Meanwhile In London, A Stunning Scene Emerges

Tyler Durden's picture

When one thinks of lines of people waiting patiently to obtain "hard currency", one may think Russia, as was the case in December 2014 when the currency was plunging...

 

... or Greece in the summer of 2015...

 

... or even Geneva in the aftermath of the shocking January 2015 Swiss revaluation:

 

... one would certainly not expect it in the city considered by many as the capital of capitalism: London.

And yet, as the FT shows in what may be the first of many such stunning images, "long queues stretched outside foreign exchange bureaux in the City of London on Thursday as people cashed in their pounds ahead of the EU referendum."

Behold: London, circa right now.

Line in front of a Longon foreign exchange bureau.

More from the FT:

In scenes reminiscent of the queues that formed outside branches of Northern Rock and led to its collapse in 2007, City workers queued impatiently around the block outside forex bureaux on Wednesday afternoon. Summaya, a 31-year-old employee of a retail bank who declined to give her surname, lined up outside the Foreign Exchange Services shop on Cannon Street. She said she was going to change “several thousand pounds” into US dollars and euros because she was convinced the public mood was shifting in favour of Brexit.

 

“I’m protecting my money. I will stick it under the mattress until Friday,” she said, adding that Tuesday night’s televised debate had swung opinion among her friends and colleagues in favour of Brexit. “People are changing their views.”

Odd: one would not get that impression based on the several moneyed bettors who were skewing the bookies lines. Luckily, sentiment on the ground is avaiable and much more actionable than manipulated indirect data. In any case, this is what is really taking place in the UK as of this moment:

The Post Office said Tuesday’s sales of foreign currency were nearly four times higher than the same date last year, while sales in branches were nearly 49 per cent higher. Currency sales on Tuesday were up 74 per cent year on year, said the Post Office.

 

Thomas Cook said: “There’s been a surge in customers buying euros in the last six weeks and euro sales have been consistently strong, building day by day.”

 

Several economists predict a Leave outcome would trigger a dramatic fall in the pound when markets open on Friday, while a vote to Remain should see the pound rally. But several analysts said this week’s sharp sterling recovery probably limited the scope of the currency’s rise.

 

Daniel Priori, an Italian who has been working as a cashier at the International Currency Exchange kiosk at Waterloo station for a year, said he and his two colleagues had dealt with many more customers than usual.

 

Asked why, he replied: “Because they are scared about tomorrow.” He said the majority of transactions were people changing sterling into euros.

To be sure, not everyone is terrified of the inevitable collapse in sterling in case of Brexit (which is what the Scaremongering campaign is all about). Some just want some vacation money...

[S]everal of those queueing were exchanging their holiday money. Standing in a queue outside Thomas Exchange on Cannon Street, 44-year-old Chris Nobbs, who works in insurance, said: “I go to Alicante in Spain in a couple of weeks, so I’m just taking my euros out today instead of next week. I do not take more than what I need on holiday, but who knows, maybe this will earn me some extra cups of coffee.”

 

In the queue outside City Forex, on Leadenhall Street, City worker Ed was planning to change “a few hundred quid” before travelling to Greece on holiday next week. “I don’t have a strong sense of the [referendum] result, but just want to hedge against the downside. I’ll change half now and half later,” he said.

... But it's safe to say that the vast majority of those lining up have far more existential concerns. Whether or not these are validated will be revealed as soon as the FX markets open for trading after the Brexit vote is released.

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Goldbugger's picture

That currency will be worth less by Friday. Hmm commodities will go up.

Croesus's picture

<--- Just waiting for the day when the general public realizes that ALL currencies are worthless...

Supernova Born's picture

A stunt courtesy of the Bremain "City of London" folks to scare the country folk.

Antifaschistische's picture

Up 49% or 79% compared to this day last year?   That's nothing...  If it were up 4000% or 40x normal that would be interesting....even though none of it's rational.

Out of curiosity....what are they buying with those scary Pounds?

Implied Violins's picture

Pounds, ounces, or pints, they all come out gold in the end.

Phineas J. Whoopie's picture

Who's Buying then Banging 7 gram rocks? Speaking of him I havent seen him around lately?

