Clowns in Circus Brexit make way for a ringmistress

IT is only a couple of weeks since the UK voted to leave the EU (European Union), a process that will take several years before any major change. However, a mood of hysteria is felt here, driven by the unholy trinity of politicians, the financial world and the media - the same group responsible for the financial meltdown of 2008.

Actually, this is not entirely true. The financial community has reacted quite well. Stock markets are up, not down - the only casualty has been the exchange rate. Sterling was overvalued pre-Brexit, now it is undervalued, but then we all know about swings and roundabouts.

The major cause was the downgrading of the UK's AAA status from Moody's and Standard & Poor's, which meant that those investors with a ratings-based formula had to get out of sterling and into somewhere else. Poor Japan - it has been struggling for decades with deflation and suddenly its currency gets a boost. I can only offer cold comfort - it was those same agencies who gave mortgage-backed securities (and their toxic derivatives) AAA status and led directly to the meltdown eight years ago. How on earth did ratings agencies get this power? They are parasites.