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Beyond belief November 10, 2016

Posted by WorldbyStorm in Uncategorized.
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A fascinating insight into the psychology of some in financial services in this IT piece on comments made by the head of the Irish Stock Exchange about the City of London.

Britain is streets ahead of other EU countries when it comes to financial services and Ireland will be left “exposed” by not having them at the European negotiating table, the head of the Irish Stock Exchange Deirdre Somers has warned.
Ms Somers said she is involved in a lot of negotiations at European level and “with great deference to my European colleagues, when Britain leaves the room, from a negotiation perspective, the only adult has left the room”.
“They are the most charismatic, the most capable, they have a machine…and they are utterly consistent and ruthless in the execution of that,”

And:

Ms Somers said anybody who thinks the City of London is going to disappear as a result of Brexit is “delusional”.
“It is probably the cleverist, the most adaptable, the most professional, the most capable city with huge integration,” she said.

And yet…

she acknowledged that if the British capital loses its passporting rights to operate freely across Europe’s financial markets, it has a problem.
In this scenario, she said London was likely to set itself up as a gateway between the US and Asia.

The big problem with her line is that it really doesn’t matter how ‘adult’ or ‘clever’ those she describes are. If the structural constraints are such that the UK is outside the EU to all intents and purposes then outside it will be and all the adaptation isn’t going to alter that. Of course the City of London will survive – I’m not sure who argues otherwise. Though potentially much diminished across time.

Though, again, we see an example of how the sheer scale of Brexit overwhelms all else. She cannot quite conceive of a world where London might be outside the EU or the implications of same. I can’t quite blame her either. Not entirely.

Interesting too to contemplate just what the effects of the ‘adult’ in the room across the decades has been in relation to a range of issues, isn’t it? Without having any credulity whatsoever about the EU as is and was one can see how the particular political direction of the UK across forty odd years or so might have tilted the balance in a certain direction.

Comments»

1. Gewerkschaftler - November 10, 2016

La Somers – brim-full of City of London Kool-Aid and imprinted with the shadow of colonialism.

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2. Gewerkschaftler - November 10, 2016

A similar inbred cringe with perhaps more substance to it is occurring within the German security state wrt to their dependence on GCHQ for comprehensive surveillance of every bit that passes through the UK – including this comment, very probably, given the way the fibre is geographically.

They are reportedly worried about it becoming a bargaining chip in the Brexit negotiations. Or that could be the usual bid for yet more funding and capabilities.

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3. Ed - November 10, 2016

https://en.wikipedia.org/wiki/Enron:_The_Smartest_Guys_in_the_Room

Anyone who thinks of themselves or their pals as ‘[INSERT POSITIVE NOUN] in the room’ might as well be calling their company ‘Icarus’.

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