Fail, Britannia

DOUG By Guest Blogger Doug Rowat

The United Kingdom is a mess.

Prior to the shocking 2016 Brexit vote, the UK economy was one of the fastest growing in the developed world, now it’s amongst the slowest. And, as the British government undertakes the exhaustive and granular work of actually figuring out what a Brexit will look like, things are getting worse.

The political crisis facing Prime Minister Theresa May picked up steam last month when two key cabinet members, Brexit Secretary David Davis and Foreign Secretary Boris Johnson, resigned, which is a bit like embarking on a Rolling Stones tour without Mick Jagger and Keith Richards. May herself has failed to clearly articulate to the public what a Brexit will look like and several polls now indicate that if there were a re-run of the 2016 referendum the ‘remain’ side would win easily.

The first problem, of course, is that May opposed Brexit in 2016, which probably makes her unmotivated to negotiate it now. Having to execute an agreement that you inherently know is going to weaken your country’s position in the world tends to sap your enthusiasm. Oddly, May can probably sympathize with Cleveland Cavaliers GM Koby Altman who had to try his best this summer to negotiate the LeBron James trade to the LA Lakers knowing that LeBron’s exit would doom his team next season. (Vegas odds of the Cavaliers winning the 2019 NBA Championship immediately dropped to 200/1.) Unlike Altman, however, May is not negotiating with just one league. She not only needs ratification from the British Parliament, but she also must receive the approval of countless other EU institutions and governments.

Much of the UK’s imports and exports pass through the Port of Dover, but even seemly straightforward tasks like hammering out new customs processes have become problematic. The New Yorker reports that:

According to the Port of Dover, adding two minutes to the journey of every truck coming through the town will lead to a seventeen-mile traffic jam. [After roughly two years] since the Brexit vote…May’s government had still not settled on a plan for its new customs relationship with the E.U. The likeliest option, it is estimated, will cost businesses twenty billion pounds a year and take five years to develop.

In fact, during its 45 years in the EU, Britain has imported “around nineteen thousand European laws and regulations”, so every aspect of a Brexit becomes complex and, thus far, little progress has been made not only with trade logistics but also with tax, immigration, investment and military issues, putting the March 2019 deadline very much in jeopardy. It’s no surprise that a recent Sky News poll found that a whopping 78% of voters thought that May’s government was doing a bad job of negotiating the deal.

The New Yorker goes on to add that:

The government’s own estimates show that every form of Brexit will make people worse off, ranging from a relatively modest impact, if the country ends up somehow entwined in the E.U.—and thereby less free—to a cost of around eight percent of G.D.P., if it leaves with no formal deal at all.

Clearly, the UK economy has suffered because of the Brexit overhang and will likely continue to suffer. This is one reason why consensus is forecasting only 1.3% economic growth for the region this year versus the 3.1% growth it recorded in 2014, for example.

So, shouldn’t the UK equity market have performed horribly throughout this debacle? Far from it. The FTSE 100 has rallied more than 14% annually, including dividends, since the Brexit vote and is up roughly 7% in the past year. Reasons for this are varied, but the Bank of England continuing its stimulus program, the oil price rallying almost 40% since the vote (remarkably the UK equity market has a 17% energy weighting, almost equaling Canada’s 20% weighting) and UK companies having globally diversified revenue streams (the average FTSE 100 member received only 38% of its revenue from the UK and Europe last fiscal year) have all overshadowed the UK economic risk and contributed to the FTSE’s rally.

FTSA 100 has largely shrugged off Brexit risk

Source: Bloomberg

So, while a region’s underlying economy has tremendous bearing on the outlook for its equity markets, it’s important to remember that it’s not the sole factor affecting market performance. Theresa May fiddling while Britain burns (or, perhaps more accurately, contemplating whether to even bother fiddling) is certainly not helpful for the UK economy, but it doesn’t in and of itself mean that UK equity markets will collapse.

So, UK investors take heart: it’s not always the economy, stupid.

Doug Rowat, FCSI® is Portfolio Manager with Turner Investments and Senior Vice President, Private Client Group, Raymond James Ltd.

104 comments ↓

#1 stan on 08.11.18 at 2:22 pm

Lebron was a free agent he didnt get traded to the Lakers

#2 Penny Henny on 08.11.18 at 3:12 pm

Yeah, what stan said.

#3 mike from mtl on 08.11.18 at 3:27 pm

Doesn’t help as GBP has been dropping for like the last 6 months.

#4 sdgsdf on 08.11.18 at 3:37 pm

Globalist nonsense from a paid shill

#5 Joshua on 08.11.18 at 3:39 pm

Thought provoking article as usual Doug.

What are your thoughts on the Eurozone as a whole?

From my understanding the UK is the most capitalistic of the European nations. I know Scandinavia are full blown socialists and France is always flirting with a 30 hour work week. Germany is an impressive economic engine but Spain, Greece, Italy etc. have shown anemic (or negative) growth.

Jack Bogle always speaks about diversification being the S & P 500 (due to multinationals) and is not a big fan of Europe.

I hold an ETF that tracks the MSCI EAFE IMI so all of developed Europe is there, and the juicy 3% yield is great but I’m in the accumulation phase of my life and prefer capital growth over dividends. Also the ETFs that track the the EAFE are much more expensive compared to those that follow Canada and the US.

If a portfolio consisted of just Canada and the US how would it have faired against a globally diversified portfolio since 2008?

#6 TurnerNation on 08.11.18 at 3:49 pm

But why Canada. This line hit me. (Applies here)
Approach 60% taxation shall we? Primary residence, corps, and maybe dividends to be banished.

“The pirates’ English was poor, their German nonexistent, but they had an impression of Nordic countries as safe destinations for [migrants], with lax deportation policies and generous welfare. They knew about “Germany,” “Sweden” and “Holland.””

https://www.theglobeandmail.com/opinion/article-how-getting-kidnapped-by-pirates-made-me-a-more-tolerant-person/

A T-shirt for the Longbranch-idians:

https://www.sunfrog.com/7319573-95102978.html

#7 Camille on 08.11.18 at 4:02 pm

Holy Oleo. You can’t get away from Batman that easy. Easily. Easily. Thank you.

#8 Sideshow Rob on 08.11.18 at 4:07 pm

Britain was lucky to get out when it did. Hopefully they don’t chicken out of their independence now. The EU is spiraling down the porcelain throne and the idiots in Brussels are clueless as to why. Massive, massive problems coming to that part of the world very soon. The people know. The politicians? Not so much.

#9 Skatch on 08.11.18 at 4:41 pm

Saskatoon and area people, this is an amazing blog outlining the negative real estate market in Saskatoon.

Please read

https://jbuc61.wordpress.com

#10 Uk Dave on 08.11.18 at 5:05 pm

Utter cobblers…..

“the UK economy was one of the fastest growing in the developed world, now it’s amongst the slowest. “

https://order-order.com/2018/05/08/record-profits-uk-firms/

According to the latest Profit Watch report from the Share Centre, Q1 2018 saw:

-Collective profits of UK firms hit record high
-Profits among FTSE 350 increase by 158%
-Sales among FTSE 350 hit three year high, growing by 21%
-70% of companies had higher profits
-Four fifths of sectors saw higher profits

#11 jess on 08.11.18 at 5:27 pm

this company has rallied

A Russian manufacturer of the hazardous chemical substance asbestos is using President Trump’s likeness on shipments to the United States.

The company, Uralasbest, posted photos of large shipping pallets with Trump’s face emblazoned on them, which appeared bound for the United States.

