Hi everyone, hope you having a good week so far. I recorded this video early on the morning of June 30, 2016 and I just wanted you to see it, it’s less than three minutes long:
Now that you have had a chance to see my video, I have put in this article additional videos for your viewing pleasure as well as some slides of the exchange rate charts I showed earlier so you can see the sudden devaluation of the British Pound.
Please watch this 7 minute video, I swear, you will NOT be disappointed! The title is:
Nigel Farage 20 years ago you laughed at me, you are not laughing now
Here is what is currently happening to the exchange rate of the British pound against the US Dollar and the Euro as of 6/30/2016:
In this clip from a wide-ranging interview with NPR’s Steve Inskeep, President Obama warns against financial and international “hysteria” in the wake of last week’s vote by the United Kingdom to leave the European Union.
“Well, I think that the best way to think about this is, a pause button has been pressed on the project of full European integration,” Obama said of the so-called “Brexit” decision.
George Soros has warned that a vote to leave the European Union will create a ‘Black Friday’ far more damaging than when he bet against sterling and forced the UK out of the European Exchange Mechanism in 1992.
https://www.theguardian.com/commentisfree/2016/jun/20/brexit-crash-pound-living-standards-george-soros, Mr Soros said that sterling could fall more than 20pc, and that it would be far greater and more damaging than Black Wednesday because a devaluation would have none of the advantages.
He wrote: “I would expect this devaluation to be bigger and also more disruptive than the 15pc devaluation that occurred in September 1992, when I was fortunate enough to make a substantial profit for my hedge fund investors at the expense of the Bank of England and the British government.”
It is reasonable to assume, given the expectations implied by the market pricing at present, that after a Brexit vote the pound would fall by at least 15% and possibly more than 20%, from its present level of $1.46 to below $1.15 (which would be between 25% and 30% below its pre-referendum trading range of $1.50 to $1.60). If sterling fell to this level, then ironically one pound would be worth about one euro – a method of “joining the euro” that nobody in Britain would want.
USD/Pound (GBP) exchange rate:
From the Guardian:
BREXIT THE MOVIE is a feature-length documentary film to inspire as many people as possible to vote to LEAVE the EU in the June 23rd referendum.
BREXIT THE MOVIE spells out the danger of staying part of the EU. Is it safe to give a remote government beyond our control the power to make laws? Is it safe to tie ourselves to countries which are close to financial ruin, drifting towards scary political extremism, and suffering long-term, self-inflicted economic decline?
June 27 — Former Federal Reserve Chairman Alan Greenspan discusses fallout the U.K.’s Brexit referendum, U.S. economic growth, wage and economic stagnation, central banks, low productivity, and his call for inflation in the U.S. economy. He speaks with Bloomberg’s Michael McKee and Tom Keene on “Bloomberg ‹GO›.”
“I would expect this devaluation to be bigger and also more disruptive than the 15pc devaluation that occurred in September 1992, when I was fortunate enough to make a substantial profit for my hedge fund investors at the expense of the Bank of England and the British government.”
The UK vote to leave the European Union came as a shocking surprise to the British establishment, with Prime Minister Cameron announcing he’ll step down from his post. Meanwhile the UK decision is emboldening continental Euroskeptics to demand similar referendums from their governments. How will London go about parting ways with the EU? Who will reap the benefits of that decision – and are there any to reap? Sophie Shevardnadze asks former mayor of London and Labour party veteran Ken Livingstone.