Category: European Union

Has the Trumpian Revolution begun

trump_revolution

Editor: Vladimir Bajic | Tactical Investor

Before we get to the article at hand many might ask why we cover political and health issues when our main focus in the stock markets and the financial arena.  The short and simple answer is that all these fields are connected; we don’t have free market forces anymore. Everything is manipulated; from the food, you eat to data you are provided.

 If you are aware of this you can plan accordingly. Identifying the problem is over 80% of the solution and this is why most people don’t know what to do because they don’t really understand the problem. Now you know why we are the only financial website that covers such a wide array of topics that on the surface appear to be unrelated but are in fact, deeply interwoven.  Mass psychology is a very powerful tool and if employed correctly can help you spot the grotesque levels of manipulation the masses are subjected to. We strongly suggest that you view or read or view Plato’s allegory of the cave.  You might also find the following article to be of interest:

Inflation, according to Merriam-Webster online dictionary is defined as follows: a continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services

We all pretty much have felt the effects of inflation in one form or another. However, economists and the central bankers chose to define inflation as an increase in the price of goods. This is an ingenious way to hide what they are doing as the real definition of inflation is an increase in the supply of money. If they can inflate the money supply and control the cost of some goods, to create the illusion that all is well. Then they have more or less won as the average person has come to associate inflation in terms of rising prices. Inflation the Silent Killer Tax that’s destroying Middle Class America

 

December 8, 2016

Patrick J. Buchanan
Posted with permission from WND

The wailing and keening over the choice of Oklahoma Attorney General Scott Pruitt to head the EPA appears to be a lead indicator of a coming revolution far beyond Reagan’s.

“Trump Taps Climate Skeptic For Top Environmental Post,” said the Wall Street Journal. “Climate Change Denial,” bawled a disbelieving New York Times, which urged the Senate to put Pruitt in a “dust bin.”

Clearly, though his victory was narrow, Donald Trump remains contemptuous of political correctness and defiant of liberal ideology.

For environmentalism, as conservative scholar Robert Nisbet wrote in 1982, is more than the “most important social movement” of the 20th century. It is a militant and dogmatic faith that burns heretics.

“Environmentalism is well on its way to becoming the third great wave of redemptive struggle in Western history,” wrote Nisbet, “the first being Christianity, the second modern socialism.” In picking a “climate denier” to head EPA, Trump is rejecting revealed truth.

Yet, as with his choices of Steve Bannon as White House strategist and Sen. Jeff Sessions as attorney general, he has shown himself to be an unapologetic apostate to liberal orthodoxy.

Indeed, with his presidency, we may be entering a post-liberal era.

In 1950, literary critic Lionel Trilling wrote, “In the United States at this time liberalism is not only the dominant but even the sole intellectual tradition. For it is the plain fact that nowadays there are no conservative or reactionary ideas in general circulation.”

The rise of the conservative movement of Barry Goldwater and Ronald Reagan revealed liberalism’s hour to be but a passing moment. Yet, today, something far beyond conservatism seems to be afoot.

As Hegel taught, in the dialectic of history the thesis calls into existence the antithesis. What we seem to be seeing is a rejection, and a counter-reformation against the views and values that came out of the social and political revolutions of the 1960s.

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Consider the settled doctrine Trump disrespected with Pruitt.

We have long been instructed that climate change is real, that its cause is man-made, that it imperils the planet with rising seas, hurricanes and storms, that all nations have a duty to curb the release of carbon dioxide to save the world for future generations.

This is said to be “scientific truth,” and “climate deniers” are like people who believe the earth is flat and the sun revolves around it. Some hold the matter to be so grave that climate deniers should be censored for promoting socially destructive falsehoods.

Yet, the people remain skeptical.

Their worry is not that the rising waters of the Med will swamp the Riviera, but that tens of millions of Arabs, Muslims and Africans may be coming across to swamp Europe, and that millions of Mexicans may cross the Rio Grande to swamp the USA.

