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George Soros predicts crash if UK Brexits

On 21 Jun 2016 at 9:51am Kant wrote:

Even if you disregard the warnings from 95% of economists and all influential financial institutions with 'they didn't predict the last crash did they' then listen to the one man who did, George Soros.

In the event of Brexit George warns that the UK will face a crash far worse than the last one.

"But I don't think the 1992 experience would be repeated. That devaluation was healthy because the government was relieved of its obligation to 'defend' an overvalued pound with damagingly high interest rates after the breakdown of the exchange rate mechanism. This time, a large devaluation would be much less benign than in 1992, for at least three reasons.

1. With interest rates at a record-low 0.50%, the Bank of England couldn't cut rates in response to a currency shock.

2. The UK's current account deficit makes it dependent on foreign capital, which could dry up in the event the leave camp wins.

3. A post-Brexit devaluation of the currency would be unlikely to benefit British manufacturing exports as the cheaper pound did in 1992.

The evidence is now overwhelming and indisputable. Brexit will be very, very bad for the UK economy and only fools would vote for it.

Check it out here »

On 21 Jun 2016 at 12:24pm Amon wildes wrote:

Bloody obvious really. I'm in.

On 21 Jun 2016 at 10:35pm SHS wrote:

How about us Brits decide. All of us do have brains, eyes and ears. And the ability to know when others have a vested interest. George Soros does not live in England.

On 22 Jun 2016 at 11:30am Graham P wrote:

We all have brains SHS. The issue is that a too large proportion of people won't use them and are being led by the nose by a cynical, manipulating and dishonest campaign which encourages them to cast a vote based not upon reasoning but upon emotion, bigotry and xenophobia. Basically pandering to the worst in our natures.

On 23 Jun 2016 at 9:16am Meldrew wrote:

Soros got lucky.
This is a fine person to listen to. Someone who can't get a proper job but prefers to manipulate the "money markets" which ultimately we pay for in dodgy pension funds - the equivalent of "Sir" Philip Green and his chums.
Many of the people urging us to stay in the EU are those who benefit directly and have cosy little jobs in Brussels which again, we little folk pay for. Mark Carney of BoE fame, multi-millionaire Canadian banker, here today, gone tomorrow psuedo-politician is another example. Done all rainy day savers a favour by printing �50 notes and racking up yet more government debt for the last 7 years. Of course he doesn't want anyone to upset his lavish lifestyle.
Kick 'em all where it hurts - the choice is yours - in the goolies or in the wallet.
What does surprise me is that smooth talking, two-faced Dyson person wants to leave. But then, when you've made your money, given your workforce the chop in favour of the dollar-a-day Chinoise, you've nothing to lose.