Obama: U.K. at Best Helping to Lead Strong Europe – video

Obama: U.K. at Best Helping to Lead Strong Europe

Published on Apr 22, 2016 –  Apr 22 — U.K. Prime Minister David Cameron and President Barack Obama speak at a news conference. (Source: Bloomberg)

It took Barack Obama to crush the Brexit fantasy – = The Guardian

The US president destroyed one of the Vote Leave campaign’s core arguments, ending a week that may define the referendum debate.  

No wonder they were desperate that he keep his mouth shut. At his podium in Downing Street Barack Obama flattered his hosts, paid lip service to the notion that the referendum on British membership of the European Union on 23 June is a matter for the British people – and then calmly ripped apart the case for Brexit. [Read more]
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  • Clyde Duncan  On 05/15/2016 at 5:13 pm

    Here’s a coming currency move related to the “Brexit” referendum.

    If you’re not up to speed, “Brexit” is the hideous portmanteau the media have coined for a possible British exit from the European Union. British voters will decide the matter on June 23. Prime Minister David Cameron made a splash by saying a vote in favour of leaving could set the stage for a new war in Europe.

    Some background from Jim Rickards: “While the U.K. has long been a member of the EU, it has never joined the separate eurozone that backs the euro. The eurozone members have a combined 10,788 tons of gold, giving them the highest gold-to-GDP ratio of any major economy in the world. As long as the U.K. is in the EU, it has an option to join the euro either on an orderly basis or an emergency basis in the event of a sterling crisis.”

    Jim recently spent a week in the U.K., where he picked up some important “ground truth”…

    “The bottom line is that sterling is heading for a spectacular devaluation against the U.S. dollar regardless of how the vote turns out,” he says. “The current GBP/USD cross-rate is about $1.40. It’s all downhill from here.

    “If U.K. voters decide to leave the EU, sterling will be on the high wire with no net… The Bank of England doesn’t have enough gold of its own to assure confidence in sterling when the global liquidity crisis strikes, probably in the next few years. A run on sterling will result, pushing GBP/USD to the $0.80 level or lower.

    “If U.K. voters decide to stay in the EU, a separate decision to join the euro is just a matter of time. This is a key truth that the ‘Stay’ campaign is not sharing with the U.K. voters. They think they can have their cake and eat it by staying in the EU and not joining the euro. They can’t.

    “If the U.K. joins the euro, it is highly advantageous to have the lowest possible exchange rate. This gives the U.K. a permanent comparative advantage against trading partners such as France, Germany and Italy. A low exchange rate reduces U.K. unit labour costs and helps the export sector.

    “In this scenario, a GBP/USD cross-rate of $1.00 looks like an attractive level for sterling to enter the euro.”

    Conclusion: “Sterling will fall due to lost confidence (if the U.K. leaves) or cool calculation (if the U.K. stays). Either way, a sterling devaluation is in the cards.”
    – 5 Minute Forecast

  • Clyde Duncan  On 05/15/2016 at 10:56 pm

    Ex-London Mayor Boris Johnson has compared the European Union’s aims to those of Adolf Hitler, arguing that the 28-nation bloc is creating a superstate that mirrors the attempt of the Nazi leader to dominate the European continent.

    Johnson’s remarks in The Sunday Telegraph elicited outrage on the part of those campaigning to remain in the EU ahead of a June 23 vote on whether to stay or go.

    In the interview, Johnson, the most prominent political figure arguing that Britain should leave the EU, says the past 2,000 years of European history had been dominated by doomed attempts to unify the continent.

    He was quoted as saying “Napoleon, Hitler, various people tried this out, and it ends tragically. The EU is an attempt to do this by different methods.”

    Boris Johnson comes across like the shallow leadership we got in CARICOM – “We want we own!” – “We are British!” – or what’s left: “A colonial mentality”.

  • Clyde Duncan  On 05/16/2016 at 9:34 am

    Donald Trump has said he might not have a “very good relationship” with David Cameron, after the prime minister described his proposal to ban Muslims from the US as “stupid”.

