EDIT: JUDGE JUST RULED, DISMISSING ABRAMS MOTION, WE GOING TO THE MOON BOIIIISS, NO DELAYS ON EXIT!submitted by cpgupta561 to wallstreetbets [link] [comments]
Hey all, here to share the last chance you have at getting PCG cheap before all the catalysts the next two weeks make it run like Usain Bolt to the mid-high teens
This past week there’s been a few good posts on PCG—thanks u/veritasinvestments and u/hjkoivu. Credit to mgr4 and others who helped contribute to this DD through discussion and research
I’m sure most of you degenerates are too lazy to read them, much less figure out what’s going on, so feel free to skip to the tl;dr. But for those of you who care, here’s my take on things. I wanted to post because this is a rare good opportunity on WSB, and also because it needs to be explained more simply, with greater examination of the details, so that my fellow gamblers can understand.
I told people to buy PCG back in December almost six months ago https://www.reddit.com/wallstreetbets/comments/e7h72m/pcg_growing_more_and_more_likely_to_exit/ when it was under 10$ and looked like a potential bankruptcy exit was possible. It ran to 18$ by February on the idea that PCG would exit bankruptcy and made mucho tendies. If you played this and made money, great, if not don't fret, you got another shot rabbit, don't choke this time
Just this morning Barclays upgraded to overweight, earlier UBS upgraded to 15$ PT based on exiting bankruptcy likely
Today we got a once in a lifetime do-over thanks to COVID where we are at the final precipice of bankruptcy exit, its priced at 11$ (and rising with upgrades each week), the final votes are the next two weeks and things are all looking positive.
TL;DR PCG going towards 20$ by end of June, Shares = free $$, 5/29 calls near 14.50/15 are high risk targets, 6/19 calls towards 15$ are less risky and mucho money, september 20C are free money, buy, sell on run up next 6 weeks and IV spikes
PCG - A Load of Hot Shit
PCG is a CA power company that did a bunch of naughty things and some homes / people burnt up (CA is a tinderbox come summertime). This resulted in PCG having to account for huge insurance claims, which obviously sent them into bankruptcy. The share price understandably plummeted:
Now, the more observant among you may also note rather large spikes in volume in Jan 2019 and December / Jan 2020, followed by the share price rising significantly. What caused these spikes, you may ask? Well, the chance that PCG could come out of bankruptcy in a manner that would be beneficial to the shareholders of PCG’s equity. However, both times the plan was delayed, resulting in lower confidence and the share price dropping.
Clearly, if these had been actual exits, PCG would have skyrocketed—we’re seeing the price hit $17-20+ on proposals and rumors alone. That’s because PCG is monopolistic in California, and would be an absolute beast given two things: 1. It could exit on semi-favorable terms and 2. It could ensure, in some way, that it wouldn’t get fucked over by a fire yet again through enforcement of measures to reduce risk (and a nice tidy 20B+ wildfire fund that the state provides to help utilities reduce the burden of paying for fire liabilities).
Simply look at the following screenshot of its income statement these last few years, and imagine what it would look like if “unusual items” (give you one guess as to what those are) were removed:
Good news, degens! The bankruptcy exit plans are underway again, and they do the two major things mentioned above. PG&E is allowed to remain solvent and continue generating huge revenues ($4.3 billion + in Q12020 and even more in Covid times as people stay home). Second, assuming PG&E exits by June 30th—a provision designed to help speed the process along—they’ll have access to $20+ billion in protection from a CA fund for future wildfire liabilities. So why will the bankruptcy exit occur now, when it didn’t in the past? Well, as Sir John Templeton once said when noting the four most promising words in investing, “This time it’s different!”
A Phoenix from the Ashes
For detailed past context on this whole process, read this article, it's great https://www.ft.com/content/582dd6e7-2ea5-4520-ae4c-d50c00c3799e
Here’s a timeline of the bankruptcy exit process. The two key dates are today, the 21st, and the 27th, which are when the victims' votes and the CPUC approval vote will be in, respectively, and when judge will confirm bankruptcy exit plan assuming everything positive. I’ll explain these terms soon, but just know that if both of these pass, PCG will almost certainly exit, resulting in mucho (California term) tendies when judge confirms bankruptcy exit:
What are the chances of these votes passing? I’ll address the CPUC vote first. The California Public Utilities Commission is basically in charge of regulating utilities like PCG and therefore of approving bankruptcy exit. They are influenced mainly by their commissioner and by the governor. Gov. Slickback (Newsom) has already approved of the current proposal, and will urge the CPUC to approve it. In fact, the previous Gov. was largely ousted in part because of how he handled the PG&E situation. The CPUC commissioner also approves, and CPUC members are doing everything they can to see that this passes, including waiving a $200 million fine against PG&E. They’ve essentially approved already. Basically, if the people vote yes, CPUC will vote yes too.