The gesture was made to thank the president and former Environmental Protection Agency Administrator Scott Pruitt for supporting the continued use of the substance in America.

https://www.washingtonexaminer.com/policy/energy/russias-largest-asbestos-company-thanks-trump-by-using-his-image

E.P.A. Staff Objected to Agency’s New Rules on Asbestos Use, Internal …
https://www.nytimes.com/2018/08/10/climate/epa-asbestos-rule.html
1 day ago – WASHINGTON —

#12 Doug Rowat on 08.11.18 at 5:30 pm

#1 stan on 08.11.18 at 2:22 pm

Lebron was a free agent he didnt get traded to the Lakers

I will fire my fact checker immediately.

–Doug

#13 Doug Rowat on 08.11.18 at 5:34 pm

#8 Sideshow Rob on 08.11.18 at 4:07 pm

Britain was lucky to get out when it did. Hopefully they don’t chicken out of their independence now. The EU is spiraling down the porcelain throne and the idiots in Brussels are clueless as to why. Massive, massive problems coming to that part of the world very soon. The people know.

The UK people want a do-over.

–Doug

#14 Erick on 08.11.18 at 5:46 pm

“if there were a re-run of the 2016 referendum the ‘remain’ side would win easily”

EASILY ! Seriously :) can you give your sources please – it wouldn’t hurt …

#15 Expat in London on 08.11.18 at 5:48 pm

The FTSE May have rallied 14%, but the pound sterling has lost 20% vs the Canadian dollar. I don’t think that is a win.

#16 Doug Rowat on 08.11.18 at 5:48 pm

#5 Joshua on 08.11.18 at 3:39 pm

…the ETFs that track the the EAFE are much more expensive compared to those that follow Canada and the US.

Higher transaction costs, currency, etc. will always make international investing a bit more costly. But with a little digging there are plenty of EAFE ETFs available with MERs below 30 bps.

–Doug

#17 Old Dog on 08.11.18 at 5:54 pm

What originally was sold as joining a trading block became much, much, more in the end. Any organization that is run by thousands of none elected bureaucrats and threatens anyone wanting to leave with destruction, is not a group I would wish to belong to. They must have known that one currency would not work with that group of countries. All they’ve done is bribed and loaned the weaker countries into such a position of debt they will never be able to leave. No thanks.

#18 kbean on 08.11.18 at 5:56 pm

Hi Doug: Thanks for your excellent post. I have an unrelated question that I was hoping for you to answer.

What do you think about floating rate bonds. It seems to me that they remove the interest rate risk that fixed-rates have. Essentially once does not have to worry about rates falling or rising as they effectively have a duration of zero. Do you think they have a place in a portfolio?

#19 BS on 08.11.18 at 6:13 pm

“several polls now indicate that if there were a re-run of the 2016 referendum the ‘remain’ side would win easily.”

LOL The polls indicated the same thing prior to the Brexit vote. Just like the Trump polls. Problem is polls are meaningless. Votes are what counts and the people have spoken.

#20 BS on 08.11.18 at 6:20 pm

“Clearly, the UK economy has suffered because of the Brexit overhang and will likely continue to suffer.”

But then the facts…

“The FTSE 100 has rallied more than 14% annually, including dividends, since the Brexit vote and is up roughly 7% in the past year.”

The talking heads never get it. Just admit you got it wrong. The West is now moving in the right direction, finally. Once we get rid of the drama teacher here in Canada we too can start the recovery.

#21 BS on 08.11.18 at 6:27 pm

“The UK people want a do-over.”

I was in London last year. The do-over they want is joining the EU in the first place. London is not what it used to be. Unfortunately Brexit can’t fix that but it can at least slow the sad decline of the once great city.

#22 Camille on 08.11.18 at 6:30 pm

Holy Cinderella Batman. Rewriting is just the nature of the screenwriting beast!
But that begs the question: How? What are some keys to the rewriting process? Instead of wandering around in the dark not knowing if you’re improving the story or not, is there a coherent approach to rewriting your scripts?

#23 FOUR FINGERS WATSON on 08.11.18 at 6:36 pm

So, while a region’s underlying economy has tremendous bearing on the outlook for its equity markets, it’s important to remember that it’s not the sole factor affecting market performance. Theresa May fiddling while Britain burns (or, perhaps more accurately, contemplating whether to even bother fiddling) is certainly not helpful for the UK economy, but it doesn’t in and of itself mean that UK equity markets will collapse.
…………………………………..

There is no such thing as bad news. There are only buying opportunities.

#24 Spectacle on 08.11.18 at 6:50 pm

” #11 jess on 08.11.18 at 5:27 pm
this company has rallied

A Russian manufacturer of the hazardous chemical substance asbestos is using President Trump’s likeness on shipments to the United States.

The gesture was made to thank the president and former Environmental Protection Agency Administrator Scott Pruitt for supporting the continued use of the substance in America.

https://www.washingtonexaminer.com/policy/energy/russias-largest-asbestos-company-thanks-trump-by-using-his-image

——————-//—————-
Interesting facts about it.

WorkSafe or WCB the agency protecting workers in the workplace is working very hard to advise Canadians that Asbestos is the biggest killer of Canadians in the construction field. Not nice stuff, lung cancer agent!

#25 Spectacle on 08.11.18 at 6:57 pm

” So, UK investors take heart: it’s not always the economy, stupid. ” Doug Rowat FCSI

—————————-::———————–

But I thought we already went through this and understood that;

1). Mercer and his Cambridge Analytics forced through opinion and the win for the Brexit vote.
2). That there is serious investigation ( whatever that means ) into the definitive influence Cambridge created.

Mercer was instrumental in the Trump Campaign, it seemed to work , although results were again controversial some say.

And soooo much more to come: What do You want to buy Today, and How much are You willing to Pay?

#26 Spectacle on 08.11.18 at 7:03 pm

Ready for some enlightening insights into Brexit, Cambridge Analytics and the modern way of fooling We The People. Be advised best you can.

Cambridge Analytica whistleblower to appear before Congress next …
https://www.cnn.com › politics › cambrid…

#27 jane24 on 08.11.18 at 7:30 pm

As a British Canadian living in Britain and having served in the Brexit campaign I find this post very ill informed and bordering on offensive. Brexit has nothing to do with economics and only the global 1% elite think it does as it might impact on their vast wealth including I guess yours Doug. Brexit is about being an independent country again, able to form our own laws with our own parliament, not to be ruled by non-elected Belgium technocrats, not to have to follow EU superstate Courts of Justice, not to have to pay welfare benefits to folk who live in other countries and have never been to Britain and decide for ourselves who does and doesn’t come into our country. We want Canada has – political independence. We don’t want to be run by other countries any more. Or are you saying that the 5th largest economy in the world, Britain, does not deserve in some way to be as independent as Canada. Money does not come into this equation. revolutions are not about money Doug, they are about human rights. Currently we don’t have any of our own making.

We suspect that the EU will do to us what it did to Ireland, make us vote over and over until the elite get the answer they want rather than what we want. This is slippery slope Doug, should general elections then be the best of out three?

The people pushing for a do-over are the people who profit financially from the EU superstate. Not ordinary folk. I know no-one who voted leave who would now vote remain but I know a lot of people who voted remain but would now vote leave as this farce has showed them the real face of the EU elite.

I wouldn’t write about what other countries should do and not do Doug unless you actually have some personal experience of the ‘on the ground situation’. Trump does this all the time but at least he is hilarious.

