Britain’s exit from the European union is of less significance than the economists have contemplated. The greatest impact will be on the EU itself. The UK will not lose its position in terms of trading benefits but it will indeed get out from under the obligations of the failing European union. For the rest of the world, this particular event is of little economic consequence.  The consequential event will come as a result of the massive banking failures that will take place in the European Union. Certainly Brexit will exacerbate and accelerate this event.

I will be writing more on this topic over the weekend for those of you who might have an interest. In the interim, consider reading my recent article on the state of the world economy.