The Brains Trust - 2016, page-8029

Orwell nailed it with his Niall Ferguson reference imo. We're seeing a clear move towards the protectionist state that often lags but follows an economic malaise (GFC, in this case). The populist movement, Trump and his EU equivalents, make their homes in situations like these. Blame an external force for all our woes. Things will get better once we get out of the Union, or in the case of Trump, blame the Mexicans (build a giant wall!); blame the Chinese (despite the fact Chinese trade has benefited the US enormously over the last three decades). Ferguson hits the nail on the head when he says everyone's underrated Trump. Watch him get in.

Back to markets and I find it hard to imagine how these other disgruntled EU nations plan to join the rush for the Union door, given their mountainous debt would be repayable in euros, while their drachma, peseta, guilder etc depreciates 30% upon exit. Seems like a recipe for a full scale banking collapse, which ultimately is bad for everyone.