WWI, Treaty of the Versailles, Weinmar Republic and Causes of WWII then Cold War.

This is the current set of possible topics.

History is hard to teach. It is important to understand our own cultural contexts. When you only have one class a week there are massive limitations to what can be taught. I don't think our current curriculum is particularly nationalistic or ignorant.

 

[kmag]

AFAICT, the BoE requires banks to hold £150bn as a rainy day fund. Today the BoE said that it's a rainy day, so feel free to open up your piggy banks.

The underlying problem seems to be that nobody wants to invest in UK plc, even UK plc itself.

Yeah, I've just skimmed the report. The initial post was based on a badly worded tweet from an economist who should really know better.

King did similar back in the crisis but the banks refused to lend/there was lack of demand then so it didn't make much of a difference. I don't know of many businesses who are in a rush to start taking on massive amounts of debt at this time. Most seem to cutting costs and building reserves.

 

[accel]

So how many years of EU membership fees (that people wanted to save) has this now cost us?

That's comparing apples to oranges. Funds that are made available for bank liquidity return.

 

[StayDead]

Every UK school I've ever either studied at or worked in, at least at secondary level, begins and ends their history education with World War II. It's like the rest of british history, let alone European or wider-world, just doesn't exist. If you want to learn about that sort of stuff you need to catch it on BBC Four!

When I was at school 15 years ago (start of secondary) we started with the Civil War and the Tudor periods, went through Victorian era/Industrial Revolution, WW1 and ended on WW2. Fairly certain it's the same for everyone else I know.

 

[Lunch_Box_]

Not backward?

Upwards, not forward. And always twirling towards freedom

 

[Fantastapotamus]

http://www.youtube.com/watch?v=r3RvsBnxTEY

Waltz give his opinion. Can't disagree with that.

If you look at this video (or similar videos that are critical of Brexit, like John Oliver) pretty much all the comments are "Who is this asshole? EU is sinking! We are now safe!" etc.pp. Most of them with insane upvotes. Yet the like-dislike bar is usually firmly positive.

This leads me to the very scientific conclusion that smart people don't engage in Youtube comments. I will sit back and wait for my Nobel price now.

 

[KingSnake]

Technically infinite. This money created out of thin air. The BOE can continue to do that but there are a number of obvious side effects inflation and loss of value of currency. There's always a reckoning (unless you are the US).

I thought this is from BoE reserve funds. Of course they can print money, but that means inflation.

Edit: oh, so it is from the banks' funds.

 

[Monty Mole]

https://twitter.com/eucopresident/status/749949629622607872

Clever timing

 

[Calabi]

I can't envision a situation when any leader of Labour or any leader of the Tories comes out and says "Sorry guys, you are wrong, we aren't going to do what you want us to do." Farron can do it because he doesn't have an electorate that actually votes for him. For the rest - the ones who need to get elected - it's locked.

Surely they'll get less money, as they are funded by business and individuals, and they'll have less opportunities to wheedle their way into positions in private companies. They'll become smaller and less important on the world political stage, and probably even laughed at by other politicians.

The Conservative party are going to be destroyed in the long term if the do go through with it.

Maybe they are to stupid to see that though, as Theresa May thinks using people as leverage will somehow get her what she wants.

 

[Zafir]

When I was at school 15 years ago (start of secondary) we started with the Civil War and the Tudor periods, went through Victorian era/Industrial Revolution, WW1 and ended on WW2. Fairly certain it's the same for everyone else I know.

Yeah, ditto.

We also did Vietnam and the Suffragettes as part of our GCSE coursework.

 

[BraXzy]

Mark Carney eases bank lending rules to fight Brexit crisis as pound hits 31-year low

If I'm hoping to get a bank loan in the next month or two for a car, is this a good thing?

 

[The Incarnation]

This is where I'm at as well.

2 world wars m8!

 

[Cromwell]

This leads me to the very scientific conclusion that smart people don't engage in Youtube comments. I will sit back and wait for my Nobel price now.

 

[theaface]

Tarzan had a sense of adventure, where's yours?




Christoph Waltz being awesome, as per usual.

 

[kmag]

Mark Carney eases bank lending rules to fight Brexit crisis as pound hits 31-year low

If I'm hoping to get a bank loan in the next month or two for a car, is this a good thing?

Probably not. The banks are probably going to go for margin. I imagine despite interest rate cuts incoming, the consumer loan rates might go up if they can swing it.

 

[FantasticMrSnake]

https://twitter.com/eucopresident/status/749949629622607872

Clever timing

For what? the Fuklands?

This is where I'm at as well.

Is he German?

 

[Theonik]

History is hard to teach. It is important to understand our own cultural contexts. When you only have one class a week there are massive limitations to what can be taught. I don't think our current curriculum is particularly nationalistic or ignorant.