ZerOhead's picture

Not that the planet's inhabitants need any more bad news today.... but air travel over europe might soon be getting dicey again...

http://icelandmonitor.mbl.is/news/nature_and_travel/2016/06/20/iceland_s...

All Risk No Reward's picture

Stop publicly displaying your monetary illiteracy by claiming that money is worthless. Stop paying your mortgage or rent with that worthless money and see what happens.

DO IT!

Didn't **think** it through, did you.

Those debt receipt notes are required to pay down debts OR ELSE SOCIETY GETS STRIP MINED AND THEIR VERY REAL ASSETS GET LEGALLY TRANSFERRED TO THE DEBT-HOLDERS.

B*ES.

You can't possibly prevent the con game from continuing when you don't even know what the con game is... AND ARE PROUD OF YOUR IGNORANCE! Quit parroting the controlled opposition propaganda and start applying some mathematics...

--------------------
"If I loan you $20 @ 5% interest, in one year you will owe me $21 due to a double-entry bookkeeping adjustment that adds $1 interest liability to your balance sheet (the interest charge added to your statement) and a $1 interest asset to my balance sheet.

At the end of one year you will have $20, you will owe me $21, and I will control the $1 you need to pay me back.

Now, about that collateral for the loan you can't pay back because I duped you..."
----------------------
Creating the pretext to seize all your community's very real chit is not the definition of "worthless." It is the greatest power on planet Earth to control the masses.

Zero_Ledge's picture

"Asked why, he replied: “Because they are scared about tomorrow.” He said the majority of transactions were people changing sterling into euros."

Something doesn't add up.  If they are scared about Brexit, why would they be changing to euros?  In case of Brexit, wouldn't euros also plummet relative to, say, dollars?

 

OldPhart's picture

This shit confused the hell out of me.

I'd be converting my cash into gold.

But that's just me, I dont have high financial insight like these people in London.

Transformer's picture

Hmmm, the people are always wrong... and they are betting...

ACES FULL's picture

I'm raising money to build a church in Saudi Arabia. I'm sure they won't object.

neutrino3's picture

Now they say: The best bird is porkbird.

WmMcK's picture

"And a 'ole liter's too much. It starts my bladder running - Orwell

Oracle of Kypseli's picture

My bet is that the pound will go up after Brexit. Someone is scaring the UK people.

ACP's picture

My bet is that the powers that be will stuff enough ballots to make the election turnout 50.01% remain 49.99% leave. Hope not, but the corruption is so rampant in Europe, it'll take a revolution.

Miss Ion's picture

Ask around after the vote, who voted to remain.

 

When peaceful revolution becomes impossible, violent revolution becomes inevitable. That's why elections.

kant stain's picture

Yes, do that, because asking around your mates who share your political views is as good as a national referendum.  

No wait, it isn't, is it.

Tin-foil hats at the ready when Brexit lose in T minus 10...9...8...

Miss Ion's picture

Any populist proposition is pretty easy to run the numbers on. Hedging with hyperbole going into the election is only fear mongering. Faking the results and then trying to pacify the public would be a fools errand. Britons enjoys making trouble in the courts.

Vageling's picture

That became a sensitive issue today the day. Some people come flat out, others lie in fear or repercussions. These false labels sure scare people. Good thing people get to vote anonymous. All they know is that you did voted. Not what you voted. Imagine that? That's why I want the law intact, NO ELECTRONIC VOTING!  

jerry_theking_lawler's picture

#democracy

 

instituting mob rule for thousands of years....

RockRiver's picture

My bet is that the pound will go up after Brexit. Someone is scaring the UK people.

 

 

Agreed.

 

When everyone wants it you give it...

When everyone wants to give it, you take it...

Miles Ahead's picture

There's no sane economic reason why the Pound would go up after BREXIT.  It will immediately take a hit.  And thereafter who is to say, as the Euro will also take a hit with the dollar gaining.  But a devaluation is not usually a bad thing for net exporters. 

Anyway, we'll see tomorrow.

