Brexit is going to have a huge impact (I pray to god not only negative effects) for people further Europe borders. It seems that Britain it is not the only country in the world where old people is deciding the younger generations' future pushing them over their limits. London's financial markets are the primary clearing house for Euro/USD transactions. There is absolutely no good reason for the EU to permit this business to remain outside of its borders where member states cannot benefit from the profits and taxes of this business. We can presume that no matter how nice Britain is to its former partner that this industry will be moving. EU cities are already lining up to be the new home for Euro/USD clearing.

British manufacturing relies heavily on imported components and commodities, and the price of those just jumped. The effect of exchange rates on exports is often exaggerated. Much British manufacturing, such as cars, is here because manufacturing them in the EU wins EU subsidies and tax breaks. Not any more. Manufacturers wanting to serve the EU market will not be making them in Britain any more, the same goes for other goods. Finally, tariffs on our manufactured good, most of which get sold to the EU, are only going to go up.

Britain has initiated a hostile divorce between itself and the EU, and all the niceties said by Britain will not make the hurt feelings, or the opportunism, of the EU go away. Britain may not enjoy many aspects of the EU. External regulations, external laws, immigration, glacial progress on freer markets and trade, endless discussions and a system where a few minorities can upend years of negotiations. And a net cost of 135bn pounds a week. It was, however, the required ticket for many of Britain's most lucrative industries to have access to the EU, and it turns out that access is a requirement for them to stay in Britain. Banking and insurance for example are heavily concentrated in the financial capital of Europe, London. This industry provides 60Bn in tax income a year, or 8.5 times the net cost of Britain's cost being part of the EU. It is also an industry which does not have any particular barriers to moving in relatively short order to a new location.

Richard Branson has said that his company has lost about a third of its value because of the plunging stock market caused by the Brexit vote on Friday -- global stocks have lost a record £2.25 trillion.

Buttonwood columnist considers the ever-changing financial markets. Brokerage was once conducted under a buttonwood tree on Wall Street