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Counting on Brexit being a non-issue two days from now? Not so fast, say columnists at media outlets, new opinion polls and the like, even though global monetary organizations are sounding alarm bells regarding what would actually transpire in Great Britain if the region were to dissolve its ties with the greater European Union (EU).
Economic and social dissatisfaction, especially among citizens who have received less education than their peers, are triggering moves toward more radical policy measures of government. Ergo Brexit, which is being championed by no less than the Mayor of London. In fact, Boris Johnson heads the campaign for Great Britain to leave the EU.
If this is reminiscent of Americans supporting a more radical version of a presidential candidate in the form of Donald Trump, it probably should. The demographics of most Trump supporters in the U.S. largely mirror the profile of those in Britain supporting the Leave campaign. They are now receiving support — at least philosophically, in that populist overthrows have proven healthy in countries whose institutions have been plagued by corruption, etc. — from higher-educated media writers and pollsters, whose results indicate we may be in a nail-biter on both the Brexit referendum and Trump’s presidential bid.
Is any of this really believable? At this moment both a Brexit and a President Trump seem doubtful, but both are clearly close enough to continue paying attention to. Right now the market is shrugging both events off; futures are up following a Monday in the green all around. And though we have a smattering of earnings reports to examine — homebuilder Lennar (LEN - Free Report) beat both earnings and sales estimates before the bell today, and futures are up 3 percent — there is relatively little data important enough to shift our attention from these issues today.
Fed Chair Janet Yellen speaks on Capitol Hill today, answering questions put forth by Congress regarding the Federal Reserve’s collective thinking on raising interest rates and the overall state of the economy. Based on comments Ms. Yellen has made just in the month of June alone, perhaps those asking the questions should focus on whether she sees strength or stagnation in the underpinning of our current economic state.
Mark Vickery Senior Editor
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Brexit & Trump: Mirrors of Discontent
Tuesday, June 21, 2016
Counting on Brexit being a non-issue two days from now? Not so fast, say columnists at media outlets, new opinion polls and the like, even though global monetary organizations are sounding alarm bells regarding what would actually transpire in Great Britain if the region were to dissolve its ties with the greater European Union (EU).
Economic and social dissatisfaction, especially among citizens who have received less education than their peers, are triggering moves toward more radical policy measures of government. Ergo Brexit, which is being championed by no less than the Mayor of London. In fact, Boris Johnson heads the campaign for Great Britain to leave the EU.
If this is reminiscent of Americans supporting a more radical version of a presidential candidate in the form of Donald Trump, it probably should. The demographics of most Trump supporters in the U.S. largely mirror the profile of those in Britain supporting the Leave campaign. They are now receiving support — at least philosophically, in that populist overthrows have proven healthy in countries whose institutions have been plagued by corruption, etc. — from higher-educated media writers and pollsters, whose results indicate we may be in a nail-biter on both the Brexit referendum and Trump’s presidential bid.
Is any of this really believable? At this moment both a Brexit and a President Trump seem doubtful, but both are clearly close enough to continue paying attention to. Right now the market is shrugging both events off; futures are up following a Monday in the green all around. And though we have a smattering of earnings reports to examine — homebuilder Lennar (LEN - Free Report) beat both earnings and sales estimates before the bell today, and futures are up 3 percent — there is relatively little data important enough to shift our attention from these issues today.
Fed Chair Janet Yellen speaks on Capitol Hill today, answering questions put forth by Congress regarding the Federal Reserve’s collective thinking on raising interest rates and the overall state of the economy. Based on comments Ms. Yellen has made just in the month of June alone, perhaps those asking the questions should focus on whether she sees strength or stagnation in the underpinning of our current economic state.
Mark Vickery
Senior Editor