Posts Tagged ‘Brexit’

Brexit and the Perpetual Liberal Trump Tantrum

Wednesday, February 8th, 2017

I was going back through some posts in the middle of last year and came across this link on the Brexit aftermath.

Tell me this bit doesn’t apply equally well to American liberals throwing tantrums over Trump as UK leftists having fits over Brexit:

Part of the seething fury felt by some of my co-workers lies in that feeling of being hoodwinked, of not being as smart, as omniscient as they, hitherto, imagined. Their self-esteem is bruised. Nobody likes to find out that the world they thought existed turns out to have been built on miopia and wishful thinking.

Is there any better example of myopia than our political elites enraged at the idea that those mere voters in flyover country they show so much obvious disdain for have rejected their worldview?

LinkSwarm for January 20, 2017

Friday, January 20th, 2017

Welcome to Inauguration Day, when Donald J. Trump is sworn in as the Forty-Fifth President of the United States of America! Celebrate the momentous day with a Friday LinkSwarm.

  • Trump plans to hit the ground running with a number of executive actions his very first day on the job. (Hat tip: Ace of Spades HQ.)
  • Trump started planning his presidential run right after Romney lost. In fact, Trump registered his “Make America Great Again” slogan six days after Romney’s defeat. (Hat tip: Instapundit.)
  • Clinton Family Friend: “Yes, I will be at the review stand at the inauguration and I am going to kill President-elect Trump… what are you gonna do about it Secret Service?” Secret Service: “Enjoy these complimentary handcuffs.”
  • Much of the hatred against Trump is pure class bigotry:

    I don’t think reasonable differences of opinion on the one hand, and the ordinary hypocrisy of partisan politics on the other, explain the extraordinarily stridency, the venom, and the hatred being flung at the incoming administration by its enemies. There may be many factors involved, to be sure, but I’d like to suggest that one factor in particular plays a massive role here.

    To be precise, I think a lot of what we’re seeing is the product of class bigotry.

    Snip.

    Until last year, if you wanted to experience the class bigotry that’s so common among the affluent classes in today’s America, you pretty much had to be a member of those affluent classes, or at least good enough at passing to be present at the social events where their bigotry saw free play. Since Donald Trump broke out of the Republican pack early last year, though, that hindrance has gone by the boards. Those who want to observe American class bigotry at its choicest need only listen to what a great many of the public voices of the well-to-do are saying about the people who votes and enthusiasm have sent Trump to the White House.

    You see, that’s a massive part of the reason a Trump presidency is so unacceptable to so many affluent Americans: his candidacy, unlike those of all his rivals, was primarily backed by “those people.”

    Snip.

    This isn’t just because so large a fraction of working class voters generally backed Trump; it’s also because Trump saw this from the beginning, and aimed his campaign squarely at the working class vote. His signature red ball cap was part of that—can you imagine Hillary Clinton wearing so proletarian a garment without absurdity?—but, as I pointed out a year ago, so was his deliberate strategy of saying (and tweeting) things that would get the liberal punditocracy to denounce him. The tones of sneering contempt and condescension they directed at him were all too familiar to his working class audiences, who have been treated to the same tones unceasingly by their soi-disant betters for decades now.

    Much of the pushback against Trump’s impending presidency, in turn, is heavily larded with that same sneering contempt and condescension—the unending claims, for example, that the only reason people could possibly have chosen to vote for Trump was because they were racist misogynistic morons, and the like. (These days, terms such as “racist” and “misogynistic,” in the mouths of the affluent, are as often as not class-based insults rather than objective descriptions of attitudes.) The question I’d like to raise at this point, though, is why the affluent don’t seem to be able to bring themselves to come right out and denounce Trump as the candidate of the filthy rabble. Why must they borrow the rhetoric of identity politics and twist it (and themselves) into pretzel shapes instead?

    Read the whole thing. (Hat tip: Borepatch.)

  • “In donated shoes and suit, a Trump supporter comes to Washington.”
  • Follow-up:

  • How ObamaCare helped destroy Medicare.

    Physicians across the country have been firing Medicare patients; and according to a late 2015 study from the Kaiser Family Foundation, 21% of physicians are not taking new Medicare patients.

    Much of this trend is based on stiff penalties and financial disincentives from the Affordable Care Act (Obamacare), and 2015’s Medicare Access and CHIP Reauthorization (MACRA) Act.

    MACRA in particular is completely mystifying.

    The law created a whopping 2,400 pages of regulations that Medicare physicians are expected to know and follow.

    Many of the rules are debilitating.

    For instance, MACRA changed how physicians can be reimbursed for their Medicare patients by establishing a bizarre set of standards to determine if a physician is providing “value”.

    As an example, if a patient ends up in the emergency room, his or her physician can incur a steep penalty.

    This explains why my step-dad was dropped by his doctor.

    The healthcare system has been broken to the point that physicians now have a greater incentive to fire their Medicare patients than to treat them.

  • City journal has an extensive profile of George Soros.

    Soros’s global reach and influence far outstrip those of the Koch brothers or other liberal bogeymen—and that underlying it all is a vision both dystopian and opportunistic. “The main obstacle to a stable and just world order,” Soros has declared, “is the United States.” Ergo, that constitutional republic must be weakened and its allies degraded. The Sorosian world order—one of open borders and global governance, antithetical to the ideals and experience of the West—could then assume command.

