I have a memory of @anandMenon1 et al writing about a TM deal being greeted with a surge of ‘it’s a deal’ goodwill (it wasn’t) but the argument seems to hold true for the current deal.
More from Objective Columnist
I tend to agree with this - of course many things can still go wrong...but (certainly on the UK side) as the list of outstanding issues decreases and as the cost of no deal becomes more apparent deal momentum will increase.
I find it most amusing that people invest so much value in public statements, briefings, tabloid headlines, the tweets of obscure backbenchers etc. Cherchez les fundamentals!
There is a deep vein of analytical pessimism in one particular direction, which, whether correct or not, is noteworthy. On the one hand, a firm belief in the fundamentals - gravity exists - but on the other hand those fundamentals are not meaningful to the final decision.
But gravity does exist! Whether one likes it or not. We do not have wings. Or feathers. And the realisation of the fundamentals will impact the political calculation (though timing differences may apply).
You don’t have to invest any particular optimism or see any virtue in the principal players to make this point.
Still, he's taken a very big step back now. The cliff risk was today; both sides were so close to the edge they could easily have gone over it. The fact @10DowningStreet didn't means Govt must genuinely believe there's now a landing zone that works, & which it can sell ENDS
— Mujtaba Rahman (@Mij_Europe) December 13, 2020
I find it most amusing that people invest so much value in public statements, briefings, tabloid headlines, the tweets of obscure backbenchers etc. Cherchez les fundamentals!
There is a deep vein of analytical pessimism in one particular direction, which, whether correct or not, is noteworthy. On the one hand, a firm belief in the fundamentals - gravity exists - but on the other hand those fundamentals are not meaningful to the final decision.
But gravity does exist! Whether one likes it or not. We do not have wings. Or feathers. And the realisation of the fundamentals will impact the political calculation (though timing differences may apply).
You don’t have to invest any particular optimism or see any virtue in the principal players to make this point.
Typically excellent piece from @dsquareddigest The exponential insight is especially neat. Think of it a little like fishing...today you can’t export oysters to the EU (because you simply aren’t allowed to), tomorrow you don’t have a fish exporting business (to the EU).
The extremely small minority of people who known anything about this who think that Brexit will be good for the City make a number of arguments which I shall address in turn...
1. They need us more than we need them. This is a variant of the German carmakers argument. And we know how that went...Business will follow the profit opportunity and if that has moved then so will the business...
And what do we mean by us / we. We’re not talking about massed ranks of Euro investing / trading etc blue blooded British institutions.
Au contraire. We’re talking about the London based subs of US, Asian and indeed European capital markets players...As soon as they think the profit opportunity has moved then so will they...it’s a market innit...
London's status as a financial centre isn't as secure as some might think | Dan Davies https://t.co/q9SU7ra4oF
— The Guardian (@guardian) February 13, 2021
The extremely small minority of people who known anything about this who think that Brexit will be good for the City make a number of arguments which I shall address in turn...
1. They need us more than we need them. This is a variant of the German carmakers argument. And we know how that went...Business will follow the profit opportunity and if that has moved then so will the business...
And what do we mean by us / we. We’re not talking about massed ranks of Euro investing / trading etc blue blooded British institutions.
Au contraire. We’re talking about the London based subs of US, Asian and indeed European capital markets players...As soon as they think the profit opportunity has moved then so will they...it’s a market innit...
More from Politics
My piece in the NY Times today: "the Trump administration is denying applications submitted to the United States Citizenship and Immigration Services at a rate 37 percent higher than the Obama administration did in 2016."
Based on this analysis: "Denials for immigration benefits—travel documents, work permits, green cards, worker petitions, etc.—increased 37 percent since FY 2016. On an absolute basis, FY 2018 will see more than about 155,000 more denials than FY 2016." https://t.co/Bl0naOO0sh
"This increase in denials cannot be credited to an overall rise in applications. In fact, the total number of applications so far this year is 2 percent lower than in 2016. It could be that the higher denial rate is also discouraging some people from applying at all.."
Thanks to @gsiskind for his insightful comments. The increase in denials, he said, is “significant enough to make one think that Congress must have passed legislation changing the requirements. But we know they have not.”
My conclusion:
Based on this analysis: "Denials for immigration benefits—travel documents, work permits, green cards, worker petitions, etc.—increased 37 percent since FY 2016. On an absolute basis, FY 2018 will see more than about 155,000 more denials than FY 2016." https://t.co/Bl0naOO0sh
"This increase in denials cannot be credited to an overall rise in applications. In fact, the total number of applications so far this year is 2 percent lower than in 2016. It could be that the higher denial rate is also discouraging some people from applying at all.."
Thanks to @gsiskind for his insightful comments. The increase in denials, he said, is “significant enough to make one think that Congress must have passed legislation changing the requirements. But we know they have not.”
My conclusion: