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As the United Kingdom and its prancing shit of a prime minister blithely coast towards a no-deal Brexit and constitutional coup d’etat (although not the ones Jacob Rees-Mogg was whining about), not necessarily in that order, much has been made of those bankrolling the hardline Brexit push and what’s in it for them. Journalists, commentators, former Chancellors of the Exchequer and senior civil servants all think it’s quite curious that the very same people are putting money down both on achieving a crash-out Boris Johnson & co. promise will lead to a land of milk and honey, and also on things like a crash in the pound. Certainly, hedge funds and other prominent finance capitalists haven’t done much to dispute the notion. Take, for instance, Rees-Mogg’s buddy Crispin Odey, who lavishly backed the Leave campaign and declared himself the “winner” of Brexit, and who has also been fairly open about his giddy pessimism about the pound in the event of a no-deal Brexit.

Well, allow Crispin Odey to clear things up. Sure, he’d love to see a no-deal Brexit. And sure, he’s down on Sterling, in part because of all of the “noise” about Brexit. But the connection between the two never occurred to him until people started banging on about it.

“It’s absolute rubbish. It really is. Politics doesn’t drive markets. Markets are very bad at observing political events because they are not monetary…..

Asked why Hammond and Macpherson might question his motives, Odey responded: “It’s the deep state. They are feeling, for the first time, a little bit frustrated.”

He backed a no-deal Brexit, he said, because alternative methods of leaving the EU would lumber the UK with the equivalent of unattractive “non-voting shares”.

Ah, yes, when in doubt, quote Steve Bannon. No better barometer of credibility. After all, when has Crispin Odey ever spoken out of both sides of his mouth?

Crispin Odey: I am not backing no-deal Brexit as shorting opportunity [Guardian]


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