Brexit: Brits Lead Anti-Establishment Rebellion in European Departure
By David Haggith
TheGreatRecession.info
June 24, 2016
Regardless of the extent to which global fear mongers are right about the economic catastrophe that will hit every shore of the world after the Brexit, the most significant fact of the Brexit will be that the UK was the first nation to start the inevitable break-up of the EU. I have said since its beginning it cannot and will not hold together.
The Brexit vote is clearly the most massive anti-establishment groundswell in decades. We can thank the Brits for having a stiffer upper lip than the Greeks when it comes to risking the pain that will come from this life-changing, nation-changing international divorce. And, of course, there will be pain and lots of it from such a major but vital course correction, just as there will be a lot of pain when the entire global economy meets its inevitable collapse.
Already, that pain is arriving in torrents around the world, just as the rain poured down on England on Brexit voting day, so it is not as if the fear mongers were wrong. One has to expect that a section of the European continent falling off politically will create tsunamis.
Pain of the Brexit already felt everywhere
One of the biggest fears is that Brexit will create waves of similar break-offs from the already deeply fractured Europe. And overnight the run-up of market crashes on foreign shores looks a lot like 2008. Before the day began in most of the US, Bloomberg reported the following list of major tidal changes around the world: (Here’s an abridged version.)
British pound falls as much as 11 percent to $1.3229, weakest since 1985….
Japan’s Topix index leads Asian stock losses, down more than 7 percent
FTSE 100 Index futures tumble 9 percent; contracts on Euro Stoxx 50 slide 11 percent
S&P 500 Index futures slump as much as 5.1 percent, the maximum move allowed
Yield on 10-year Treasuries drops 29 basis points to 1.46 percent, set for biggest daily decline since 2009….
New York crude oil retreats 5.1 percent to $47.56 a barrel, poised for biggest loss since February
Gold rallies as much as 8.1 percent to $1,358.54 an ounce, highest since March 2014….
Poland’s zloty dropped by the most since 1993
The Rest..HERE
