Brexit Induces Mass Panic! Pound and Euro to enter the “Hall of Lost Causes”

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“The pound and euro have fallen..the Prime Minister has resigned…the nationalists are coming!” — a Patronus from the UK late-last night delivering the message.

London, UK — The EU referendum results came in early this morning London time, and the results are grim for the “remain” campaign. Not only is British Prime Minister David Cameron out, and a Donald Trump look-a-like in, but there also appears to be significant fall-out in the wake of this vote. My inclination was mass panic. Many on the socials felt the same, while also turning into political and international “experts” overnight… and in the not-even-24 hours since, things have been getting worse.

Contrary to what some claimed, Scotland looks “highly likely” to hold a 2nd independence vote and while they voted 62 percent to stay the first time around, the UK leaving the European Union will not help matters. In fact, if it wasn’t for the votes of Scotland and London, “remain” would have been thoroughly “trumped” or shall say “faraged” on Thursday night / Friday morning. If….nah…when Scotland leaves the UK in the next few years, the already dysfunctional Labour Party will lose all relevance. As one of my colleagues pointed out, a more conservative-Tory Party is likely, perhaps choosing Ukip as their coalition partner next time rather than the pro-EU Liberal Democrats.

Those are the politics of it all and what is possibly to come though.

The financial markets have already chimed in with their thoughts. In less than a day, the pound has dropped to its lowest point since 1985, the euro dropped as well, and the U.S. markets felt it too, posting their worst day since 2011.

Now that the most depressing stuff is out of the way, please accompany me next week to the “Hall of Lost Causes” induction ceremony where the pound, the euro (for now), and globalization join past “lost causes” such as the Confederacy, the 2016 Minnesota Twins season, and my attempts to court Jennifer Lawrence.

It will be a simple but fun ceremony and hopefully the pomp and circumstance will distract us for a moment from the reality that the Brexit vote. While the vote can be seen as seemingly just another occurrence in history’s “one damn thing after another” in isolation, it is far more reasonable to conclude that it’s part of the wider global trend toward rising nationalism (coated with xenophobia at its worst), increased factionalism, and the world retreating to its “comfortable” corners. The European Union was and is undemocratic and deeply flawed in many ways. However, this will not help matters.

I’ll end on a positive, but bittersweet note.

I dearly hope my esteemed colleague Dr. Allan Branstiter is right.

I hope there will be buyers’ remorse over this move.

I hope it serves as a warning to U.S. voters who are about to make an important vote of their own this fall.

And I hope this message finds you, and finds you well. If you need me, I’ll be walking outside not unlike this exclusive footage of this British banker late last night seen below.

 

 

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