we'll continue covering this for you. it is a very close vote right now. big, big sort of referendum on, on whether or not they're going to stay with the eu. let's listen in here. we have sky news telling us, talking to individuals there, people how they votedded. let's listen in on sky news. breaking right now, everyone, votes are being counted in great britain as i speak. they're trying to determine whether or not they will stay in the european union or whether they will leave. 103 of 382 reporting areas reporting, the vote right now to remain in the european union has slight edge, he emphasize slight, over those who want out of the european union. i am trish regan. welcome to special edition of "the intelligence report."

it is 3:00 a.m. in london. 10:00 p.m. here on the east coast. as we await the results of the historic vote in britain, you can be assured of one thing, it is very close. there are a lot of similarities over last year what is happening right now in the uk and what is happening right now in american politics, on both sides of the pond people are fed up. they're fed up with the establishment. they're fed up with the status quo. they're fed up with bureaucrats telling them what to do. this is the kind of uprising you're seeing happen not just here in the u.s. but also right now in the uk. i want to head straight over to london as we continue watching futures market. investors very rattled here in the u.s., with the dow off more than 200 points. ashley webster live for us in london. ashley, give us the latest. reporter: you know, trish, i was looking at these latest numbers, the leave now just slightly ahead of the remain. i mean it is absolutely on a knife's edge, 50.1% to leave.

49.9% to stay. so i think it is very fair it w. we thought by 4:00 a.m., local, 11:00 p.m. eastern in the states we would have a real sense where this vote was going and that is not the case. it has been a surprising evening. those areas we knew would vote to leave a done so in greater numbers. those who have voted to remain as we expected have done so but perhaps not as strongly as we thought. london could be the key. this area, four million plus voters are expected to has been up to this point three to one voting to remain but is that enough to outweigh appears what the rest of the uk is saying? we know scotland and northern ireland will probably vote to stay in but it is going to come right down to the wire. trish: you bet it is, ashley, stay with me. we have lots to talk about, joined by lido aisle advisors

jason rotman who says britain should stay in the eu and steve says get out as fast as you can. steve, a lot of people have the mind-set in the uk. we've been talking about the similarities between america and great britain in that people are upset with their economic lot in life and they're blaming the politicians that they say put them there. >> right. and trish, they're upset and they should be. in the u.s. and in the uk. they have seen their incomes become incredibly stagnant. what they have seen is incredible trust on multilateral, multinational organizations. whether be the eu or trade agreements or the united nations. and they are starting to say enough. sovereignty matters. the uk is the home of the magna carta. the country that gave us modern democracy.

i think uk voters, much like a lot of trump supporters i'm one of them in the united states we had enough -- trish: just emphasize that, full disclosure. >> i am, full disclosure, i am, they're saying enough of a rigged political system where the architects of that system do extremely well and the common folks do very, very poorly and fall farther and farther behind. trish: jason, is this the reality of globalization? everyone was promised great things from globalization. it was supposed to lift all tides but reality is it doesn't. i mean not if you're caught in between. >> i have a slightly different take than focusing on the system or the euro-crats my opinion is they should stay for multiple reasons. the whole world is moving toward mobilization and more interconnected opportunity. my take is focusing on the

individual. we see 18-year-olds in london building app companies and selling them to yahoo! for $30 million. they don't care whether the european union has uk or not. they're taking advantage of technology. they're taking advantage of opportunities. listen it is a good idea for the uk to stay because really i think it is all about the trade. all about the trade. trish: the city of westminster. listen in to sky news now. >> 2016 authorized to do by the regional counting officer, give notice i certified the following. total number of ballots counted was 78325. the number of votes cast in favor of remain was 53928. [applause] votes remain. the number of votes cast in favor of leave, was 24268. the number of ballot papers

rejected was as follows. for no official mark. nil. voted for, 47. writing orb marks which the voter could be -- trish: you hear there the city of westminster voting pretty overwhelmingly there to stay in the european union. jason, you're making the point that, look, you know, if you're, if you're on the upside of that economic trend, if you're the young kid developing a new app, suddenly bought by the likes of yahoo! or some other company, then you don't care whether the uk stays or goes? >> exactly. that is my point. that really people aren't writing about. they're not speaking b they're focused on -- like this crowd herd mentality. you know, the eu charges all these different fees to be member of their country club. whatever. it is a good thing for the uk because the eu negotiates these trade agreements for all the different countries for the u.k. i do understand, honestly,

trish, the united kingdom citizens want to elect their own leaders et cetera and not led by euro-crats as they're called, but big picture stay. trish: out of touch -- i don't know how many young app developers you know, jason in the uk, but that is not majority of the population. that is a select few. reality -- >> anybody can take advantage of opportunity, anybody can. trish: yeah, maybe in you get education and resources but not everybody has that. this is the challenge of globalization, right in some people will get ahead, some left in the middle or possibly left behind. they have a sense what the heck happened right now? >> right. trish: they're calling for something different because they feel as though their leaders have betrayed them, steve. >> and, trish, they have betrayed them. bring this back to america. forget england for a second.