Call them climate deniers or climate skeptics, but they see the establishment as running the Big Con to effect a transfer of wealth and power away from the people – and to themselves.

Across the West, establishments have lost credibility.

The proliferation of minority parties, tearing off pieces of the traditional ruling parties, points to a growing distrust in ruling regimes and a return to identifying with the nation and tribe whence one came.

A concomitant of this is a growing disbelief in egalitarianism and in the equality of all races, creeds, nations, cultures and peoples.

The Supreme Court may say all religions are equal and all must be treated equally. But do Americans believe Christianity and Islam are equal? How could they, when Christians claim their faith has as its founder the Son of God and God himself?

After calling for a ban on Muslim immigration, Trump was elected president. After inviting a million refugees from Syria’s civil war into Germany, Chancellor Angela Merkel admits having made a mistake and is now in favor of letting German cities and towns decide if women should be allowed to wear burqas.

A sea change in thought is taking place in the West.

Liberalism appears to be a dying faith. America’s elites may still preach their trinity of values: diversity, democracy, equality. But the majorities in America and Europe are demanding that the borders be secured and Third World immigrants kept out.

The next president disbelieves in free trade. He wants a border wall. He questions the wisdom of our Mideast wars and the need for NATO. He is contemptuous of democratist dogma that how other nations rule themselves is our business. He rejects transnationalism and globalism.

“There is no global anthem, no global currency, no certificate of global citizenship,” said Trump in Cincinnati, “We pledge allegiance to one flag, and that flag is the American flag. From now on, it’s going to be America first. … We’re going to put ourselves first.”

That’s not Adlai Stevenson or Jimmy Carter or Barack Obama.

Nothing seems settled or certain. All is in flux. But change is coming. “Things are in the saddle, and ride mankind.”

Has the Trumpian Revolution begun

John Major: case for second Brexit referendum is credible

The UK establishment is utterly determined to keep us captive INSIDE the toxic Islamifying EU!!

‘Tyranny of majority’ should not dictate manner of exit from EU, says former PM in remarks likely to anger pro-Brexit Tories

Sir John Major and Tony Blair

Sir John Major has become the second former prime minister within 24 hours to question the Brexit process, saying there is a “perfectly credible” case for a second referendum on leaving the European Union.

Speaking shortly after Tony Blair argued in an interview that Brexit could be reversed if the public changed its mind, Major said that the 48% of voters who wanted to remain should not be subject to the “tyranny of the majority”.

The former Conservative prime minister said in a speech at a private dinner on Thursday that the opinions of remain voters should be heard in the debate about how Britain left the EU, the Times reported.

In his first intervention over the issue since the 23 June referendum, Major said he accepted the UK would not remain a full member of the EU, but hoped any Brexit deal would mean the UK remained as close as possible to EU members and the single market, which he described as “the richest market mankind has ever seen”.

Whatever happened with Brexit, he said, he could not accept that those people who voted to remain should have no input on the terms of Brexit.

“I hear the argument that the 48% of people who voted to stay should have no say in what happens,” he said. “I find that very difficult to accept. The tyranny of the majority has never applied in a democracy and it should not apply in this particular democracy.”

Major argued that it must be parliament, not the government, that made the final decision on any new deal with the EU, and there was a “perfectly credible case” for a second referendum on such a deal.

Major was addressing a dinner and question-and-answer session commemorating the 100th anniversary of David Lloyd George becoming prime minister.

Earlier on Thursday, the New Statesman published Blair’s comments about the possibility of Brexit being halted.

In an interview to mark his return to commenting on political matters, Blair said he was not predicting Brexit would not happen, only that there was a possibility it would not. “It can be stopped if the British people decide that, having seen what it means, the pain-gain, cost-benefit analysis doesn’t stack up,” he said.

Such a turnaround could arise in one of two ways, both of them hinging on negotiations over access to the EU’s single market, Blair said.

“Either you get maximum access to the single market, in which case you’ll end up accepting a significant number of the rules on immigration, on payment into the budget, on the European court’s jurisdiction. People may then say, ‘Well, hang on, why are we leaving then?’

