Soros, Rothschild Warn Of Brexit Doom; Osborne Threatens With "Suspending" Market
David Cameron, along with the Treasury, the Bank of England, the International Monetary Fund and others have been attacked by the leave campaign for exaggerating the economic risks of Brexit. This criticism has been widely accepted by the British media and many financial analysts. As a result, British voters are now grossly underestimating the true costs of leaving.As opinion polls on the referendum result fluctuate, I want to offer a clear set of facts, based on my six decades of experience in financial markets, to help voters understand the very real consequences of a vote to leave the EU.
… sterling is almost certain to fall steeply and quickly if there is a vote to leave– even more so after yesterday’s rebound as markets reacted to the shift in opinion polls towards remain. I would expect this devaluation to be bigger and more disruptive than the 15% 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.
Iain Dale, the presenter, asked Mr Osborne: “If the financial markets do plummet on Friday would you have to consider suspending trading on the FTSE?”The Chancellor responded: “Well look, the Bank of England and the Treasury – Governor Carney and myself – we have of course discussed contingency plans.But the sensible thing is to keep those secret and make sure you are well prepared for whatever happens but if you set them all out in advance then you rather undermine the power of those plans.”Pushed again on the contingency plans, Mr Osborne said: “I have a responsibility to the people listening to this programme to do all I can to protect them. “But I have to tell you that you cannot in the end protect people from the economic shock that leaving the EU would bring about.”
Mr Osborne pointed to warnings from the London Stock Exchange there would be 100,000 job losses in the City after a Brexit.Mr Osborne was challenged about whether redundancies warned by the bank JP Morgan could come as early as Friday – the day after the referendum. Mr Osborne replied: “I think that will start to happen very quickly, sadly.”
“he added that if the UK voted to remain there would be a “quick snap back” for the British economy, he said that “decisions will be taken and investment will come in”. Asked if these redundancy notices would be issued on Friday morning if Britons vote to leave, Mr Osborne said: “That will start to happen very quickly sadly.”
http://nunezreport.blogspot.com/
Source: http://nunezreport.blogspot.com/2016/06/soros-rothschild-warn-of-brexit-doom.html
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