Brexit Was a Simple Devaluation of Sterling

Brexit benefitted elitist britons

Brexit was, in effect, a devaluation of sterling to the enormous financial benefit of elitist Britons whose investments were safely ensconced in tax havens abroad, as illuminated by the Panama Papers and illustrated by Cameron’s father.

On June 24, the day after the referendum, I ate breakfast in the park (Søndremarken) with my twins and their classmates.

I chatted with their teacher (he teaches both of them, in different classes) and asked how he was.

“I’m exhausted”, he said, as we stood there in the already-warm morning sunshine, “I’ve been up all night following Brexit. As you know, my teacher’s salary is not my primary income. I’ve been betting on the market using financial instruments and I have increased the value of my holdings by 20% overnight.”

My children once come home and told me that this teacher had told them that he’d inherited 100 million kroner, about $15M. I dismissed their “foolishness” and wondered, if he was so rich, why he didn’t spend some of his money on a haircut.