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The U.K.'s vote to leave the European Union was a costly decision in more ways than one. Between Friday and Monday, worldwide markets hemorrhaged more than $3 trillion in paper wealth, according to data from S&P Global, the worst ever recorded. For context, the amount shed by markets over the last two trading sessions far eclipses the turbulent trading losses of the 2008 financial crisis, according to S&P analyst Howard Silverblatt. Approximately $1.3 trillion of that came from U.S. markets alone, Silverblatt noted. On Monday, the Dow Jones Industrial Average tumbled by more than 260 points, which fared better than the London Stock Exchange, where the FTSE 250 plunged by nearly 7 percent. The British pound has suffered worst of all, with the currency swooning, ending the session at a 31-year low.

British Prime Minister Theresa May on Tuesday signed the Article 50 notification letter which will officially initiate Britain’s exit from the European Union (EU).

Britain’s Prime Minister David Cameron announced that Theresa May will step in as Prime Minister on Wednesday. The change of leadership came after Cameron decided to step down to let negotiations about the UK’s Brexit to be handled by a new leadership. May, who is considered more conservative than Cameron, is not no stranger to controversy.

David Cameron addressed the press at No. 10 Downing Street, saying that he was delighted the his Conservative Party won’t have a long leadership election campaign. Cameron stressed that Andrea Leadon had made absolutely the right decision to step aside. Cameron stressed that it is absolutely clear that Theresa May has the overwhelming support of the Conservative Party. Cameron said that he also was delighted that Theresa May would become the next prime minister. He described May as strong, competent, and more than able to provide the leadership that the UK is going to need in the years ahead. Cameron added that Theresa May will have the party’s full support. Cameron said that obviously, with the changes that are ahead, the UK does not need a long period of transition. Cameron said he would go to the palace and offer his resignation on Wednesday, so there will be a new prime minister at No.10 Downing Street by Wednesday evening.

The Senate narrowly rejected expanding the FBI's surveillance powers Wednesday in the wake of the worst mass shooting in U.S. history.  Senators voted 58-38 on a procedural hurdle, with 60 votes needed to move forward. Majority Leader Mitch McConnellMitch McConnellOvernight Finance: Wall Street awaits Brexit result | Clinton touts biz support | New threat to Puerto Rico bill? | Dodd, Frank hit back The Trail 2016: Berning embers McConnell quashes Senate effort on guns MORE, who initially voted "yes," switched his vote, which allows him to potentially bring the measure back up. 

The Senate GOP proposal—being offered as an amendment to the Commerce, Justice and Science appropriations bill—would allow the FBI to use "national security letters" to obtain people's internet browsing history and other information without a warrant during a terrorism or federal intelligence probe.  It would also permanently extend a Patriot Act provision — currently set to expire in 2019 — meant to monitor "lone wolf" extremists.  Senate Republicans said they would likely be able to get enough votes if McConnell schedules a redo.

Asked if he anticipates supporters will be able to get 60 votes, Sen. John CornynJohn CornynSenate to vote on two gun bills Senate Dems rip GOP on immigration ruling Post Orlando, hawks make a power play MORE (R-Texas) separately told reporters "that's certainly my expectation." McConnell urged support for the proposal earlier Wednesday, saying it would give the FBI to "connect the dots" in terrorist investigations.  "We can focus on defeating [the Islamic State in Iraq and Syria] or we can focus on partisan politics. Some of our colleagues many think this is all some game," he said. "I believe this is a serious moment that calls for serious solutions."  But Democrats—and some Republicans—raised concerns that the changes didn't go far enough to ensure Americans' privacy.  Sen. Ron WydenRon WydenPost Orlando, hawks make a power play Democrats seize spotlight with sit-in on guns Democrats stage sit-in on House floor to push for gun vote MORE (D-Ore.) blasted his colleagues for "hypocrisy" after a gunman killed 49 people and injured dozens more during the mass shooting in Orlando, Fla. "Due process ought to apply as it relates to guns, but due process wouldn't apply as it relates to the internet activity of millions of Americans," he said ahead of Wednesday's vote. "Supporters of this amendment...have suggested that Americans need to choose between protecting our security and protecting our constitutional right to privacy." 

