UK position impossible to fathom
It is like giving Linda McCartney the job of slaughtering the herd! Asking a largely remain group of politicians of whatever political persuasion to deliver a reasonable departure from the EU was a forlorn hope. With the government unable to agree a position over the two most basic parts of Brexit; the treatment of EU citizens remaining after Brexit and the final “bill” any hope of a deal to remain in the single market (in whatever form) is forlorn, at best. The opposition have held their conference this week and a uniquely divided group seem to think they can deliver a “Brexit to be proud of”
Michel Barnier’s comment yesterday that he didn’t know if talks would resume in a matter of weeks or months was telling in both his content and timing. The negotiations are now sliding inexorably towards a Hard Brexit and Barnier seems to have given up reminding anyone who will listen that the “clock is ticking”. Theresa Mays speech a week ago in Florence seems to have erroneously given David Davis the view that he has longer to negotiate when in fact here has been no agreement over a transition period.
Yellen building towards her departure?
It comes as a bit of a let-down when the reason your boss feels he wants to keep you on is because he has been let down by the person he most wants to replace you. Gary Cohn an ex-Wall Street banker was Trump’s pick to replace Yellen until he spoke up critically of the President’s handling of the Charlottesville riot.
Quite how Cohn’s opinion on racist violence affects his ability to run the Fed is tough to say but it more clearly demonstrates a President who is unable to see any viewpoint other than his own. His supporters will call it being tough; his detractors will point to a further display of bullying.
Janet Yellen the Fed Chair has seemingly decided to “plough her own farrow”. Speaking the other day, she seemed to abandon Central Banking 101 in that she doesn’t see the need for rate hikes to remain data dependent. It is fair to say that given the schemes that Central Bankers globally have had to come up with to avoid financial meltdown this change of direction may not seem such a departure. However, it remains to be seen just how many of her colleagues support her.