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Why the attack on Sterling is a public assassination not a secret conspiracy
Some of the lurid descriptions available on business sites and biznews television about Sterling at the moment are quite something – ‘unprecedented’, ‘catastrophic’, ‘unique’ and so forth.
But my main observation is that it’s unwarranted. Some circumstantial evidence first:
It is this last circumstance that provides the foundation for a more serious allegation: that the actions involved suggest directed and planned propaganda with a clearly geopolitical rather than speculative profiteering/economic analysis motive.
Let’s take a closer look at how many of the ‘client notes’ and PR releases coming from the Forex space are valid, and how many propaganda. And what better place to start than with HSBC, whose dodgey relationship with David Cameron – alongside Cameron’s habit of parachuting HSBC big cheeses into the BBC and other institutions – continues to disturb genuine lovers of a level playing field. Today they piled on the agony with this client note:
‘If Brexit is the winner on June 23rd, it will be a momentous decision….A vote for Brexit would have potentially huge consequences for all asset classes…Uncertainty could grip the UK economy, triggering a potential slowdown in growth and a collapse in sterling… if voters opted to leave, the move could trigger a further 15 to 20 percent drop against the U.S. dollar…inflation could damage household budgets and shave 1.5% off the UK economy…’
CNBC described the note as ‘a doom-laden report’. More accurately, it is unsupported tosh masquerading as serious advice to investors.
Joshua Mahony, market analyst at IG, is a prominent motormouth on the sterling decline: this is what he told the pro-EU Guardian two days ago:
“There is no doubt that the Brexit referendum is rapidly becoming one of the biggest risk events of 2016 for financial markets. Boris Johnson’s decision to bolster the ‘out’ campaign with his support not only serves to undermine the fruits of David Cameron’s labour in Brussels, but clearly damages UK economic confidence”.
I doubt if more than 10% of objective Brits see the PM’s Brussels humiliation as ‘fruits’ – with the possible exception of a lemon. But I could go on all night: Goldman Sachs, JP Morgan and all the other pro-TTIP/EU/Bourse amalgamation nutters are at it. Not one of them has issued a pro-Brexit client note. Not one.
I posted yesterday as follows to the Leavers: ‘We would all to well to expect dirty tricks rather than be appalled by them’.
As I so frequently conclude, this is not a conspiracy: a conspiracy is by definition covert. This is a concerted, public defence being mounted by the 3% to ensure than nothing gets in the way of their competition-flattening steamroller. It is flagrant fear-mongering to scare those still unclear about the real danger here: marching happily into a corporacratic nightmare.
Earlier at The Slog: Murdoch’s rapprochement with Clinton explains his Brexit silence
and see also Why This is So Much More than Brexit
Filed under: Attack on Sterling a public assassination not a secret conspiracy, Uncategorized Tagged: Anti-Sterling propaganda, Blatant fear-mongering, EU Stayers dirty tricks