“Think of the EU, in its current ill-structured form, as a kind of Ponzi scheme, and Britain as the guy who just asked for his money back. There are undoubtedly greater prospects for near-term disruption after last week’s vote, but the hallmark of a Ponzi scheme is the attempt to use progressively greater distortions in order to preserve a structure that is fundamentally unsound and increasingly bankrupt. Of any large country that could leave the EU, Britain was the best first mover. I have no immediate concerns about a domino effect, but if one was to emerge, my view is that the exit of Germany, France, and the Nordic countries would be preferable to the exit of Greece, Italy, Spain, or Portugal.”
http://www.hussmanfunds.com/wmc/wmc160627.htm
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