Some say huge. Maybe. Maybe not. At this point that's all perception, not yet fact. Perception, to be sure, is important but not infallible. If the worse happens, however, or something approximating it, part of the blame must rest with all those entrenched elitists who amped up their scaremongering, prophesying the worst.
In a sense it would've failed, in another exceed far beyond that intended. Some think Brexit if it wins will simply be another Y2K event, much ballyhooed, but like a one night stand, a brief flash of excitement.
One of the problems with globalization is contagion. Once the stone drops into the water the ripples go out and can't be recalled. So the worse the fallout if it happens, the worse it is for those globalists bureaucrats who want so much to control things. The nastier it gets, the further globalization gets pushed into the backwaters of history. If you're one of those who value your culture, your currency and your liberty, this is a good thing.
Despite all the QE and such banks have never fully recovered from the financial meltdown. Banks hate many things, stress tests (Whoever other than a central banker could've thought that gem up!) but one of their worst nightmares is a flat yield curve. No spreads, no profits. No risk, no reward. These are level playing fields by another name, the hallmark of interventionist dreamers.
Right now you're paying banks to hold your money and banks are paying central banks to hold theirs. There is a reason why the higher-ups are grossly worried and it doesn't have anything to do with them guarding your best interests. People like ECB President Mario Draghi should be scared. If this whole thing implodes he might be joining one of his fellow countrymen visiting a local lamp post.
A huge crash will effect millions and the finger pointing has to start somewhere.Wikipedia states:
Draghi previously worked at Goldman Sachs from 2002 until 2005 before becoming the governor of the Bank of Italy in December 2005, where he served until October 2011. In 2014 Draghi was listed as the 8th most powerful person in the world by Forbes.
The site also points out Draghi is a member of the Group of Thirty founded by the Rockerfeller Foundation. The Group of Thirty is a private group of lobbyists in the finance sector. For this reason he is accused of having a conflict of interest as president of the ECB. Some parties also see Draghi's former work at Goldman Sachs as a conflict of interest. (40,41,42,43).
Conflicts of interest in bad times don't go over well. None of this is meant to be inflammatory nor should it be interpreted as such. These are hardly good times, a fact. Draghi is ECB President and his former associations are fact. He is on the record for promising whatever it takes, a fact. He is also on the record, rather indirectly or otherwise, for giving the public the impression that he has an idea of what he's doing, a fact. Should it turnout otherwise, and millions of peoples' lives and futures are tossed to the wind in the process, that too could turn out to be a fact.
In an age when nearly everyone wants to hold other peoples' feet to the flame, central bankers should not be exempt. Isn't that what level playing fields are all about?
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