Brexit: the big risk is for the EU, not the UK

THE British people have spoken and they no longer wish to be part of the European Union (EU). So begins a long and detailed process of withdrawal, which will take several years.

As I write, it has been only hours since the outcome was known; hysteria prevails in the financial markets, but that is expected, because the traders got it wrong, stayed up too late and are trying to rescue their positions before the next round of bonus calculations. At least George Soros got it right, shorting the pound and making his expected billions. He must love the UK, given what he achieved with the ERM (European Exchange Rate Mechanism) exit.

Nobody knows what pushed the voters into this decision and it is probably not a rational decision, more a case of putting up two fingers to the "establishment" of politicians, bankers and their lackeys. But, they have probably got it right - being part of the EU is subscribing to a failing system.