    Snip.

    n the United States, Soros bankrolls a broad range of political and cultural causes. One is to destabilize the Roman Catholic Church in the United States. In 2015, he dedicated $650,000 for the purpose of shaping Pope Francis’s U.S. visit, using left-leaning Catholic groups to promote gay marriage, abortion, and physician-assisted suicide. Leading the effort was Hillary Clinton’s campaign manager John Podesta, a self-professed Catholic. Bill Donohue, outspoken president of the Catholic League, vainly called for Podesta’s dismissal. “He is fomenting revolution in the Catholic Church, creating mutiny and is totally unethical,” Donohue said. “He is the front man for George Soros to create a host of phony anti-Catholic groups. These are not just bad comments, as some have suggested. These words are orchestrated, calculated and designed to create fissures in the Catholic Church.”

    Another Soros favorite is Black Lives Matter, the radical protest group dedicated to the proposition that police are inherently racist. Working the streets with incendiary rhetoric, at odds with the truth about black-on-black crime, BLM has helped foster “depolicing,” as Heather Mac Donald describes it, in high-crime urban areas. In 2015, after days of rioting in Baltimore in response to the death of Freddie Gray in police custody, an Open Society Foundations memo excitedly commented that “recent events offer a unique opportunity to accelerate the dismantling of structural inequality generated and maintained by local law enforcement and to engage residents who have historically been disenfranchised in Baltimore City in shaping and monitoring reform.” Three straight acquittals of police officers involved in the matter left the prosecution’s case in shreds but made no difference to the Open Society Foundations. It has donated at least $650,000 to Black Lives Matter and pledged more assistance to antipolice factions across the country. These activities prompted the father of one of the Dallas police officers killed during a Black Lives Matter protest to sue Soros (along with other individuals and groups) for inspiring a “war on police.”

    (Hat tip: John Tierney at Instapundit.)

  • I always thought George Soros was running Black Lives Matter, and now here’s some proof: “BLM leader lives in home owned by Soros’ Open Society board member.”
  • Don’t look now, but the Clinton/Sanders rift is still roiling the Democratic Party. Sadly, neither side seems to be willing to give up on Social Justice Warrior victimhood identity politics. (Hat tip: Hot Air, which notes “Democrats have to come to grips with the fact that they stopped speaking for most Americans over the past eight years, and started lecturing at Americans instead. The party got wrapped up in the progressive-academic social-justice agenda to the point that the party made diversity into an obsession at the expense of the real economic issues facing voters outside of the coastal enclaves and college campuses.”)
  • One college Democrat has had enough:

    A National Councilman for the College Democrats of America is jumping ship and considering joining the Republican Party just before President-elect Trump takes the oath of office.

    Michael J. Hout, a junior at the University of Massachusetts, Amherst, told Campus Reform that he believes the contemporary Democratic Party is no longer the best place for an ideological moderate like himself, saying the Party is pivoting towards more extremist rhetoric and appealing more to those who often do not even consider themselves Democrats, such as socialists and independents.

    Snip.

    “This strategy of catering to the whims of those for whom identity politics matters more than anything else, and of allowing for even anti-white, anti-male rhetoric to find a home within the party, is a large part of its untenable strategy moving forward,” Hout explained, predicting that “it will continue to cause Democrats to lose, time and time again.”

    (Hat tip: Director Blue.)

  • Former California Democratic Party chair argues that Democrats should move their headquarters to Detroit to reconnect with middle class voters. I agree, but for a different reason: So they can be forced to see the results of their handiwork firsthand every day.
  • A glimmering of a clue: “U.S. Rep. Joseph P. Kennedy III, breaking ranks with other Democrats who are trashing President-elect Donald Trump and boycotting his inaugural, is imploring his party’s rank and file to figure out why middle American voters went Republican in November….’Folks, we lost their trust and being mortified and mystified about their vote doesn’t bring it back.'” (Hat tip: Instapundit.)
  • Tolerant left gets another Milo speech cancelled.
  • Ignore the shame mob and they’ve got nothing else to throw at you:

    While [Steve] Harvey tries to use his celebrity for something selfless and useful and while the Talladega College marching band gets the world stage to show off the results of its hard work and school spirit, think of their detractors as the latter sit behind their cell phones and sling names like “coon” and “Uncle Tom”[i] in between posting their twerking and ghetto fight videos.

    Ouch! (Hat tip: Instapundit.)

  • Joe Bob Briggs takes aim at the “angry white male” concept.

    Numero Three-o: Why is anger as a voting incentive limited to white males? Don’t black men get angry? When Louis Farrakhan holds a rally, why doesn’t Yahoo News say “Angry Black Men Gather in Chicago”? Why aren’t there any Angry Latino Men or Angry Chinese Men?

    Numero Four-o: More specifically, how do you explain the fact that the Angry White Men who voted for Trump in 2016 are the same white men who voted for Obama in 2008? When they vote for Obama they’re not angry, but when they vote for Trump it can only be because they’re enraged hicks? Gogebic County in Michigan is 92 percent white and hadn’t voted for a Republican since 1972—until this election. The counties in southwestern Wisconsin, all heavily Democratic, went for Trump after a strong Obama vote in 2008 and 2012. Eastern Iowa, Democratic since 1988, went for Trump. Luzerne County, Pennsylvania, which is frequently used as the very definition of “working-class,” went for Republicans for the first time since 1988. Why are all these people classified as “angry” now, but in 2008, when they were angry at George Bush, they were just “voting for change”? Could it be, just perhaps, maybe, they feel betrayed by the Democratic Party? If we’re gonna call them angry, let’s define what they’re angry about.