“Or alternatively, you’ll be out of the single market and the economic pain may be very great because, beyond doubt, if you do that you’ll have years, maybe a decade, of economic restructuring.”

Theresa May’s spokesman dismissed the idea of a second referendum.

“We’ve been clear all along that the people of the United Kingdom have given the government a very clear instruction to take us out of the European Union,” he said. “Even Sir John has accepted that we are going to be leaving the European Union.”

Asked about the idea of the 48% of remain voters having no say, the spokesman said such issues were being raised in Commons debate and in the work of the Brexit select committee: “All these opinions will be fully aired and fully debated.”

He dismissed Major’s notion of the “tyranny of the majority”, saying: “It was a full and fair, democratic vote, and the majority voted to bring Britain out of the European Union. It is now the job of the government to deliver on the will that was expressed on that vote.”

The Liberal Democrat leader, Tim Farron, said: “When a former Conservative prime minister publicly comes out in support of a Lib Dem policy, it shows we are the only sensible party on Brexit.

“The British people voted for departure but they didn’t vote for a destination, and they certainly didn’t vote to make the nation poorer and risk jobs. The haphazard way May’s cabinet are handling Brexit makes the case for a referendum on the deal stronger each day, and we’re glad to have growing cross-party support for this campaign.”

Like Blair, Major was notably more pro-EU than many other MPs in his party. The former Tory prime minister’s time in office was marked by persistent battles with his backbenchers over Europe.

The peak of the disruption came in 1995 when Major stood for re-election as Conservative leader against the leading Eurosceptic John Redwood in an attempt to regain his authority on Europe.

Major’s comments are likely to enrage some of his former foes, such as Redwood, who are still in parliament.

John Major: case for second Brexit referendum is credible

 

 

Trump and Brexit success could herald Australian regional, rural revolt

Updated about 3 hours ago

The election of Donald Trump and Britain’s exit from the European Union are the hallmarks of a tectonic shift in Western politics, fuelled by rural and regional revolt.

Key points:

  • Trump and Brexit have shaken up politics in Australia
  • One Nation’s resurgence has rattled the major parties
  • More issue-based voting rather than party-based voting anticipated
  • National Party expected to break ranks with the Coalition more often

As a consequence, the long-forgotten people in the regions of Australia are now at the forefront of every politician’s mind.

Infrastructure Minister Darren Chester said there is a growing push back against the idea of the elites.

“I think there is no doubt there is a bit of an anti-establishment movement in the community,” he said.

“It’s more of a feeling amongst some people that perhaps they may have been left behind.”

Conservative LNP Minister George Christensen believes political movements in the US and UK indicate it is time for Australia to take a drastic change in direction.

“As important as it is, people aren’t interested in the Government’s budget repair, they’re interested in repairing their own household budgets, which are bursting at the seam because of higher electricity prices, petrol prices,” he said.

“It’s the cost for everything. Tax is out of control.”

If George Christensen’s point of view was a slogan, it would echo Donald Trump — “Make Australia great again”.

“Civic nationalism is actually very different to the ethnic Nazi-type nationalism, fascist-type nationalism that we saw throughout Europe and sometimes do see throughout Europe,” he said.

“Civic nationalism is about putting your country first on matters economic, on matters political, and I think that’s where the public wants us to be.”

Rise of One Nation

All of this is music to the ears of One Nation, whose resurgence has rattled the major parties.

Rob Borbidge knows more than most about the threat posed by One Nation.

He was Queensland premier in 1998, when Pauline Hanson’s party won six seats off the Nationals and five off Labor.

“There’s an enormous amount of dissatisfaction with everyone. I mean, people are basically grumpy,” he said.

“They feel disenfranchised, they feel that the political system is letting them down.”

He is urging the major parties to stick to their core values and wait for One Nation to implode, as they did when he was premier.

“I don’t think that mainstream political parties should panic at this stage.

