Brexit

So yesterday Britain held a referendum and decided to leave the EU. This morning world markets are taking a beating David Cameron is stepping down.

I wonder what else is gonna shake out from this.

In reply to KyAllroad:

Yeah..... that was a bad idea. I wish they had all watched John Oliver's piece on it. They will still have to meet all of the EU standards to trade with the EU, they will have to pay the same amount if not more, and I'm pretty sure their economy is gonna be in the tanker for awhile but what do I know. I just don't see the point in them doing it other than ego.

I'm watching the votes come in, and standing with my brothers and sisters in Britain as they seek to throw off an oppressive, unfair governing body that's not even on the same body of land, making laws that suit the elites, not the citizens, leaving the people of Britain unable to even voice their opposition to the endless regulation and taxes.

Hang on a sec... Let me look something up.

Something about this just seems familiar. And ironic. What could it be?

Oh yes, here it is:

When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, --That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

It took them a few hundred years, but I guess they may finally be learning the lesson we were trying to teach them.

Now is the time to start shopping for race parts from the UK. Holy crap, the pound dropped from $1.50 to $1.35 overnight.

Knurled wrote: Now is the time to start shopping for race parts from the UK. Holy crap, the pound dropped from $1.50 to $1.35 overnight.

If it drops below $1 I wonder if Americans will re-import(un-export?) a bunch of the cars that went over there during the last decade or so?

In reply to petegossett:

If it drops below $1, they'd be happy to get the money. From what I understand, leaving the EU will be nothing but bad trade-wise, despite the cheaper pound resulting in a more export-friendly currency. Which would be a prime factor in forcing the pound even lower.

Fortunately the referendum is not binding, maybe Parliament will see the economic turmoil that this "really expensive opinion poll" created (the Nikkei went into an emergency halt) and elect to stay in the EU.

Hooooly E36 M3 that was dumb!

This will trash their economy and give them only a tiny morsel of increased autonomy in return for it. Hope the xenophobes upset at the influx of refugees will be happy with their symbolic victory. Because that's all that was driving this.

I anxiously await $60k McLarens

Quick! Order that new Caterham before the market opens in New York!

This has greatly increased the likelihood that I will purchase an XR4Ti and order cheap Sierra parts from the UK.

Great opportunity to get an affordable used Lotus as well.

More on-topic, politicians in Scotland and Northern Ireland are considering leaving the UK and joining the EU.

GameboyRMH wrote: Hooooly E36 M3 that was dumb! This will trash their economy and give them only a tiny morsel of increased autonomy in return for it. Hope the xenophobes upset at the influx of refugees will be happy with their symbolic victory. Because that's all that was driving this.

Quoted for posterity.

Trash? Is it impossible anymore for people to speak about politics or economics in anything but over the top hyperbole and conjecture?

Will it be down for a bit? Sure.

Will London remain the financial center of the world? Yes. One of the top aerospace manufacturing industries in the world? Yes.

There was a good article in the Washington Post about it last night.

The snarky part of me is wondering whether the EU will decide that, "for the good of the union", they need to forcefully prevent the UK from seceding...

In reply to z31maniac:

Anything we disagree with is horrible and the people doing it are racists. Don't you watch the news?

Does this mean the price on new Jags will start dropping into new Camry territory soon?

Ooh sounds like a great time to make purchases from Demon Tweaks...

My inner Libertarian is saying YEAH!!!

BUT, the new world order won't stand for this.

Puts on tin foil hat

I find it completely amazing that people that don't live in the United Kingdom or the European Union, who don't have direct interaction with the regulations governing either, and who don't have a PhD in Modern European Economics, could possibly comprehend the intricacy well enough to know exactly what will happen after the UK leaves the EU.

As an engineer, without knowing all of the facts (which probably only a handful a people in the world could possibly know on this topic), I could never properly anticipate the outcome.

But that doesn't stop me from listening to everyone's opinions. I'm just flabbergasted that people can talk so adamantly about something they seemingly know nothing about.

After all of that, I'm still going to read what everyone says. Keep it coming.

I don't know what to make of it. Long term I think things will be fine for both the Euro zone and GB. Short term, maybe the next 5 years, the uncertainty might cause problems, and possibly a recession in the UK. The way I've seen it explained is: Imagine if New England seceded peacefully. That's about the same percentage as GB is to the Euro zone in terms of economic output and population.

I'm importing some stuff right now from overseas. I'm personally happy, watching the Euro fall against the dollar.

If you buy a car, shipping it is basically free right now because of the exchange rates.

Well. This sucks. I'm heavily compensated in stock and wanted to sell to buy a house.

RossD wrote: I find it completely amazing that people that don't live in the United Kingdom or the European Union, who don't have direct interaction with the regulations governing either, and who don't have a PhD in Modern European Economics, could possibly comprehend the intricacy well enough to know exactly what will happen after the UK leaves the EU. As an engineer, without knowing all of the facts (which probably only a handful a people in the world could possibly know on this topic), I could never properly anticipate the outcome. But that doesn't stop me from listening to everyone's opinions. I'm just flabbergasted that people can talk so adamantly about something they seemingly know nothing about. After all of that, I'm still going to read what everyone says. Keep it coming.

How dare you admit that you don't know everything and that the effects of this might be unpredictable? This is the internet, sir!

In reply to Tom_Spangler:

The sky is falling!

The only thing that I've heard about it that will most likely be true and something to keep in mind.

Leading up to the vote, pretty much everyone (especially the financial markets) predicted that staying in the EU would be the result. Since that didn't happen, the financial sector is going to freak out and react violently. Once the panic dies down a bit, we'll see what the real effect is on the financial markets.

Other than that, I'll admit I know very little about it. Didn't understand, for example, why David Cameron has announced he'd step down. Is that a "if this happens, I'll eat my hat" scenario or are there political reasons why he's stepping down?

-Rob

Well.. This just cost me thousands. Thanks.