In less than a week, on June 23, the British will vote on whether they want to remain in the European Union or leave it. Much has already been written about a possible “Brexit.” In this article, I want to outline some predictions that have been made by other market analysts. What can we really expect from a Brexit?

The delinquency rate on loans is key in understanding banking. It answers one question: what percentage of loans is overdue for payment? The delinquency rate is by far the most useful indicator for “credit stress.” It seems, however, as if delinquency no longer counts. Few are paying attention to the quick and sudden rise of the delinquency rate. What does it tell us and is a new banking crisis imminent?

Recently, I was interviewed by Lex Hoogduin, professor in monetary economics at the University of Groningen and former director of the Dutch central bank (DNB), about the publication of the first Dutch edition of Ludwig von Mises’ magnum opus, Human Action. Despite the fact that this book appeared for the first time in 1949, the lessons of Mises are as relevant as ever. How relevant exactly? Let’s look at five quotes from Mises’ masterpiece to see just how relevant his work still is today.