The burden of proof cannot be on voters, that’s not how democracies work. Let’s talk about Brexit. The President of the Eurogroup said yesterday that the UK’s looking at massive unemployment, and that it will go back to the 1970s. I am not going to comment on the economic consequences of Brexit.
The combination of these two factors – inadequate public information in credit markets and weaknesses in the way credit risk has been distributed in the market – helps to explain why the current turbulence has primarily affected the interbank markets at the core of our modern global financial system and why this weakness was not foreseen before last summer.