#28 the Jaguar on 08.11.18 at 7:30 pm

Forgive me Doug if I digress a little as I am still musing, (seething a little) from yesterday’s posts taking Bill Morneau to task, and especially based on his ‘financial position’ , aka, own money and McCain money.
Yep. That’s correct. He has some ‘capital’, as does apparently his wife, which is no ones goddam business but his own. Got that? If you are in the cheap seats ‘cat calling’ about ‘those that have’ versus ‘those who don’t’, please shut the ____ up.
A person who has those resources really doesn’t need to ‘step up’ into pubic service, do they? It certainly hasn’t been a cake walk or entry into Alice’s Wonderland since he did offer up his services in the interest of Canadians. And he has been put in situations where he was unable to defend himself with the vigor he may have wished he could employ to save face for others. All who aspire to public office must accept this, but we don’t have to adopt a ‘mob’ stance and ridicule those who step forward to offer their services to the country. Fair critique of policies is reasonable, but personal attacks are low behaviour.
We say we want intelligent, well meaning people to step forward to represent us, and this is how we reward those efforts? I thought the same about Nigel Wright. He was thrown under the bus. Guys like that don’t ‘step up’ for public adulation or the money. They really want to serve their country. Shame on all of us for not providing them with more support and judgement based on policy versus their personal lives and circumstances. However one might view the policies brought forth by the current Liberal government, right or wrong….I would just like to say ‘Thank you Bill Morneau for your efforts to serve Canadians.’. Thank you for stepping up from a place where there was no necessity to do so….

#29 RICK on 08.11.18 at 7:38 pm

BREXIT was the best for the people. If the PM can’t do the people’s will…step aside!

#30 FOUR FINGERS WATSON on 08.11.18 at 7:57 pm

A statue of Canada’s first prime minister has been removed from the grounds outside Victoria City Hall, days after the city council voted to remove it.

The city began discussions in 2017 to remove the statue of Sir John A. Macdonald as part of the reconciliation process with the Songhees and Esquimalt First Nations, voting seven to one Thursday to have it removed.

Songhees Chief Ron Sam wrote in a July 31 letter to Victoria Mayor Lisa Helps that removing the statue is an important step in the city’s path toward reconciliation.

#31 Gravy Train on 08.11.18 at 8:31 pm

#27 jane24 on 08.11.18 at 7:30 pm
“Trump […] at least […] is hilarious.”

They said the same thing about Hitler.

#32 Spectacle on 08.11.18 at 8:46 pm

Hmmmm. Well that link did not work!

Try this. Very much worth understanding the powerful influencers out there. Or Search out Cambridge Analytica Whistleblower for yourself. Mind blowing stuff.

Cambridge Analytica whistleblower to appear before Congress next …
https://www.cnn.com › politics › cambrid…

#33 Shawn Allen on 08.11.18 at 8:52 pm

BREXIT is cute. Tribalism lives on. Nationalism is the new racism. We are witnessing the death throes of Nationalism before humanity grows up a bit and starts thinking more in terms of “we” being all humans.

#34 Balmuto on 08.11.18 at 8:52 pm

Brexit means Brexit means you’re on your own, you’re out of the club. What incentive is there for the EU to give the U.K. the deal it wants on its way out? If they were merely threatening to leave, the U.K. might have some leverage here. But since they’re committed to leaving, what do they have to threaten the EU with? They’re going to crash out and have to deal with the consequences. Whether they’re better off in the long run without the EU is a matter for history to decide but the rupture won’t be pretty.

#35 crowdedelevatorfartz on 08.11.18 at 8:54 pm

@#24 Spectacles
“WorkSafe or WCB the agency protecting workers in the workplace is working very hard to advise Canadians that Asbestos is the biggest killer of Canadians in the construction field…..”

No no no. Asbestos is almost gone from most work sites so now WCB is creating another boogeyman…..
Silica!
Run for your lives people!
Silica !
And in 50 years when everything has been converted to spaceage plastics…….. Plastic will be the new boogeyman.

WCB, another self perpetuating govt agency that charges an arm and a leg for “insurance” while refusing to pay out on legitimate claims.
All while looking far and wide for the next “deadly” workplace ingredient to pounce on.

Next time you go to a sandy beach on a sunny day be sure to bring sun screen and a silica mask………for protection.

#36 crowdedelevatorfartz on 08.11.18 at 8:57 pm

@#4 sdgsdf….whatever

“Globalist nonsense….”

++++++

Im sure the spineless career politicians that ran screaming from Ms May’s govt didnt do it because of “principle”.
They know the feces is about to become airborne next April.

#37 fredgraves on 08.11.18 at 9:11 pm

Ive got to go with the fine statements of Jane24(#27).
Very well put. Perhaps some have forgotten those unelected,, imperious Brussels super beauracrats who
override national sovereignty, but not I. They do not value freedom, and are promoters of one-world, big government little people nanny statism. They disgust me.

#38 Wrk.dover on 08.11.18 at 9:47 pm

W.Bush vainly destroying Iraq, along with H. Clinton and P. MacKay egotistically squashing M. Khaddafi flooded the Eurozone with a big enough cohort of not near term value adding migrants in such a short time frame, necessitates Brexit in my consideration of these events.

Too bad USA isn’t geographically situated where Europe is and vise versa, so USA would play a more fair game of brinksmanship.

#39 The Real Mark on 08.11.18 at 9:53 pm

When can I exit from my mom’s basement?

#40 Russ on 08.11.18 at 9:56 pm

jess on 08.11.18 at 5:27 pm

A Russian manufacturer of the hazardous chemical substance asbestos is using President Trump’s likeness on shipments to the United States
==========================

jess,

You. Are. An. Idiot.

Asbestos is a mineral not a chemical substance.

Get informed please.

#41 akashic record on 08.11.18 at 9:59 pm

The UK people want a do-over.

–Doug

The UK people, eh?

https://www.standard.co.uk/news/politics/billionaire-tycoon-george-soros-gives-another-400k-to-antibrexit-campaign-best-for-britain-a3809821.html

#42 fishman on 08.11.18 at 10:51 pm

Silica causes silicosis. The tiny bits of silica cut the lung membrane & a scar tissue forms. The scar makes the transference of oxygen impossible. I watched my grandfather die from silicosis. It was like a fish out of water gasping for air. The autopsy showed 15% lung capability.
Some mines were worse than others. Some miners were more prone to be afflicted. Nowadays all our electronic circuits are made of silica. If your around airborne silica beware. Same thing with asbestos.
If WCB tells you to wear a mask.Wear a mask. Armchair idiots that aren’t in the industrial world are brave like generals 5 miles behind the killing zone.

#43 Doug Rowat on 08.11.18 at 11:23 pm

#27 jane24 on 08.11.18 at 7:30 pm

As a British Canadian living in Britain and having served in the Brexit campaign I find this post very ill informed and bordering on offensive.

I wouldn’t write about what other countries should do and not do Doug unless you actually have some personal experience of the ‘on the ground situation’.

I could care less what the UK does or doesn’t do. I’m pointing out that not many think Theresa May is handling Brexit well. And the reality is that the UK economy has slowed significantly.

What I am highlighting is that it’s sometimes important to underemphasize the economy when other factors can continue to support equity markets (like an accommodating central bank).

–Doug

#44 Smoking Man on 08.11.18 at 11:45 pm

Gravy Train on 08.11.18 at 8:31 pm
#27 jane24 on 08.11.18 at 7:30 pm
“Trump […] at least […] is hilarious.”

