Authored by Mac Slavo via SHTFplan.com,
The Bank of England is putting the United Kingdom on alert. Should the UK keep borrowing money, as Corbyn's Labor Party has advocated, there will be a “Venezuela-style” economic collapse that will devastate normal citizens.
Prime Minister Theresa May suffered a humiliating defeat for her key Brexit law on Wednesday after pro-European members of her own party openly defied her orders in a vote in Parliament. The vote in the UK Parliament was described as being “knife-edge” with the BBC’s chief political correspondent, Norman Smith, called it a “Big Bananas moment” for May. In the end, May lost by a narrow margin, with 309 voting for and 305 against, and as a result, UK members of parliament - not Theresa May and her Cabinet - will have the final say on Brexit.
UK Stagflation Risk As Inflation Hits 3.1% and House Prices Fall
After an early slide last night following the stunning news that Doug Jones had defeated Republican Roy Moore in the Alabama special election, becoming the first Democratic senator from Alabama in a quarter century and reducing the GOP's Senate majority to the absolute minimum 51-49, US equity futures have quickly rebounded and are once again in the green with the S&P index set for another record high, as European stocks ease slightly, and Asian stocks gain ahead of today's Fed rate hike and US CPI print.
From the latest Macro View by current Bloomberg macro commentator and former Lehman trader, Mark Cudmore
U.K. Does Brexit Best When It Does Nothing At All: Macro View
With apologies to my compatriot Ronan Keating, there’s a non-negligible and rising probability that Brexit doesn’t happen. Ultimately that would be a positive for U.K. assets.