Eight Things to Know About the U.K. Vote — by Barry Ritholtz

brexit
Hat tip to Ian Bremmer

Well, the Brits have really done it now. All the experts told us people in the U.K. were smart enough to see that voting to leave the European Union was a mistake — but not to worry because the referendum was going to lose…

1. London, Get Used to It

It was a back and forth between New York and London in the bidding to be the capital of capitalism. That race just ended. This may be good for New York and Hong Kong in some abstract way, but more likely the center of European financial gravity will shift to Geneva or Brussels or Frankfurt; or maybe no one city replaces London and financial power is scattered all over Europe.

London’s ambition to be the world’s most important city is now over. Expect it to become more like Colonial Williamsburg: A tourist trap that attempts to depict what life was like in the not-too-distant past.

Barry goes on from there. My favorite Recovering Republican, damned good economist and sufficiently cynical to function as a real financial analyst in a world full of phonies.

Please click the link and enjoy it all.

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