They said the same thing about Hitler.
……

Hitler was a socialist. Free Healrh Care, Free Education , etc etc.
His platform before coming to power is just like progressives.
Surprised you don’t know that teacher. Or maybe you do, and its an inconvenient truth you would rather not share..

#45 Ponzius Pilatus on 08.12.18 at 12:23 am

Any financial adviser who reads and quotes The New Yorker gets three thumps up from me.
Good work, Dougster.

#46 NEVER GIVE UP on 08.12.18 at 1:16 am

#27 jane24 on 08.11.18 at 7:30 pm
Good Post!

If a country does not control its borders it no longer is a country at all.

Ideally in a perfect world we should have no borders, but in reality we need them because the world is so unequal and dangerous.

In addition to that people should have control of their culture and identity. Something that has completely changed in many countries that are overwhelmed with immigrants and minorities that have high birth rates.

Even Israels long term existence is threatened by the Israeli Arabs living within Israel. They have a much higher birth rate and would demographically take control of the voting booth in the distant future.

Not saying minorities and refugees should not have rights but the rights of a country and its goals and aspirations should come first before the idealistic and monetary goals.

It will cost to have Brexit but good things don’t come easy and are worth fighting for.

I do believe one thing that the remain camp is right on.
That is that a united Europe is a peaceful Europe. That may ultimately be the most powerful argument for remain of all.

The threat of war in Europe is ever present and the EU has gone a long way to calming that threat.

What is more valuable. Peace or Identity?

#47 NEVER GIVE UP on 08.12.18 at 1:23 am

One more point about Brexit.

Trump loves to play divide and conquer politics. The British themselves perfected the technique in the Empire days. Divide a group or country makes it weaker and easy prey to manipulate and conquer.

Look at what Trump is doing to Nafta. Divide Canada And Mexico and deal one on one.

David and Goliath with Canada and Mexico being the little David with no sling.

A weakened EU will have less bargaining power when the bullies come to make deals.

#48 Oft deleted much maligned stock.picker on 08.12.18 at 1:39 am

So….here’s my take away…..don’t invest in Europe or China and don’t live in Vancouver, the unhappiest, road ragiest, phoniest, navel gaziest “shittiest” in Canada. Good for nothing human swamp.

https://m.scmp.com/magazines/post-magazine/travel/article/2159122/good-bad-and-ugly-sides-visiting-vancouver-canadas

Invest with confidence in America…..Trudeau is actively dumping Canada in the toilet.

#49 UK dave on 08.12.18 at 1:54 am

@Expat in London on 08.11.18 at 5:48 pm
“The FTSE May have rallied 14%, but the pound sterling has lost 20% vs the Canadian dollar. I don’t think that is a win.”

Since 2008 Gov’s around the world have printed trillions of “QE” with the express goal of devaluing their own currency. It didn’t work. One stupendously excellent referendum and the currency goes “down”. Full morning to dark news coverage about how terrible it is when tHe reality is uk companies are now much more competitive overseas and this vote achieved what QE didn’t.

The EU project is a political experiment and protectionist trading block. This blog endlessly goes on about how tariffs are bad yet the EU makes exports from the 90% of the world NOT into the EU more expensive due to EU tariffs and suddenly it seems this blog now approves of tariffs to trade.

#50 Jas on 08.12.18 at 2:37 am

#11 Jess
The American public the MOST IGNORANT among the so called ‘developed world’. I think we Canadians are not far behind T2 idiot givr was elected.
Kick the ‘effing idiots out at the earliest opportunity. Sick of them to death.

#51 will on 08.12.18 at 2:52 am

hey skatch #9

thanx for the link. excellent blog.

#52 will on 08.12.18 at 2:56 am

“The political crisis facing Prime Minister Theresa May picked up steam last month when two key cabinet members, Brexit Secretary David Davis and Foreign Secretary Boris Johnson, resigned, which is a bit like embarking on a Rolling Stones tour without Mick Jagger and Keith Richards.”

sorry doug, can’t think of a worse comparison. but maybe you can explain what you mean.

#53 Dolce Vita on 08.12.18 at 3:12 am

A Canadian financial advisor quoting a left leaning American magazine well known for fiction, satire, cartoons, and poetry:

about Britain’s present & future economic well being.

There’s a thought.

Or, maybe the Canadian financial advisor is having a dabble at the meme’s of said American magazine.

#54 Oft deleted much maligned stock picker on 08.12.18 at 5:53 am

A statue of John A McDonald was torn down today…he established the country our current tsunami of feeloaders are feather bedding in. By contrast a park was named after the first PM of Pakistan….Jinnah….he caused the death of millions when he refused to cooperate with a mediated attempt to establish a border between Pakistan and India. Go figure.

#55 Gravy Train on 08.12.18 at 6:14 am

#40 Russ on 08.11.18 at 9:56 pm
“Jess […] asbestos is a mineral, not a chemical substance. Get informed, please.”

Ah, no. “A mineral is a naturally occurring chemical compound, usually of crystalline form and not produced by life processes.”
https://en.m.wikipedia.org/wiki/Mineral

“Definition of mineral: […] 5 a : a solid homogeneous crystalline chemical element or compound that results from the inorganic processes of nature; broadly : any of various naturally occurring homogeneous substances (such as stone, coal, salt, sulfur, sand, petroleum, water, or natural gas) obtained usually from the ground
b : a synthetic substance having the chemical composition and crystalline form and properties of a naturally occurring mineral”
https://www.merriam-webster.com/dictionary/mineral

Russ, I guess that makes you the idiot, not Jess. But don’t feel too bad, Russ. Donald Trump is a far bigger idiot than you—maybe the biggest idiot of all time. :)

#56 Bytor the Snow Dog on 08.12.18 at 8:00 am

Wow Doug! Your entire post reads like an apologist rant for the EU giving “reasons” why the UK shouldn’t leave.

Fact: The citizens of the UK voted in a referendum to leave the EU. If May as their elected representative cannot or will not give a 100% good faith effort towards that end she should resign.

Does she represent the people of the UK or not? Kinda reminds me of Trudeau.

#57 Bytor the Snow Dog on 08.12.18 at 8:05 am

@55 GRAVY TRAIN-You might wanna rethink that.

Asbestos

Asbestos is a set of six naturally occurring silicate minerals, which all have in common their eponymous asbestiform habit: i.e. long, thin fibrous crystals, with each visible fiber composed of millions of microscopic “fibrils” that can be released by abrasion and other processes. They are commonly known by their colors, as blue asbestos, brown asbestos, white asbestos, and green asbestos.

#58 Another BC (Brit-Canadian) on 08.12.18 at 8:13 am

#27 Jane24.

Wow – strong emotions. When you get a chance and calm down, have about 3 glasses of wine and take your text and substitute:

UK/EU with:
– Alberta/Canada,
– Quebec/Canada,

or, my fave:
– Scotland/England.

(oh! looking into the future – how about Cree Nation/Republic of Quebec??)

It’s all the same.

Yes, I’ve got my passport, yes, I’ve lived and worked “over there”, but the knife cuts many ways, and once you start an “us vs. them” cut, you never know where it ends.

#59 Gravy Train on 08.12.18 at 9:02 am

#44 Smoking Man on 08.11.18 at 11:45 pm
“Hitler was a socialist.”

Your ignorance is staggering. Hitler was a fascist, autocrat, and totalitarian.
https://en.m.wikipedia.org/wiki/Nazism

Hitler made changes aimed at improving the economy: privatization of state industries, autarky, and tariffs on imports. Sound familiar, genius?
https://en.m.wikipedia.org/wiki/Economy_of_Nazi_Germany

Here’s a more general discussion:
https://en.m.wikipedia.org/wiki/Nazi_Germany

Get your wife to help you with the three-syllable words. (I’ve likely wasted my time trying to educate a deplorable.)