by the way i love talking about england. i'm not british. i don't know if you're british. trish: irish. >> i'm irish and colombian and latin american. all of us are kind of british as america. america is the daughter of britain. we are the progeny of the magna carta i mentioned before. all of us to some degree eminated from england. i care a great deal what goes on in the united kingdom, regardless let's talk about america, forget about england. let's talk about america. we are by far the most innovative country in the world. jason, i love that you're talking about innovation. there is no more innovative place on the planet earth than the state of california and specifically silicon valley and i love trade from that perspective. acknowledging that, we also have to say we don't have free trade right now. we have incredibly unfair trade. trish: good thoughts. we'll go back to them. we have more results coming in from be aberdeen right now.

let's listen. >> to remain. what we're seeing now look at your screen, 50%, a tie, a dead-heat. aberdeen results, 50.2 to 49.8%. effectively with turnout of 70%, we're seeing a tie in the nation. going out there. let's go to ed conway for some analysis. trish: just to keep everybody up speed here, you have 50.2% voting to stay in. 49.8% voting to get out. and just a moment ago, it was in an actual lock tie there, 50/50. you can see the reaction on wall street right now with the dow futures sinking lower off 254 points. people questioning what tomorrow will look like.

steve cortez is with me. he is making comparison what is happening between now right now in great britain and the u.s. you have a lot of dissatisfaction with leaders. that is leading to this vote we're seeing right now in the uk. that is perhaps what has also lead to the nomination of donald trump for the republican ticket. it also led to the rise that we saw, not so much anymore, but with bernie sanders where people were looking for something different than the status quo. i wonder, steve, what happens going back to the uk, for a moment to the political elites, regardless what we see tonight? >> i think what has happened, trish, folks in london, just as folks have in america have decided you know what? we've had enough of multinational organizations telling us what to do and even within a country, for that matter, we had enough of governmental organizations telling us what to do. there is revolt, there is angst,

there is anger, anxiety that is palpable. it is palpable in london in certain places. certainly is palpable in the united states. i think what is going on in the uk, they're saying give us our sovereignty back, give us control over our lives back. i think it is very similar to what we're seeing in the united states. by the way, i would say this. listen i'm a trump supporter but i would concede a -- trish: hang on steve. results coming in from sky news. let's listen in. >> 195. number of votes cast in favor of remain member of the european union, with 24,172. >> darlington votes narrowly for out. -- your. >> european union -- 34,994. >> darlington in the northeast votes for out.

trish: darlington votes are in they have voted out, they want to be out of the european union. steve, i hear your point, frustration they have with u.s. leaders, similar to what happened in the u.k. watch there the dow futures market off 261 points. investors nervous in fact the uk is going to be out of the eu when we wake up tomorrow morning. i want to go back to london to ashley webster. again, nervousness is being reflected right now in global markets, actually more so in the u.s. than we're seeing in asia right now. is that in part because people expected this to happen? they expected it to be a stay. it wasn't supposed to be a tight race? >> as i said earlier, book makers had it 80% chance the uk would stay, even though the polls and they are notoriously inaccurate in uk, maybe not. we're literally on a knife's edge. trish, get back to some of the

points, yes, we live in globalized economy so it makes sense for uk to be in the eu. that is really missing the point. it is about sovereignty. about the fact that brussels can dictate to the united kingdom who they can, that they can not refuse entry to certain immigrants. they can not deport certain immigrants. we have european court of justice who has legal power over some of the things that happened in the united kingdom. can you imagine that in the u.s.? some court in ottawa in canada telling you what you can do? trish: that is exactly what it is like. >> yes, exactly. you wouldn't like it. you wouldn't put up with it. that is the problem. a lot of promises made. it is a 500 million person market in the eu. that is terrific. that is how it was supposed to be. now it has become this political animal. trish: why do you think that half the population even wants to stay? i mean because it is very good