  • Then again, fake outrage over non-issues is the stock in trade of the center-left.
  • Four reasons why nobody trusts the media. Including that nothingburger of a New York Times hit piece on Rick Perry that relied on no facts whatsoever.
  • For all that CNN flack global warming, they certainly don’t act like they believe it. In addition from moving CNN headquarters from Atlanta to New York City, “Time Warner, the company that owns CNN, just invested in SEVEN new buildings located in Hudson Yards, a part of Manhattan just a block or two away from the water. An area that, according to its own CNN, will soon be underwater, and therefore utterly and completely worthless.”
  • Speaking of CNN, they just hired Valerie Jarrett’s daughter to report on Trump’s Justice Department. “Valerie Jarrett’s daughter quietly joined CNN in September as a reporter in the network’s Washington bureau. She came to CNN with no experience in journalism.” Evidence suggests CNN has naked contempt for both objectivity and those not in the anointed liberal overclass. (Hat tip: Director Blue.)
  • “The primary aim of official propaganda is to generate an “official narrative” that can be mindlessly repeated by the ruling classes and those who support and identify with them. This official narrative does not have to make sense, or to stand up to any sort of serious scrutiny. Its factualness is not the point. The point is to draw a Maginot line, a defensive ideological boundary, between “the truth” as defined by the ruling classes and any other “truth” that contradicts their narrative.”
  • Post-Brexit, an economic boom in the UK. (Hat tip: Stephen Green at Instapundit.)
  • UK PM Theresa May aims at a “hard Brexit.” Andrew Stuttaford (and I) wonder why she isn’t going for the ‘Norway option’ of leaving the EU but staying in the European Economic Area.
  • Marine Le Pen cues up Frexit. “The euro has not been used as a currency, but as a weapon—a knife stuck in the ribs of a country to force it to go where the people don’t want to go.” I disagree with Walter Russel Mead: The EU, as currently constituted, is incapable of being reformed. Reform is impossible without scraping the European Commission, which is impossible without scraping Maastricht, which would scrap the EU. Better to start again from scratch or go back to just the common market.
  • Jihadwatch’s Robert Spencer had a minor piece at The Hill on why Lindsay Lohan’s (rumored) conversion to Islam was a bad idea. I wasn’t even going to link it. The The Hill took it down due to political pressure. Now I have to.
  • As one of his last acts, Obama commutes the sentence of convicted Puerto Rican terrorist Oscar Lopez Rivera.
  • And it’s not just terrorists: Obama commutes the sentences of four South Texas druglords:

    Four family members who ran one of the largest cartel smuggling operations in south Texas had their life in prison sentences commuted and will likely be returning to this border city from where they ran their criminal empire. One of the main destinations that the criminal organizations delivered drugs to was Chicago, Illinois.

    This week, outgoing President Barack Obama commuted the sentences of 209 convicted criminals and pardoned 64 others. The majority of the convictions were from drug trafficking or production offenses.

    Four of those convicted criminals who had been sentenced to life in prison will be released by May 17. They ran a criminal organization made up of close to 80 men and women who worked with Mexico’s Gulf Cartel to move between 100,000 to almost 750,000 pounds of marijuana into the U.S. during a 10-year period. The drugs were moved into Houston and then distributed to Atlanta, Chicago, and other major metropolitan areas.

    According to court records obtained by Breitbart Texas, brothers Cesar Moreno Sr., Eduardo Moreno, Lazaro Moreno, and Luis Moreno along with other relatives and friends had been at the helm of a large-scale drug distribution operation based out of the border city of Roma, Texas.

    (Hat tip: Director Blue.)

  • A tweet:

  • Brian Krebs deduces the author of the Mirai worm.
  • Seattle kills bikeshare program. If it can’t make it in Seattle…
  • 3D TV is dead again. Good. 3D always struck me as an annoying gimmick, even in IMAX.
  • “Woman stabbed man 9 times after he wouldn’t commit to relationship.” I’m pretty sure the guy made the right call there… (Hat tip: Bill Crider.)
  • Man gets head start on the epic douchebag Olympics. “28-year-old James Allen is facing a charge of driving while intoxicated. [He] drove a $385,000 Ferrari off a bridge in Westlake, went airborne for 40 feet and crashed into the woods while speeding on Friday night.” (Hat tip: Iowahawk’s Twitter feed.)
  • Oakland Raiders file papers to move to Las Vegas.
  • “It’s come to my attention that some of you Hollywood types are calling yourselves ‘the Resistance’. Stop. Now.” (Hat tip: Director Blue.)
  • Graduate student sues after being kicked out of school for not supporting left-wing causes.
  • Scott Adams being unable to comment on his own blog due to a software bug has to be the most Dilbert thing ever…
  • Pat Condell on Why Trump is a Necessary Evil

    Thursday, October 27th, 2016

    It looks like this week’s Clinton Corruption update is being pushed to Friday as well, so enjoy Pat Condell explaining why voting for Donald Trump is necessary to keep America America.

    “One thing that the Trump campaign has already achieved in this election is that it has given the progressive media the chance to fully reveal just how contemptuous they are of the American people. There’s no attempt to provide them with balanced objective coverage on which to make an informed decision. It’s all about manipulating their opinion. CNN couldn’t be any more partisan if they had a ‘Stop Trump’ banner on the screen twenty-four seven.”

    (Hat tip: Ace of Spades HQ.)

