NEW YORK (Reuters) - The $2.08 trillion wiped off global equity markets on Friday after Britain voted to leave the European Union was the biggest daily loss ever, trumping the Lehman Brothers bankruptcy during the 2008 financial crisis and the Black Monday stock market crash of 1987, according to Standard & Poor's Dow Jones Indices.Next the pound has been hammered:
As the chart shows, today’s massive drop sent the Pound to its lowest level – around 1.36 to the Dollar – in 31 years. ... During those 30 years, the level (Bottom $1.40) never faltered. That changed today.But for whom is this move a pounding? Say an American is planning to buy a Morris Mini for $14,000, well, the price just dropped to $13,600. Say a Brit wants to buy an American tractor for $13,600, well the price just went up to $14,000, so a domestic UK tractor starts looking better price wise.
When their banks stocks crash, this is good news to us.
Those with trillions in derivatives care much about these changes, but anyone in an organic economy could care less. Therefore, the 1% billionaires want a reset.
(Reuters) - Billionaire investor George Soros on Saturday called for thorough reconstruction of the European Union in order to save it, even though he warned that Britain's vote to leave the bloc makes "disintegration of the EU practically irreversible."If you are at the trough, there will be short and medium term pain. If you are not, then it is all lifestyle. Are there enough people who know who to do business to revive the UK tractor industry?
Soros, who warned of financial meltdown if Britain voted to leave the EU before Thursday's referendum, also said the effects of the decision will likely damage Britain.
"Britain eventually may or may not be relatively better off than other countries by leaving the EU, but its economy and people stand to suffer significantly in the short to medium term," he wrote in a commentary on the website Project Syndicate.
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