#60 Oft deleted much maligned stock.picker on 08.12.18 at 9:07 am

Alt left wack factory calls out Trudeaus foreign policy as scatterbrained……is even the flakiest of flakes finding it hard to support our prancing pony… Grabby McGroper?

https://www.washingtonpost.com/news/global-opinions/wp/2018/08/10/what-canadas-spat-with-saudi-arabia-reveals-about-trudeaus-scatterbrained-foreign-policy/?utm_term=.66da40ae6549

#61 -=jwk=- on 08.12.18 at 9:33 am

Brexit has nothing to do with economics

And then;

Brexit is about being an independent country again, able to form our own laws with our own parliament, not to be ruled by non-elected Belgium technocrats, not to have to follow EU superstate Courts of Justice, not to have to pay welfare benefits to folk who live in other countries and have never been to Britain and decide for ourselves who does and doesn’t come into our country.

And you think these two things aren’t connected? Do you think having your own standards for toilets instead of just using the EU ones that you helped negotiate will somehow make your economy better? And car safety standards? And everything else the EU regulates?

You are either in the EU, or you are not. Be prepared to lose that 5th spot, France will overtake you easily and India is next….

#62 Ponzius Pilatus on 08.12.18 at 9:38 am

It think that Doug is trying to say that the markets are not perfect and investors not rational.

#63 dharma bum on 08.12.18 at 9:39 am

The UK’s separation from the EU will likely never happen.

The proverbial can will be endlessly kicked down the road until some other sort of new referendum reverses the original decision due to an eventual change in sentiment.

The reversal will happen during the watch of another politician many elections from now.

The complexity and onerous cost of an actual separation is too vast and overwhelming for any politician to realistically negotiate and administrate. It’s just not going to happen.

Besides, the structure of the UK’s relationship to the rest of Europe is just a psychological construct. The populists that voted in favour of it did so for their own mental satisfaction, thinking that “they’ll show ’em”. They are the UK equivalent to US rednecks. Just the idea of talking about separation for decades to come (while nothing actually gets done) will be good enough to fuel their misguided animosity.

#64 Gravy Train on 08.12.18 at 9:52 am

#56 Bytor the Snow Dog on 08.12.18 at 8:00 am
“@55 GRAVY TRAIN-You might wanna rethink that. Asbestos is a set of six naturally occurring silicate minerals, which all have in common their eponymous asbestiform habit[….]

You missed the point entirely: Asbestos is both a mineral and a chemical substance. Jess had it right, and Russ had no right to disparage him. Minerals are inorganic chemistry. Get it? No? I give up! Conversing with deplorables is exhausting. Why do I even try? :)

#65 Smoking Man on 08.12.18 at 9:55 am

#59 Gravy Train on 08.12.18 at 9:02 am

#44 Smoking Man on 08.11.18 at 11:45 pm
“Hitler was a socialist.”

Your ignorance is staggering. Hitler was a fascist, autocrat, and totalitarian.
https://en.m.wikipedia.org/wiki/Nazism

Hitler made changes aimed at improving the economy: privatization of state industries, autarky, and tariffs on imports. Sound familiar, genius?
https://en.m.wikipedia.org/wiki/Economy_of_Nazi_Germany

Here’s a more general discussion:
https://en.m.wikipedia.org/wiki/Nazi_Germany

Get your wife to help you with the three-syllable words. (I’ve likely wasted my time trying to educate a deplorable.)
……..

Haha. I’m ignorant? Wikipedia is moderated and controlled by far left lunatics. Naturally they will try and spin Hitler as a conservative.
He started off as 100% socialist. If want a real education. I suggest Prager University.

https://www.prageru.com

#66 crowdedelevatorfartz on 08.12.18 at 10:15 am

@#42 fishmonger
“If WCB tells you to wear a mask.Wear a mask. Armchair idiots that aren’t in the industrial world”……
++++
Ahhh yes. Criticism of another bloated govt buearocracy is branded “ignorance”
I’v work in construction for over 40 years and when I see “silica” being treated like asbestos. I have to wonder “whats next’?.
Silica is everywhere. When you go to the beach be sure to wear a mask.
Granted your relative that worked in a Mine has 1000’s of times more exposure to rock dust due to his drilling, blasting, conveyering(sic) of rubble doesnt equate to someone jackhammering a fricking 2inch x 2 inch hole in concrete that is now required to build a negative air environment, wear disposable clothing, mask, gloves, etc and be decontaminated when leaving the “danger zone”.
All now requirements by WCB on any construction site in BC ( just in case you were uninformed about that because you “monger” fish ).
Yes.
WCB, determined to legislate “work” out of existance because….people might get hurt.
I particularly love the expensive, endless advertisements brought to the public airwaves showing people AT HOME, changing their own light bulbs in a “dangerous” manner….ridiculous propaganda squandering taxpayer dollars while they will niggle every penny out of a settlement with an obvious work related injury.

Just curious, how long did your relative have to fight WCB to recognize their silicosis as “work related”? 2 years? 5 ? All while WCB was hoping he’d die before collecting. Then they pay out a miserly “disability pension” that a cat couldnt live on.

Make no mistake WCB is another in a long line of insurance companies that dont want to pay claims….any claims….with the added benefit of the govt standing behind then to give them even more power and arrogance.

When the last major construction company goes broke( or just packs up and leaves) here due to the puntative, endless legislation.
And everyone is unemployed.
Does that mean we’re all “Safe Workers”?
WCB
Asbestos contamination has taken 30 years to almost eradicate from the workplace and I’m sure WCB was beginning to panic until it found another “contaminent” to replace it
Another agency that is hell bent on empire building and endlessly looking for other areas to deem “dangerous”.
Gee that wouldnt be the govt way would it?

I cant wait for “water” to be deemed “dangerous”

Speaking of fishing.
Perhaps WCB should have an employee on every fishboat to oversee every fisherperson( politically correct term) since fishing is one of the most deadly industries out there. Costing the taxpayers a fortune paying out on all those accident claims and deaths on fishboats. Time to shut them down or legislate them safe.

Just sayin

Generallissimo Fartz

#67 crowdedelevatorfartz on 08.12.18 at 10:20 am

@#24 Jane24
“make us vote over and over until the elite get the answer they want rather than what we want….”

+++++
Oh the irony.
The “elite”?
Did you write that from your villa in Italy?

And when the obstinate, navel gazing stupidity of Brexit happens next year…..
Dont forget to pack your Passport and buy medical insurance before heading off to your Italian Villa.

#68 crowdedelevatorfartz on 08.12.18 at 10:28 am

@#48 oft deleted

“Vancouver, the unhappiest, road ragiest, phoniest, navel gaziest “shittiest” in Canada. Good for nothing human swamp.”
++++

Yep.
Some guy shot dead in what police believe was a road rage incident…..

https://www.news1130.com/2018/08/11/victim-suspected-road-rage-incident-vancouver-identified/

#69 akashic record on 08.12.18 at 11:10 am

#26 Spectacle on 08.11.18 at 7:03 pm

Ready for some enlightening insights into Brexit, Cambridge Analytics and the modern way of fooling We The People.

You must have a short memory:

https://www.google.com/search?q=obama+and+the+power+of+social+media+and+technology

The big difference is that back then it was seen and celebrated as smart, savvy political move.

