Is Brexit a Massive Threat to Globalisation?
As Theresa May heads back to Brussels today in a last ditch effort to renegotiate her Brexit deal in order to get it passed through the British Parliament, we take a look not just at the current state of DIS-unity but also ask the question – is Brexit a Massive Threat to Globalisation?
May’s Brexit deal was literally laughed out of the House of Commons last week and commentators noted that they hadn’t seen such aggression towards an incumbent Prime Minister by members of his or her own party since Neville Chamberlain’s oversight of the disastrous Norwegian Campaign in 1939.
Conservative hard line Brexiteers won’t support this deal as it effectively still sees them following EU rules without any say in their making (an obvious side effect of resigning your membership to the club!). Conservative Remainers are also unwilling to support the deal but may feel forced to pick the lesser of two evils, a bad deal rather than no deal at all. Labour MPs are 86% Remainers and therefore highly unlikely to be supportive of the deal. The DUP, who prop up May’s government and are lead by Arlene Foster won’t support the deal because it effectively changes the relationship of Northern Ireland with the Union, a red-line issue for them despite the fact that this could be a great boon for Northern Ireland, who heavily voted in favour of remaining! The Scottish Nationalist Party (the SNP), representing the area that most heavily voted remain are also unlikely to support the deal and may use Brexit as a rationale for another independence referendum.
So May is caught between a rock and a hard place!
She needs to get a deal passed because she knows that any deal is better than the political and economic suicide of crashing out of the EU with no deal at all. But she has been sent like a modern day Michael Collins to attempt to secure a deal that cannot possibly be achieved.
With calls for another “Peoples Vote” falling on deaf ears and time running out, it appears that British politicians willingness to gamble with the economic future of its citizens is going to go down to the wire. They may also inadvertently set in motion a process that sees the break-up of the United Kingdom if Brexit triggers another Scottish independence referendum and a referendum in Ireland for re-unification.
And this is not just about the UK, Brexit is a challenge to the EU project and globalisation as a whole. When the UK leave (one way or the other) this paves the way for similar dis-unification in Europe and beyond as nationalism and populism and the era of fake news continues.
Where is the strategic leadership of old gone, the leadership and vision that created trading partners out of historic enemies in the first place?
And what is next?
News and Commentary
Gold up on Dollar, Global Concerns; Seen Range-Bound for Now (Investing.com)
Gold ends at a 2-week high, turns higher week to date (MarketWatch.com)
Consumer sentiment slides in November as Americans expect less future income (CNBC.com)
U.S. business spending slowing; housing market weak (Reuters.com)
A $9 trillion corporate debt bomb is ‘bubbling’ in the US economy (CNBC.com)
Classic bear market gold trade could be back from the dead with stocks in correction (CNBC.com)
GOLD CONFISCATION AND MANIPULATION (24HGold.com)
JPMorgan Metals Probe Spurs U.S. to Ask for Delay in Civil Suit (Bloomberg.com)
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Gold Prices (LBMA AM)
21 Nov: USD 1,224.00, GBP 957.29 & EUR 1,075.04 per ounce
20 Nov: USD 1,223.10, GBP 951.45 & EUR 1,069.97 per ounce
19 Nov: USD 1,223.55, GBP 951.07 & EUR 1,070.97 per ounce
16 Nov: USD 1,215.80, GBP 948.93 & EUR 1,073.07 per ounce
15 Nov: USD 1,210.60, GBP 948.26 & EUR 1,072.71 per ounce
14 Nov: USD 1,201.45, GBP 927.04 & EUR 1,066.05 per ounce
Silver Prices (LBMA)
21 Nov: USD 14.42, GBP 11.26 & EUR 12.65 per ounce
20 Nov: USD 14.44, GBP 11.24 & EUR 12.63 per ounce
19 Nov: USD 14.36, GBP 11.21 & EUR 12.57 per ounce
16 Nov: USD 14.29, GBP 11.15 & EUR 12.61 per ounce
15 Nov: USD 14.13, GBP 11.02 & EUR 12.49 per ounce
14 Nov: USD 13.97, GBP 10.80 & EUR 12.39 per ounce
Recent Market Updates
– Stock Markets Remains Extremely Overvalued – Hussman
– Stocks are Now in ‘Complete Bitcoin Territory,’ Asset Manager Says
– Brexit’s Safe Haven Is a Dangerous Place
– Gold and Silver Rise As Stocks Fall On Valuation Concerns, Italy and Brexit Risks
– Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit
– GoldCore Capitalising On Brexit With Dublin Gold Vault
– Store Gold In The Safest Vaults In Ireland
– Investors Set To Store Gold In Dublin Due To Brexit Risks
– Investors Start Buying Gold ETFs In October In Bullish Shift
– As Brexit Looms and Stocks Plunge In October – Now May Be The Time to Invest in Gold
– AMERICAN ELECTIONS FARCE AS POLITICIANS IGNORE THE LOOMING $121.7 TRILLION DEBT CRISIS