“The types of people that One Nation get into Parliament are rebellious, they are renegades and they don’t want to be part of the football team.

“Sooner or later, they want to go and do their own thing.”

Many in the current crop of Nationals, such as Darren Chester, agree, and for now are resisting calls from within to lurch to the right.

“I don’t think that many people in Australia actually identify as being left or right. I think they tend to vote on issues,” he said.

It is a sentiment shared by Labor, who has a lot to lose in the rise of the anti-establishment movement.

Joel Fitzgibbon, the Opposition spokesman for regional and rural Australia, said politics outside the major cities has changed.

“The National Party represents I think nine of the 10 poorest electorates in the country,” he said.

“And yet over time, people have continued to back them in and support them in those electorates.

“So if the National Party was serious, it would be talking about some progressive change. That’s certainly what the Labor Party wants to do.”

Breaking ranks a feature of the future

The recent Orange by-election in New South Wales was yet another wake-up call.

The Baird Government’s greyhound ban and push for council amalgamations saw a major upset, with the election of a Shooters, Fishers and Farmers party candidate.

A matter of days later in Federal Parliament, the Nationals sent their constituents a powerful message when two Senators crossed the floor to support lifting a ban on the Adler shotgun, and four others abstained.

In fact, not a single National voted with the Government’s position.

Nationals breaking ranks with the Coalition is something we are likely to see a lot more of in future, as regional representatives seek to prove they are different to their colleagues from the big smoke.

“There’ll be times when we disagree and we need to negotiate, we may need to compromise,” said the Nationals’ Darren Chester.

“If we can’t reach that agreement, there will have to be times when the Nationals may well vote differently.”

That is something Labor, with its strict rules about caucus solidarity, will not be trying to replicate.

“Sticking together in a big number is a better way of progressing good public policy and good outcomes than fracturing all over the place,” said Joel Fitzgibbon.

“I mean, fracturing, I think, only further feeds the new and unstable political model.”

Topics: regional, community-and-society, us-elections, government-and-politics, australia, united-states,united-kingdom

Trump and Brexit success could herald Australian regional, rural revolt

EU Accepts TTIP Deal Dead Due To Trump Presidency – Breitbart

The European Union is conceding defeat over the Trans-Atlantic Trade and Investment Partnership hailed by President Barack Obama and Democrat Party candidate Hillary Clinton following the election of Republican Donald Trump.

Protests against the Trans-Atlantic Trade and Investment Partnership (TTIP) deal have crossed the political spectrum, thought it has been the left primarily responsible for bringing the issue to the public consciousness.

From mass protests in Germany to huge online petitions, TTIP was widely believed by those on the left and right to be a “corporate stitch-up” deal. The issue attracted the ire of UKIP’s Nigel Farage, Greenpeace, as well as the socialist worker’s parties across the continent. Now, according to the European Union (EU), it is basically dead.

Speaking on Friday, EU Trade Commissioner Cecilia Malmström said it would make no sense to expect further talks on the issue, which had already stalled due to European demands over U.S. product standards and a demand for access to U.S. public sector contracts, otherwise protected by the Buy American Act.

Malmstöm, in what could be a harbinger for President-elect Trump’s attitude towards the EU, was forced to admit that EU officials are in the dark over the process. She said they “don’t really know what will happen,” and admitted TTIP “might not be the biggest priority” of the President-elect, according to Deustche Welle.

“There is strong reason to believe that there would be a pause in TTIP,” she said, attempting to cushion the blow.

And thus, with one fell swoop, President-elect Donald Trump should be the hero to millions of left-leaning, working-class people across the continent of Europe. If they were rational.

Source: EU Accepts TTIP Deal Dead Due To Trump Presidency – Breitbart

Brexit burns Obama and Clinton – POLITICO

 

 

Brexit burns Obama and Clinton

Donald Trump slams the president and his former secretary of state for misreading the political moment.

