Britain’s stunning rejection of the European Union marks globalization’s biggest reversal since the end of World War Two.

Thursday’s vote to leave the EU, an unprecedented step, may in turn trigger more dissolution, both of Britain and the EU. The range of economic and financial markets consequences are vast, but can broadly be summarized: people, goods and capital will all face increasing barriers to movement in coming years, and not just in Britain.

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Gold and bond prices dropped and stocks popped as yet another open-mouth operation went underway this evening from none other than Boston Fed president Eric Rosengren. Ahead of next week’s FOMC meeting, and just days after another Fed president said no April hike, Rosengren spewed firth that “I don’t think financial markets have it right.” Of course, what this preacher means is that while stock markets are perfectly efficient (and correct), bonds and rate futures areclearly inefficient and “investor outlooks for Fed rate hikes are too pessimistic,” because “the US economy is fundamentally sound.”

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Financial leaders from the Group of 20 nations said on Friday they were heartened by a recent recovery in financial markets, but warned that global growth was “modest and uneven” and threatened by weakness in commodities-based economies.

In a communique issued after their meeting in Washington, G20 finance ministers and central bank governors repeated their pledge to refrain from competitive currency devaluations, but offered no new initiatives to keep growth from stalling.

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Jitters over the health of the Chinese economy could trigger a bloodbath on financial markets if a hard landing materialises, the International Monetary Fund has warned.

The IMF said policy choices in the world’s second largest economy would also have “increasing implications for global financial stability” in the coming years as the country opens up its bond and equity markets.

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