    This Week in Clinton Corruption for October 13, 2016

    Thursday, October 13th, 2016

    There’s a gusher of Clinton corruption information coming out of the leak of Hillary Clinton campaign manager John Podesta’s emails:

  • Hillary’s State Department gave special treatment to Friends of Bill.
  • “I know [Hillary] has begun to hate everyday Americans.”
  • She also called blacks and Muslims “professional never-do-wells.”
  • Her campaign also mocked Catholics, Southerners and “needy Latinos.” (Hat tip: Instapundit.)
  • 14 things we learned from the latest email revelations. (Hat tip: Ace of Spades HQ.)
  • Chelsea Clinton almost drove the Clinton Foundation COO to suicide.
  • Hillary’s email team failed to turn over key subpoenaed documents. (Hat tip: Gateway Pundit.)
  • And here they are discussing which emails to delete. So they’re actually on record discussing felony destruction of evidence.
  • “Unless The Saudi Sheikh Gave Us $6 Million, This Sounds Crazy To Do.”
  • Wikileaks also brought back to light a bit of information that was mostly swept under the rug at the time: Eric McFadden, Hillary’s 2008 Catholic community liaison, was arrested in 2009 for running an underage prostitution ring. Just another member of the Clinton Campaign Moral Freakshow…
  • The list of MSM reporters who take their marching orders from Hillary. On the list: ABC’s George Stephanopoulos (Duh) and Diane Sawyer, New York Times‘s Gail Collins, etc. The only surprise is no one from the Washington Post on that list. Maybe they just assumed they already had marching orders to support Hillary. (Hat tip: Gateway Pundit.)
  • The Wikileaks emails expose the inner workings of the American Nomenklatura:

    Most evident from their downloads is the unremitting, almost incestual, alliance between elites (read: Democratic Party leadership) and the press, those who are informing us of what we are supposed to think. The myriad emails between New York Times reporter and CNBC anchor John Harwood and Clinton campaign manager John Podesta would approach the risible were they not so disturbing by implication. Presidential debate moderator Harwood, putatively a journalist, actually acts as an advisor to Podesta in them, warning the campaign manager of the dangers of a potential Ben Carson candidacy and even bragging to him about having tripped up Donald Trump at a debate.

    But the presidential debate moderator is far from alone in his fealty to the ways and means of the nomenklatura. The New York Times and the Boston Globe—the emails show, as if we hadn’t guessed already—colluded with the Clinton campaign.

    But the level of collusion goes much deeper than press and politicians. The Department of Justice itself—the emails also reveal—was in private communication with the Clinton people during the investigation of the Hillary Clinton homebrew server, warning her campaign in advance of a State Department release of emails. Everybody was colluding!

    (Hat tip: Ace of Spades HQ.)

  • Excerpts from Hillary’s Goldman Sachs speech. In which Hillary declares she has nothing in common with those peons in the middle class, admits that jihadists are coming over among Syrian refugees, and proclaims her love of open borders.
  • More on the subject: “My dream is a hemispheric common market, with open trade and open borders, some time in the future with energy that is as green and sustainable as we can get it, powering growth and opportunity for every person in the hemisphere.” Sounds like the EU written large.
  • Still more from her speeches on having different public and private positions.
  • So who is she lying to: her supporters or her donors?
  • On Hillary’s dream of open borders. “If you don’t have borders, you don’t have a country.” (Hat tip: Stephen Green at Instapundit.)
  • And 2000 more Podesta emails.
  • FBI: “The vast majority felt she should be prosecuted.” (Hat tip: Jim Geraghty’s Morning Jolt.)
  • The White House coordinated with the Clinton campaign back in 2015 to do damage control over the email scandal.
  • Hard to believe it’s been a mere five days since Trump held a press conference with women Bill Clinton sexually assaulted. So much news has come down the pike since…
  • The long list of women who have accused Bill Clinton of sexual misconduct. Paula Jones, Juanita Broaddrick, Kathleen Willey, Eileen Wellstone, Carolyn Moffet, Elizabeth Ward Gracen, Becky Brown, Helen Dowdy, Cristy Zercher… (Hat tip: Director Blue.)
  • “It’s always ‘believe the women’ until they threaten the career of a Clinton.”
  • Bill Clinton gets Bone-d. (Hat tip: Director Blue.)
  • Scott Adams: “If the new battleground is spousal fidelity, you have to like Trump’s chances.”
  • New Trump ad hits Hillary on Pay-to-Play corruption:

  • Nigel Farage on Brexit and Trump: “I believe we are witnessing a popular uprising against failed politics on a global scale. People want to vote for candidates with personality, faults and all. It is the same in the UK, America and much of the rest of Europe. The little people have had enough. They want change.” (Hat tip: Borepatch.)
  • Even Green Party candidate Jill Stein says that “it is actually Hillary’s policies which are much scarier than Donald Trump.”
  • New York City election commissioner admits on camera that “voters get bused around to vote multiple times.” (Hat tip: Ace of Spades HQ.)
  • That NBC poll showing Hillary up 11 points is pure hogwash with biased samples from a company that’s on the Hillary campaign’s payroll. (Hat tip: Director Blue.)
  • Stephen Green is right: I need a bigger week…

    Theresa May Gets Cracking

    Monday, July 18th, 2016

    David Cameron was in a no-win situation after the Brexit vote, but new PM Theresa May is a probably in a no-lose situation. If Brexit is successful, she gets to take the credit. If it fails, she can point out she was a Euroskeptic carrying out the public’s will against her own wishes.

