By Craig Wilson
This post Jim Rickards: Get Ready For the Scottish Exit appeared first on Daily Reckoning.
Jim Rickards joined the London based, Tip TV Finance show to discuss what to expect from Brexit, a Scottish Exit and what’s ahead in the global economy. The discussion covered the economist and bestselling author’s analysis while also digging into history as an indicator for the future.
The interviewer started the conversation by highlighting the United Kingdom’s triggering of Article 50 to leave the European Union. He asked Rickards whether he believed the U.K was on The Road to Ruin which prompted, “No. I think this is a very positive development. The U.K never should’ve been in the EU to begin with. It is not really part of Europe. It is culturally, legally, politically different. It was always a marriage of convenience at best.”
“The U.K has a very powerful common law tradition. Europe has a civil law tradition. This goes back to the late Roman Empire and updated through the Napoleonic Code. The basic European approach was “if you have a question, write a rule and if you have another question, write another rule.” Common law, which was really invented in the U.K, carried over to the U.S and other countries. This allows for what judges call equity. It is the ability to consider things that are not specifically written down in an effort to achieve fairness. These are two very different ways to approach law and regulation. They are not compatible in combination though.”
“The U.K never joined the euro currency, so this is much less of a traumatic separation than if France was to leave the EU. This should go smoothly… This makes a lot of sense.”
Jim Rickards is the bestselling author of “The Road to Ruin” and has just released the paperback version of his book “The Death of Money.” Rickards is a lawyer and economist who has worked on Wall Street and also advised the U.S intelligence community on currency war activity. Rickards was one of the few economic analysts in London prompting audiences on how to react to Brexit.
When asked about whether the U.K had a timely entrance and exit of the EU Rickards noted, “It probably should’ve never gone in but it was certainly the right time to get out. Europe is getting more integrated and has to. When critics note that Europe has a monetary union but not a fiscal union and that it is a fatal flaw they don’t realize that it was a flaw by design. They decided to do half of it at first in order to gradually move toward a fiscal unification. That’s what is happening now. They are moving toward a unified system of bank regulation with unified insurers. The U.K was never on board with any of that… This is a good separation where both will be considerable trading partners.”
When prompted on his read for a possible Scottish exit from the U.K and what …read more
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