{"id":19132,"date":"2016-03-24T18:45:11","date_gmt":"2016-03-24T23:45:11","guid":{"rendered":"http:\/\/olduvai.ca\/?p=19132"},"modified":"2016-03-24T18:46:04","modified_gmt":"2016-03-24T23:46:04","slug":"brexit-meltdown-at-the-bank-of-england","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=19132","title":{"rendered":"Brexit Meltdown at the Bank of England"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2016\/03\/24\/goldman-sachs-bank-of-england-brexit-fear-mongering\/\" target=\"_blank\">Brexit Meltdown at the Bank of England<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<div class=\"ssba ssba-wrap\"><strong>But it\u2019s\u00a0supposed to be \u201cindependent\u201d from national politics.<\/strong><\/div>\n<p>Project Fear \u2014 the massive PR campaign aimed at sowing and watering the seeds of dread about the potential consequences of a YES vote in the upcoming referendum on a British exit from the EU \u2014 is in full bloom. In the event of a wrong answer, all manner of biblical disasters can be expected to befall the nation, the British public is constantly being warned.<\/p>\n<p>The country\u2019s national income will shrink, hundreds of thousands if not millions of jobs will vanish, the City of London\u2019s core industry \u2014 financial engineering \u2014 will migrate across the channel, the currency will collapse, house prices will plummet, European firms will stop selling products to Brits, the U.S. government will impose massive tariffs on British imports, and even Britain\u2019s already dismal climate will get worse.<\/p>\n<p>Project Fear\u2019s shrillest shills include the British government and institutions of State, the UK\u2019s most powerful business lobby group The Confederation of British Industry, the City of London Corporation (and all the too-big-to-fail financial institutions whose interests it faithfully serves), the European Union, the International Monetary Fund, and the world\u2019s biggest fund manager BlackRock.<\/p>\n<p>Another prominent prophet of Brexit doom and gloom is the Bank of England, an institution that, according to its charter at least, is supposed to be \u201cindependent\u201d from national politics, but which has done nothing but feed the fear. In testimony to the UK government\u2019s Treasury Select Committee earlier this month, the central bank\u2019s Canadian and former Goldmanite Chairman Mark Carney\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/mark-carney-says-u-k-s-eu-settlement-helps-boe-achieve-its-objectives-1457433148\" target=\"_blank\">warned<\/a>\u00a0that Brexit is the \u201cbiggest domestic risk to financial stability,\u201d with potentially dire consequences for Britain\u2019s balance of payments, its housing market, foreign investment, and its banks.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Brexit Meltdown at the Bank of England But it\u2019s\u00a0supposed to be \u201cindependent\u201d from national politics. Project Fear \u2014 the massive PR campaign aimed at sowing and watering the seeds of dread about the potential consequences of a YES vote in the upcoming referendum on a British exit from the EU \u2014 is in full bloom. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[56,5582,5660,279,284,4803,4255],"class_list":["post-19132","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-england","tag-brexit","tag-don-quijones","tag-eu","tag-european-union","tag-financial-engineering","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19132"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19132\/revisions"}],"predecessor-version":[{"id":19134,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19132\/revisions\/19134"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}