by John Browne
Euro Pacific Capital
The BREXIT vote on June 23rd was part of a growing global trend in which ordinary people are expressing a desire to retain national sovereignty regardless of the cost and suffering that may be involved. The result is rightly seen as a repudiation of the political and financial elites, and should be viewed as evidence that the economic optimism presented in the halls of power has found scant credibility on the streets. The same sentiments can be seen on this side of the Atlantic in the surprising successes of the Donald Trump presidential campaign.
Having failed to obtain a ‘re-run’ of the vote, the elite in the UK now appear to be trying to erode BREXIT from within. If successful, this disregard of the people’s wishes may result in a deepening political crisis but could affect investments and currencies in the short to medium term.