    May has named chief Tory Pro-Leave campaigner Boris Johnson as her foreign minister. Michael Gove stabbing Johnson in the back for his own chance at the Downing Street probably doomed Gove’s bid but made Johnson (who the London establishment hates) a more sympathetic figure. May naming him foreign minister not only pleases the Leave faction, it also works as a case of “Keep your friends close and your enemies closer.”

    (More of May’s ministerial appointments can be found here, but I’m not even going to pretend I recognize all these names.)

    May had already made the laudable decision to to close the U.K. Department of Energy and Climate Change. (Hat tip: Ace of Spades HQ.)

    Brexit now has an official deadline of December 2018. It appears that everything is over but the shouting long, draw-out, painful EU negotiations.

    John Gray on Brexit

    Friday, July 8th, 2016

    If you’re not already suffering from Brexit fatigue by now, this John Gray piece in the New Statesmen has more than enough pith and insight to make it worth your time.

    A lesson of the past few days is the danger of groupthink. Along with the major international institutions, the assembled might of establishment opinion – in the CBI and TUC, massed legions of economists and a partisan Bank of England – was confident that the existing order here and in Europe would be preserved by promises of unspecified reforms. Until around 2am on the morning of Friday 24 May, the bookies and currency traders followed the playbook that had been given them by the authorities and the pollsters. Then, in a succession of events of a kind that is becoming increasingly common, the script was abruptly torn up. A clear majority of voters had reached to the heart of the situation. Realising that the promises of European reform that had been made were empty, they opted for a sharp shift in direction. The consequences can ­already be observed: rapid political change in Britain and an accelerating process of unravelling in the European Union. The worldwide impact on markets and geopolitics will be long-lasting and profound.

    There are sure to be concerted efforts to resist the referendum’s message. The rise of the hydra-headed monster of populism; the diabolical machinations of tabloid newspapers; conflicts of interest between baby boomers and millennials; divisions between the English provinces and Wales on the one hand and Scotland, London and Northern Ireland on the other; Jeremy Corbyn’s lukewarm support for the Remain cause; the buyer’s remorse that has supposedly set in after Remain’s defeat – these already commonplace tales will be recycled incessantly during the coming weeks and months. None of them captures the magnitude of the upheaval that has occurred. When voters inflicted the biggest shock on the establishment since Churchill was ousted in 1945 they signalled the end of an era.

    Predictably, there is speculation that Brexit will not happen. If Britain can vote for Brexit, it is being argued, surely anything is possible. But those who think the vote can be overturned or ignored are telling us more about their own state of mind than developments in the real world. Like bedraggled courtiers fleeing Versailles after the French Revolution, they are unable to process the reversal that has occurred. Locked in a psychology of despair, anger and denial, they cannot help believing there will be a restoration of an order they believed was unshakeable.

    Snip.

    As it is being used today, “populism” is a term of abuse applied by establishment thinkers to people whose lives they have not troubled to understand. A revolt of the masses is under way, but it is one in which those who have shaped policies over the past twenty years are more remote from reality than the ordinary men and women at whom they like to sneer. The interaction of a dysfunctional single currency and destructive austerity policies with the financial crisis has left most of Europe economically stagnant and parts of it blighted with unemployment on a scale unknown since the Thirties. At the same time European institutions have been paralysed by the migrant crisis. Floundering under the weight of problems it cannot solve or that it has even created, the EU has demon­strated beyond reasonable doubt that it lacks the ­capacity for effective action and is incapable of reform. As I suggested in this magazine in last year (“The neo-Georgian prime minister”, 23 October 2015), Europe’s image as a safe option has given way to the realisation that it is a failed experiment. A majority of British voters grasped this fact, which none of our establishments has yet understood.

    Skip if you must Gray’s description of leadership fights among the Tories and Labourites, but his summation of the problem facing Labour is admirably succinct:

    Leading Labour figures have denied adamantly that the party’s stance on immigration is central to the collapse of its working-class base. It was a complex of issues to do with de-industrialisation, they repeat, that led to mass desertion by Labour voters. There is some force in this, but it is essentially a way of evading an inconvenient truth.

    Free movement of labour between countries with vastly different wage levels, working conditions and welfare benefits is a systemic threat to the job opportunities and living standards of Labour’s core supporters. Labour cannot admit this, because that would mean the EU is structured to make social democracy impossible.

    Also this:

    Corbyn is not alone in passing over this conflict. So do his opponents, and this is one reason why it will be extremely difficult to reverse Labour’s slide. If Yvette Cooper, Andy Burnham or David Miliband had been leader, the referendum would still have ended badly for Labour. No doubt the campaign would have been handled better. But the message would have been the same – promises of European reform that European institutions have shown to be worthless. Labour’s heartlands were already melting away. A rerun in the north and Midlands of Labour’s collapse in Scotland is now a distinct possibility. Fear of this disaster is one reason Labour is unlikely to split. With over 40 per cent of the party’s voters opting for Leave, anyone who joined a new “modernising” party would be on a fast lane to oblivion. Only a radical shift from progressive orthodoxies on immigration and the EU can save Labour from swift and terminal decline. It is doubtful whether any future leader could enforce such a shift, as it would be opposed by most Labour MPs and by activists. Yet it is plainly what millions of Labour voters want.