06/24/16 09:31 AM EDT

Updated 06/24/16 02:19 PM EDT

 

In the months leading up to the United Kingdom’s referendum on its European Union membership, President Barack Obama urged Britons to think carefully about the choice ahead of them. Leaving the EU would move the U.K. to the “back of the queue” on trade deals, he warned in April, and cast doubt upon the global institutions created in the wreckage of World War II.

Hillary Clinton, too, cautioned Britons against scuppering decades of ever-growing trans-Atlantic cooperation. In April, Jake Sullivan, her top foreign policy adviser, said the Western alliance has always been “strongest when Europe is united.” Donald Trump, on the other hand, while at times a full-throated supporter of Brexit, cautioned in a TV interview, “I don’t think anybody should listen to me because I haven’t really focused on it very much.”

But on Friday, after British voters stunned the world by voting for “Leave,” Obama declared that Brexit will not affect the “special relationship” after all, even as he lost his trans-Atlantic partner, British Prime Minister David Cameron, who tendered his resignation. Meanwhile, Leave supporter Boris Johnson, a colorful upper-crust Conservative who has drawn comparisons to Trump, emerged as the leading candidate to take Cameron’s place.

Obama sought to reassure, saying he recognized that “the people of the United Kingdom have spoken, and we respect their decision,” but the special relationship would remain unchanged. It was left to Vice President Joe Biden to express the White House’s dismay, acknowledging during his Ireland trip that the U.S. had “preferred a different outcome.”

“I do think that yesterday’s vote speaks to the ongoing changes and challenges that are raised by globalization, the president said later at a forum at Stanford University, in his only allusion so far to the sort of populist rage represented by Trump and the Brexit movement.

Clinton, meanwhile, went on the attack, telling American voters that the Brexit vote “only underscores the need for calm, steady, experienced leadership in the White House to protect Americans’ pocketbooks and livelihoods, to support our friends and allies, to stand up to our adversaries, and to defend our interests” — an unmistakable shot at Trump and a reminder of her experience as secretary of state.

“It also underscores the need for us to pull together to solve our challenges as a country, not tear each other down,” she added for good measure.

And Clinton sought to reinforce her economic message aimed at “everyday Americans,” arguing that the “first task has to be to make sure that the economic uncertainty created by these events does not hurt working families here in America.”

Trump by then had already celebrated the Brexit vote as vindication for his brand of nationalism-fueled politics, speaking to reporters in Turnberry, Scotland, to promote one of his golf courses.

“Basically, they took back their country. That’s a great thing,” he said — never mind that Scots overwhelmingly voted to remain in the EU, with the country’s First Minister, Nicola Sturgeon, calling a second vote on Scottish independence “highly likely.”

And the Manhattan mogul laced into Obama directly, saying, “The U.K. has been such a great ally for so long, they’ll always be at the front of the line. They’ve been amazing allies, in good times and in bad times.”

Trump also slammed Obama and his former secretary of state for misreading the political moment.

“I’m surprised that Obama came over here and was so bold as to tell people here what to do,” Trump said. “And I think that a lot of people don’t like him and I think if he had not said it, I think your result might have been different. But when he said it, people were not happy about it and I thought it was totally inappropriate.”

“And then she doubled down and she did the same thing,” Trump added. “They’re always wrong, and that’s the problem with them.”

In his formal statement sent to reporters, Trump was more statesmanlike, pledging to “strengthen our ties with a free and independent Britain, deepening our bonds in commerce, culture and mutual defense.

“The whole world is more peaceful and stable when our two countries — and our two peoples — are united together, as they will be under a Trump administration,” he said.

Clinton, declaring the aftermath of Brexit a “time of uncertainty,” didn’t address Trump’s comments directly in her own statement. But her top aides held a conference call in which they unloaded on the presumptive Republican nominee in far sharper terms.

Trump, Sullivan told reporters, “proves again and again that he is temperamentally unfit for the job.

“The American people need a steady hand at times of uncertainty, not a reckless egomaniac,” he said.

