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...
2. The Europeans will never act in a way that might be economically sub optimal.

I refer you to Brexit. But kidding aside, the balance between economic optimality and, to coin a phrase, taking back control is not at all straightforward.
I bet a bazillion notional shillings that many people might consider the benefits of taking back control over a vital national function far far far outweigh an additional economic cost.

I refer you to the financial crisis.
3. But but THE EU IS GOING TO FALL APART IT’S ONLY A MATTER OF TIME

Good luck with that.
4. But the U.K. is a speedy fast turning speedboat and the EU is a ponderous sea tanker of weighty regulations.

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
The U.K. regulators are extremely tough. Arguably tougher than the EU. I refer you to ring fencing. Or the U.K. conduct regime (very scary). The idea that any of this is going to be materially relaxed is for the birds.
5. Freed from the dead hand of Europe, we shall exploit all sorts of wonderful new opportunities.

Well. Maybe. London has a v substantial scale / incumbency advantage. But ofc (as Dan points out) that does not mean that those new opportunities will necessarily arise in London.
The bottom line is that London ain’t going anywhere any time soon as a leading financial services capital.

BUT. There is no way round the fact that Brexit has impaired London’s competitive position. This is an apple falling, water flowing downhill point.

It’s not a debate.
Over time, the damage will range from significant to really quite bad. The possibility of the latter depends on the EU getting its act together re CMU...if it does (debatable) then watch out...

/ends

More from Yet Another 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.

More from Government

1.
Act of 1871
This is VERY Long but it will end with a MEGA BOOM!
Bookmark it and read it in small bits to digest it all.

This info, comes from some reputable anons and my own digging, compiled together as a superthread!
InevitableET, IPOT... to name a few.

2.
https://t.co/udep5WEYUp
https://t.co/bnzeQek6zv


3.
The TL; DR version is they, by military force, and illegitimate legislature, amended the constitution against the will of The People and legally tricked us into becoming unwitting indentured slaves of human capital and resources to THE UNITED STATES OF AMERICA the corporation)

4.
Republic vs Democracy
-They needed to get away from the Republic and create a Democracy in order to drive us towards socialism and inevitably a dictatorship (National Socialist Party aka NAZI)


5.
Flag

You May Also Like

The YouTube algorithm that I helped build in 2011 still recommends the flat earth theory by the *hundreds of millions*. This investigation by @RawStory shows some of the real-life consequences of this badly designed AI.


This spring at SxSW, @SusanWojcicki promised "Wikipedia snippets" on debated videos. But they didn't put them on flat earth videos, and instead @YouTube is promoting merchandising such as "NASA lies - Never Trust a Snake". 2/


A few example of flat earth videos that were promoted by YouTube #today:
https://t.co/TumQiX2tlj 3/

https://t.co/uAORIJ5BYX 4/

https://t.co/yOGZ0pLfHG 5/
1/ Here’s a list of conversational frameworks I’ve picked up that have been helpful.

Please add your own.

2/ The Magic Question: "What would need to be true for you


3/ On evaluating where someone’s head is at regarding a topic they are being wishy-washy about or delaying.

“Gun to the head—what would you decide now?”

“Fast forward 6 months after your sabbatical--how would you decide: what criteria is most important to you?”

4/ Other Q’s re: decisions:

“Putting aside a list of pros/cons, what’s the *one* reason you’re doing this?” “Why is that the most important reason?”

“What’s end-game here?”

“What does success look like in a world where you pick that path?”

5/ When listening, after empathizing, and wanting to help them make their own decisions without imposing your world view:

“What would the best version of yourself do”?
🌺कैसे बने गरुड़ भगवान विष्णु के वाहन और क्यों दो भागों में फटी होती है नागों की जिह्वा🌺

महर्षि कश्यप की तेरह पत्नियां थीं।लेकिन विनता व कद्रु नामक अपनी दो पत्नियों से उन्हे विशेष लगाव था।एक दिन महर्षि आनन्दभाव में बैठे थे कि तभी वे दोनों उनके समीप आकर उनके पैर दबाने लगी।


प्रसन्न होकर महर्षि कश्यप बोले,"मुझे तुम दोनों से विशेष लगाव है, इसलिए यदि तुम्हारी कोई विशेष इच्छा हो तो मुझे बताओ। मैं उसे अवश्य पूरा करूंगा ।"

कद्रू बोली,"स्वामी! मेरी इच्छा है कि मैं हज़ार पुत्रों की मां बनूंगी।"
विनता बोली,"स्वामी! मुझे केवल एक पुत्र की मां बनना है जो इतना बलवान हो की कद्रू के हज़ार पुत्रों पर भारी पड़े।"
महर्षि बोले,"शीघ्र ही मैं यज्ञ करूंगा और यज्ञ के उपरांत तुम दोनो की इच्छाएं अवश्य पूर्ण होंगी"।


महर्षि ने यज्ञ किया,विनता व कद्रू को आशीर्वाद देकर तपस्या करने चले गए। कुछ काल पश्चात कद्रू ने हज़ार अंडों से काले सर्पों को जन्म दिया व विनता ने एक अंडे से तेजस्वी बालक को जन्म दिया जिसका नाम गरूड़ रखा।जैसे जैसे समय बीता गरुड़ बलवान होता गया और कद्रू के पुत्रों पर भारी पड़ने लगा


परिणामस्वरूप दिन प्रतिदिन कद्रू व विनता के सम्बंधों में कटुता बढ़ती गयी।एकदिन जब दोनो भ्रमण कर रहीं थी तब कद्रू ने दूर खड़े सफेद घोड़े को देख कर कहा,"बता सकती हो विनता!दूर खड़ा वो घोड़ा किस रंग का है?"
विनता बोली,"सफेद रंग का"।
तो कद्रू बोली,"शर्त लगाती हो? इसकी पूँछ तो काली है"।