Top economics rubbish anti-Brexit scare stories

by **mrswdk** on Fri Dec 07, 2018 10:17 am

As the UK deep state gets increasingly desparate to terrify its citizens into staying in the EU (e.g. stories that Brexit will cause traffic to get worse), leading economics including Paul Krugman (a Nobel laureate economist) and Mervyn King (head of the Bank of England for 10 years) are lining up to pour cold water on the succession of shrill news stories predicting Brexit will cause society to collapse:

The Bank of England’s prediction that civilisation will end with Brexit is merely an effort to outdo in shrillness similar analyses by the Treasury and the IMF.

All official agencies, trapped in an echo chamber, are competing to paint the grimmest picture of economic consequences of a British exit from the European Union. They are straining so hard because their projected costs of exit have no basis in economic theory or empirical findings.

“I don’t understand how you can get that kind of cost without making some big ad hoc assumptions,” tweeted Nobel laureate Paul Krugman.

When he uses the expression “big ad hoc assumptions”, he is saying the Bank is making up the numbers.

Mervyn King, who headed the Bank between 2003 and 2013, says he sadly “concurs” with Krugman’s assessment.

https://www.independent.co.uk/news/busi ... 70416.html

by **spurgistan** on Sat Dec 08, 2018 7:11 pm

Yes, it's probably not going to be earth-shatteringly terrible, just really bad and a colossal unforced error. That is what the article is saying.

They talk about a .5% hit in GDP and 2-3% for adjustment cost like it's nothing. That's 2.5%-3.5% of GDP. That's significant.

by **mrswdk** on Sat Dec 08, 2018 7:30 pm

No it doesn't. It says the most likely outcomes are the Brexit will result in either modest losses or modest gains for the UK economy, i.e. the economic impacts either way will be pretty small.

by **DoomYoshi** on Sat Dec 08, 2018 7:39 pm

I heard from a friend that Brexit will result in everyone turning into Symmetry.

by **HitRed** on Sat Dec 08, 2018 7:45 pm

DoomYoshi wrote:I heard from a friend that Brexit will result in everyone turning into Symmetry.

*silent scream*

by **riskllama** on Sun Dec 09, 2018 2:48 pm

eep!!!

by **armati** on Sun Dec 09, 2018 7:04 pm

I wonder if the people in Britain understand the banks are in control.
They decide if there will be inflation,destruction of the economy or boom times.

I hope they do.

by **warmonger1981** on Mon Dec 10, 2018 8:51 am

armati wrote:I wonder if the people in Britain understand the banks are in control.
They decide if there will be inflation,destruction of the economy or boom times.

I hope they do.

That's called the Square Mile in London. They run financing. Washington DC runs military and the Vatican runs the religuous.