As establishment blowback strikes following over 300 European business leaders call for the British to vote to leave the EU, it is worth remembering Margaret Thatcher’s historic speech, known as the “The Bruges Speech” delivered September 20th, 1988, in which she rejects the political union of Europe and "the federalization of Europe."
Exactly one year and one month ago, I penned "Fu$k the Fundamentals!": Negative Rates In EU Will Absolutely Wreck the Very System the ECB Sought to Save" a piece that warned of the consequences of the EU negative rate policy and how it would effect Spain and Denmark among other EU nations, in particular. To wit:
After last week's key event, the retail sales number, which the market discounted as being too unrealistic (and overly seasonally adjusted) after printing at a 13 month high and attempting to refute the reality observed by countless retailers, this week has a quiet start today with no data of note due out of Europe and just Empire manufacturing (which moments ago missed badly) and the NAHB housing market index of note in the US session this morning.
Michael O’Leary was forthright, opinionated and humorous as ever today at a Bloomberg News conference where he warned that Brexit could lead to contagion. The CEO of one of Europe’s largest airlines said that the airline would be unlikely to diversify into gold, as it is in his eyes a “risky asset.”
Ryanair CEO, Michael O’Leary handed copy of ‘New Case For Gold’