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).
London's status as a financial centre isn't as secure as some might think | Dan Davies https://t.co/q9SU7ra4oF
— The Guardian (@guardian) February 13, 2021
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 refer you to the financial crisis.
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
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.
More from Yet Another Columnist
A quote from this excellent piece, neatly summarising a core impact of Brexit.
The Commission’s view, according to several sources, is that Brexit means existing distribution networks and supply chains are now defunct and will have to be replaced by other systems.
Of course, this was never written on the side of a bus. And never acknowledged by government. Everything was meant to be broadly fine apart from the inevitable teething problems.
It was, however, visible from space to balanced observers. You did not have to be a trade specialist to understand that replacing the Single Market with a third country trade arrangement meant the end of many if not all of the complex arrangements optimised for the former.
In the absence of substantive mitigations, the Brexit winners are those who subscribe to some woolly notion of ‘sovereignty’ and those who did not like freedom of movement. The losers are everyone else.
But, of course, that’s not good enough. For understandable reasons Brexit was sold as a benefit not a cost. The trading benefits of freedom would far outweigh the costs. Divergence would benefit all.
The Commission’s view, according to several sources, is that Brexit means existing distribution networks and supply chains are now defunct and will have to be replaced by other systems.
Brexit reality bites: The new dawn of trade friction via @RTENews https://t.co/p6VdlhZUAN
— Tony Connelly (@tconnellyRTE) January 9, 2021
Of course, this was never written on the side of a bus. And never acknowledged by government. Everything was meant to be broadly fine apart from the inevitable teething problems.
It was, however, visible from space to balanced observers. You did not have to be a trade specialist to understand that replacing the Single Market with a third country trade arrangement meant the end of many if not all of the complex arrangements optimised for the former.
In the absence of substantive mitigations, the Brexit winners are those who subscribe to some woolly notion of ‘sovereignty’ and those who did not like freedom of movement. The losers are everyone else.
But, of course, that’s not good enough. For understandable reasons Brexit was sold as a benefit not a cost. The trading benefits of freedom would far outweigh the costs. Divergence would benefit all.
More from Government
🧵⬇️1. Fb is LifeLog, LifeLog is Darpa, and DARPA is a Enterprise Run by CIA... Well... Past President... Big Tech, Big Pharma, MSM, HOLLYWOOD, DC...
Past Presidents....Zuckerberg, Gates...
All C_A... the Family business.... The company...
2. Past Presidents....Zuckerberg, Gates...
All C_A... the Family business.... The company...The Farm.... all C_A assets... most of them related by blood, business, or marriage...
3. "The individual is handicapped by coming face-to-face with a conspiracy so monstrous he cannot believe it exists. The American mind simply has not come to a realization of the evil which has been introduced into our midst." - J. Edgar Hoover
4. diff. names & faces.... Monsters that lurk in the Shadows. Swamp, Deep State, Establishment, Globalist Elite Cabal...
Shall we go back...How far back...
5. I know these monsters... it's when I try to explain them to others is when I run into a problem.This is why I'm better at retweeting and compiling. I never know where to start... Everytime I try to thread, i end up w/ a messy monstrous web.I'm better at helping others thread.
Past Presidents....Zuckerberg, Gates...
All C_A... the Family business.... The company...
BREAKING\u2014 \u201cThis \u2018SHADOW GOVERNMENT\u2019 had a huge hand in running the show on Nov. 3 and you may have not known it\u201d says attorney Phil Kine. @newsmax pic.twitter.com/8ypASTEA1Z
— White Rabbit News \u277c (@WhiteRabbitNN) December 17, 2020
2. Past Presidents....Zuckerberg, Gates...
All C_A... the Family business.... The company...The Farm.... all C_A assets... most of them related by blood, business, or marriage...
3. "The individual is handicapped by coming face-to-face with a conspiracy so monstrous he cannot believe it exists. The American mind simply has not come to a realization of the evil which has been introduced into our midst." - J. Edgar Hoover
4. diff. names & faces.... Monsters that lurk in the Shadows. Swamp, Deep State, Establishment, Globalist Elite Cabal...
Shall we go back...How far back...
5. I know these monsters... it's when I try to explain them to others is when I run into a problem.This is why I'm better at retweeting and compiling. I never know where to start... Everytime I try to thread, i end up w/ a messy monstrous web.I'm better at helping others thread.
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A thread 👇
https://t.co/xj4js6shhy
Entrepreneur\u2019s mind.
— James Clear (@JamesClear) August 22, 2020
Athlete\u2019s body.
Artist\u2019s soul.
https://t.co/b81zoW6u1d
When you choose who to follow on Twitter, you are choosing your future thoughts.
— James Clear (@JamesClear) October 3, 2020
https://t.co/1147it02zs
Working on a problem reduces the fear of it.
— James Clear (@JamesClear) August 30, 2020
It\u2019s hard to fear a problem when you are making progress on it\u2014even if progress is imperfect and slow.
Action relieves anxiety.
https://t.co/A7XCU5fC2m
We often avoid taking action because we think "I need to learn more," but the best way to learn is often by taking action.
— James Clear (@JamesClear) September 23, 2020
I’m torn on how to approach the idea of luck. I’m the first to admit that I am one of the luckiest people on the planet. To be born into a prosperous American family in 1960 with smart parents is to start life on third base. The odds against my very existence are astronomical.
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
Ironies of Luck https://t.co/5BPWGbAxFi
— Morgan Housel (@morganhousel) March 14, 2018
"Luck is the flip side of risk. They are mirrored cousins, driven by the same thing: You are one person in a 7 billion player game, and the accidental impact of other people\u2019s actions can be more consequential than your own."
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
