The British are leaving! The British are leaving! – Maybe. Friday provided a profound shock for the financial markets as the UK voted to leave the EU in the Brexit referendum. Over the past week, following the assassination of Labour MP Jo Cox, polls had shifted from favoring Leave to favoring Stay – right up until the last polls before voting. Indeed, even UKIP party leader Nigel Farage was indicating Thursday that Stay would scrape out a victory. The unexpectedness of the outcome generated substantial volatility and market angst in part because over optimism had led some to exit protective positions and they were forced to run to cover. What we learn from this is that predicting the future is never easy. Now economists have both weather forecasters and pollsters to joke about.
GIC Chairman and Chief Economist of McVean Trading and Investments discusses income inequality in the US.
GIC Vice Chair of the Central Banking Series David Kotok, of Cumberland Advisors, discusses the Islamic State and Turkey.
GIC Vice Chair David Kotok talks about history, the impact of military conflict and policy.
GIC Board Member Tim Weckesser discusses how China celebrated its recent national holidays.
GIC Vice Chairman of the Central Banking Series David Kotok discusses the upcoming event in Salt Lake City.
GIC Chairman Emeritus Bill Dunkelberg writes about the 32nd Annual Monetary and Trade conference.