point, right? no one in the u.s. would want canada telling them what to do, ottawa telling them what to do, why would anyone in the great britain want brussels telling them what to do? why is anybody voting to stay? >> there are those, certainly younger people who believe the ability to move around in the 27 other countries in the eu is a positive thing. they can live and work and go to retire easily without having to make any application. that is a good thing. also the positives of tariff-free trade between all the countries within the eu. they believe is worth the cost giving up some control when it comes to border control and legal issues. but there are many, and those that are older, that don't want to stereotype, those who are older, wait a minute, we never signed up for this. we want our sovereignty back. that is the split. trish: indeed, it is a split. they do want their sovereignty

back. it is amazing it can fall to such a demographic change there between the young and the old. back over now to jason for a moment. you're investor, watching markets off 308 points in the futures. why? >> well, listen, that is a simple question to answer. listen, if the uk leaves, okay, and few days ago when i was on your show i really focused on this, the uk has a massive current account deficit, okay? the uk is essentially funded by other countries, okay, to stay in business essentially. other countries are confidentially investing in them because they're part of a larger, huge animal which is the european union. if the uk leaves and runs out into the wilderness at midnight, wakes up next morning said, oh my god, what did we just do, the market will reflect that. what will happen to the uk's financing for their country's government over the next two to three years? it is complete unknown.

the market does not like uncertainty. hence they're essentially tanking of a hours. trish: point out to viewers, looking at asian markets now lower. they briefly moved into positive territory. they are reversing course right now, as we're looking very much a tied situation overseas. steve court test, you know, you're an investor as well. people were predict earlier armageddon. all the political types overseas, even here in the u.s., you heard president obama of course weigh in on this. really urging the uk to stay put, to remain in the eu. you think about people's livelihoods, their political careers. they are very much on the line, are they not tonight? not just in the uk but think about angela merkel, think about all the politicians in brussels. they need this eu experiment to work. >> right. trish: this could be the one thing that starts to unravel it

all. >> right. but long term that might be a great thing, trish. the status quo, particularly in environment we're in right now, status quo always favors elites, those who are currently in power. sadly in the united states, in britain, in most of the world crony system absolutely rampant. and that is part of statism. part of massive government intervention of incredible taxation, so that is the sad reality we deal with right now. that's why, by the way the elites react so violently against any populist movement, whether britain sovereignty, whether donald trump or even whether bernie sanders, a movement that i don't happen to agree with but i understand and i can acknowledge the power of so. i think they're is -- trish: it was a little bit of a fear campaign i think as well. they were out there saying, listen you need to vote to stay in the eu for yourself, for your

family, for your children. we'll go back to sky news. there is prediction how this will all turn out. here what they have to say. >> have voted to leave the european union and 47% votedded to remain. that is current forecast, based on just under 140 of the 382 results insofar. >> but we've got some big counting to come in. birming ham, much of london and coventry, other big cities, will they make much difference you think? >> anywhere with a large population, adam, is bound to make a difference. the fundamental problem for the remain camp is that the, their actual vote must be now larger than the preforecast vote. remember the forecast had been for a very, very narrow remain

win and the current forecast is showing a narrow win for leave. and, in order to redress that imbalance now, the remain camp has to win places like birmingham and elsewhere, rather healthily. london is still crucial. southeast of england is still crucial and northwest of england is still crucial. fundamentally of course, we haven't had too many results from there. the yorkshire and humberside region may play pivotal part in the final analysis of the at the moments things are still good for remain side. i'm sorry, still good for the leave side, i should have said. >> well, as you can see on your screens, 50.6 for leave out, and they are in the lead.

let's go to john craig who is at the leave -- trish: you were just listening to a professor there who is talking to sky news. he is effectively their forecaster who predicts exactly what this will look like, he is making the point very much is in favor of the leave camp, that you could be seeing a vote to leave the european union. you see that worry right now reflected in dow futures which are off 313 points. don't forget, just about 20 minutes ago they were off about 150. so, those losses are really steepening at this moment as investors figure out how this would end up. this would be very significant for the uk, and for the u.s. and with our relationship with the uk and with the eu. currency is another consideration in all of this.

i have jason with me as well as steve. jason the dollar is likely rallying to the environment where the uk is getting out of the eu. the concern about that, is higher the dollar gets, look, we like it when we go on european vacation to have strong solar, if becomes -- it becomes more challenging for u.s. companies to sell their goods abroad. one of the consequences could be more challenging environment of u.s. sale of goods? >> yes, but, okay, that is why why off the breath beaten track investors, at some point yellen is going to zero or negative. what are you talking about, 200 k jobs per month.

