by Gerardo Del Real
Outsider Club
Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union.
No fancy talk here. I was surprised that the vote wasn’t rigged, but not surprised by how the markets are reacting to the news.
I’ve been cautioning that the second half of this year would bring volatility and liquidity traps. We’re seeing both right now.
The pound fell to its lowest level against the dollar since 1985 as the markets reacted to the results: