Over the weekend, we were surprised to read that none other than recent market cheerleader Goldman Sachs had come up with six reasons why its chief equity strategist believes the market is poised for a material draw down (read "big drop") in the coming weeks. Among these were the following:
The British chancellor George Osborne has said that ‘Brexiters’ are so paranoid that they would accuse the media and politicians of faking the moon landing and covering up the loch ness monster. The Tory chancellor even shared a platform on Monday with his former rivals Ed Balls and Vince Cable to warn about the terrible dangers of leaving the EU. The Huffington Post reports: George Osborne has claimed the ‘Brexit’ campaign is so paranoid it thinks the moon landing was faked as he made a fresh warning of the deep economic cost of leaving the European Union.
According to David Cameron, the poorest and most vulnerable people in the UK would be hit hardest by the economic consequences of leaving the EU. Leaving the union would be a “national error” Cameron wrote in an article for the Daily Mirror newspaper. He said leaving would see prices rise and threaten jobs, in a move that has been seen as an attempt to reach out to Labour voters. The BBC reports: The referendum takes place on 23 June, when voters in the UK will be asked whether they want the country to remain in, or leave, the European Union.
In a shocking slap in the face for UK PM Cameron, more than 300 business leaders are calling on Britain to vote to leave the European Union, saying that the country’s "competitiveness is being undermined by our membership." As The Telegraph reports, the letter, signed by some of Europe's most senior business executives, claims Brussels "red tape stifles growth" and a Brexit would "create more jobs" exclaiming that "it is business - not government - which generates wealth."