Miss Ion's picture

My guess as a non-professional: EU debt gets hammered as UK's (london's really) solid reputation backing it acts as a stealth downgrade. This causes the eu/usd to slide and the gbp/eu to rise since the strength of eu contracts are seen as weaker so eu currency is seen as weaker.

The gbp/usd slide last month was preparation for brexit profits in gbp and london contracts, and people forex'ing out of gbp are market hype by london, or people who got investment tips in their email.

 

 

I'll bet if I had enough money to invest in these things or a nice house to live in I might just stfu about it?

kant stain's picture

My bet is the pound will rise once the Bremain outcome is confirmed.  

One of us will be right, one of us wrong.

Miss Ion's picture

So everyone agrees the pound is going up in the next few days

 

::innocent smile::

Larry Dallas's picture

Soros is the walker behind the scenes.

Vageling's picture

As long as he's on route to his grave, I'm fine with that. Mother nature has been calling for some while now. But I guess this guy has like three backup pacemakers. 

LawsofPhysics's picture

Likewise, that is my bet as well, precisely because TPTB knew that the people would behave this way.  The fuckers in London have in fact devlaued the pound by 40% overnight before after all.

Tall Tom's picture

 

 

 

 

Euros(???) and US Dollars (???)

 

A Brexit ultimately weakens the European Union and thus the issued currency.

 

It makes no sense.

Shemp 4 Victory's picture

Paid to stand in the queue by the same people that paid those who "protested" on the Maidan in Kiev.

ATM's picture

And all those Black Lives Matter dipshits or the "protesters" at the Trump rallies.

Burticus's picture

And the crisis actors at the Orlando False Fag.

KansasCrude's picture

Got that right!  No coincidence she is a BANK employee.  Probably told to go do so!  Exchanging into EURO's  make that an IGNORANT bank employee.

Au/Ag only way to play that.   EURO LMAO!  BitGold probably good too!

Kaervek's picture

BitGold only in theory. Problem is they are untrustworthy and you can't do shit if they freeze your account. Would work if it was trustless maybe.

jwoop66's picture

Could just as easily be a staged photo op for propaganda.  15 people?  yeah, a real panic.  But if you get the right camera angle and broadcast it on teevee.... looks like hundreds of people.   

 

 

whatever.

Vageling's picture

Ah, another someone who is familiair with this tactic. They do everywhere. Get the right angle. Even with protest. Some small group outnumbered by a greater group of the opposing group? Find the angle. We can't let MP's and Ministers looks stupid now can we? They do this on immigrants as well. You give people some money and they line up for the shot. Smart ones take multiple to see which camp offers more. 

css1971's picture

I personally saw the BBC do exactly this during the Scottish referendum.

George square was full of thousands of pro independence voters. There were literally 15 or 20 pro union protestors there as well holding up plackards. What the BBC said on the news was something like "George square is full of a crowd of thousands attending Scottish Independence referendum rally". And the photos they used were of the 15 unionists. The angle the photograph was shot at made it look like there could have been more people behind them. There wasn't.

What they showed and said was the absolute truth, but wildly misleading. Bore no resemblance to reality.

What I learned is that where there are shallow angle shots of a crowd. It means there's no crowd. It's the only reason to do it.

Oh yeah... And you can't believe a word of anything published by the BBC.

Reichstag Fire Dept.'s picture

So...were supposed to believe the "smart" people are betting on a Sterling collapse? Sure, it's "up" right now...but the smart people do this online now, not standing in public with what I can assume is ALL their cash?! If they were really smart they would be buying gold...in private.

This is a fake line-up.

kant stain's picture

It's not a fake line-up.  I saw the queues with my very own eyes today.

They did though all look a little dense between the ears however, as if they believed Brexit was actually going to happen.

Chupacabra-322's picture

@ Croesus,

Got Gold / Siver Bitchez? Didn't think so. Welcome to Barter Town.

Exposer of Internet Shills's picture

Brought to you by Carl's Jr.

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Bunga Bunga's picture

Don't worry, the central money manipulators will take care of the issue. Brexit or not, it will be a win win.

thetruthhurts's picture

Financial rats jumping ship

thetruthhurts's picture

Financial rats jumping ship