Former Fed Chairman Alan Greenspan told CNBC on Friday the U.K. vote to leave the European Union ushers in a period that's even worse than the darkest days of October 1987. Britons voted by 51.9 percent to quit the 28-country union, shocking markets that had priced in a win for the remain camp. "This is the worst period I recall since I've been in public service," Greenspan said on "Squawk on the Street." "There's nothing like it, including the crisis — remember October the 19th, 1987, when the Dow went down by a record amount, 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect which is not easy to go away."

The former Fed chairman said that the root of the "British problem is far more widespread." He said the result of the referendum will "almost surely" lead to the Scottish National Party trying to "resurrect Scottish Independence." Greenspan said the "euro currency is the immediate problem." While the euro and the euro zone were major steps in a movement toward European political integration, "it's failing," he said. "Brexit is not the end of the set of problems, which I always thought were going to start with the euro because the euro is a very serious problem in that the southern part of the euro zone is being funded by the northern part and the European Central Bank," Greenspan said.

Even with that in mind, the European Central Bank is limited in what it can do because these fundamental problems like the stagnation of real incomes don't have easy solutions, Greenspan told CNBC. "There's a certain amount that monetary policy can do, but our problem is fundamentally fiscal," he said, adding that this is true in the United States as well as "every major country in Europe." Part of the problem is that the "developed countries are all aging very rapidly," which is leading to a higher ratio of government spending in the form of entitlements, Greenspan said. The 90-year-old Greenspan presided over the Federal Reserve for 19 years, starting with the administration of President Ronald Reagan through that of George W. Bush.

Geert Wilders, who is often called “the Dutch Donald Trump,” will not necessarily head the government even if he wins the most seats in parliament. But he has taught the current Prime Minister Mark Rutte to pit Dutch voters against immigrants and their children.The American right’s favorite Islamophobe and a columnist for Breitbart news, Wilders is campaigning with the slogan, “The Netherlands Ours Again.” He promises to close all mosques and ban the Qur’an. He also calls for “Nexit” — the Netherlands leaving the European Union.In the wake of Britain’s vote to leave the European Union (Brexit) and Trump’s election as US president, the world is obsessing over Dutch polls to see if “Trumpism” will score a victory in The Netherlands, one of the world’s most democratic countries.Wilders’s anti-Islamic, anti-EU and anti-immigration Party for Freedom (PVV) is in a tight race for the lead with Rutte’s center-right People’s Party for Freedom and Democracy (VVD). At a minimum, Wilders will likely add to his seats in parliament after the March 15 polls. About 40% of voters are undecided, giving hope to Dutch progressives that a left-wing coalition is still possible.

It is Rutte, in office since 2010, who has the best chance of forming a new government. Veering right, he is now competing with Wilders to articulate the feelings of a so-called “silent majority,” saying immigrant youth should fit in or pleur op (“fuck off”).The Dutch elections are the first in 2017’s super election year in Europe, with far-right parties in many countries campaigning on an anti-immigrant and anti-EU platform. The next test for populism, only a month away, will be in France, where the far-right leader Marine Le Pen seeks to become president. Germany’s Chancellor, Angela Merkel, faces elections in September and could lose to a challenger from the left.

If Wilders gains power, he says the first thing he will do is hold a Brexit-style referendum. Leaving the European Union, the world’s biggest economic trading bloc, would hardly seem to make sense for the Netherlands, a small country that has grown wealthy off trade.Still, a new opinion poll confirms that the Dutch are falling out of love with the EU. It shows a slight majority actually favor Nexit if EU membership could be replaced with “bilateral trade relations.”It should not be forgotten that the Dutch voted down the 2005 EU constitution, which later became the Lisbon Treaty. They also rejected, by a wide margin, an EU treaty with Ukraine in a referendum last spring.