#70 Smoking Man on 08.12.18 at 11:13 am

The science is not settled, the debate is not over.
Here is what the founder of Green Pease has to say about climate change.

https://youtu.be/RkdbSxyXftc

#71 Reality is stark on 08.12.18 at 11:24 am

People unnecessarily complicate their lives.
You don’t need to absorb financial stress.
Divorce will ruin you so don’t get married.
Work 80 hour weeks until you are 50 and cruise after that. Buy diversified ETF’s and gut a cheap house with good bones and reno it and learn some valuable skills in the process.
Why is this so difficult to conceptualize?
The formula is guaranteed.
People screw themselves. Don’t be a statistic.
Don’t let someone else’s boneheaded emotional agenda ruin your life.

#72 Madcat on 08.12.18 at 11:27 am

My uneducated guess… Mark Carney will go down in the history books as one of the people responsible for creating the massive credit bubble that will ultimately cause a global depression. He messed up Canada and now he’s messed up the UK with all his artificial stimulus… You eat too much sugar eventually you get sick…

#73 Russ on 08.12.18 at 11:35 am

… sitting out of doors with my morning coffee and I start to realize that maybe we’re all idiots.
Wasting precious summertime hours trolling a blog off-subject instead of enjoying the gifts we have (for a few months in Canada).

I sold the yacht last month so sailing is no longer a viable pastime right now. So I think an afternoon ride on the motorcycle is in order.
And stop at a microbrewery on the way home to pick up one of my favourites, White Sails’ Snake Island IPA.

For qualifying content: it seems we can now call gold a harmful chemical substance, depending on when you bought. :)

#74 NoName on 08.12.18 at 11:37 am

#41 akashic record on 08.11.18 at 9:59 pm
The UK people want a do-over.

–Doug

The UK people, eh?

https://www.standard.co.uk/news/politics/billionaire-tycoon-george-soros-gives-another-400k-to-antibrexit-campaign-best-for-britain-a3809821.html

—-

GS in 1992 made 1 billion on forex in 1 day, yes one day, betting against pound vs what was euro at that time (European exchange trade something) that was pegged against DM at that time. Right then and there is where UK made mistak and blinked and didn’t adopt euro. That was not signed of a good economy especially when you factor in that unemployment was steadily climbing starting in late 90s with 7% unemployment to last quarter of 92, when unemployment reached 12%. It took just “one day” more like 12 hrs for UK to realize how funny their economy was. They started buying back 1billin pounds in the morning (7am), then they reise interest rate by mid day (noon) defit was declared that uk is ditching European exchange trade something. For GS trade was perfect, its downside for GS.

GS like, no let me correct that GS LOVES uk.

https://imgur.com/a/ubf4gmx

#75 Damifino on 08.12.18 at 11:40 am

#48

YVR is the “navel gaziest”? How creative. A huge improvement on “The Greenest City”.

#76 Courage and Poo on 08.12.18 at 11:45 am

EU, like Quantitative Easing, is like Hotel California. You can check in, but you can’t check out! EU policies cannot be reverted without adopting even worse policies.

Poland knows better but that’s because communism only ended in 1989. Memories are still fresh. EU thinks they can exert influence over the country but are mistaken and underestimate the poles. In 1939, before the war, Poland had a policy of “two enemies” referring to Stalin and Hitler. All allies, including US and Britain, were adamant about how insane the policy was and urged an alliance to at least one side (preferrably Stalin as US was full-o-Stalinophiles at the time). History has vindicated the Poles and the EU leaders, being history illiterate, don’t understand what their up against.

Britain can’t escape the EU! A voteocracy will certainly not be the solution.

#77 Dragonslayer on 08.12.18 at 11:59 am

Tons of asbestos remain in older homes and can be found in drywall joint compound, floor tiles, popcorn ceilings, insulation,etc.
Good on WCB for taking steps to protect workers and homeowners from this deadly substance.
Exposure to asbestos has a “long tail” with many diseases manifesting 20,30 or 40 years after contact. Sadly the effects will continue to be felt for decades.

#78 Drunk on Roundup on 08.12.18 at 12:06 pm

LMAO.. from the paid shill who said you can just drink Roundup…
except he chickens out and says you’d be an idiot to do so…..!!

https://www.youtube.com/watch?v=7jWyrbP0TJQ

Monsanto just got nailed for $300M

You.re a sucker for con men
……….
#70 Smoking Man on 08.12.18 at 11:13 am

The science is not settled, the debate is not over.
Here is what the founder of Green Pease has to say about climate change.

https://youtu.be/RkdbSxyXftc

#79 NoName on 08.12.18 at 12:24 pm

They started buying back 1billin pounds in the morning (7am), then they reise interest rate by mid day (noon) defit was declared that uk is ditching European exchange trade something. For GS trade was perfect, its downside for GS.

should read

They started buying back 1billin pounds in the morning (7am), then they reise interest rate by mid day (noon) defit was declared that uk is ditching European exchange trade something by 7pm same day. For GS trade was perfect, its was almost no downside for GS.

#80 robert james on 08.12.18 at 12:32 pm

Dragonslayer on 08.12.18 at 11:59 am Trump wants to make asbestos great again…. https://www.dailykos.com/stories/2018/8/9/1786985/-Whenever-you-wonder-if-Trump-can-really-be-THAT-stupid-just-remember-one-word

#81 Doug Rowat on 08.12.18 at 12:42 pm

#52 will on 08.12.18 at 2:56 am

“The political crisis facing Prime Minister Theresa May picked up steam last month when two key cabinet members, Brexit Secretary David Davis and Foreign Secretary Boris Johnson, resigned, which is a bit like embarking on a Rolling Stones tour without Mick Jagger and Keith Richards.”

sorry doug, can’t think of a worse comparison. but maybe you can explain what you mean.

Fair point.

https://www.youtube.com/watch?v=IWreM5cH9io

–Doug

#82 fishman on 08.12.18 at 12:43 pm

Elevator guy, Don’t throw the baby out with the bath water. I know that asbestos removal, silica handling has evolved into a racket. A cash grab. Just saying, as a cog in the wheel, take all necessary precautions. If you let the feds in before your job is “sanitized”, then I guess your a “believer”. You won’t get on SM’s team.

For commercial fishermen WCB is called Fish Safe. They keep trying. If your boat is over 25 gross tons DOT’s protocol costs big money. With all that, the last time I looked, North Pacific Commercial fishermen were still holding on to the honour of highest kill ratio per man hour worked. Not that expensive because their isn’t the lifetime compensations & injury benefits more prevalent in construction, logging, heavy industry. Few injuries, just one death benefit payment.

#83 Vampire studies on 08.12.18 at 12:53 pm

64 Gravy – Jess’ original comment says ‘manufacturer of the hazardous chemical substance asbestos’. I caught that right away. Asbestos is mined, processed then used in products. It is not itself manufactured, but rather used in the manufacture of other products.

#84 Spectacle on 08.12.18 at 12:58 pm

#60 Akashic Record.

Hello Akashic, appreciate your global perspective in Garths blog, especially when it brings in a refresher on financials, politics and the hidden media message of truth/fact.

Yes, your post did remind me of the history of those living machines out there manipulating and controlling.

Such as Evil old Henry Kissinger and Obama. Agree with you. Only so much to post on here without wearing out my welcome….. And remember who owns Obama ( hint, rhymes with Henry Kissinger…)

Why the Nobel Peace Prize is A Complete Joke
https://www.bibliotecapleyades.net › soci…
Oct. 21, 2016 · such as Barack Obama and Henry Kissinger,. have won the Nobel Peace Prize over the years,.

