SLL will be on vacation 5/17-5/21 and will resume posting on 5/22.
Don’t let the words in quotes in the title get out. If “business, not government, creates wealth,” somebody might suggest we get rid of the whole Rube Goldberg government-central bank apparatus we have that is trying to create wealth (but would settle for a smidgen of economic growth and inflation and a stock market that never goes down). From Tyler Durden at zerohedge.com:
In a shocking slap in the face for UK PM Cameron, more than 300 business leaders are calling on Britain to vote to leave the European Union, saying that the country’s “competitiveness is being undermined by our membership.” As The Telegraph reports, the letter, signed by some of Europe’s most senior business executives, claims Brussels “red tape stifles growth” and a Brexit would “create more jobs” exclaiming that “it is business – not government – which generates wealth.”
Perhaps this explains why Cameron, Osborne, Obama, and almost every other establishment politician and lackey has embraced ‘Project Fear’ when it comes to Brexit, proclaiming World War 3’s imminence and all the worst parts of the bible will occur should the great unwashed masses exercise their right to vote for democracy (as opposed to a tyrannical superstate).
In an attempt to redress the balance after the Bank of England and the International Monetary Fund last week warned that a Brexit would damage Britain’s economy, the letter in the Telegraph is signed by 306 business leaders in a personal capacity (and also signed by hundreds of people linked to small and medium-sized businesses). In total the backers of the letter are from businesses employing hundreds of thousands of members of staff.
SIR – Britain is the fifth biggest economy in the world and, on current projections, will overtake Germany to become Europe’s powerhouse. Britain is America’s largest inward investor, and our openness and dynamism mean we attract more inward investment than any other European country.
Three of the world’s top 10 universities are British, we speak the international language of business, our legal system is trusted round the world and we have an unrivalled reputation for innovation and creativity.
These are just some of the reasons we believe that Britain is world-class. However, we also believe that Britain’s competitiveness is being undermined by our membership of a failing EU.
Year-on-year the EU buys less from Britain because its economies are stagnant and millions of people are unemployed. According to Mervyn King, the former governor of the Bank of England, the euro “might explode”. Brussels’ red tape stifles every one of Britain’s 5.4 million businesses, even though only a small minority actually trade with the EU.
It is business – not government – which generates wealth for the Treasury and jobs for our communities. Outside the EU, British business will be free to grow faster, expand into new markets and create more jobs. It’s time to vote leave and take back control.
Signatories of the letter include Peter Goldstein, a founder of Superdrug, Steve Dowdle, the former vice president Europe of technology firm Sony, David Sismey, a MD of Goldman Sachs and Sir Patrick Sheehy, the former chairman of British American Tobacco.
To continue reading: UK Establishment Stunned As Over 300 CEOs Back Brexit: “Business, Not Government, Creates Wealth”