In the Spring of 2019, Californians will go to the polls in a historic vote to decide by referendum if California should exit the Union, a #Calexit vote. You will have this historic opportunity because the Yes California Independence Campaign will qualify a citizen’s initiative for the 2018 ballot that if passed would call for a special election for Californians to vote for or against the independence of California from the United States. This is a very important question. It is the responsibility of this campaign to explain what a yes vote will mean for you, your family, your community, our state, our country, and our world. We have designed this website to answer many of these questions and look to you to ask more. "As the sixth largest economy in the world, California is more economically powerful than France and has a population larger than Poland. Point by point, California compares and competes with countries, not just the 49 other states.” In our view, the United States of America represents so many things that conflict with Californian values, and our continued statehood means California will continue subsidizing the other states to our own detriment, and to the detriment of our children. Although charity is part of our culture, when you consider that California’s infrastructure is falling apart, our public schools are ranked among the worst in the entire country, we have the highest number of homeless persons living without shelter and other basic necessities, poverty rates remain high, income inequality continues to expand, and we must often borrow money from the future to provide services for today, now is not the time for charity. However, this independence referendum is about more than California subsidizing other states of this country. It is about the right to self-determination and the concept of voluntary association, both of which are supported by constitutional and international law. It is about California taking its place in the world, standing as an equal among nations. We believe in two fundamental truths: (1) California exerts a positive influence on the rest of the world, and (2) California could do more good as an independent country than it is able to do as just a U.S. state. In 2016, the United Kingdom voted to leave the international community with their “Brexit” vote. Our “Calexit” referendum is about California joining the international community. You have a big decision to make.

THE CASE FOR INDEPENDENCE IN 9 SIMPLE POINTS Being a U.S. state is no longer serving California’s best interests. On issues ranging from peace and security to natural resources and the environment, it has become increasingly true that California would be better off as an independent country. Here’s a summary of why we think so.

The Ruling Class “solutions” for Country Class problems? “Let goods and investment flow freely, but strengthen the social safety-net to offer support and new opportunities for those whose jobs are destroyed,” The Economist states. “To manage immigration flows better, invest in public infrastructure, ensure that immigrants work and allow for rules that limit surges of people.” Codevilla explains what this really means, noting that “our Ruling Class' first priority in any and all matters, its solution to any and all problems, is to increase the power of the government — meaning those who run it, meaning themselves.” To achieve that end, new laws are longer than ever, “because length is needed to specify how people will be treated unequally.” Thus, these laws become “primarily grants of discretion,” because “all anybody has to know about them is whom they empower.” Codevilla adds, “This defines ‘crony capitalism.’”

African central bank leaders are currently discussing whether to hold the yuan as part of their foreign reserves, highlighting the Chinese money’s rise as one of the world’s major reserve currencies. Government officials from 14 African nations in eastern and southern Africa are meeting today (May 29) in the Zimbabwean capital Harare to discuss sovereign reserve management, according to a report from the official China press agency Xinhua. The forum is being held by the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), a regional establishment with members including Angola, Kenya, Tanzania, Zambia, and Tanzania. Besides strategizing on how to improve the weakened external positions of member nations during the global economic downturn, policymakers will also debate how to keep pace with large shifts in the global economy, where China has risen as a dominant and disruptive player. “Most countries in the MEFMI region have loans or grants from China and it would only make economic sense to repay in renminbi (Chinese yuan),” MEFMI spokesperson Gladys Siwela-Jadagu said. “With China as the largest trading partner of over 130 countries, the main challenge for African countries is how to benefit from the new pattern of international commerce,” she added.

The move underscores China’s push to internationalize its currency in order to promote trade and investment, besides boosting its soft power. This is especially true in the era of Xi Jinping whose extended rule and assertive governance are set to reshape the country’s diplomatic, military, and economic place in coming years. The move is also indicative of China’s emergence as a greater power willing to fill in a financial gap, especially in the isolationist post-Brexit and “America first” era.