    And this:

    The contradictions of the world-view shared by progressive thinkers and established elites are becoming acutely evident. There is constant talk about being in a time of unprecedented change. Globalisation is connecting the world as never before; our lives are being continuously transformed by disruptive technologies; old ways of life and hierarchies in society are fast dissolving . . . these are the ruling clichés of the age. What is striking is that they are deployed to prop up a failing ancien régime. Not only in Britain and continental Europe but also in the Unite States, the human costs of a broken form of capitalism have fuelled popular revulsion – a revolt that has produced a mood of hysteria and something like blind panic among bien-pensants who pride themselves on their judicious ­rationality. Brexit will be followed by the end of Western civilisation, they foam, while a Trump presidency would be a planetary catastrophe. A paranoid style of liberalism has emerged that sees disaster and demonic evil at every turn.

    And this:

    “The new tolerance of anti-Semitism by sections of the left in Britain is an elite pathology: a disorder of the gibbering classes not the masses.”

    Read the whole thing.

    What’s Happening to Italy’s Banking System?

    Wednesday, July 6th, 2016

    Yesterday’s Brexit roundup mentioned that Italian banks account for nearly half the bad loans for the entire Eurozone.

    Italy is now the heads-on favorite as the most likely instigator of the next global economic crisis. Some analysts are calling it a perfect storm:

    Italy’s bank bailout fund might not be enough to beat back the Brexit. More key Italian financial services firms are under pressure and face the potential need to raise capital, leaving Italian government officials and its banking system trying to steer clear of a crisis.

    As Italian bank bonds and share prices are seeing their value slammed in the face of rising uncertainty, banks with substantial bad loans are facing greater pressure, with rates around the world slipping into negative territory.

    And, of course, they’re blaming Brexit rather than all the myriad problems with the EU that caused the Brexit.

    Italy’s bank bailout fund might not be enough to beat back the Brexit. More key Italian financial services firms are under pressure and face the potential need to raise capital, leaving Italian government officials and its banking system trying to steer clear of a crisis.

    As Italian bank bonds and share prices are seeing their value slammed in the face of rising uncertainty, banks with substantial bad loans are facing greater pressure, with rates around the world slipping into negative territory. It’s an anxiety some in Italy and throughout the European Union may have been hoping would be eased by the Brexit vote last month — but then the U.K. referendum delivered the opposite outcome from the one they had sought.

    “Market volatility following the U.K.’s EU referendum result hit the Italian bank sector particularly hard because it is one of Europe’s weakest,” Fitch Ratings analysts said in a July 4 report. “Asset quality pressure is a main driver for the negative outlooks on several large and medium-sized Italian banks.”

    The Brexit vote, which calls for the United Kingdom to abandon a European Union that has careened for years from one crisis to another, could hasten weak Italian banks’ downfall. It was widely expected that European and U.K. banks will suffer the brunt of the vote in late June, and while British banks have been hard hit by the news — which brings with it tremendous regulatory uncertainty — EU banks have suffered as well.

    Many banks in Italy, including its largest, UniCredit SpA, have seen share prices pounded; its stock is down more than 60 percent so far this year. A staffer at UniCredit could not provide comment when contacted.

    Already, Italian officials and executives appear to be pulling out all the stops to stave off banking sector contagion. The lingering question for banks is whether they can continue to support lending operations at a time when creditors face potential losses and as some of the country’s leading financial services firms could be subject to shotgun M&A marriages by regulators.

    Italian financial services firms earlier this year established a multi-billion dollar fund called Atlante to buy non-performing bank loans. But the fund, which is in the 4-billion euro to 6-billion euro range ($4.43 billion to $6.65 billion), one analyst said, is far too small to cover all the non-performing loans held by major Italian banks. However, the fund could still be leveraged in order to support loan purchases.

    “The authorities need to get banks to remove a large portion of soured loans from their books so they can loan more,” said Julien Jarmoszko, senior research manager at S&P Global Market Intelligence. “If investors fear more Italian banks, this will raise their cost of capital and reduce lending as a result.”

    Look for some sort of holding action for temporary recapitalization (including a “bail in” or some sort of ECB scheme) to let all the insiders dump their bad debts onto the European taxpayer, which was the real point of prolonging the Greek farce.

    More news on that front:

  • Atlante already took control of Veneto Banca after “a €1bn capital increase demanded by EU bank regulators attracted zero interest.” And Atlante may have to tap pension funs for further recapitalization.
  • Italy has also banned short-selling of imploding Banca Monte dei Paschi di Siena SpA. That’s never a good sign, and it never works for long.
  • “It’s bad – non-performing bank loans have risen to 18%. At 10%, most banks are technically bankrupt. That’s the percentage of capital and pledged deposits they have against bad loans. Our pledged deposits, not theirs. At 18%, they’re no longer “technically” bankrupt. They ARE bankrupt! Greece still has bad or non-performing bank loans of 34%, Ireland 19% and Portugal 12%. And we haven’t seen the next serious financial crisis yet.”
  • And bank bailouts could hit Italian sovereign debt right in the bond ratings. “Italian ratings are already at BBB- for S&P, though we must also add that DBRS still ranks the country at AL. Still, if these ratings start to come under pressure from the agencies, this could lead to speculation that Italy may eventually fall out of the investment grade bucket. This would have a major impact – in the first place in terms of the eligibility of Italian bonds for the PSPP.” That’s the European Central Bank’s public sector purchase program.
  • Of course, when push comes to shove, we’re likely to see all sorts of banking rules get thrown out the window…

    Brexit Update for July 5, 2016

    Tuesday, July 5th, 2016

    While the reverberations from the Brexit vote are still being heard, here are a few interesting pieces you might have missed:

  • Nigel Farage resigns as head of UKIP. Hey, he fulfilled his victory conditions! What else has he got left to prove?
  • The elites still haven’t gotten over their defeat:

    As several commentators, from Megan McArdle in The Atlantic to Rupert Darwall in National Review, have noticed, many liberal journalists, representing elites throughout the advanced world, have reacted with indignation to the fact that 52 percent of U.K. voters (many without degrees) have rejected the EU system of supranational government of which the elites approve. Naturally, these journalistic spokesmen argue, the common people could not possibly have good reasons for such an act of multinational vandalism. So they must be inspired by, er, racism, xenophobia, fear of globalization, and related other thought-crimes.