    The US presidential hopeful also sniped at the new London mayor, Sadiq Khan, for comments he made after being elected and warned him: “I will remember those statements.” He challenged Khan to “take an IQ test” after the mayor called him ignorant.

    The presumptive Republican nominee, who is likely to go up against Hillary Clinton in November’s presidential election, was speaking to Piers Morgan on ITV’s Good Morning Britain.

    Last week Khan said Trump was ignorant in his views on Islam and risked harming security on both sides of the Atlantic. Trump said in response: “When he won I wished him well, and now I don’t care about him. Let’s see how he does, let’s see if he’s a good mayor.

    “He doesn’t know me, hasn’t met me, doesn’t know what I’m all about. I think they were very rude statements and frankly, tell him I will remember those statements. They are very nasty statements.”

    Trump also attacked Cameron’s comments on his proposed “Muslim ban”, which the prime minister had called “divisive, stupid and wrong”.

    Trump said: “Honestly, I don’t care, it doesn’t matter. It looks like we’re not going to have a very good relationship. I hope to have a good relationship with him, but it sounds like he’s not willing to address the problem either.

    “Number one, I’m not stupid, I can tell you that right now, just the opposite. I don’t think I’m a divisive person, I’m a unifier, unlike our president now.”

    The Republican indicated his continued support for the campaign for Britain to leave the EU. “A lot of the migration and a lot of the acceptance of people is because of the European Union, I think that’s been a disaster,” he said.

    “I think if I was from Britain I would want to go back to a different system. I’ve dealt with the European Union and it’s very bureaucratic. Personally, in terms of Britain, I would say: what do you need it for?”

    He rebuffed Barack Obama’s claim that the UK would be at the “back of the queue” when it came to making a new trade deal with the USA. “You have to make your own deal,” he said. “Britain’s been a great ally. They’ve been such a great ally they’ve gone into things they shouldn’t have gone into, for example going into Iraq. With me, they’ll always be treated fantastically.

    “I’m not going to say front of the queue but it wouldn’t make any difference to me whether they were in the EU or not. You would certainly not be at the back of the queue, that I can tell you.”

    Downing Street said Cameron stood by past criticisms of Trump but added he would seek to maintain the UK’s close relationship with the US even if Trump becomes president.

    The prime minister’s spokesman said: “The PM has made his views on Donald Trump very clear. He disagrees with them. He continues to believe that preventing Muslims from entering the USA would be divisive, stupid and wrong.

    “He has also been clear that he will work with whoever is president of the United States of America.”

    Asked whether the special relationship would continue, the spokesman added: “He is committed to continuing the special relationship.”

    Khan’s spokesman said on Monday morning. “Donald Trump’s views are ignorant, divisive and dangerous – it’s the politics of fear at its worst and will be rejected at the ballot box just as it was in London.

    “Sadiq has spent his whole life fighting extremism, but Trump’s remarks make that fight much harder for us all – it plays straight into the extremists’ hands and makes both our countries less safe.”

    He said the mayor would not accept Trump’s offer that the two should compare IQ scores. “Ignorance is not the same thing as lack of intelligence.”

    Later, Khan himself, speaking to journalists about London’s housing crisis, said he was not interested in “picking a fight” with Trump but he still believed the Republican was ignorant.

    “Donald Trump said I would be the exception to his rule, that I would be the one Muslim that would be allowed to go to America,” he said. “The point I made about Donald Trump making me the exception was that there is nothing exceptional about me.

    “What about my friends and family, what about business people who want to go and do business in America and happen to be Muslim? What about young people who want to be students in America and happen to be Muslim? What about people who want to go on holiday to America and visit Disneyland? The views of Donald Trump and his advisers on Islam are ignorant.”

    by Jessica Elgot and Robert Booth – The Guardian UK

    President Obama said, in his commencement speech at Rutgers University, “Class of 2016, Ignorance is NOT a Virtue!!”

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