"The vote to Leave amounts to an outpouring of fury against the 'establishment.' Everyone from Barack Obama to the heads of NATO and the IMF urged Britons to embrace the EU. Their entreaties were spurned by voters who rejected not just their arguments but the value of 'experts' in general. Large chunks of the British electorate that have borne the brunt of public-spending cuts and have failed to share in Britain’s prosperity are now in thrall to an angry populism," writes the Economist.
"It is a moment all EU leaders feared: a referendum jolt with the potential to fracture not just the union but reshape the postwar order in the west. Brexit tugs at the bonds holding the bloc together, and the collective standing and clout of its members in the world. The EU is at bay. Once Britain leaves, the EU loses its biggest military spender, a UN Security Council seat, its second-biggest economy and one of its most vocal champions of world trade and liberal economics. All that comes as the continent is buffeted by the aftermath of multiple economic and political shocks at home and abroad," writes Alex Barker for the Financial Times.
“The fallout from the Brexit vote in the United States–tighter financial conditions caused by weaker stock markets and reduced risk taking, uncertainty about the future of Europe and global trade, as well as a weaker outlook for growth, strengthens the case for the Fed to put off rate hikes (if they needed any reason beforehand). Many issues that have come to the fore in our election campaign, including anxiety about the economic future of the country and globalization, will get a new look today. Together, there are many reasons to believe the economic consequences for the United States could be significant,” writes CFR’s Robert Kahn.