Published on KTRH Radio
So far, the best economic experts can do is tell investors to buckle up for what could be a bumpy ride ahead. "Gold is probably the only thing that's going to be going up in the near term, for the simple reason that there's going to be a big amount of uncertainty for the foreseeable future," says Omar Ahmad Al-Ubaydli, senior research fellow at the Mercatus Center at George Mason University. He tells KTRH that the effects of the Brexit vote will be far-reaching. "Now, there is a serious threat that the United Kingdom will disintegrate and the European Union will disintegrate, and the repercussions for investment, global trade and finance are all negative," says Al-Ubaydli.
British Prime Minister David Cameron has pledged to step down by this fall and allow a new leader to oversee Britain's transition out of the EU. That negotiation between Britain and the EU will have a big impact on the global markets. "The European Union will want to play hardball and try to make (leaving) look as undesirable as possible, while at the same time the U.K. will try to get as good a deal as possible," says Al-Ubaydli. He predicts that transition will also have major geo-political implications. "NATO will be in disarray as well, because all of the existing treaties will have to be revised, and the economic resources of the European Union which were already weak and declining, are going to be declining at an even greater rate now."
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