The best argument for Brexit so far

The plummeting pound is threatening UK households’ supplies of Ben & Jerry’s ice cream and Marmite spread, as Tesco, the country’s biggest supermarket, pulled dozens of products from sale online in a row over who should bear the cost of the weakening currency.

Unilever has demanded steep price increases to offset the higher cost of imported commodities, which are priced in euros and dollars, according to executives at multiple supermarket groups.

But Tesco signalled it would fight the rises, removing Unilever products from its website and warning that some of the items could disappear from shelves if the dispute dragged on. Other supermarkets have warned that they could follow suit.

Here is the full FT story.

Comments

Silly ice cream doesn't matter, but a marmite shortage would strike at the roots of .... blah, blah, blah.
Can't bear the small of it, m'self.

You would think that a country that produces as much beer as the UK would have all the inputs for marmite available domestically.

Anyway thanks to a visit from my oversees girlfriend, I now have enough vegimite to last me till I get back to Oz. So I don't really care about marmite shortages.

It does. All Marmite is made in the UK. This particular price rise is just opportunistic

Certainly we've never heard of a case in which a devalued currency gives a nation an economic advantage. No economist has ever made that argument!

No, there won't be a Marmite shortage in Britain. You cannot sell the gunk anywhere else in the world.

My father grew up on the stuff, in Sri Lanka.

That makes me suspect there are tens of millions of Indians putting it in their curries, making soup from it and using it as an extra chutney.

You might call this sort of thing "British Imperial Culturalism".

Except Sunnyvale, CA.

Yep, Brexit is driven by outrage over all the job killing imports.

What I can't figure out is what the Trump and Bernie supporters depend on to organize because it would be totally hypocritical to use imported smart phones and computers to organize, watch debates on imported flat panel TVs, and most important, drive to rallies on imported (and fracked) oil.

Trump supporters might be the home body folk who never leave the State they were born in, but the Bernie supporters I would have thought were like me and my hippie peers who drove to Canada on a lark, backpacker across Europe, took trips to South America to see Incan cities.

Of course, what's implicit in politics more than ever is "one rule for me, another rule for thee", and Trump is just more blatant in that he actually explicitly lists the different rules for different people.

Personally, I'd support Trump is he came out and stated "on day one, I will stop all oil imports". That would be great for the US economy, creating five million jobs as gasoline and heating oil soar to $10 a gallon, both in fracking, but also conversion of trucks to natural gas, frantic pipeline building, rapid expansion of electric car production, conversion to ground source heat pumps in heating oil country.

Of course, the global oil industry would throw their support to Clinton if Trump were to ban US oil imports - a six million barrel daily global oil glut would bankrupt nations.

"Personally, I’d support Trump is he came out and stated “on day one, I will stop all oil imports”. That would be great for the US economy, creating five million jobs as gasoline and heating oil soar to $10 a gallon, both in fracking, but also conversion of trucks to natural gas, frantic pipeline building, rapid expansion of electric car production, conversion to ground source heat pumps in heating oil country."

Great argument against democracy, mulp.

The House of Saud has already endorsed Hillary Clinton, and Saudi Arabia is a significant portion of the global oil industry.

http://saudigazette.com.sa/opinion/editorial/hillary-clinton-unmatched-tenacity/

Saudi Gazette is state-run. The official stance of SA is "We Want Clinton."

The official stance of anyone with half a brain is the same. Or rather, it's We Don't Want The Orange Guy.

Interesting. Gee, we rarely hear about Saudi Arabia and by extension Yemen. But a lot about Russia. Why is that? I'm told by fever swampers that it's all about oil. But those aren't serious people, are they?

Ben & Jerry's is sponsoring active Stasi agents. Anetta Kahane, an actual (former?) Stasi member working with the Antonio Foundation, which has authority from Facebook and the German government to monitor facebook posts, censor, and arrest if citizens commit wrongthink.

http://www.amadeu-antonio-stiftung.de/aktuelles/2016/roll-deine-aermel-hoch-fuer-one-sweet-world/ (B+Jerry's supporting Antonio)
http://info.kopp-verlag.de/hintergruende/enthuellungen/gerhard-wisnewski/anetta-kahane-wie-eine-ex-stasi-frau-die-oeffentlichkeit-und-das-internet-terrorisiert.html (Anetta Kahane is a Stasi, and has not stopped being one)

The British could only be so lucky as to never give Ben and Jerry's money ever again.

Wouldn't surprise me if all that were true. George McGovern is dead and Nat Hentoff is real old.

I leave sources for a reason. Google Translate is a bit of a mess, but you can see it's true. Ben and Jerry's on their German facebook page are completely aware they're helping out a modern Stasi that is headed by one of the old Stasis.

Of course, they say Hate Speech is not protected by free speech, which is convenient since they get to determine what is hate speech. http://www.breitbart.com/london/2016/07/13/police-raids-germany-net-posts/ (warning: link to brietbart)

The Stasi is reborn. Hail Hydra, I guess.

You know, if those stupid eurocrats and germans hadn't fucked up the southern european countries with a ridiculous vendor finance scheme, the idea of the Euro, a common currency where these dramatic shifts don't happen would be a good idea.

Nope nope nope

Stirling's fall is a vital adjustment mechanism

Well, the Marmite Hate Party did win the referendum. Nobody can say he wasn't warned.

https://www.youtube.com/watch?v=Ay8D39ojQsg

I've always liked the FT, but I can't read it on Brexit. They're too obviously invested in London and the financial markets there to be unbiased towards those who don't happen to live in London.

Indeed. It seems like they are taking it personally. I wish they were as passionate about other things that really matter, like say the gradual smothering of southern Europe economies. The Greek economy is 20% smaller than it was a few years ago, Italy has not grown for 20 years etc etc. Yet all they can do is hyperventilate about some potential shaving of maybe 0.5% of annual GDP for the UK at some point in the future. Let's have some perspective, the EU has been a disaster for a good half of it's population.

Consensus among Italian economists is that Italy has not grown in the last 20 years because governments have used the respite given by cheap credit financed in Euros to avoid structural reforms, and they are now paying the price.
But you can blame the EU, if it makes you feel better.

I hate morality tale economics with a passion. Think of it this way, if a CEO said that the reason his company that he has managed for more than 20 years was doing so badly was that it was badly organised and the people were not motivated, don't you think he should be gotten rid of? We know Italy can do well as an economy if they are given the chance, we saw this for many years before the EU/ECB got their claws into it.

As a Canadian, this sounds really dumb. Every few years there is some issue about prices not changing when currency does. Books are a big one, cars too, in response to exchange rate prices.

But no one (worth paying much attention to) expects a retailer to take a loss to give you old prices after the currency falls. What pisses people off is when collusion appears to be relevant in failing to compete away the superprofits when the currency gains.

There are issues relating to market size, but if you look into it, this is not at all a credible explanation in many relevant cases.

Not such a big deal now that you can just order online.

Waiting for a similar discussion on Tonic water.

Brexit is just going to last longer and we will regularly be talking about it, but we need not to do anything crazy or unnecessary in order to gain. I am very lucky to e working with OctaFX broker which makes all these things ever easy and simple for me, it’s really what helps me with working and is something that allows me to be successful as well and enables me to gain good profits regularly with rather ease and comfort.

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