David Cameron, Boris Johnson and Nigel Farage described as ‘rats fleeing a sinking ship’ after Brexit vote | UK Politics | News | The Independent

The Independent reports that David Cameron, Boris Johnson and Nigel Farage have been described as “rats fleeing a sinking ship” following their resignations in the immediate aftermath of Britain’s historic European Union referendum.

Source: David Cameron, Boris Johnson and Nigel Farage described as ‘rats fleeing a sinking ship’ after Brexit vote | UK Politics | News | The Independent

Personally, I think this is a very appropriate description.

With the country in economic turmoil, I think the Summer recess in parliament should be scrapped and the Conservative Party selection of a new leader accelerated. It would be crazy for MPs to go on holiday as if everything is normal.

Thoughts?

Opinion – Brexit Hijacks Draghi Retreat as ECB Faces Crisis Yet Again – Bloomberg

This is deeply worrying report from Bloomberg.

Source: Brexit Hijacks Draghi Retreat as ECB Faces Crisis Yet Again – Bloomberg

Whilst the world’s leading central banks issued a joint statement on Friday stating that they were ready to intervene in the Brexit fallout, limitations as to fire-power are becoming apparent, especially with the ECB.

In the past, the ECB has famously said, ‘that it will do whatever it takes…’. Now it looks like some of the stimulus must revert to fiscal expansion. In recent years, Germany has consistently blocked fiscal expansion to enforce the ‘fiscal compact’ which underpins the Euro.

With elections looming in the US, France and Germany, there will be little appetite for fiscal stimulation to head off deflationary pressures. Also in the UK, Chancellor, George Osborne, has this morning said that there will be no emergency budget until a new prime minister takes office, expected to be in October.

Speculators will progressively increase their risk and invite central banks to ‘play chicken’.

Most leading experts predicted the current melt-down but Farage and Johnson just played populist tunes telling bigger and bigger porkies. Big investors, institutions, savers and ordinary people will all likely suffer economic damage.

Surely, it’s time to start pointing finger at those responsible? This includes the pro-Brexit newspapers like the Telegraph etc. Last week, the Economist talked of post-truth politics – well reality has returned with vengeance. The truth is back and financial markets are hemorrhaging.

Thoughts?