Brexit's Brunt and Causes
Britain’s commitment to leaving the European Union (EU) was concretized today, legitimized by the democratic process. Having put the decision of whether to Leave or Remain to a referendum, the voting of which was held yesterday on the 23 rd of June, British Prime Minister David Cameron inadvertently opened the path to a British ‘secession’ from the EU; now the shockwaves of that decision are rocking the economies the world over, with Cameron announcing his resignation. A few minutes after the US markets opened, the DOW dropped 500 points, although the descent was arrested. The DOW Futures went down 700 points, and bank stocks have almost universally been adversely affected. There is no point in disputing the seriousness or the monumental nature of the ‘Brexit’. All the fears that accompanied the ‘Grexit’ scare attend to the current crisis as well, and perhaps even more, given Britain’s ostensibly more pivotal role on the international stage, at least in relation to Greece. There are fe...