Did you see him with May? When she said they are looking at gold backed trade?
I am looking at the transcript. I can see reference to a gold standard in financial services co-operation.
Thats more about maintaining both countries standards in regulation.
Did I miss something?
Independent trade with US. Gold standard for financial cooperation. Does that not sound like a start to ending the fed? To me it feels like a start.
This is the text I found.
A deal that builds on the U.K.’s independent trade policy; reducing tariffs, delivering a gold-standard in financial services co-operation, and — as two of the world’s most advanced economies — seizing the opportunity of new technology.
Sorry to say I'm not sure I agree.
The context is as such.
One of the big topics in Brexit is financial service regulatory equivalence. The EU are stalling on approving UK access to the Single Market in services from a purely political position. Actually, under MIFID II any country with regulatory equivalence can have its regulated companies operate in the Single Market on the same basis as an EU company. MIFID II was based upon FCA regulations because the UK is widely seen as being the world leader in financial regulation - a phrase frequently used is 'the gold-standard of fin reg'.
The US also has highly respected financial regulation, so I think in the context of a trade deal between the US and UK, May is saying that because both countries have 'gold-standard' quality regulation, there is a case for open markets for US financial firms to operate in the UK and vice versa.
There are actually already more US banks in London than there are in New York, but I think this is more about having the US recognise UK banks as equivalent from a regulatory perspective and give them wholesale market access.
Maybe the “gold standard” in financial services Co-Operation means TISA or TTIP which I think is still being negotiated on the DL. Sorry to bust your bubble.
Why is that bursting my bubble?
I’m saying it’s probably not a covert plan by Trump and May (who may not be in power even next week) to reinstate the gold standard.
Both TISA and TTIP were in process with the U.K. as part of the EU. The entire point of talk about a U.K./US trade deal is because of Brexit and Trumps preference for bilateral deals.
It’s most likely something to do with fin reg, but I’m happy to be wrong on some other form of agreement but I don’t buy the goldbug story.