Britain has voted to exit the European Union and its prime minister has
resigned in the wake of the Brexit vote. The markets have, so far, reflected
the world's uneasy reaction to the event. But it is early days, says
newsletter writer and technical analyst Clive Maund, who offers his views on
the day after Brexit.
Woke up to the stunning news this morning that Britain has voted by a
narrow but clear majority to leave the European Union (EU). I had feared that
the British electorate would be cowed into submission by the barrage of
pro-Europe propaganda and scaremongering, like the Scots were at the time of
the Scottish independence referendum, but they weren't-or at least sufficient
of them weren't to assure a positive result.
Nevertheless, 48% still voted to stay in, which shows you how many
gullible idiots there are out there-they are either that or in some way they
are benefitting from the EU, by getting handouts etc.
The election result map above is interesting, as it reveals that the whole
of Scotland and Northern Ireland voted to stay in Europe; this shows that
they are probably benefitting from EU handouts. Actually, in both the
Scottish referendum a couple of years ago, and in the EU vote last night, the
Scots showed about as much force as Longshanks' son, and none of the valor of
William Wallace, as those of you familiar with the film
"Braveheart" will understand.
It was amusing to watch upper-class buffoon David Cameron, the British
prime minister, both admitting defeat over the EU vote and announcing that he
was going to quit on the TV this morning-and not surprising considering that
he has misread the mood of the population and made a fool of himself by
standing up resolutely for the interests of the elites over the EU vote. Also
weighing in was former European Central Bank president Jean Claude Trichet,
who has made the claim that voters in EU countries are fed up with their
national leaders, and not the EU itself, when the reverse is nearer to the
truth.
The losers were engaged in a damage limitation exercise and trying to put
on a brave face, but the plain fact of the matter is that the EU has just had
a stake driven through its heart, and this corrupt, rotten and unaccountable
coterie of crooks and parasites-and we are talking here about the EU
administration and bureacracy, NOT European member states or European
citizens-are now living on borrowed time. It is to be hoped that the
populations of other EU states follow suit and drive them out as fast as
possible.
If you want to see just how rotten the EU is, here is the link to that
video I posted a couple of days ago, Brexit: The Movie, that you may not have seen. It's about
an hour long, but worth watching.
Thus, we should not be upset that markets are plunging because of the UK
Brexit, as the ruling classes throw a tantrum. So what if markets crash now? That
was slated to happen at some point anyway, after years of fiscal abuse, so
why not get it over with?
Most of the predictions made before the Brexit vote in The
Brexit Vote and the Markets have turned out to be correct, with the
dollar and dollar bull ETFs soaring and commodities like oil dropping hard
and stock markets plunging. The major exceptions are gold and silver, which
is surprising given the huge rise in the dollar and gold's extreme COT
structure. However, it's early days yet, and if we now see a full-blown
market crash, the dollar could end up as "the only man left
standing."
We'll end with a link to an article about Nigel Farage, entitled Farage's Life's Work Comes to Fruition. Farage has
campaigned for years for this day against tremendous resistance, and has
endured an enormous amount of mockery and ridicule. Now he is successful: The
establishment has no choice but to take him more seriously.
Many think that Trump has more chance of becoming the next U.S. president
because of this result-see Brexit is proof that Trump will be the next President.
The big question now is whether the sharp drop in the markets can be
contained and reversed, or whether this drop marks the start of something
much more serious.
Disclosures:
1) Statements and opinions expressed are the opinions of Clive Maund and not
of Streetwise Reports or its officers. Clive Maund is wholly responsible for
the validity of the statements. Streetwise Reports was not involved in any
aspect of the content preparation or editing so the author could speak
independently about the sector. Clive Maund was not paid by Streetwise
Reports LLC for this article. Streetwise Reports was not paid by the author
to publish or syndicate this article.
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Map courtesy of Clive Maund
