The Real Brexit "Catastrophe": World's 400 Richest People Lose $127 Billion
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They will not feel it at all - once they rig the market back to previous state
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For all the scaremongering and threats of an imminent financial apocalypse should Brexit win, including dire forecasts from the likes of George Soros, the Bank of England, David Cameron (who even invoked war), and even Jacob Rothschild, something "unexpected" happened yesterday: the UK was the best performing European market following the Brexit outcome.
This outcome was just as we expected three days ago for reasons that we penned in "Is Soros Wrong", where we said "in a world in which central banks rush to devalue their currency at any means necessary just to gain a modest competitive advantage in global trade wars, a GBP collapse is precisely what the BOE should want, if it means kickstarting the UK economy."
On Friday, the market started to price it in too, and in the process revealed that the biggest sovereign losers from Brexit will not be the UK but Europe.
Not only, though. Because as we noted yesterday in "Who Are The Biggest Losers From Brexit?", there is an even bigger loser than the EU: Britain and Europe's wealthiest people.
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