Will players in the global casino make rich pickings from Brexit?

paul marshallWorthy souls produce food, some produce goods, some help to build or repair, some produce energy and some speculate on commodities. Others gamble on the markets, taking a loan to borrow shares and selling them in the hope that the price will fall, then buying the shares at a lower price, repaying the loan and pocketing the difference.

Paul Marshall is chairman and chief investment officer of Marshall Wace, a London hedge fund which is said to have made an immense profit in this way.

He rejoiced in the outcome of the referendum: “British business has broken free from Little Europe” seeing a future “punctuated by the exciting agreements that Britain forges as it becomes a beacon of free trade” and recreates a Commonwealth “Anglosphere”.

dr falknerDr Robert Falkner (LSE), whose research focuses on global political economy, global environmental politics, and the role of business in international relations, points out that these hedge funds have no room for such constructive sentiments when profit-making is possible, however, as this sector has already “moved aggressively to bet against the pound and British stocks”, expecting “a sharp deterioration in the UK economy” (“World’s biggest hedge funds pounce on pound after lying in wait for days”).

Andrew Mitchell, a Newcastle commentator, does not agree with Marshall’s contention that the Brexit vote was due to ”a commitment to freedom, democracy, open markets and an enterprise economy”. He points out that the evidence is that the Leave campaign triumphed only through enlisting millions with very different ambitions:

“(O)pen markets and an enterprise economy represent the very opposite of what they voted for. They wish to see protected markets and jobs, aggressive restrictions on immigration and an end to bankers and hedge fund millionaires living high on the hog”. 


On that subject, see the forthcoming book ‘Progressive Protectionism’ by Colin Hines, which details why and how groups of regional nation states and their communities could and should join together to reintroduce border controls to protect and diversify their economies, providing a sense of security for their people and preventing further deterioration of the environment





Posted on July 19, 2016, in Agriculture, Conflict of interest, Corporate political nexus, Economy, Energy, Environment, Finance, Government, Vested interests and tagged , , , , , . Bookmark the permalink. Leave a comment.

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