And the people of California have been voting overwhelmingly in favor of the plan—we’re talking around 97+% of the votes that have been cast are “yes” votes. The plan needs only 2/3rds of those who bother to vote to vote yes. Further, the votes mentioned below account for a huge portion of those who can possibly vote (~70k max claimants and far fewer than that will vote). If you aren’t grateful for me wading into 60 pages of legalese to find this, fuck you (and yes, I didn’t just trust the seeking alpha article).
Additionally, in this video, a lawyer representing several thousand more claimants mentions that his clients' votes are overwhelmingly in favor of the plan.
There’s only one issue in all of this, and it’s not even a real problem. A man named William Abrams is essentially alleging that a small proportion of the votes are invalid for conflict-of-interest reasons; Abrams wants these votes to be thrown out or wants the lawyers involved to initiate a re-vote with more disclosures. The WSJ picked up on this, causing algos to drop the PCG share price earlier this week.
The motion can be read here and is, in my opinion, largely BS. This is true on a purely mathematical level. From what I understand, the total debt owned by wall street firms is around $20 million dollars out of a $100 million credit facility. This hardly seems a conflict of interest when the facility is fixed-rate, and the creditors to Mr. Watt’s law firm have no say over him. Further, Watts’ law firm may make up to $1 billion from settlement, which is not considered by the court to be an issue (after all, contingent settlement fees are what align clients and attorneys’ interests, allowing victims to get compensation in the first place)! The $20 million pales in comparison and is a red herring.
Abrams actually has an alternate motivation himself: to get PCG to admit liability for the Tubbs wildfire, which destroyed his home. This is blatantly obvious when you consider the letter he filed to the court in August of last year. Abrams has a totally understandable motivation, but his claims are not legally legitimate. Further, he’s positioning himself as an advocate for victims, whereas in reality he’ll be screwing over the only company which could provide them with remuneration, as well as causing payments to be delayed by years and years.
Take a look at the response which was filed to Mr. Abrams’ motion: short, no-BS, and compelling. It doesn’t seem like the big boys think he’s worth worrying about.
Also worth noting is that the Judge, Dennis Montali, really wants this thing to go through. He’s taken Abrams’ claim “under advisement,” which essentially is necessary for PR and optics, but is largely ceremonial. If he was keen on delaying the vote he’d have done it at the hearing on the 12th. Since then he's moved forward with confirmation protocol and vote staying same. Consider the advise, dismissed.
Lastly, Governor was supportive if the CEO steps down as well as the BoD is replaced
https://www.wsj.com/articles/pg-e-ceo-to-step-down-after-tumultuous-year-11587564703 is stepping down mid-June, his job was to navigate bankruptcy exit, he's done that, time for new CEO
BoD is being replaced except 3 people https://www.wsj.com/articles/pg-e-promises-board-shake-up-as-it-pursues-californias-approval-on-bankruptcy-exit-11580535837
So who else knows this?
I’ve done enough DD for you already. Go look at the involved players betting on an exit: Centerbridge, Elliot, Apollo, etc. Serengeti Asset Management is a bankruptcy focused hedge fund that often profits when firms exit bankruptcy, and they have nearly 10% of their portfolio in PG&E. More will pile in once the bankruptcy exit is confirmed, and still more when the company emerges from bankruptcy (many institutional investors have mandates to hold off until such things happen). There's over 80% tute ownership, billions in a company in Ch11 currently. What happens when they exit and have liability protection for future fires and can truck on to a proper PE valuation? Big money inflow is what
Further, dark pool data shows buying at every slight dip:
For Dark pools, read this article https://www.investopedia.com/articles/markets/050614/introduction-dark-pools.asp
Because of the aforementioned issues, PGC’s stock price has been depressed. While I’m not going to lie and say that I could accurately value it going forward, I will note that a ~3x NTM PEG is standard for utilities. If you want to compare metrics further, Edison International is the closest peer at 2.7x. In any case, the process of PCG’s depressed stock price recovering towards a more normal ratio should begin this month, and rapidly accelerate. I’ve seen longer term targets from $15 (UBS just raised their target to this, and they’re definitely still being conservative because of the hearing) to $25+. See below for a lazy comp set, and mess around with the numbers yourself:
There are two bear theories that are uncertain.