#85 Waiverless on 08.12.18 at 1:04 pm

#66 crowdedelevatorfartz

Your hate on for the govt is your particular obsession. With regards to silica and asbestos perhaps keep your mouth shut before you embarrass yourself further. 40 years in construction doesn’t make you an expert in the health effects of exposures to these substances. Let’s rely on the the docs and the dying who were exposed for evidence. Comparing granular silica found in sand vs inhalable small particulate silica makes you sound foolish.I suggest reading an occupational hygiene book or taking a course.. come back when you understand these topics rather than pretending you do

#86 TheDood on 08.12.18 at 1:07 pm

#87 Adios on 08.12.18 at 9:28 am

Happiness is ticking the non resident box
upon entering Canada.
__________________________

I miss those days………quick visits here and there to visit family, getting back on the plane and going back to tax free sunshine.

#87 crowdedelevatorfartz on 08.12.18 at 1:26 pm

@#77 Dragonslayer
“Good on WCB for taking steps to protect workers and homeowners from this deadly substance.”

++++
“Take steps to protect workers”
Seriously?
WCB doesn’t “do” anything other than legislate new rules and fine companies.
Nothing more.
So, in that vein of thought.
The next time you see a pile of drywall dumped on the side of the road thank WCB, or any one of a dozen myriad of govt agencies created to “protect” you, the taxpayer all while spending billions,
Construction garbage illegally dumped because it is now so expensive to deal with drywall possibly contaminated by asbestos people do what people do and dump it on the roadside rather than paying exorbitant “fees” to get rid of it.
I spoke with a demolition company I sometimes use and asked about furniture disposal.
They shook their heads.
40 years in the demo business and they are thinking of selling and retiring.
Why?
The mattress police.
They were called by a motel to pickup and dump 35 mattresses. No biggie.
They show up to the recycle depot.
“You cant dump more than 5 mattresses a day. Its the Law”
So, the company had to spend the next 6 days driving mattresses to the same recycle depot to slowly dump the mattresses. Fuel, labour , car insurance etc etc etc.. to dump the same mattresses in the same depot because “rules are rules”. Because “we’re green” at this recycle depot.
Idiot rules made by unaccountable idiots in govt that don’t deal with the results until THEY are doing home renos and realize how expensive it is to get rid of garbage.
Same thing for anything recycled( which is just about everything now adays).
Hence mattresses, couches, chairs, tables, dumped on the side of the road, drywall, wood, carpet, all gets dumped on the side of the road because the govt has legislated disposal into a nightmare of agencies and idiotic rules.
Screw em says (govt worker?) “Joe Public” as more illegal garbage is Dumped on the side of the road.

The govt is an ass.
And it getting bigger.

#88 Smoking Man on 08.12.18 at 1:31 pm

The up coming Toronto run for mayor will be a great gauge of the power of the internet.
Faith Goody is a Candidate who has zero msm coverage. Shes a well known conservative on line. Her vote count will be a good gauge. Msm vs Internet.

#89 crowdedelevatorfartz on 08.12.18 at 1:37 pm

@#85 Waiverless

Just make sure you sign a waiver before going to the beach.

I work with a guy who’s a heavy chain smoker and has worked with silica based products his entire life.

It isn’t the silica that’s ruined his lungs and killing him.
And cigarettes are still legal…….the govt loves the money.
As for you “medical expertise” arguments.
Whatever.
I don’t need a doctorate in respitory diseases to know
WCB needs another “boogeyman” to replace the 30-40 year asbestos legislative gravy train that’s almost over……and silica will keep them in money……”fines” “inspections” etc. for the next 200 years…

And every case study I have read about silica provided on the WCB website are industries where people are exposed to silica for their entire work shift day in and day out ( sandblaster, miner, concrete finisher) NOT the average worker chipping/drilling a piece of concrete.
Asinine rules that even the WCB people I have talked to about it admit are way overboard.
So.
In that light.
Make sure you build a negative air enclosure with Hepa filtration and a decontamination room to remove your disposable PPE the next time you mix a bag of cement at your house to patch some broken concrete…..because now……..all jobs invoving silica are considered as deadly as asbestos…..

Can you say “cash grab”
I knew you could.

#90 David on 08.12.18 at 1:42 pm

Thoughtful readers are unlikely to cheer Brexit. Aside from creating a hot mess there does not look to be anything like a Brexit dividend. Scotland did not want Brexit and neither did Northern Ireland. The UK might not be the UK in another decade. Enthusiastic Brexiteers are nowhere to be found these days by all reports. Other than creating economic chaos nothing great about Brexit.

https://www.globalresearch.ca/the-demise-of-global-britain-the-expected-economic-crash/5650271

#91 Willy H on 08.12.18 at 1:42 pm

“It’s no surprise that a recent Sky News poll found that a whopping 78% of voters thought that May’s government was doing a bad job of negotiating the deal.”
__ __ __ __ __

The real delusion is the notion that the UK actually has any real negotiating leverage.

Truth be told the EU holds all the power in these negotiations and they are not going to give the UK a sweet side deal that would set a precedent for other EU members to follow. Tough love is the only way.

The EU will likely be far better off without the UK. For years the British have blocked reforms (including banking and finance reforms after the WFC 2008), the perfidious Brits were amongst the most energized cheerleaders of EU expansion only to turn around the criticize the EU for becoming too large and bureaucratic! One could argue that the UK establishment has spent decades doing it’s best to undermine the EU at every turn in a feeble attempt to preserve Britain’s middle power status. How many articles were written in the anglo-american press describing the imminent collapse of the Euro over the past decade, most notably during the debt crisis in Greece?

The irony is that the UK already has a sweet deal with the EU in terms of budget contributions and the ability to keep their depreciating GBP! They are throwing this all away, all the while expecting something better from the EU in return. Pure delusion.

Brexit = Little Britain, pity.

#92 Leo Trollstoy on 08.12.18 at 1:48 pm

Hitler joined the Nazi socialist party because the right wing conservatives shunned him

https://www.theguardian.com/world/2017/oct/30/hitler-joined-nazis-only-after-another-far-right-group-shunned-him

Good job liberals!

#93 Willy H on 08.12.18 at 2:14 pm

#27 jane24 on 08.11.18 at 7:30 pm

…Brexit is about being an independent country again, able to form our own laws with our own parliament, not to be ruled by non-elected Belgium technocrats, not to have to follow EU superstate Courts of Justice, not to have to pay welfare benefits to folk who live in other countries and have never been to Britain and decide for ourselves who does and doesn’t come into our country. We want Canada has – political independence. …

… The people pushing for a do-over are the people who profit financially from the EU superstate. Not ordinary folk. I know no-one who voted leave who would now vote remain but I know a lot of people who voted remain but would now vote leave as this farce has showed them the real face of the EU elite. …
__ __ __ __

I don’t disagree that Brexit is partly about national sovereignty.

Please keep in mind that the EU also became the favourite whipping boy of the anglo press who blamed all the UK’s problems on Brussels. That amounts to decades of brainwashing.

Brexit is a first world problem of the highest order. I can think of a heck of a lot worse situations than being run by a bunch of EU bureaucrats in Brussels whose main goal is to create economic stability and to raise socio-economic conditions and the human rights of European citizens! These laudable goals contrasted against British Imperialism come out smelling like roses everytime.