“Donald Trump actively rooted for this outcome and the economic turmoil in its wake,” Sullivan said of the Brexit vote, adding that from Clinton’s perspective, “it really matters who’s actually sitting in the Oval Office.”

“We have the wherewithal to help American families to weather all kinds of storms, but it takes strong, effective leadership — but Donald Trump just doesn’t have it,” Sullivan added.

Nolan D. McCaskill , Annie Karni and Daniel Strauss contributed to this report.

Source: Brexit burns Obama and Clinton – POLITICO

Cameron intends to resign after Britain votes to leave European Union | Fox News

Britain voted to leave the European Union after a bitterly divisive referendum campaign, toppling the British government, sending global markets plunging Friday and shattering the stability of a project in continental unity designed half a century ago to prevent World War III.

The decision launches a yearslong process to renegotiate trade, business and political links between the United Kingdom and what will become a 27-nation bloc, an unprecedented divorce that could take decades to complete.

“The dawn is breaking on an independent United Kingdom,” said Nigel Farage, leader of the U.K. Independence Party. “Let June 23 go down in our history as our independence day!”

Prime Minister David Cameron, who had led the campaign to keep Britain in the EU, said he would resign by October when his Conservative Party holds its annual conference. He said the next prime minister would decide when to invoke Article 50, which triggers a departure from European Union.

“I will do everything I can as prime minister to steady the ship over the coming weeks and months,” he said, “but I do not think it would be right for me to try to be the captain that steers the country to its next destination.”

The electoral commission said 52 percent of voters opted to leave the EU. Turnout was high: 72 percent of the more than 46 million registered voters went to the polls. Polls ahead of the vote had shown a close race, but the momentum had increasingly appeared to be on the “remain” side over the last week.

The result shocked investors, and stock markets plummeted around the world, with key indexes dropping 10 percent in Germany and about 8 percent in Japan and Britain.

The pound dropped to its lowest level since 1985, plunging more than 10 percent from about $1.50 to as low as $1.35 on concerns that severing ties with the single market will hurt the U.K. economy and undermine London’s position as a global financial center. The Bank of England pledged to take “all necessary steps” to keep Britain stable.

The U.K. would be the first major country to leave the EU, which was born from the ashes of World War II as European leaders sought to build links and avert future hostility. With no precedent, the impact on the single market of 500 million people — the world’s largest economy — is unclear.

The president of the European Council, Donald Tusk, said the bloc will meet without Britain at a summit next week to assess its future, and Germany’s Foreign Ministry said it will host a meeting Saturday of the top diplomats from the original six founding nations of the European Union. Tusk vowed not to let the vote derail the European project.

“What doesn’t kill you, makes you stronger,” he said.

But already, far-right leaders in France and the Netherlands were calling for a similar anti-EU vote.

The referendum showed Britain to be a sharply divided nation: Strong pro-EU votes in the economic and cultural powerhouse of London and semi-autonomous Scotland were countered by sweeping anti-Establishment sentiment for an exit across the rest of England, from southern seaside towns to rust-belt former industrial powerhouses in the north.

“It’s a vindication of 1,000 years of British democracy,” commuter Jonathan Campbell James declared at the train station in Richmond, southwest London. “From Magna Carta all the way through to now we’ve had a slow evolution of democracy, and this vote has vindicated the maturity and depth of the democracy in our country.”

Others expressed anger and frustration. Olivia Sangster-Bullers, 24, called the result “absolutely disgusting.”

“Good luck to all of us, I say, especially those trying to build a future with our children,” she said.

Cameron called the referendum largely to silence voices to his right, then staked his reputation on keeping Britain in the EU. Former London Mayor Boris Johnson, who is from the same party, was the most prominent supporter of the “leave” campaign and now becomes a leading contender to replace Cameron. The vote also dealt a blow to the main opposition Labour Party, which threw its weight behind the “remain” campaign.

“A lot of people’s grievances are coming out and we have got to start listening to them,” said deputy Labour Party leader John McDonnell.

Indeed, the vote constituted a rebellion against the political and economic establishment. Farage called it “a victory for ordinary people, against the big banks, big business and big politics.”

