Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Never mind the politics - the psychological effect of the referendum has been incredibly poisonous. It was going to be poisonous whatever the outcome, but now it's double-plus super poisonous because it has become clear to at least some of the Leave voters that the leaders they trusted were simply conning them.

The press are trying to play this down by concentrating on the Labour/Corbyn story, which conveniently has distracted everyone from WTF just happened.

That will run for a while. But sooner or later, the UK has to face up to the fact that the class and orientation divides can only be bridged by a genuine political genius. And there certainly aren't any of those in or around Westminster.

So I suppose we're going to see increasing extremism and right-wing violence as the UK descends into poverty and a fascist police state.

The poverty will start a lot more quickly if the UK can't reassure RoW that it's credit worthy. We're already seeing a run on the pound, and it's not clear when that will stop.

It's an impossible situation. The best outcome is mitigation, and that's going to enrage at least some of the population.

The worst outcome is hyperinflation within the next year or so. A huge jump in import costs for a country that has limited export potential - because we've just thrown away London's position as the prime European financial centre - is a classic set-up for a full blown inflationary crisis.

If that happens, we'll back where we in the mid-70s asking the IMF for a bail-out - on god only knows what terms, because there's precious little valuable industry left, and hardly anything left to sell.

I'm seriously considering converting my savings into Swiss Francs, or some other haven currency - not so much for profit, but to guarantee I have money for food.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Jun 27th, 2016 at 07:41:56 PM EST
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