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The cause of the coming Brexit financial crisis

Britain's attempt to leave the EU could cause a storm in financial markets

By Jay Elwes   October 2018
A trading floor is in full swing

The Chicago Board of Trade, where the modern global derivatives market was born

In a letter to shareholders in 2002, the great money man Warren Buffett issued a warning. There was one financial asset traded on world markets that was making him worried. “Derivatives,” he wrote, “are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.”

When Buffett wrote those words, the total value of all derivatives in existence was $142 trillion. Things didn’t stop there: by the dawn…

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