French leaders are openly plotting to peel off large chunks of the City’s financial industry as soon as Britain leaves the EU. This might prove much tougher than they imagine.

France is rolling out the red carpet for putative refugees from Canary Wharf, hoping to capture the lion’s share of the estimated €600bn to €1 trillion market for clearing in euro-denominated transactions. Some German officials are also eyeing the City, but more discreetly.

"There is a power play going on. It is very clear France and Germany will do everything they can to damage the City and get the business for themselves," says Professor Athanasios Orphanides, a former member of the European Central Bank's governing council.

"Whatever they try to do, they'll end up shooting themselves in the foot and driving the businesses out Europe. The EU regulations are so costly that I think the City could actually see long-term benefits from leaving," he says.

The City is ranked number one in the Global Financial Centres Index, ahead of New York, Singapore, Hong Kong, Tokyo, and Zurich.  None of the EU's other hubs come close. Luxembourg is 14, Frankfurt is 18, and Paris lags far behind at 32,  behind Calgary or Dalian in China.

Long-developing cracks in the Western political establishment’s century-old paradigm suddenly widened this year.

In the US Donald Trump, a reality television star and real estate developer, improbably became the Republican Party’s nominee for president. Bernie Sanders, a socialist and long-time Senate crank, challenged the Democrats’ pre-anointed nominee Hillary Clinton, who prevailed only by dint of money and un-democratic “super-delegates.” Meanwhile in Europe, the UK voted to leave the European Union, perhaps opening the flood-gates to more defections.

These three events share a common theme: populist and patriotic passions roused by arrogant elites have fueled a rejection of Western establishments and their un-democratic, autocratic, corrupt paradigm.

A mob of starving people advanced on the presidential palace chanting, “We want food”. They were met by soldiers and police dispatched by the tyrant from his lavish palace decorated opulently with a golden sun, giant rock crystal mirrors, sparkling chandeliers and towering oil portraits.

The scene wasn’t 19th century France, but 21st century Venezuela.

And if you are wondering why you haven’t seen it on the news, it’s because Venezuela is a Socialist disaster area that was once being used as a model by the left. Now it’s a place where the vast majority of people can’t afford basic food staples and a third are down to two or fewer meals a day.

Obama laughed and joked with deceased monster Hugo Chavez, who handed him a copy of the anti-American tract, “Open Veins of Latin America” that had even been disavowed by its own author. Obama called the book a “nice gesture,” but Eduardo Galeano, its author, had told an audience that the left “commits grave errors” when in power.

Venezuela, once a wealthy oil state, where the doctors offering “universal health care” have no medicine and starving people loot government stores looking for food, is yet another example. 50 people are dead in the latest food riots. Their graves are yet another “grave error” of the left.

Italy is preparing a €40bn rescue of its financial system as bank shares collapse on the Milan bourse and the powerful after-shocks of Brexit shake European markets.

An Italian government task force is watching events hour by hour, pledging all steps necessary to ensure the stability of the banks. “Italy will do everything necessary to reassure people,” said premier Matteo Renzi.

“This is the moment of truth we have all been waiting for a long time. We just didn’t know it would be Brexit that set the elephant loose,” said a top Italian banker.

The share price of banks crashed for a second trading day, with Intesa Sanpaolo off 12.5%, and falls of 12% for Banka MPS, 10.4% for Mediobana, and 8% for Unicredit. These lenders have lost a third of their value since Britain’s referendum five days ago.

“When Britain sneezes, Italy catches a cold. It is the weakest link in the European chain,” said Lorenzo Codogno, former director-general of the Italian treasury and now at LC Macro Advisors.

Islamic violence is nearly impossible to deny. But why is Islam violent?

The usual answer is to point to Koranic verses calling for the conquest and subjugation of non-Moslems. That certainly covers the theological basis for Islamic violence. But it fails to explain why Moslems continue to practice it. Even against each other. Violence has become the defining form of Islamic exceptionalism.

Islam made the standard tactics of tribal warfare far more effective. Its alliance was harder to fragment and its fighters were not afraid of death. But at the same time Islam remained fundamentally tribal.

It made tribal banditry more effective, but didn’t change the civilization. It codified the tribal suspicion of outsiders and women into a religious doctrine. That still drives Islamic violence against non-Moslems and women today.

And yet Islam could have reformed. All it had to do was choose a different civilizational strategy.  Why didn’t it?

India’s bid to become the ‘economic super-tiger’ of Asia is in serious doubt after an assault on the independence of the central bank and failure to deliver on promised reforms.

The country has been the darling of the emerging market universe since the Hindu nationalist Narendra Modi swept into power in May 2014 promising a blitz of Thatcherite reform and a bonfire of the diktats, but key changes have been blocked in the legislature. The government has turned increasingly populist.

Matters have come to a head with the de facto ouster of Raghuram Rajan, the superstar governor of the Reserve Bank of India (RBI), rebuked for keeping monetary policy too tight. It is part of a pattern of attacks on central banks by politicians across the world, and the latest sign that the glory days of the monetary overlords are waning.

“This is ‘Rexit' – India’s equivalent of ‘Brexit.  It looks very bad for India and will not go down well in financial markets. He was defeated by the crony capitalists up against him,” says Lord Desai from the London School of Economics.