There are other attractive things about PCG, too, particularly in this environment: it’ll actually be helped by more people staying home, it has no chance of falling in recession as utilities are safe havens (and this is massively undervalued), etc. But I’ve written enough. I’d encourage you to do your own research, and to look into all these interesting points.
TL;DR for you illiterate fucks.
PCG go up. Call good. PCG May 29th $15 Call (13-14.50 if you want to play it safer), June 19th 15$ Call, Sept 18th $20 Call. Enjoy IV kicks along the way up until the ruling on the 27th.
Also literally first time in 2 years Barclays made it a Buy vs a Hold
My Positions http://opcalc.com/7Pz
I hope to exit some of it near term positions around 14$ next Friday else on IV spike near judge ruling, depends how catalysts make it run next week
I also have around 90K in shares on PCG
In this week's edition of DDDD (Data-Driven DD), now that my short term thesis of a 274-292 channel has now been invalidated because of some vaccine company fraudulently telling everyone they've cured COVID-19 to pump their stock before a secondary offering, I'll be digging deeper into my longer term thesis that I've been talked about for weeks now. I've previously wrote about this thesis from a perspective of economic history and the perspective of liquidity and finance. This time, lets look at it from a perspective of human and American history, and cycles that can be in them.submitted by ASoftEngStudent to wallstreetbets [link] [comments]
EDIT - This DD is meant to be read as a last part of a trilogy from these two previous posts with the actual data and quantitative content. Without that context, this post will basically seem like trying to use obscure theories to magically predict the future because of some prophecy. This is meant to be a theoretical / qualitative explanation of the of what was talked about in those previous posts, as well as connecting them to actions and thesises of well-known investors like Ray Dalio and Warren Buffett, who are saying very similar things. Don't bother reading this if you haven't read the first two parts of this trilogy.
Disclaimer - This is not financial advice, and a lot of the content below is my personal opinion. In fact, the numbers, facts, or explanations presented below could be wrong and be made up. Don't buy random options because some person on the internet says so; look at what happened to all the SPY 220p 4/17 bag holders. Do your own research and come to your own conclusions on what you should do with your own money, and how levered you want to be based on your personal risk tolerance.
History doesn’t repeat itself, but it often rhymes. This time, let’s take a broader look at cycles and patterns that often present itself throughout human history, and connect that to the economy and the stock market. Much of the content for this piece is taken from the Strauss–Howe generational theory, Ray Dalio’s thesis about our place in the long-term debt cycle, and Warren Buffet’s take on the same topic when he spent a few hours talking about it in the most recent Berkshire Hathaway annual shareholders meeting.
The Fourth Turning
The general idea of Strauss–Howe generational theory, or the “fourth turning” is that American history tends to repeat certain trends within every “saeculum”, or human lifespan - approximately 80 years. This is how long it typically takes for the certain historical events to start disappearing from human memory, allowing similar events to happen again. I’m not entirely sure why this theory focuses on American history specifically, and can be applied to human histories across civilizations, although until recently those cycles may not have been synchronized with each other. The theory states that history tend to occur in cycles of four “turnings”:
High - A “golden age” of a civilization. This is when there is strong unity within members of the society, with strong confidence in institutions like the government and big corporations, and weak individualism. As a collective mind, the civilization is able to work together to achieve big goals.
Awakening - People get tired of conformity, trust in institutions weaken, and there’s a strong desire for self awareness, spirituality, or authenticity. This is a time of experimentation, activism, and rebellion.
Unraveling - Confidence in institutions such as governments and large corporations are at its weakest, and individualism is at its strongest. Society fragments to polarizing groups, and public action by governments is barely able to achieve the smallest goals.
Crisis - This is when the fabric of society and existing institutions are destroyed in response to a perceived existential threat to the civilization itself. Economic distress is rampant as the economy sees defaulting sovereign debt, high unemployment, deflation or hyperinflation, or civil unrest. The crisis eventually becomes a unifying force for the previously fractured society, and the civilization comes together to solve the crisis. Civil authority and governments become trusted again, and self-sacrifices inspire people to work together as a society over self interest.
Let’s look at how this cycle played out over the past few centuries in the US.
