Absolutely. Brexit now puts France, Spain, Greece and Italy in a...

Absolutely. Brexit now puts France, Spain, Greece and Italy in a tremendous state of flux. The utmost of creative accounting is required to keep Credit Suisse and Deutsche Bank afloat here. If they fail, the whole derivatives market will implode, which in turn will crater the global market far faster, far longer, far worse than what occurred in 2008.

Sure, Euro central banks have promised hundreds of billions to ease the market during transition, problem is they've accumulated hundreds of 'trillions' of dollars worth of derivatives to keep the EU ship buoyant... and they will need to accumulate hundreds of trillions more if they want the EU to survive. Unless they resort to quantitate easing, the maths simply isn't there.


I expect the comings days to come and go and we'll wear a 10% loss on the AORDS before a bounce... bandaid solutions will be put in place and confidence will be somewhat restored. But inevitably we face a much larger problem that won't find equilibrium unless there's a major crash to reconcile it.