After winning a majority in Parliament in the last election, Cameron negotiated a package of reforms that he said would protect Britain’s sovereignty and prevent EU migrants from moving to the U.K. to claim generous public benefits.

Critics charged that those reforms were hollow, leaving Britain at the mercy of bureaucrats in Brussels and doing nothing to stem the tide of European immigrants who have come to the U.K. since the EU expanded eastward in 2004. The “leave” campaign accuses the immigrants of taxing Britain’s housing market, public services and employment rolls.

Those concerns were magnified by the refugee crisis of the past year that saw more than 1 million people from the Middle East and Africa flood into the EU as the continent’s leaders struggled to come up with a unified response.

Cameron’s efforts to find a slogan to counter the “leave” campaign’s emotive “take back control” settled on “Brits don’t quit.” But the appeal to a Churchillian bulldog spirit and stoicism proved too little, too late.

The result triggers a new series of negotiations that is expected to last two years or more as Britain and the EU search for a way to separate economies that have become intertwined since the U.K. joined the bloc on Jan. 1, 1973. Until those talks are completed, Britain will remain a member of the EU.

Exiting the EU involves taking the unprecedented step of invoking Article 50 of the EU’s governing treaty. While Greenland left an earlier, more limited version of the bloc in 1985, no country has ever invoked Article 50, so there is no roadmap for how the process will work.

Authorities ranging from the International Monetary Fund to the U.S. Federal Reserve and the Bank of England have warned that a British exit will reverberate through a world economy that is only slowly recovering from the global economic crisis.

“It will usher in a lengthy and possibly protracted period of acute economic uncertainty about the U.K.’s trading arrangements,” said Daniel Vernazza, the U.K. economist at UniCredit.

The European Union is the world’s biggest economy and the U.K.’s most important trading partner, accounting for 45 percent of exports and 53 percent of imports.

In addition, the complex nature of Britain’s integration with the EU means that breaking up will be hard to do. The negotiations will go far beyond tariffs, including issues such as cross-border security, foreign policy cooperation and a common fisheries policy.

Among the biggest challenges for Britain is protecting the ability of professionals such as investment managers, accountants and lawyers to work in the EU.

As long as the U.K. is a member of the bloc, firms registered in Britain can operate in any other member state without facing another layer of regulation. It’s the same principle that allows exporters to ship their goods to any EU country free of tariffs.

Now that right is up for negotiation, threatening the City, as London’s financial heart is known, and its position as Europe’s pre-eminent financial center.

Many international banks and brokerages have long used Britain as the entry point to the EU because of its trusted legal system and institutions that operate in English, the language of international finance. Britain’s financial services industry is also surrounded by an ecosystem of expertise — lawyers, accountants and consultants— that support it.

Some 60 percent of all non-EU firms have their European headquarters in the U.K., according to TheCityUK, which lobbies on behalf of the financial industry. The U.K. hosts more headquarters of non-EU firms than Germany, France, Switzerland and the Netherlands put together.

“We believe this outcome has serious implications for the City and many of our clients’ businesses with exposure to the U.K. and the EU,” said Malcolm Sweeting, senior partner of the law firm, Clifford Chance. “We are working alongside our clients to help them as they anticipate, plan for and manage the challenges the coming political and trade negotiations will bring.”

JPMorgan Chase Chief Executive Jamie Dimon said earlier this month that a vote to leave would force his bank to move jobs to mainland Europe to ensure that it could continue to service clients in the EU. Other global businesses with customers in the rest of the EU will be in a similar situation.

The only question that remains is whether the dire economic predictions economists made during the campaign will come to pass.

“Uncertainty is bad for business,” Vernazza said. “A sharp fall in U.K. risky asset prices, delays to investment, disruption to trade, and a loss of business and consumer confidence mean the U.K. economy is more likely than not to enter a technical recession within two years.”

Source: Cameron intends to resign after Britain votes to leave European Union | Fox News