by Tyler Durden
In his latest note published last week, SocGen’s Albert Edwards – never at a loss subjects that inspire his outrage – rages on the topic of Brexit, and specifically the often repeated assertion (as discussed here as well), that post-Brexit referendum UK has lost 2% of its GDP output, or about £800m a week.
We won’t dwell on that for a simple reason: as UBS’ chief economist Paul Donovan put is best last week, “A few things have happened in the EU-UK divorce. Does anyone care? No, they do not.” Another reason why Brexit is largely meaningless despite resulting in countless newswire headlines each and every day: the final outcome is clear – with Theresa May a remainer, and with both sides seeking to perpetuate the status quo by delaying and delaying and delaying some more until it appears that it’s the public’s desire to reverse the outcome of the 2016 referendum, it is just a matter of time before the entire idea of Brexit is scuttled.
Instead we will focus on an anecdote that Edwards brings up in relation to his now 30-year-old son, Newcome, who was 10 back in 1999, and was reportedly stealing Albert’s Financial Times “to look at Nasdaq share prices:”