The Changing Hands of World Powers
There’s also another interesting theory in the field of international relations that’s interesting and probably applicable here - the Long Cycle Theory. It basically states that international world orders and the title of the most powerful nation, is challenged every 70 to 100 years - the approximate maximum lifespan of an average human life, leading to some sort of global conflict and potentially a change in the world order as a result.
Cycles in World Leadership
The United States has survived as the World Leader for the 20th century from the threat of the Soviet Union challenging the world order. This time, it’s becoming increasingly clear that China has become a new challenger to the American world order.
Long Term Economic Cycles
Ray Dalio is famous for this being a central part of his economic thesis - about long term debt cycles, and the fact that we’re near the end of one. The summary of this idea is that the economy goes through short term and long term debt cycles. Short term debt cycles are the regular occurring business cycles you usually see once every decade, usually caused by overspending. The long term debt cycle, however, is when an entire economy becomes overleveraged, and it becomes harder and harder for a central bank to stimulate the economy. A hallmark of this happening is when interest rates hit near 0%, and they are forced to perform quantitative easing to stimulate the economy; the last time the economy’s seen anything similar to this was the Great Depression - this is called a liquidity trap. The period following this liquidity trap was an economic deleveraging, typically associated with civil unrest, revolutions, wars, and asset prices plummeting. The US economy has been seeing this since 2008 and has never been able to successfully fully deleverage the economy yet.
Another long term economic cycle theory that’s somewhat popular is the Kondratiev wave, although this field of economics is not generally accepted by most economists. The idea is that the economy goes through long-term economic cycles, lasting between 45 to 60 years, of periods of rapid economic and stock market growth fueled by technological innovations, followed by a period of stagnation.
Currently, we’re late in the wave created by the introduction of Information Technology, which started in the late 1970s. I’ve previously talked about this, but basically we’re near the end of this cycle as well.
So, it sounds like we’re near the end of many cycles; the generational cycle of the Strauss–Howe generational theory, the long term debt cycle, the Kondratiev Wave cycle, and possibly the beginning of the end of the Long Cycle in international relations as China begins to contend with the United States for global influence. In all of these cycles, the conclusion is clear - chaos, economic hardship, geopolitical tensions and crises. Let’s take a closer look at the stock market last time all of these cycles ended - the 1930s.
Retail Investors in the 1920s
There’s not that much solid quantitative data about retail investors and their impact on the stock market; only qualitative and anecdotal data. However, one thing is clear - retail investors pumped the market in 1929 beyond what fundamentals warranted, despite evidence of a weakening economy due to stagnating consumer spending and distress by farmers due to overproduction of wheat, and soon, the Dust Bowl. Why were they pumping stocks so much? Because they falsely believed that stocks only go up. I’ll put some excerpts from this Forbes and this Investopedia article I found talking about this to better illustrate the extent and nature of this pump.
Still there was one big anomaly in the decade preceding, the 1920s, and it remains instructive today. The American people bought stocks in unprecedented fashion. Stocks on the installment plan, stocks via investment clubs, stocks bought with capital rather than income, stocks on margin. It was a big new fad. Nothing like the participation in the market that the nation experienced in the 1920s can be found in previous eras of history.
The permanent denuding of the dollar, the reality of which first became clear in the 1920s, forced savers to find some instrument that would pay them back in the old way, in money that held its value. The choice was made to capture, via stocks, the forthcoming profits of businesses. Here would be money commensurate to what was needed to buy things in the future.
Until the peak in 1929, stock prices went up by nearly 10 times. In the 1920s, investing in the stock market became somewhat of a national pastime for those who could afford it and even those who could not—the latter borrowed from stockbrokers to finance their investments.
People were not buying stocks on fundamentals; they were buying in anticipation of rising share prices. Rising share prices simply brought more people into the markets, convinced that it was easy money. In mid-1929, the economy stumbled due to excess production in many industries, creating an oversupply. Essentially, companies were able to acquire money cheaply due to high share prices and invest in their own production with the requisite optimism.
This all sounds pretty familiar to what's going on in the stock market today; as I previously mentioned, retail investors are pouring money in at unprecedented levels. Why is this happening now, about 90 years since the last time every retail investor started pouring money in? It's the same as the reasoning behind most of the other cycles I've mentioned above - the vast majority of people who previously experienced this and would have been alive to remember the 1920s have passed away by now. With an absence of people alive to have this mistake in living memory, humanity is bound to repeat the same mistakes, ignoring the warnings from our ancestors who are no longer with us, and repeat the cycle.
