In the upside scenario, this cross-over point could be at the start of 2022; in the downside, in 2025. Grim.
Amid all the announcements today, it's easy to overlook that the OBR has updated its scenario on a no-deal Brexit. It exposes an undeniably hard reality for the Govt that claims that the UK would "prosper mightily" under no-deal next year.
(Short thread)
In the upside scenario, this cross-over point could be at the start of 2022; in the downside, in 2025. Grim.
Exactly the opposite of what the Chancellor said to @AndrewMarr9 on Sunday. https://t.co/2FEroyGUwL
All trade intensive sectors that have been spared the same drop in output as the non-tradables this year.
More from Brexit
On this, I think it’s highly unlikely to occur in the timeframe given. For several reasons, I don’t think it’s realistic for Scotland to secede, and then join the EU, in 9 years.
For that, thanks goes to Brexit.
A thread because why not...
Two important dates: March 2016 and January 1st 2021.
Firstly, prior to the 2014 referendum, the Nationalists proposed a date of March 2016 to secede.
Secondly, today - the end completion of Brexit five-and-a-half years after Cameron’s majority in 2015.
Brexit has demonstrated many things, primarily that splitting unions is not easy. The UKs membership of the EU was 47 years and by the end it was not at the heart of the EU. The Union has existed for over 300 as a unitary state.
Dividing a unitary state, like the UK, will not be easy. Frankly, it will make Brexit look simple. Questions of debt, currency, defence, and more will need to be resolved ... something not addressed with Brexit.
Starting with debt. Scotland will end up with its proportionate share of the UKs national debt. It’s not credible to suggest otherwise. Negotiating what is proportionate won’t be easy when both sides disagree.
It’s importance will be seen shortly.
For that, thanks goes to Brexit.
A thread because why not...
On the current trajectory, I think this is likely to be the map of Europe of 2030. pic.twitter.com/65i1A8CiP8
— Ben Judah (@b_judah) January 1, 2021
Two important dates: March 2016 and January 1st 2021.
Firstly, prior to the 2014 referendum, the Nationalists proposed a date of March 2016 to secede.
Secondly, today - the end completion of Brexit five-and-a-half years after Cameron’s majority in 2015.
Brexit has demonstrated many things, primarily that splitting unions is not easy. The UKs membership of the EU was 47 years and by the end it was not at the heart of the EU. The Union has existed for over 300 as a unitary state.
Dividing a unitary state, like the UK, will not be easy. Frankly, it will make Brexit look simple. Questions of debt, currency, defence, and more will need to be resolved ... something not addressed with Brexit.
Starting with debt. Scotland will end up with its proportionate share of the UKs national debt. It’s not credible to suggest otherwise. Negotiating what is proportionate won’t be easy when both sides disagree.
It’s importance will be seen shortly.
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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
