Duncan’s Economic Blog

Markets backing Brown?

Posted in Uncategorized by duncanseconomicblog on June 4, 2009

So…

At about 8.04 EST today a rumour spread across dealing floors that Gordon Brown had resigned.

The reaction was instant.

Sterling fell. Heavily. Losing 3 cents against the dollar.

Now to me this just shows how fickle markets are and why they often gets things wrong – reacting to untrue news in this case.

But – I would enjoy it if some of my Tory, free market trusting, commentators could enlighten me as to why Gordon Brown leaving was seen as negative by ‘the international markets’?

In other news – there’s an election on. Get out and vote Labour.

6 Responses

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  1. newmania said, on June 4, 2009 at 5:53 pm

    Instability ?

    What do you think would be the reacion to a Conservative victory ?

  2. Mr. Mxyzptlk said, on June 4, 2009 at 8:04 pm

    Duncan i already did

  3. newmania said, on June 4, 2009 at 9:25 pm

    So Duncan are you suopporting Purnell Brown or just slinking around like a cowardly hyena ?

  4. charliemarks said, on June 5, 2009 at 2:33 am

    I’m neither Tory nor free-marketeer, but I know why the markets fell – democracy is bad for business. The rich have always feared elections.

    A Labour leadership contest would throw up the many issues which have seen Labour fall to their lowest levels of support in the post-war period – significantly, the lack of support for workers’ rights and the domination of the economy by transnational corporations.

    A Tory victory at this point would be pretty weak – Cameron as PM could be in a position more akin to Ted Heath than Margaret Thatcher.

  5. newmania said, on June 5, 2009 at 8:27 am

    A Tory victory at this point would be pretty weak – Cameron as PM could be in a position more akin to Ted Heath than Margaret Thatcher

    Ridiculous

    • charliemarks said, on June 7, 2009 at 1:18 am

      Uh, Tory share of the vote was down in the local elections. Go figure.


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