Podcast 520-Bob Davis Podcasts Radio Show-33. Heading into the the US Independence Day Holiday. The British Exit Vote Fallout and the potential for a Black Swan event are covered extensively in Podcast 520-Bob Davis Podcasts Radio Show-33 with new original content and excerpts from this week’s podcasts. Oddly enough the ‘mother country’, Great Britain, declared her own independence with the vote to exit the Euro Zone just over a week ago. In an echo of British reaction to the colonies’ declaration of independence in 1776, the unelected suzerains of the European Union were first shocked, then angry. Media reaction to the British vote shifted from hysterical to hostile. Let’s not forget that coverage of the vote did not detail the contours of the issue. There was very little reporting, before the vote, on which trade agreements the UK has with the EU might be effected, the fact that the vote is not binding, or how the UK might invoke the Lisbon Treaty in preparation for an exit. On the business side of the equation, all Americans heard was that the markets were crashing and it would be the end of the world, financially speaking. Slightly more than a week later, markets are recovering as buying opportunities abound. Here’s another example of a situation where the media fails to cover an event, other than to ‘predict’ the outcome of a vote, and then loses its head once an outcome it did not predict, occurs. In this review of the week’s podcast and the week’s news, two segments are devoted to reaction to the British Vote and what it might mean. Some Americans might be surprised to learn that the implications of the British vote aren’t limited just to the UK, but also include countries and people everywhere that feel the heavy weight of government on their backs. A ‘government’ always there to cure all that ails us, never has to explain its incompetence. Maybe this is what voters in Britain might be saying. With all the shouting and screaming and pounding, the telling you want to think, how to act and what you ‘should’ and ‘should not’ do, it might be a good time to take stock and spend some time with your family. How many people have this feeling that another shoe is about to drop. What is the possibility of a Black Swan Event? An historic event with the power to influence politics and society far into the future? Despite all the conspiracy theories about the people in charge maybe the truth is, they really don’t have a clue what they’re doing which is actually pretty frightening? So enjoy your burgers and beer, pretzels and family. If we are on the verge of a major event, we’ll look back on the summer of 2016 as that moment in time before everything changed.
Skyfall. Last week’s vote by Britain to exit the European Zone provoked some of the most hysterical media coverage of an international news story I’ve seen in a long time. To begin with, there was little detailed coverage before the vote. Things we would need to know after the vote, like whether it was binding, how long it would take to negotiate an exit, what trade agreements might be effected, the defense agreements Britain has with other nations, the economic condition of the EU, Britain’s economic contribution to the EU in general, the percentage of the UK’s GDP accounted for in European Trade and so on. Then there is the issue of the world media being ‘on board’ with the remain vote, or at the very least reporting the story line that ‘leave’ would not pass. Consequently, no one was more surprised by a leave vote victory than the perfumed princes sitting in their air conditioned studios. If Skyfall was the fictional last resort of the embattled James Bond in the movie of the same name, watching anchors and pundits tear their hair out, one would think England is heading to Skyfall as we speak! Perhaps the EU’s unelected ‘leaders’ should be the ones heading to Skyfall. ‘Markets Crash’, the media moaned. From a distance, one might be forgiven for believing ‘The End Of The World’ is indeed near. Better head to Skyfall as a last resort! All is lost. The Leave Victory has jostled the carefully constructed ‘citizen of the world’ senses of a younger generation that apparently does not know the world existed before the EU. Well, the truth is the markets will regain their composure. In fact the British Pound recovered to pre-vote levels the Friday after the vote. It’s a tough thing to hear, but the EU has had problems for some time now, specifically the EURO, as southern Europe’s spendthrift policies have led them to demand relief from Northern Europe. Add to that trouble with the ECB, unpopular regulation and a failure to do anything about the Syrian refugee problem, and one wonders whether the EU hadn’t better clean up its act. Maybe Merry Old England delivered a slap in the face to the velvet suited technocrats, so they would go about getting their proverbial act together. Yes, there are real concerns going forward; What trade deals have to be renegotiated? While defense pacts like NATO really aren’t subject to EU control, there are concerns about defense issues and what about the idea of a strong European Community to foster cooperation and peace, to serve as a counterweight to an expansionist Russia, as well as China. There’s a lot to be worked out, but it isn’t the end of the world. The fact is, we are entering a new time, a new day, with new ideas and concerns. People may not have the language to describe their discontent and even disgust with over controlling governments, the edicts of unelected technocrats who spite ‘the great unwashed’, at their peril. When the winds of change blow, electorates have a funny habit of unpredictably lowering the boom on the haughty and confident. A new day indeed. Sponsored by Karow Contracting and Ryan Plumbing and Heating of Saint Paul.