Lambasting EU elites for potentially manipulating a second referendum is a bit rich. The UK is one of the most class-ridden societies in Europe. UK elites have been screwing over the working class (and anyone else for that matter) since the industrial revolution. The divide between rich and poor in Britain is the most pronounced in Europe. Most UK urban centres are dodgy places that remind me of segregated American cities in the 1970’s.

Your logic would also allow Scotland and Wales to have the right to self-determination. Funny enough, it get’s even more complicated. Even the Shetland Isles have considered independence from a newly formed Scottish nation. Most of Scotland’s oil reserves are situated around these islands!

#94 Gravy Train on 08.12.18 at 2:22 pm

#83 Vampire studies on 08.12.18 at 12:53 pm
“64 Gravy – Jess’ original comment says ‘manufacturer of the hazardous chemical substance asbestos’. I caught that right away. Asbestos is mined, processed then used in products. It is not itself manufactured, but rather used in the manufacture of other products.”

Oh my gosh! What do you think mining and processing is? Do I now need to provide you with a definition of the word manufacturing? I give up! :)

#95 Gravy Train on 08.12.18 at 3:44 pm

#92 Leo Trollstoy on 08.12.18 at 1:48 pm
“Hitler joined the Nazi socialist party because the right wing conservatives shunned him.”

https://www.theguardian.com/world/2017/oct/30/hitler-joined-nazis-only-after-another-far-right-group-shunned-him

“Good job liberals!”

Did you even read the article that you—yourself—posted? As Jerry Seinfeld might’ve said, “I don’t think ya did!”

Here’s an excerpt from the article you—yourself—posted:

“Thomas Weber, a professor of history at the University of Aberdeen, unearthed a previously unpublished document that reveals that in 1919 the newly formed German Socialist party shunned Hitler [italics added], telling him that it did not want him in the party or writing for its paper.

“Weber said that history would have taken a different path if his membership had been accepted. Although also far-right [italics added], the German Socialist party was at the time bigger and more successful than the Nazi party. Hitler might have settled for a more minor role and would therefore ‘have been unlikely to ever come to power,’ Weber added.

“‘Until a year earlier, [he] had not shown any leadership qualities and had been happy to follow orders, rather than to give orders.’

“Hitler turned eventually to the Nazi party, becoming its leader in 1921. The German Socialist party was dissolved the following year [italics added]. ‘This is a story that has never been covered before,’ Weber said. ‘It finally explains his obsessive behaviour, for the next few years, towards the German Socialist party.’

“All the other senior members of the early Nazi party favoured merging with the German Socialist party as a junior party in the early 1920s.

“Weber said: ‘Had it not been for Hitler’s steadfast refusal of doing so – at one point, he even resigned from the party for that reason – the Nazi party would have been absorbed by the German Socialist party and thus would have disappeared and history would have taken a different path … With Hitler’s rejection by the party, Hitler’s behaviour at the time – which no one could really previously explain persuasively – finally makes sense.’”

So hopefully you can now see that you got everything wrong! :)

#96 Mordko on 08.12.18 at 4:00 pm

Ok, but shouldn’t you have mentioned that GBP fell around 20% since the Brexit vs the weak CAD? Puts a bit of a spoiler if you count FTSE gains in any other currency.

#97 akashic record on 08.12.18 at 4:10 pm

#81 Doug Rowat on 08.12.18 at 12:42 pm
#52 will on 08.12.18 at 2:56 am
…which is a bit like embarking on a Rolling Stones tour without Mick Jagger and Keith Richards.”

sorry doug, can’t think of a worse comparison. but maybe you can explain what you mean.

Fair point.

https://www.youtube.com/watch?v=IWreM5cH9io

–Doug

Haha… that was a hilarious Keith Richard.

Here is a Mick Jagger for you from the Brexit musical:

https://www.youtube.com/watch?v=l78ZN8d5UGI

#98 Vampire studies on 08.12.18 at 6:28 pm

94 gravy train – manufacturing means you make something that didn’t exist before. You manufacture a car. You don’t manufacture lumber, you produce it by processing wood. Does a well manufacturer water?

#99 Living In the Limelight on 08.12.18 at 6:35 pm

Gamma minus for Rowat. I’m glad you don’t manage my money…. despite every doomsayer, UK economy has outperformed all expectations since the Brexit vote. Unemployment is at historic lows. The fall in the pound is welcome and will improve exports further. The EU knows and you do too that bilateral trade agreements will do nothing but improve the UK’s trading position. To repeat two points made above: 1. This is about the right to national self determination and 2. With regret, I can only echo the somewhat rude comment that called you a globalist and the other thing I won’t repeat as it’s offensive. Buying in to what the NYer Mag says about the UK economy is just embarrassing for a professional money manager. And the polls do not agree with you – Nick Clegg and others don’t want a second vote because they know they would lose. On that score, if you strip out London and Scotland, did you know the margin for Brexit was around 60% in favour? Please try harder next time.

#100 Gravy Train on 08.12.18 at 7:15 pm

#98 Vampire studies on 08.12.18 at 6:28 pm
“94 gravy train – manufacturing means you make something that didn’t exist before. You manufacture a car. You don’t manufacture lumber, you produce it by processing wood. Does a well manufacture water?”

Hoo boy! Okay, here’s the definition of manufacture:
1 : to make into a product suitable for use
2 a : to make from raw materials by hand or by machinery
b : to produce according to an organized plan and with division of labor
c : prefabricate a manufactured home
3 : invent, fabricate known to manufacture evidence
4 : to produce as if by manufacturing : create writers who manufacture stories for television
https://www.merriam-webster.com/dictionary/manufacture

A bag of asbestos is a manufactured product. Asbestos is a mineral consisting of inorganic chemicals. What is so hard about these statements? How can you not understand that? Are you just pulling my leg?
https://en.m.wikipedia.org/wiki/Asbestos

The point you’re overlooking is that Trump wants asbestos, a known carcinogen, to make a comeback. Oh, what’s the use?

Doug, have you got your hundred comments now? :)

#101 majik on 08.13.18 at 1:39 am

Love how the myopic arrogant Brits completely overlooked the issue of the Irish border. It was a topic that didn’t come up once in either sides campaign. Hilarious now watching Dublin dictate terms to London.

#102 Bogster on 08.13.18 at 9:06 am

I enjoy reading this blog. Too bad that it’s been pushing the commie leftist globalist agenda lately.

Comparing Trump to Hitler?
UK vote brexit redo?

Basically one stone throw away from being identical to mainstream media… A source most on this blog want to avoid.

Stop shilling for the ruling global elite.

But we are your overlords. Behave. – Garth

#103 Willy2 on 08.14.18 at 9:43 am

– Also look at what happened with the EUR/GBP and the USD/GBP in the last say 4 years. Both exchange rates have gone up by some 30% since mid 2015 and mid 2014. That made life in the UK also some 30% more expensive.
– Did all british companies increase their wages by 30% as well in the same timeframe ? No, far from that.
– And the UK is a net food importer from the Euro-zone.

#104 slick on 08.14.18 at 1:05 pm

I to concur with # 27, Jane24. But i will add a few observations from my 1 trip to ireland shortly after the Brexit vote. IMHO, the leave vote prevailed because UK citizens were tired of the EU dictating immigration policy. Brexit was their last chance to control the people that come into their country. [It appears they are too late].
Money was not the issue. [Domestic terrorism is a problem, as it is becoming here]. Label me a racist if you want, but our governments refuse to call this what it is. T2 refuses to use the word terrorism to describe the Younge st killings, or the Danforth shootings.
Shameful.