There's one pair of billionaires who are old enough to remember the aftermath of the the stock market pump that led towards the 1929 crash - Warren Buffett and Charlie Munger. Warren would have been born right after the crash and Charlie would have been 5. Both of them entered the finance industry while the stock market was still recovering from it, and still below the 1929 highs. For anyone who watched him talk at the annual shareholder meeting, he spent a few hours talking about a similar story - one of the highs and lows of American history, with a bullish perspective. He wouldn't have spent hours talking about the 1929 crash and the fact that it took multiple decades to recover if this wasn't relevant. This is supported by the fact that he bought virtually nothing since the crash, and has been gradually selling a large portion of this publicly traded equities - first his airlines and now banks. Although he believes that we'll eventually recover (i.e. "Never bet against American", in the long run), it's clear from his actions that he sees parallels of this from the stock market he grew up in the shadow of in his childhood and doesn't want to bet for America in the short term.
EDIT - Someone pointed out this article by Ray Dalio: https://www.linkedin.com/pulse/big-cycles-over-last-500-years-ray-dalio/ which basically talks about something very similar. I actually didn't even know about the existence of this article and actually wrote this before this got published, but looks like we both came to the same conclusion, and this is a shorter version of Ray Dalio's article. Recommend everyone check this out if they want a more in-depth version of this DD with more data and this this post as a tldr of it.
Weekly SPY Watch Updates
This section has absolutely nothing to do with anything I talked about above, but people apparently care about trades I'm making and what my magic markers say will happen in the stock market this week, so I'll have this section of this post dedicated to that and my updates.
I've since sold, with the exception of some VIX calls, all my short positions on SPY, and currently doing some individual plays - currently holding GSX puts and short (sold) HTZ calls, among some other smaller plays. With respect to SPY, it looks like we'll be in a new channel - this time 293-300; not sure how long we'll be staying in this channel for, but I'll be playing it by either selling short-dated iron condors or buying calls / puts when it reaches one end of the channel. While magic markers are telling me we're going to be bullish medium term, and go through 300 to new ATHs, meaning I should buy calls, I don't want to go against my own fundamentals in principle by the fact that the stock market is clearly already overvalued.
5/25 3PM - /ES at 299, might open near the top of the channel. Will need to see how we open to decide if I'm going to enter a position on SPY again.
5/25 10PM - Looks we're going to be trading on the upper half the of channel on Tuesday, with a trading range of 300-297. Might look to pick up some short-dated puts to play the channel if technicals look right on open.
5/26 Noon - Got a small amount of 5/29 ATM puts to play the channel. We opened right above the 200MA so I'm relying on this being a fake out, and not very confident about this specific play.
5/26 3:50PM - Looks like 300-302 range is acting like a resistance, heading back down in the 293-300 channel. Bearish intraday (5M, 15M) MACD => EOD dump and open lower in the channel tomorrow. Looking closely at what's going on with China.
- Wednesday (tomorrow): House votes on sanctions related to Chinese concentration camps of Uyghurs
- Thursday: China votes, and very likely passes, amendment to Basic Law in HK for "national security"
- End of Week: Trump promised that he will have a policy response, likely sanctions, for the change in HK's basic law, in addition to possibly revoking HK's special status
5/27 Market Open - Opened at the top of the resistance again, but quickly reversing. Might play out similar to yesterday
5/27 11AM - Going to wait till SPY hits 297 again and then roll my 5/29 puts I got yesterday to continue playing the channel down to 293
5/27 3:50PM - Turns out it was a EOD pump instead of dump. Oversold on 5M and 15M, so probably need to consolidate again tomorrow with a trading range of 297-302 again. Not so sure about this one because there's a solid chance this just breaks through that resistance and goes towards new ATHs. Entered into more 5/29 puts and going to hold overnight, sell if we still have positive momentum going in to open tomorrow. If we don't break 300 again tomorrow, I'm going to assume we're going to new ATHs and buy some IWM calls, hedged with QQQ puts.
