I find it very strange that the same sort of people who look back on the financial crisis and austerity as catalysts for great change now seem to see Brexit and Covid as catalysts for great stability.

Partisanship is one helluva drug. Financial crisis = bad crisis. Brexit = good crisis. Even Covid, unequivocally a bad crisis, is characterised in parts as a good crisis (world beating vaccine etc).
A different reading (which spans Labour, Coalition and Conservative governments) is that 2008-2021 has been one continuous period of crisis punctuated by shorter periods of calm.
Crises aren’t the exception. Scottish independence and the future status of NI look ahead. They are the rule. More specifically, whether the crises are endogenous or exogenous the state has proven woefully ineffective at dealing with them.
We are meant to try to learn from this. And do our best not to apply partisan blinkers. The problems are deeply rooted. And, very obviously, Brexit isn’t the fix. It’s an attempt at a cure but in the same way as a radical therapy that solves some problems but creates others.
I do think the public hive mind gets this. The public (in one incarnation or other) keeps voting for change. Gets it. And then votes next time for more change.
Putting the Brexit vote to one side, would anyone other than political apologists look at the events of the last ten years and argue the British state is fit for purpose for the twenty first century?

(And the more that people attempt to deny this point the worse it gets)
It is noteworthy that a key Brexiteer belief is that the EU is on a necessarily downwards trajectory. And that the U.K. (freed) will necessarily do better. But is the latter point supported by the evidence? It’s not obvious.
Not all of this is unique to the U.K. Europe & the US have their problems. But the US has, at least for the moment, taken a decisive turn away from instability. And the EU, despite all of the countervailing pressures, continues to respond to crises through further evolution.
As ever, there will be opportunities. Given the Brexit deal and the likely end to the Covid crisis, the U.K. is a decent but, especially for domestic focused businesses. And there will be lots of bargains.
But in the medium / long term the jury is still very much out (especially for international focused businesses). An extended period of stability is required. And there seems little prospect of calm in the next five years.
Crises don’t have neat beginnings. And they certainly don’t have neat ends. Their origins and consequences stretch back and forth through time in constant movement.
My small view is that we’re still trying to find a workable post world war shape. Isn’t it obvious that we haven’t? Will we keep reeling from change to change or will there finally be a concerted effort to move in a better, more sustainable direction?
The only thing worse than not changing is for change itself to fail. Further radicalism is, I suspect, the most likely response. Of course, it doesn’t have to be that way. But a better outcome requires honest recognition that why and how we do things has not worked well. /ends
PS re trying to understand this stuff I recommend looking at Joseph Cornell (American artist) boxes. Here is an example.

More from Objective Columnist

I tend to agree with this - of course many things can still go wrong...but (certainly on the UK side) as the list of outstanding issues decreases and as the cost of no deal becomes more apparent deal momentum will increase.


I find it most amusing that people invest so much value in public statements, briefings, tabloid headlines, the tweets of obscure backbenchers etc. Cherchez les fundamentals!

There is a deep vein of analytical pessimism in one particular direction, which, whether correct or not, is noteworthy. On the one hand, a firm belief in the fundamentals - gravity exists - but on the other hand those fundamentals are not meaningful to the final decision.

But gravity does exist! Whether one likes it or not. We do not have wings. Or feathers. And the realisation of the fundamentals will impact the political calculation (though timing differences may apply).

You don’t have to invest any particular optimism or see any virtue in the principal players to make this point.
Typically excellent piece from @dsquareddigest The exponential insight is especially neat. Think of it a little like fishing...today you can’t export oysters to the EU (because you simply aren’t allowed to), tomorrow you don’t have a fish exporting business (to the EU).


The extremely small minority of people who known anything about this who think that Brexit will be good for the City make a number of arguments which I shall address in turn...

1. They need us more than we need them. This is a variant of the German carmakers argument. And we know how that went...Business will follow the profit opportunity and if that has moved then so will the business...

And what do we mean by us / we. We’re not talking about massed ranks of Euro investing / trading etc blue blooded British institutions.

Au contraire. We’re talking about the London based subs of US, Asian and indeed European capital markets players...As soon as they think the profit opportunity has moved then so will they...it’s a market innit...

More from Finance

1/18 After 3 months, @saffronfinance_ is no longer new on the scene. Now that the kid has climbed the ranks, it's time to see if he can hang with the big boys.

Below are some updated thoughts on potential integrations, improvements, and innovations for Saffron moving forward. ⬇️


2/18 First, if you haven't seen @Privatechad_'s alpha-leaking introductory thread, you should check it out.

I agree that @AlphaFinanceLab and @CreamdotFinance, specifically the Iron Bank, would be ideal targets for SFI risk tranches.


3/18 Speaking more broadly, Saffron is primarily integrated with @compoundfinance, which has served as a MVP of sorts.

The thing is, Compound is one of the safest (but also lowest yield) protocols in DeFi, so it's not surprising that there isn't much demand for the sen. tranche.


4/18 Expanding beyond Compound to higher-risk/higher-return protocols has always been key.

These protocols are the bread-and-butter target market for Saffron, and I would expect to see a surge in demand for senior tranche staking in these


5/18 Additionally, @DeFiGod1 convinced me that Senior Tranche pools would be more appealing if they offered fixed yield.

Essentially, Saffron would augment the product offerings of @Barn_Bridge by also offering senior stakers insurance in the form of junior tranche collateral.

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