I have been warning you for months now about the economic slowdown in China, China economic news: Asian indicators likely to confirm slowdown continues, and uncertainty over the pending Brexit vote in Britain.
As I was streaming the BBC News election coverage last night, I was reminded of George Taylor (Charlton Heston) in this famous scene from Planet of the Apes (1968): “We finally really did it. You Maniacs! You blew it up! Ah, damn you! God damn you all to hell!”
As I was watching returns, “the British pound fell more than 10 percent Thursday night, reaching $1.34 per pound, after midnight Eastern time, a stunning decline for a rich country’s currency in a single day.” The stunning collapse of the British pound, in charts.
When it became clear that “Leave” the EU was going to win, the next dominoes to fall were Prime Minister David Cameron announcing that he would resign in October, and the global markets responding with steep declines. Britain’s shock vote brings swift consequences as leader to resign, markets plunge:
A day after British voters defied widespread warnings of economic and political peril should they cut ties with the European Union, the country reckoned with the consequences as markets tanked across the globe, the prime minister said he would resign and the United Kingdom felt the renewed pressure of a breakup.
The cascading developments, all within hours of the result of a deeply polarizing referendum, reflected a country shocked by its own decision.
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[I]n the short term, the pessimistic view appeared to be winning out Friday as the country endured layer upon layer of self-inflicted turmoil — and a sudden question over who would lead Britain at a crucial moment.
With Britain still absorbing the dawn news that the country had voted by a margin of 52 percent to 48 percent to withdraw from the E.U., an emotional Prime Minister David Cameron appeared in front of 10 Downing Street on Friday and said he would step down after championing a failed campaign.