Following the British vote to leave the European Union, markets around the world slipped into free fall on Friday. Sterling fell to a low not seen since 1985, far below its value during the 2008 financial crisis. It lost parity against the dollar and the euro, but Mark Carney, Governor of the Bank of England and Chairman of the G20’s Financial Stability Board, said not to worry. The bank announced... 

In another awkward blow to the rapidly waning US-dollar hegemony, America and Britain just had their “It’s not you, it’s me” moment. Late yesterday, the government of the United Kingdom announced that they would be applying to join the Chinese-led Asian Infrastructure Investment Bank… as a founding member. This is huge. Right now, the United States dominates the global financial system. But...