Soros on Brexit today saying some of the stupidest shit I have ever heard.
He says te pound could crash 20% and Britain would be plunged into recession.
Soros gives three reasons
1. Bank of England won't be able to lower rates because they're already too low.
Huh??? Last I checked Britain has an independent central bank that operates in its own sovereign currency. Rates may be low, but that does not preclude the BOE from lowering them even more or making them negative if they want. Monetary policy in the U.K. is independent of whether or not Britain remains in the EU.
2. Britain's current account deficit is big so they will have a hard time getting "cash inflows."
Straight from the mouth of someone who obviously believes that Britain is still on the gold standard. This is completely asinine. "Cash inflows???" Come on.
3. A weaker pound won't help British exports because of uncertainty over trade treaties.
Right. When in doubt these fools always wheel out the "too much uncertainty" arguments. Like certainty is good. The only things that are certain is death and taxes and both are unpleasant. Yes, treaties would have to be renegotiated, but that's not likely to shut down trade in the interim.
There you go folks. An old fool, completely out of paradigm. You fade him every time as well as people like him and you will absolutely clean up.