The Pound Is Getting Destroyed After Scotland Poll Stunner
JOE WEISENTHAL SEP. 8, 2014, 6:02 AM 26,60028
Yahoo Finance
The weekend is over, and the pound is tanking.
The above chart shows the British currency starting the week with a swan dive, following the shocking news over the weekend that the Scottish Independence movement was leading in the polls (at least, according to one poll).
The pound fell early in late Sunday trading, and it continued to be hammered early Monday.
While the vote (on Sept. 18) has been expected to be close for some time, very few gave the pro-Independence YES side much of a chance of actually winning. That's now officially changed, and it now looks like a coin-toss as to whether Scotland will leave Great Britain and become an independent nation.
It's unclear what economic ramifications there will be if Scotland does go, but, it's a safe bet that it won't be smooth, and so traders are dumping the pound right now, as a show of concern.
Meanwhile, the latest weakness in the pound is part of an accelerating trend, as the YES campaign has steadily risen in the polls in recent weeks.
King, is Australia next?
ReplyDelete
ReplyDeletehttp://www.mirror.co.uk/news/uk-news/dont-last-queen-scotland-monarch-4181230
William. Glad you asked the question. Scotland is one of four countries making up the kingdom of Great Britain. The others are Northern Ireland, Wales and England. Although all have discrete powers to act for themselves; they also have a central government in London and of course have a monarch who nominally presides over all of Great Britain.
ReplyDeleteFrom the above you can see that the difference between G B and Australia is considerable. We used to be a colony of GB but Australia, by the Statute of Westminster in 1931, was recognized (as were other former dominions such as Canada and New Zealand) as an independent country linked to Great Britain as members of the British Commonwealth. There were some legal links however which were not changed however, until 1986 when both the parliaments of the United Kingdom and Australia passed the Australia Act. The Australia Act gave Australia (and its states) total independence from Britain
Perhaps now you can see the purely titular significance of the Queen in Australia and it may be helpful to remember the monarch is the glue which helps hold the British Commonwealth of Nations together.
Now, having responded with a factual response, I wonder if it is too much to request a rebuttal of my argument for the repeal of the second amendment. Support for a group of vigilantes as in your last attempt simply does not cut the mustard
Cheers from Aussie
Thanks for the clarification on Aussie independence. Americans have a hard time understanding your childish needs for Royal "glue."
DeleteAs for your "vigilante" description I promise a follow up response under the previous topic when my work day allows.
Nice redirection from the topic on hand though.
"Freedom! " William Wallace
LONDON (Reuters) - British Prime Minister David Cameron said on Monday a number of NATO partners had used last week's summit of the alliance in Wales to raise concerns about Scotland's Sept. 18 vote on independence.
ReplyDeleteAsked by a lawmaker in parliament if he had discussed the implication of potential Scottish secession on both the defense of the United Kingdom and of NATO, Cameron said: "Of course a number of people raised their concerns about the referendum."
"The overwhelming view of people who wish our country well is to say of course it is a decision for the people in Scotland but they hope we stay together," Cameron told parliament.
Britain has four submarines carrying Trident nuclear warheads operating out of the Faslane naval base in Scotland. The pro-independence Scottish National Party wants nuclear weapons removed from an independent Scotland at the earliest opportunity.
Independence campaigners want Scotland to seek NATO membership as a non-nuclear state if it breaks away from the rest of the United Kingdom, ending a 307-year tie to England.
(Reporting by Kylie MacLellan; editing by Michael Holden)
Amid growing panic in the No camp:
Delete- Cabinet ministers warned privately that David Cameron’s future will be ‘very difficult’ if Scotland votes for independence next week;
- The Prime Minister told MPs that several Nato partners had used last week’s summit in Wales to raise concerns about the independence referendum;
- Nobel Prize winning economist Paul Krugman warned Scots that the ‘risks of going it alone are huge’;
- Prince William gave a hint of royal unease, urging people to focus on ‘big domestic news’ rather than the announcement that he and the Duchess of Cambridge are expecting a second child.
The prince and duchess, the Earl and countess, the queen and her court all have their panties in a wad.
DeleteAnd former Princetonian Krugman is alarmed,,, oh still my heart!
