"The global economy cannot afford to rely any longer on the debt-fuelled growth model that has brought it to the current juncture... The world has been haunted by an inability to restrain financial booms that, once gone wrong, cause long-lasting damage... We need policies that we will not once again regret when the future becomes today."
"...the actual disaster isn’t the vote, it’s the eight years of policy that made it thinkable... Brexit is not the disaster. The disaster is what they’re rowing from..." As soon as the focus returns to why the UK bailed in the first place the proper sympathy will shift from the poor Britons in a flimsy rowboat to Europeans still trapped on the Titanic.
"We're looking at a public health emergency affecting the streets of New Haven" Deputy Director of Emergency Management Rick Fontana said. “We’ve had quite a hectic time,” he said. “I don’t recall an incident where it’s been like this.”
Angela Merkel sought to temper pressure from Paris, Brussels and her own government to force Britain into negotiating a quick divorce from the EU, despite warnings that hesitation will let populism take hold. Eurosceptics in other member states applauded Britons' decision to leave the European Union in a referendum that sent shockwaves around the world, with far-right demands for a similar vote in Slovakia underlining the risk of a domino effect. Meanwhile, the EU is urging Cameron to promptly trigger Article 50, even as nobody really knows what the UK will do next...
Any “faint prospect” of a Fed July rate increase has entirely vanished, ING economist Rob Carnell wrote in note adding that the longstanding ING call for Sept. hike looks to be “hanging in tatters.” Here are more comments, courtesy of Bloomberg, from Wall Steet's so-called experts, none of whom predicted the actual a Brexit outcome, about U.S. monetary policy outlook following the outcome of the U.K. referendum.
"Now the catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible. 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. But the implications for Europe could be far worse."
"... such measures would entail amendment of section 29 of the Scotland Act 1998, which binds the Scottish Parliament to act in a manner compatible with EU law, and he therefore believed that the Scottish Parliament’s consent would be required. He could envisage certain political advantages being drawn from not giving consent."
In the short day since David Cameron announced his resignation, the UK is undergoing a chaotic and very much ad hoc politcal transformation, in the middle of which is none other than Boris Johnson, the leader of the successful "Leave" campaign, who however has cause to celebrate tonight because according to the Sunday Times, the former London mayor has won the backing of a key colleague to replace David Cameron as prime minister.
German Foreign Minister Frank-Walter Steinmeier said today that the EU would weather the shock of the British vote to leave the union as he convened crisis talks. "I am confident that these countries can also send a message that we won't let anyone take Europe from us," he said heading into a meeting in Berlin of his counterparts from the EU's six founding members.
After the recent scandals involving Facebook censorship and reporting bias, one would assume that Facebook would lay low and let all of this fade with time, but one would be wrong. Sheryl Sandberg, Facebook's chief operating officer recently announced that the company would be introducing a "political bias" training program in addition to the managing unconscious bias class the company offers employees.
Brexit is a Bear Stearns moment, not a Lehman moment. That’s not to diminish what’s happening (markets felt like death in March, 2008), but this isn’t the event to make you run for the hills. Why not? Because it doesn’t directly crater the global currency system. It’s not too big of a shock for the central banks to control. It’s not a Humpty Dumpty event, where all the Fed’s horses and all the Fed’s men can’t glue the eggshell back together. But it is an event that forces investors to wake up and prepare their portfolios for the very real systemic risks ahead.