Brexit’s Consequences…

Not kindly translated by Anne-Marie de Grazia

The pound was at 1,4114 US Dollars on June 14, 2016 (before Jo Cox’ assassination). It is today, June 29, at 1,3321 US Dollars, that’s a loss of 5,62%, less than the average projections, which were betting on -10%.

The stock market (Footsie index) was at 5933 on that same June 14. It is now, by June 29, at 6269, that’s a gain of 5,66%. If we calculate in relation to June 23 (day of the vote) when it had gone up again on the erroneous anticipation that « remain » would triumph. In this case, we have a loss of 1,1%.

Where did all the expected catastrophes go, the earth quakes, the rains of blood and the zombie invasions ? In the same vein, the barrel of oil (BRENT) was at 47,19 $ on June 14 and is reaching 48,89 this June 29.

This says a lot about the propaganda discourses held by the adversaries of the « Brexit ».

Of course, there have been important consequences, particularly on the situation of Italian banks, signalling that this topic is going to become an important one during the coming summer[1]. But this expresses a structural weakness of Italian banks and will certainly be a big subject in the coming weeks.

 

[1] http://www.bloomberg.com/news/articles/2016-06-29/germany-said-to-oppose-shielding-investors-in-italian-bank-plan


Jacques Sapir

Ses travaux de chercheur se sont orientés dans trois dimensions, l’étude de l’économie russe et de la transition, l’analyse des crises financières et des recherches théoriques sur les institutions économiques et les interactions entre les comportements individuels. Il a poursuivi ses recherches à partir de 2000 sur les interactions entre les régimes de change, la structuration des systèmes financiers et les instabilités macroéconomiques. Depuis 2007 il s’est impliqué dans l’analyse de la crise financière actuelle, et en particulier dans la crise de la zone Euro.

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