I never argued otherwise, though the contact hours are also decided by the college.

 

[mehrmantrout]

Jesus, this is grim viewing (BoE)

People like Vince don't care though https://www.facebook.com/skynews/videos/1388668261147767/

 

[OnkelC]

Local newspaper today:

 

[klonere]

I love how this all boils down to giving the Tories free reign to indulge in their favorite pastime - killing the poor.

Osborne is going to be gleefully cutting hither and thither, talking about how "The great British spirit" will see us through this new crisis and how "We must persevere" like the grand old men of the Empire would have. Hell, it may even give them the opportunity to redress the Irish Problem again! A new scapegoat - now they are stealing away all our banking and pharma jobs, all our multinationals AND making a ruckus up North.

It's all so depressing.

 

[ricardo_sousa11]

1£ to 1.807€ thats the lowest right ?

Time to go shopping!

 

[Par Score]

Mark Carney eases bank lending rules to fight Brexit crisis as pound hits 31-year low

If I'm hoping to get a bank loan in the next month or two for a car, is this a good thing?

This is a good thing in the same way as eating a polonium sandwich would be a good thing if you were planning on getting a haircut.

 

[Fantastapotamus]

Is he German?

Austrian

 

[*Splinter]

Mark Carney eases bank lending rules to fight Brexit crisis as pound hits 31-year low

If I'm hoping to get a bank loan in the next month or two for a car, is this a good thing?

I have the same question but for a (first) mortgage. Better chance of getting one now, or awful to even consider at this time?

 

[mehrmantrout]

I have the same question but for a (first) mortgage. Better chance of getting one now, or awful to even consider at this time?

You've got a whole multitude of factors, how much you can get, how long you can get a fixed rate for and what the housing market will do. In 2-3yrs time when your fixed comes up for renewal you could be looking at a very different housing market (possible neg equity) and a huge increase in repayments

 

[EdwardTeach]

How is that even possible? World war II takes up one month maybe. I understand that you are exaggerating but what do kids get to learn the rest of the time? Even all of British history can't fill the whole program.

I didn't take history at gcse (exams at 16), as I did classics (Greek & roman Civilization). I did history a-level though. Half of the a-level course was nazi Germany, as in literally half where I had a separate exam on Germany. In the other half I did German unification and French revolution.
I imagine that the schools do have a fair bit of choice over what topics they cover though.

 

[hodgy100]

There's no point in a re-vote as it's pretty much just forcing a vote to get the "right" answer, maybe the Government should jsut fess up say " we never had the intention to leave the EU because it's a terrible idea that would destroy our country.

eat the fucking humble pie.

lol meant to post this in the farrage thread...

 

[Joni]

"They are retro-nationalists, not patriots. Patriots don't abandon ship when the going gets tough. They stay on board."

"I would have thought that they would have had a plan. Instead of developing a plan they are leaving the boat."

I can see why Farage didn't feel like working today. Juncker wasn't very nice when talking about him.

https://twitter.com/eucopresident/status/749949629622607872

Clever timing

Has to be fun, to be able to further the European Union and its inhabitants by being vindictive.

 

[Strax]

Sweet.

The school in England I applied for sent me an e-mail saying they won't accept any EU/EEA students this year or early next year while they are working out how to deal with Brexit. This is because the EU/EEA paid 10-15% of student fees and the school works with many schools around Europe.

 

[KarneeKarnay]

Yeah, ditto.

We also did Vietnam and the Suffragettes as part of our GCSE coursework.

Same here. Though I get the point. You don't really learn too much about the wider world, but then I assume this is the case for most places.

Growing up I don't need to know about the Monroe Doctrine. Doesn't affect me and is nothing really all that important to Europeans.

 

[Pyramid head]

There's no point in a re-vote as it's pretty much just forcing a vote to get the "right" answer, maybe the Government should jsut fess up say " we never had the intention to leave the EU because it's a terrible idea that would destroy our country.

eat the fucking humble pie.

lol meant to post this in the farrage thread...

I feel like I'm going insane as this is clearly the only remotely sane course of action at this point yet everything is still up in the air as absolute braindead, pure weapons grade stupidity is running riot.

 

[KingSnake]

I have the same question but for a (first) mortgage. Better chance of getting one now, or awful to even consider at this time?

Depending on what you plan to buy, it might be a better idea to wait and see, but there are risks either way.

 

[Engell]

I feel like I'm going insane as this is clearly the only remotely sane course of action at this point yet everything is still up in the air as absolute braindead, pure weapons grade stupidity is running riot.

as far as I'm aware applying for article 50 still needs a majority vote by parliament, since the brexit vote was only a guideline and not legally binding.
But maybe this should be done soon, before the economy is totally ruined.