by David Stockman, David Stockman’s Contra Corner:
If Britons vote to take their country out of the European Union on June 23, no corner of the global financial market complex will emerge unscathed.
The invisible thread that links assets as diverse as gold, bank stocks, the Japanese yen and government bonds would be yanked sharply by Brexit, an event the Bank of England said on Thursday risks “adverse spill-overs to the global economy”.
With global interest rates and bond yields the lowest on record, central banks running low on crisis-fighting tools and the post-2008 economic recovery flagging, that thread could quickly unravel, with serious consequences for all markets.
So why will the will of one country’s people in one referendum have such a profound impact on global markets?
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