Brexit has banished Bremain and Brittania has voted to exit the EU. Just. It is a bad omen for Bill Shorten, whose party represents the sort of centralising, bureaucratising, confiscatory government that the EU is sliding towards.

It also shows how powerful the radical Liberal middle-class can be in coalition with the conservative working class. This is the coalition that underwrote the political success of Tony Abbott, John Howard, and Malcolm Fraaser.

But political lessons aren't the only ones to be drawn. The British vote is also a vote for nimble flexible economies over lumbering bureaucratic ones.

It is also a vote for strong borders.

So I'll be celebrating tonight. Who will join me?

Great start!...

"British pound slumps to lowest level since 1985"

"Futures trade points to more carnage

Futures trading indicated more carnage to follow when the London stock exchange and Wall Street open later in the global day.

The EMINI S&P 500 Futures lost 5 per cent, while the Dow Jones Index Futures was down 4 per cent.

In London, the FTSE 100 is expected to slump when it opens, with FTSE futures indicating a loss of 8.8 per cent or 555 points.

"The carnage in the FX markets may continue if the Leave votes pull further ahead," Bernard Aw, markets strategist at IG in Singapore, told Reuters.

"Equities markets will be affected, and we can see that Asian stocks are already under a fair bit of pressure.

"British banks listed in Hong Kong are suffering significant losses."

http://www.abc.net.au/news/2016-06-24/brexit-sees-british-pound-slump-aussie-dollar-follow/7540150

yep Graham, the people of Britian have observed Merkel and other socialist and thankfully decided to do something about it. Hopefully Turnbull will wake up to the fact that in Australia the majority of Aussies don't want to pour billions into EU scams like the gw religion and open borders.

Last I heard the Oz market was off $64 billion....should be fun and games on Wall St tonight!

So they've upset the one percent. Is that a bad thing Poirot?

Anyway, it means trouble for Bill Shorten. You wouldn't want to risk him in tough times like these. :)

Graham,

"So they've upset the one percent. Is that a bad thing Poirot?"

Well. I'm sure they didn't mean to.

"....Britain must now extract itself from the world’s largest single market, draw up dozens of new trade deals, amend its legal system and its statute book root-and-branch, and build new systems of cooperation with EU countries in police work and justice...."

http://www.theguardian.com/commentisfree/2016/jun/24/eu-referendum-our-panel-on-the-vote-for-brexit?CMP=share_btn_tw

Regarding upsetting the 1%...someone just tweeted me this on the market drop:

"yep just had 3k wiped off my little retirement folio"

I don't think she's part of the 1%.