Now, you might like to know that in the US, bearish sentiment (as measured by the AAII sentiment numbers ) is today exactly the same as it was in March 2009…after 8 years of a bull market. Remember that it’s euphoria we should be worrying about, and there’s little sign of that thanks to all the noise and our evolutionary response to it.
I’m sure the financial world has been wondering how the cradle of democracy and keepers of olives and taramasalata have kept afloat in the EU ever since Goldman Sachs helped the Greek government back in 2002 to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules.
IndyRef2 was always the endgame here; a bizarre rope-a-dope strategy where the minority of the electorate would somehow absorb defeat, vent its collective frustrations and morph into a majority opinion. And then: Presto! The Brexit decision arrives as both a convenient and common enemy.
From a financial planning point of view it is clear the UK’s legislation was created by politicians with little experience outside of Westminster.