All the kings horses and all the kings men,,,,
Keep in mind that 90% of the UK's producing oil wells are in areas which will be claimed by Scotland.
ReplyDeleteAlso keep in mind that all the best whisky is made in Scotland. They will have a firm grip on the genitals of the rest of the world if we upset them! I wonder should we stockpile supplies of our favorite single malt.
ReplyDeleteI suppose if all else fails we could dilute Bourbon with swamp water as a substitute for the good stuff!
Cheers from Aussie
Kingston! Now that is a real crisis.
DeleteScottish nationalist leader Alex Salmond’s bid for independence lost ground in an opinion poll little more than a week before a referendum that could lead to the breakup of the U.K.
ReplyDeleteThe poll by Survation for the Daily Record newspaper in Glasgow put the No lead at six percentage points when excluding undecided voters, with 47 percent support for the Yes campaign and 53 percent opposed to independence. The results follow a survey by YouGov Plc last weekend that put the Yes side ahead for the first time, a swing that sent the pound tumbling.
Somehow I think the Scots will get cold feet on voting day. After so many centuries of history intertwining the nations I cannot see how an independent Scotland could be better than a United Kingdom for any of the parties concerned. There are matters of great consequence for the Scots if they become totally independent, the famous service regiments for example. Currently the Scottish regiments makes up a very large part of the British Army. Presumably the Tartan will leave the Brits a bit colourless if and when they go.
ReplyDeleteThe civil service, currently integrated would need to hive off for the new nation and the ramifications of the split would be horrendous. Police, Security Services and National intelligence gathering would be in disarray as would the financial sector of both nations.
In the field of religion, I wonder would the Presbyterian faith become the dominant one as the Church of England fades into history? What of the infrastructure? Roads rail and sea transport all run from Scotland for the Scots; this appears to be a bridge too far for a nation determined to be free. Would the new goverment demand compensation from the English for many hundreds of years of domination? Furthermore, would the Brits pay if asked? It will come as a surprise to William but the split, it occurs, will have little effect on the Royal house of Windsor; a few adjustments to titles etc and perhaps the closest to home for Liz will be the probable loss of the dukedom of Edinburgh for her husband (Phil the Greek).Fiscal matters are as yet a dark cloud with no one having anything sensible to say.
So there you are an Aussie view of an event of little importance to me. I left UK over 60 years ago, alone as a 16 year old simply because I was being suffocated by the insularity of the place and the people. I do not give a fiddlers fart for the outcome of the vote but I shall be very interested in the result, if that is not a contradiction.
Cheers from Aussie.
ReplyDeleteScottish referendum too close to call, says ICM poll
Guardian/ICM poll finds support for no campaign on 51% and yes on 49% with less than a week to go, but 17% of voters say they have yet to make up their mind
http://www.theguardian.com/politics/2014/sep/12/scottish-referendum-too-close-to-call-says-icm-poll
SAN ANTONIO — Texas nationalists are awaiting Scotland's pending vote on seceding from the United Kingdom in the hopes it could happen in Texas.
ReplyDeleteScottish voters will hit the polls Thursday to decide whether to break long-standing ties with the United Kingdom, which currently contains Scotland, England, Wales and Northern Ireland.
Secessionists in Texas have seized on Scotland's possible independence: in a post about the vote, the Texas Nationalist Movement wrote on their website, "Scotland's internal and external opponents of independence sound like the typical battered wife syndrome."
"Centralists in America fear that, if Scotland votes yes, it may set a chain of events in motion that could affect many more western regions," the movement organizers wrote. "Suddenly, the impossible seems possible."
With some new attention on Texas nationalism comes repeated arguments for independence:Yahoo columnist Rick Newman notes that — with its GDP of $1.6 trillion and population of 27 million — Texas would be the 13th largest country in the world if it obtained independence from the United States. He also wrote Texas could lure companies away from the United States and survive on the strength of its economy.
On the flip side, Newman pointed out that Texas would have to create its own defense apparatus and adapt to losing federal funds.
In addition, support for Texas nationalism is relegated to a relatively small contingent of Texas residents and is not a mainstream view, said Mark Jones, a political scientist at Rice University.
"That [popular] support is severely lacking," Jones said.