    That account doubtless condenses and oversimplifies the elites’ response to the Brexit shock, which is just one small skirmish in a new class war in advanced societies between geographically mobile, liberal, skilled, high-earning professionals and more rooted, communitarian, particularist, and patriotic citizens (or what British journalist David Goodhart calls “nowhere” people and “somewhere” people). “Nowhere” people simply didn’t grasp the outlook of “somewhere people” in the referendum, not seeing that many decent people who voted for Brexit had such respectable anxieties as loss of community or, one step up, the transformation of their country as motives for casting their votes. So the elites thought the worst. They were still making the same mistake in their television and columnar explanations of the result on Friday morning. But what was remarkable was the Darwall-McArdle thesis that in other countries the elites reacted to the Brexit shock as if personally or spiritually affronted in their own lives. Alarmed, they asked: Why weren’t we told that they might vote for Brexit?

    It’s a hard question to answer.

    One aspect of it, however, is ideologically fascinating. Among the central arguments of those favoring Brexit was that the Brussels system was dangerously undemocratic and that British voters and MPs had lost the power to propose, amend, or repeal failed or oppressive laws. This was a passionate concern among English people who had grown up in a self-governing democracy, who may have fought for it in wars, and who simply couldn’t understand why the loss of their democratic rights didn’t worry their opponents. Yet again and again liberal journalists treated this passionate belief as either abstract or a cover for more primitive emotions and bigotries. Democracy as such was rarely given weight in Remain or liberal debates on the cost/benefit analysis of Brexit. They treat multinational political institutions as such unalloyed goods that it would be impolite to raise questions about such defects as a democratic deficit. Has the knowledge class/meritocracy/cognitive elite/nowhere people/etc., etc. developed not only an intellectual snobbery towards the rest of society, but even an impatient, dismissive contempt for democracy that cannot be openly avowed but that does influence its other political attitudes?

  • “Bigotry! Nativism! Racism! That’s what elites in Britain, Europe and here have been howling, explanations for why 52 percent of a higher-than-general-election turnout of British voters voted for their nation to leave the European Union. But there is plenty of bigotry, condescension and snobbery in the accusations and the people making them. And it’s incoherent to claim, as some do, that it’s undemocratic for voters to decide. That amounts to saying that ordinary people should be content to be ruled by their betters.” (Hat tip: Director Blue.)
  • “I think it’s shocking and appalling to assume because I voted to leave the EU that I’m racist.”
  • Even countries that aren’t contemplating leaving the EU (like France) are demanding changes to EU policies…and threatening to simply stop obeying them. There’s also this tidbit: “Italy’s banks are saddled with 360 billion euros ($401.18 billion) in bad loans.”
  • More on the same subject. “In Italy, 17% of banks’ loans are sour. That is nearly 10 times the level in the U.S., where, even at the worst of the 2008-09 financial crisis, it was only 5%. Among publicly traded banks in the eurozone, Italian lenders account for nearly half of total bad loans.”
  • If the UK can leave the EU. why can’t we leave the UN?
  • London Banker Bonuses Set to Shrivel as Brexit Hits Dealmaking.” My heart bleeds…
  • And what is the UK leaving behind? “EU bans claim that water can prevent dehydration.” Finally someone with the guts to stand up to Big Dihydrogen Monoxide! (Hat tip: Daddy Warpig’s Twitter feed.)
  • LinkSwarm for July 1, 2016

    Friday, July 1st, 2016

    Happy Independence Day weekend! (That’s America’s Independence Day, not the newfangled UK version.) Enjoy a LinkSwarm to tide you over for the weekend:

