And over in Britain, the quality of governance is even worse than here in America: Martin Wolf: Why I Want Another Hung Parliament https://www.ft.com/content/863c9b96-fca0-11e9-a354-36acbbb0d9b6: 'Victory by fanatics on a modest share of votes is all too likely under the UK’s first-past-the-post system, with several parties in competition. Since the two biggest parties are likely to be an English nationalist party and a hard-left socialist party, the outcome of the December 12 election might harm Britain irreparably.... One explanation for the weakness of investment is uncertainty over when, how, or even whether the UK is going to leave the EU. Some will argue that it is essential, for just this reason, to get it done. That is not so: first, the deal reached by Mr Johnson is a really bad one; second, it will not end uncertainty, precisely because it is a bad one.... The notion that a new trade deal would be finished by the end of 2020 is also a fantasy. It is likely to take many years, with more cliff edges threatening a “no-trade deal” option along the way.... Since “getting it done” quickly is a fantasy, I am delighted Mr Johnson has put his bad deal on ice to pursue the alternative of a general election, even though it is likely to be dreadful.... Electoral Calculus currently predicts... a 52 per cent chance of a Conservative majority, an 11 per cent chance of a Labour majority and a 37 per cent chance of a hung parliament. This last possibility is enticing.... Under the Tories, the UK would get a hard Brexit, prolonged uncertainty and a regulatory race to the bottom... under Labour, it would get a softer Brexit, but a government that wants to take the UK out of the west politically (Mr Corbyn’s goal) and economically (that of John McDonnell, shadow chancellor). How can a country dependent on the confidence of global investors survive a government committed to expropriation? Policy Exchange is persuasive on these risks. Yet, under a hung parliament, the UK could negotiate a new deal and then put it to the people for confirmation. The sillier ideas of the two main parties would also have to be abandoned. After such a sobering failure, both the Tories and Labour might even consider moving away from some of their more extremist posturing...


#noted #2019-11-22

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