Black Friday: Shocking Brexit Vote Result Causes The 9th Largest Stock Market Crash In U.S. HistoryBy Michael Snyder The shocking outcome of the Brexit vote caught financial markets completely off guard, and the carnage that we witnessed on Friday was absolutely staggering Stocks of some British-based banks suffered double-digit lossesin heavyU.S. trading. Barclays (BCS) shares plunged 20.48% to close at $8.89.HSBC (HSBC)shares closed down 9.04% at $30.68.Andshares of Royal Bank of Scotland (RBS) plummeted 27.5%to a $5.43 close. Top U.S. banks also suffered from the Brexit fallout, although not as badly as their British counterparts. Shares of JPMorgan Chase (JPM) closeddown6.95% at$59.60.Bank of America (BAC) shares fell 7.41% to a $13 close. Citigroup (C) shares dropped 9.36%to close at $40.30. And Wells Fargo (WFC) closed4.59% lower at$45.71. But please dont think that Black Friday was just a one-day thing. As I warned before, the Brexit vote could be the trigger that changes everything. And if you dont believe me on this, perhaps you will listen to former Federal Reserve Chairman Alan Greenspan. This is what hetold CNBC on Friday This is the worst period, I recall since Ive been in public service, Greenspan said on Squawk on the Street. Theres nothing like it, including the crisis remember October 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 that will not go away. I completely agree with Greenspan on this point. This corrosive effect on global markets is not going to go away any time soon. Sure there will be days when the markets are green just like there were after the collapse of Lehman Brothers, but overall the trend will be down. Now that the United Kingdom has decided to leave the EU, financial markets have been gripped by fear and uncertainty, and there is a great deal of concern that this Brexitcould harm the economies of everyone involved Important British trading partners including India and China indicated they were worried that an exit would create regulatory and political volatility that could harm the economies of everyone involved. The U.K.s Treasury itself reported that its analysis showed the nation would be permanently poorer if it left the EU and adopted any of a number of likely alternatives. Productivity and GDP per person would be lower in all these alternative scenarios, as the costs would substantially outweigh any potential benefit of leaving the EU, a summary of the report said. This threat even extends to the United States.CNN just published an article that lists four ways the U.S. could be significantly affected by all of this Fortunately we are now heading into the weekend, and that might have a calming effect on the markets. Or it might just cause financial tension to build up to an extremely high level which will subsequently be released on Monday morning. We shall see. RCBs Charlie McElligott is warning that Black Friday was just the beginning and that today is the appetizer for Monday. And UBS derivatives strategist Rebecca Cheong says that we could see more than a hundred billion dollars of selling over the next two to three trading days Strategies designed to mitigate risk will actually add to downward pressure in the SP 500 over the next week as computerized selling ramps up to keep pace with falling prices. It reminds Cheong of the rapid stock selling that roiled markets in August, when the SP 500 fell 11 percent to a 10-month low while facing similar behavior from algorithmic traders. The bigger the down move today, the more they have to sell, which would basically create a vicious cycle, Cheong, head of Americas equity derivatives strategy at UBS, said in a phone interview. Well see front-loaded selling in the range of $100 billion to $150 billion over the next two to three days. It could be very similar to August in terms of model-based selling. Personally, I am hoping for calm when the markets open on Monday. But without a doubt, something has now shifted as a result of this Brexit vote, and things have suddenly become a whole lot more serious. So what do you believe we will see happen next week? Please feel free to tell us what you think by posting a comment below *About the author: Michael Snyder is the founder and publisher of The Economic Collapse Blog. Michaels controversial new book about Bible prophecy entitled The Rapture Verdict is available in paperback and for the Kindle on Amazon.com.* The more they emphasize the crash and the shock, the more this sounds phony to me. They are always prepared for an opposite outcome!! That is how to eliminate what the people wanted. You can see headlines Brexit illegal and non binding! My crystal ball says oh, its foggy. Ah, you worthless POS. Youre going back to Amazon. Anyway, my optimystic side thinks there may be a rough period which includes more countries leaving the EU which will eventually result in the total collapse of the EU followed by a new beginning. My pessimistic side says it was planned this way all along to bring in the end times. This is my take on the whole thing. Firstly the German and French markets took the biggest hits on Friday not the British. German and France had a approx. 9% down turn each. The market turmoil will prevail for a month or two then stabilize. The pound has dropped but that might help with their exports. Some banks might fail like the Deutsche Bank. As more countries leave the EU then the market turmoil will become more of a worry. Already we see France and Germany calling for referendums to exit and also we may expect minor EU members like Greece, Slovakia, Czechia and Hungary want to exit too over time. Like Tuaca I think this is a See I told you this would happen moment played out by TPTB to try and prove a point that the leave campaign would create turmoil. And like Bleak I think this is all set up to bring in a new world currency system mentioned back in 1988 in the Economist magazine titled Get Ready For A World Currency by 2018. It is now up to us activists to make the sheeple aware of this and to try and circumvent this from happening. Stopped at I completely agree with Greenspan. Snyder has always been a staunch Gloom and Doomer, all precious metal pushers are, but now I know hes also a cabal mouthpiece. Tsk tsk AP. Great Britain! I hope the entire banking system collapses and the bankers find a long walk off of a short peir. I wonder what happened in Iceland? They bit the bullet for a couple years after they arrested the banksters and decided not to join the EU. I think theyre doing pretty good now. Friday I almost made back my loses from 2008. I wonder how my friends did that kept saying I was crazy? LOL Theyll have to call there brokers. I Knew as soon as I got home sat. morning. The globalists are loosing control! Now the payback begins, and then the jail time for them thieving rats! 