  • Kevin Williamson explains why firearms ownership is a civil right. “It is a measure of the corruption of the Democratic party and its ability to inspire corruption in others that John Lewis, once a civil-rights leader, is today leading a movement to strip Americans of their civil rights based on secret lists of subversives compiled by police agencies and the military…The Democrats have lynching in their political DNA, and they seem to be unable to evolve past it.”
  • Hillary’s State Department just ignored FOIA requests.
  • The Clinton Foundation is Hillary’s personal piggy bank. (Hat tip: Director Blue.)
  • The left cares about ‘the people’ as much as the Soviet Communist Party cared about the workers.” (Hat tip: Ed Driscoll at Instapundit.)
  • Obama’s unconstitutional illegal alien amnesty remains blocked on a 4-4 Supreme Court vote.
  • Ted Cruz endorsed candidate Darryl Glenn wins the Colorado Republican Senate primary and will face incumbent Democrat Michael Bennet in November.
  • 154 million voter records exposed, revealing gun ownership, Facebook profiles, and more. Caveat: A “MacKeeper” research discovered this and MacKeeper is foul malware
  • This lengthy article in the New York Times talks about how a new Panama Canal expansion designed to handle bigger ships (and which is on the edge of opening) has numerous possible debacles due to radical underbidding by the primary contractor. (Hat tip: Ace of Spades HQ.)
  • Bill de Blasio cronies are being arrested right and left. Or, keeping in mind this is de Blasio we’re talking about, left and left…
  • An Arizona Democratic lawmaker was indicted on felony charges for allegedly falsifying her application when applying for food stamps.”
  • Results of Austrian Presidential election overturned due to voting irregularities. (Hat tip: Stephen Green at Instapundit.)
  • Brexit is just what the doctor ordered.
  • ASK KUNTZMAN!
  • Drunken wife-beater Neil Steinberg not allowed to buy a gun. (Hat tip: Ace of Spades HQ.)
  • “Al-Jazeera: A willful decision to support an insurgency that had Salafists, Al Qaeda and the Muslim Brotherhood? Flynn: It was a willful decision to do what they’re doing.” On the flip side, if Obama’s secret Middle East goal is to halt Iranian expansion, why the nuke deal?
  • Lessons from Orlando.
  • “The MSM eagerly chomps down on its ball-gag.” (Hat tip Instapundit.)
  • Cuba’s hospitals are filthy, undersupplied hellholes.
  • Behold the nightmarish portal to hell that is Arlesford! (Hat tip: Ace of Spades HQ.)
  • Texas closes in on adding 250 DPS border control troopers.
  • Ft. Worth’s superintendent’s tranny bathroom law is in violation of both Chapter 11 and 26 of the Texas Education Code.
  • Still More Brexit Aftershocks

    Thursday, June 30th, 2016

    It’s a big story, and the reverberations continue to sound around the world:

  • Boris Johnson withdraws from Tory PM race in favor of fellow Leave campaigner Michael Gove, who is expected to face-off against Remain backer Theresa May, “the no-nonsense domestic security chief.” Evidently the Washington Post doesn’t trust their readers to know what the Home Secretary (her actual title) does in the UK…
  • It sounds like the UK got out of the EU just in time: “Germany’s foreign minister Frank-Walter Steinmeier and his French counterpart Jean-Marc Ayrault today presented a proposal for closer EU integration based on three key areas – internal and external security, the migrant crisis, and economic cooperation. But the plans have been described as an ‘ultimatum’ in Poland, with claims it would mean countries transfer their armies, economic systems and border controls to the EU.”
  • Brexit has caused such panic among our political elites that they’ve openly opposing democracy since it continues to thwart their will to power.
  • Marine Le Pen: “Do we want an undemocratic authority ruling our lives, or would we rather regain control over our destiny?” The usual Le Pen caveats apply, but she’s not wrong here. (Hat tip: Zero hedge.)
  • Brexit has UK journalists in a snit:

    The utter incomprehension of some colleagues at the result would be comical were it not so injurious to the sub-constitutional role played by the Fourth Estate.

    There is a sense of indignation that a majority of voters did not cleave to the group-think. The whiff of class-hatred hangs heavy in the air. This morning I risked pariah-status in the canteen queue by suggesting it was patronising to ascribe the working class with prejudices we could neither test nor vouch for. Dismissing their opinions as motivated by xenophobia precludes any notion that those uneducated poor folk might actually have a coherent view on sovereignty or national self-determination.

    This democratic deficit has been well ventilated over the weekend. Janice Turner, in particular, wrote beautifully and wisely in Saturday’s Times about the folly of denigrating “retired miners who now drive taxi cabs”. It is no surprise that contrarians like the brilliant Julie Birchill, who has written at length about the demonisation of white-working class ‘chavs’, came out for Brexit.

    Part of the seething fury felt by some of my co-workers lies in that feeling of being hoodwinked, of not being as smart, as omniscient as they, hitherto, imagined. Their self-esteem is bruised. Nobody likes to find out that the world they thought existed turns out to have been built on miopia and wishful thinking.

  • These opinions are not confined to the UK:

    There’s a growing sense, not only in Great Britain, but in the US as well, that the elites, or the political class, or whatever you’d like to call them, are incompetent and have been leading us astray. And the response from elites is to call those criticisms illegitimate. Those doing the carping are assumed to be racists or nationalists, both of which, of course, are unpleasant, dirty types of people. Both the UK’s Leavers and the US’s Trumpers share some commonalities. Among them are skepticism over free trade and free immigration; concerns that elites dismiss as foolish and uneducated. And, of course racist.

    Snip.

    I think we’re about to watch the elites start paying a price for their incompetence, inattention and contempt. Euroskepticism is on the rise elsewhere in Europe. If EU membership were put to a popular vote in the Netherlands, Spain, or Sweden, there is a good chance that Leave would win there, too. Indeed, it’s possible that a vote to leave the EU might even win in France, the nation for whom creating and strengthening the EU has been the primary policy goal for 60 years.

    Perhaps the “Vote Remain, you virulent racist!” PR campaign for staying in the EU needs a bit more thought.

    (Hat tip: Instapundit.)

  • Eleven countries looking to strike trade deals with the UK. Including Germany. (Hat tip: Ace of Spades HQ.)
  • “The idea of pitting Brexit against ‘globalization’ is historically ridiculous. A proudly independent Britain pretty much invented the global economy, centuries before the European Union. There is no reason Britain should suddenly have to choose between trade and independence, when it has so long benefited from both.”
  • Brexit will be good for growth and freedom.
  • France 2016 looks a whole lot like Britain circa 1978, though probably with better food.