It's weird to see this stuff posted so much without anyone bothering to make a case for how Brexit caused this. Somebody just posts a "told you not to do brexit," which begins a thread of mutual congratulations and praise.
How did Brexit affect the US economy so badly at the same time?
Numerous economists spent years informing everyone the downsides of the UK leaving the EU. And pointing out that there was no way the the EU would allow the UK to keep the benefits of open trade with the bloc while not having to accept the "downsides" the UK was seeking to avoid.
So when Brexit happened, and all those predictions happened, the only thing really to say is, "we told you so."
The British economy has been hurting so much worse than the rest of the world. The British pound has fallen 14% against the dollar compared to the Euro, which only fell by 10%.
They are completely unable to sell bonds now. At this point, they are being forced to buy their bonds in order to keep the market for their bonds from total collapse. This is only going ot further erode the value of the pound and continue to make inflation in England the worst in the developed world.
The UK is going through everything the EU is, plus a bunch of self-imposed issues. They are in a leadership crisis and an economic crisis, and their near-to-mid term economic prospects are bleak.
Brexit was an idiotic idea, but the criminal part was the Tory government deciding to listen to the far-right Brexit version of "fuck off Europe, we'll leave and won't even try to negotiate some kind of trade agreement."
Remember when they were considering a Norway-like agreement? Or perhaps like Switzerland?
There were many ways of adapting to this new life outside the EU, and they've decided to go for the hardest, stupidest imaginable version, just to appease an extreme fringe of ultra nationalist pillocks that took over the entire Conservative party.
And to appear a reasonable alternative to these imbeciles, Labour is adopting the same party line, because anything apart from the hardest Brexit imaginable is politically toxic.
No one even dares to build a pragmatic platform trying to make the best out of a terrible situation. 48% voted to Leave and only a smaller subset of that wanted to completely burn all bridges. If you wanted to stay or wanted a softer Brexit, good luck, no big party is representing you right now.
"Remember when they were considering a Norway-like agreement? Or perhaps like Switzerland?
"
The self-interested groups who were trying to deny that the vote had happened were some of the loudest voices against any sort of soft Brexit. therefore all but guaranteeing chaotic Brexit.
Look at the indicative votes in early 2019 at a time when the government was paralysed and desperate to get any way out. Those voting against single market / customs union were nationalists, green, change uk and right wing labour MPs.
> So when Brexit happened, and all those predictions happened
None of them happened. There weren't rampant food, fuel, and medicine shortages and mass deportations, and Britain didn't become a Mad Max wasteland.
The pound lost a few cents, and then a couple of years later, when everything was dropping against the dollar (because of US interest rate decisions) and all of Europe is having fuel problems for obvious reasons, these things also happened to Britain. What part of not doing Brexit would have prevented this, and how did Brexit also cause these problems in the EU?
This doesn't make all of the Tory/UKIP lies about the benefits of Brexit more truthful, but time shows Remoaner statements about the consequences of Brexit were at least wild exaggerations, if not outright lies themselves.
I would say that Corbyn's 70/30 Remain/Brexit evaluation turned out to be the most realistic assessment, but he was hated and destroyed for it by both the Remoaners and Brexiteers.
Some of the bad stuff predicted for Brexit happened - lower economic growth, businesses exporting to Europe having problems, queues down the M20, extra paperwork, difficulty getting fruit and veg picked for example. On the other hand some didn't like a house price crash (yet).
An odd side effect I didn't expect is that we got a worse class of politicians as the smart honest ones who were prepared to admit it was a mess didn't get in power and instead we got Boris and Liz who were quite prepared to say any old nonsense to get the job.
"They are completely unable to sell bonds now. At this point, they are being forced to buy their bonds in order to keep the market for their bonds from total collapse."
yes there was a period of buying guilts, but Bank of England has reversed this now and is going through policy (incorrect in my opinion) of quantitive tightening and selling what it 'bought' during QE https://www.ft.com/content/64e5dcdd-42a8-4013-a3bd-75a62cf8e...
Ahem. It's "gilt" auctions, not "guilt" auctions. Guilt auctions would be selling indulgences, or poor people bidding to serve jail sentences for money, or something.
In face of what's going on, repeatedly calling people "remoaners" to this day just proves there can be had no intelligent discussion with you.
But sure, keep insulting people and crying "no one listens to our reasons." Because all we can hear now is the Brexit voting areas collectively feeling duped. Not by the Remoaners, but by those that promised to take back your bloody borders they so much cared about and now are poorer than they were before.
At least now you get to keep your pints, pounds and bendy bananas, I guess. Worth it mate.
(Nevermind, looks like you live in Illinois, US. Looking forward to hear your informed opinion on British politics and how post Brexit life actually is.)
How did Brexit affect the US economy so badly at the same time?