5/27 6:30PM - My plan for tomorrow - see if we're actually in a 293-302 channel. There's going to be alot of uncertainty coming from China this week. If we're still above 302 by 10AM I'll probably transition towards bull positions. Most tech / strong companies are priced near their ATHs, and all the momentum coming into SPY is now coming from all the stocks that were really hit the past few months. Looking at CCL, JPM, and BA, all of whom are going towards a 1W MACD crossover
5/27 11PM - Still above this channel. Again, if we open above 302 and don't quickly reverse then clearly 300 wasn't that much of a resistance and we're headed to ATHs - next stop is 313, followed by 340. To my bears out there - the 1W MACD has already crossed over, meaning we're not going to see a rug pull any time soon, with the exception of some dramatic event happening in China. I'm not taking any medium-term bearish positions and currently just trying to play this channel, although the bullish momentum is stronger than I expected and not consolidating that much on 300 (yet). Watch out for August - that's when most medical experts agree a second lockdown is going to become evident and this bubble will pop; I still stand by my long term thesis. However, in the short term, don't trade against the trend and profit off the bubble.
5/28 9:40AM - I was wrong again. Going to sell those puts when SPY hits 302 at a small loss. We're headed to ATH
5/28 11:40AM - Overbought on 15M and 1H RSI, should see more consolidation today, and hopefully hit my 302 target to sell later today.
5/28 1PM - Stopped out of my small SPY puts, rolled that out into bullish positions on JPM, BA, and CCL. Will probably be doing SPY plays for a while, since all the technicals are pointing to a bullish rally, but only way for that to continue is for beaten down stocks like the ones mentioned, and found in IWM, to skyrocket the next few weeks. Also probably going to stop updating this thread as much.
5/28 5PM - 1H MACD is about to cross, and SPY got near 302 today, We've clearly broken the previous resistance area of 300-302, alot earlier than I was expecting; today was just a day for consolidation because RSI was overbought, now it has room to grow. MACD also acts as a resistance and typically will bounce back instead of cross if there's still bullish sentiment. I believe this is the case now, and we will also see SPY bounce up from the previous 300-302 region of resistance with it becoming support; the next level of resistance will be 313 on SPY, which is where we'll be headed soon. Haven't been holding any medium-term short positions, and am currently net long on financials and transports, which will very likely rally disproportionally if SPY continues to go up. Very well aware that this is a bubble, but I called the top wrong and trading against the trend will just lose you money.
5/28 7PM - Tomorrow will be an interesting day, Trump announced a news conference, with an unspecified time, where he will talk about actions he will do to China, potentially sanctions. There was a very small dip in the market on this news but nothing much else has happened yet. Depending on what the actions are, could be a red day tomorrow and break 302. I'll play this out intraday if we don't open low tomorrow
5/29 11AM - SPY is re-testing the 300-302 area, this time as support. Everything really depends on whatever Trump announces today regarding retaliation about China. Hard to say what can happen. If it's something extreme, like sanctions or tariffs, this could lead to another crash. Anything else would mean this SPY immediately bounces back from this support area.
5/29 1PM - Trump conference scheduled at 2PM. Will watch stock market reaction and trade with sentiment from it. If retaliation is bad enough to drop below 300, could be the rug pull all the bears have been waiting for.
5/29 2PM - Picked up some 302-300 debit spreads coming into the news conference, planning on holding this for an hour and selling by EOD
5/29 3PM - Sold puts during the speech and flipped to 304-310 calls. Looks like this wasn't enough to break through support. Going to hold these overnight, momentum looks to be turning bullish now that there's no longer any uncertainty about China, and actions are unlikely to provoke a Chinese retaliation.
5/29 4PM - Sold my short-dated calls. Coming into the weekend, it looks like next week will continue to be bullish, with 1D MACD convergence continuing, as well as the lack of any resistance until 313.
Week of Jun 1 - Jun 5 - Looking at SPY hitting 213 by end of week
“We are reaching the point where the civil service must consider putting its stewardship of the country ahead of service to the government of the day.” Lord Kerslake said.A Guardian op-ed (previous link) advocates the current head of the civil service (Lord Robert Kerslake) should follow the advice. Even the British royal family, already facing one scandal, risks getting sucked into this given some had expected the Queen might not accept the privy council’s advice to prorogue at all. (they were wrong, see below)
…the global neoliberal architecture collapsing, and perhaps taking some liberal-democratic architecture with it.If you think that is hyperbole, consider this benchmark – how would we be reacting if the armed forces in any country were saying what Kerslake and Dudley just suggested? (go rogue)
As MPs opposed to a No Deal Brexit prepare to try and thwart it in Parliament, the government has launched a £100 million advertising campaign, urging people to "Get Ready for Brexit".
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