only route of interest rates is up. may you live in interesting times is famous chinese blessing. now is interesting times. if u.s. rates will go lower, that will counteract the dollar's rise. trish: we heard janet yellen desperately wants to raise rates but can't. let's listen in to sky. >> total votes counted was 50,158. the number of votes cast in favor of remain a member of european union was, 14,284. >> out by a large margin. >> number of votes cast in favor of leave the european union was 35,844. number of ballot takers rejected was as follows. no official mark.

nil. >> well on large number -- trish: voting to leave. they are out by twice as much as wanted to stay. i want to go back to ashley webster in london. we're seeing again more concern in the u.s. futures market right now. i made the point earlier janet yellen desperately wanted to move rates higher. that was the lousy jobs report in the u.s. looming concern what was going to happen in the uk. here potentially coming to fruition tonight. they may actually leave. >> it is remarkable. we know that the retail banks here in the uk have been put on high alert in the event that the vote goes to get out of the eu and they were being told make sure atms were fully stacked with cash and people think, uh-oh, taking cash out. trish: ashley, let's see what

they have to say. >> total number of ballot papers counted was 266,951. 266, 951. number of votes cast in favor of remain member of the european union was 130,735. 130775. >> sheffield votes out. >> number of votes cast in favor of leave the european union was 136,000 -- [cheering] >> sheffield votes are out, margin of 6,000 votes there. crawly voting -- trish: sheffield voting out as well. we're waiting for those numbers to come up on the screen. we heard announcer say with 136,000 to 130,000. so a tight race there in sheffield. another area voting out. we have 150 of these precincts in right now. we're looking a lot of weakness in u.s. futures off 377.

you see that increasing here as we get a growing number of precincts reporting that they want out of the eu. i want to get back to the betting markets for a minute, ashley. one of the things that makes those special, unique and often accurate is that there is real money on the line. and we saw that they anticipated by a pretty overwhelming margin that this would be a stay scenario. now the night is young. and we sti have a more counties to get in, but, it is not, it is not necessarily fait accompli. in fact we heard forecaster there on sky news making prediction it was looking awfully good for the out campaign right now. what is it that markets may have been missing in this lead up to night? reporter: you know, trish, i was just thinking about that. i think there was a, towards the end there, of course we had the terrible situation, the murder of jo cox, the labour mp, which

suspended campaigning for three days. that was seen as an advantage to the remain campaign. then we had nigel faraj coming out with what was considered a racist poster showing pictures of migrants moving through europe under the banner of breaking point. this is how the eu has let us down. i, it is interesting. the i was a reading a tweet former head of ugov that conducts all the polls. he said in the tweet, looks like could be embarrassing night for me and our organization. in other words we got this wrong what did betters get wrong? what did the bookies? bookies standing to make a lot of money. one person made a bet of $464,000 that uk would remain. how do you think that person is feeling right now. yes, they can get it wrong. as i said polls are notoriously inaccurate. i do think there is an element of people here who didn't really

want to admit they were for the out campaign. they didn't want to be associated with nigel faraj and kind of the racist points of view. some people didn't care. there were those that silent people, who did want to get out but didn't really tell anyone. trish: that is very interesting. similar to what we saw with donald trump. in his campaign, some people wrote him off. this is reality tv star that will not have. in the way of traction. a lot of voters were not willing to admit at first. kind of liked what he was saying. by the time they were at the ballot box you saw they really liked what he was saying. similar again. i do want to point out to the viewers, those betting sites, we've been talking about ashley, 65% now say going to be out.

>> wow. trish: you are seeing asian markets, back down more than 200 points right now. you can see singapore trading lower by half a percent. nikkei off 157%. just to give you a sense where things are, 51.2% for out. 48.8% for in. so again the advantage right now going to the out folks. the japanese spokesperson, government spokesperson just moments ago coming out saying that he is very concerned about what an out vote will mean for trade and for his economy there in japan. let's not forget, jason, the consequences, from a global perspective of all of this. walk us through what those really are. because there has been a lot of warnings and a lot of concern expressed. what do you really think that will look like as we watch a market off 401 points right now?

>> sure. well, you know, the seen is this, right? there are a lot of details. the scene is this. the world, global financial markets do not like uncertainty, okay. if this "brexit" happens, the pound will crash. it is in low 140s. it will go down even, down 20%. that will be horrendous in general. in specific -- trish: i want to stop you there, okay? >> okay. trish: i don't know that it will be as horrendous as you think. sometimes when a currency deappreciates like that, it actually gives the economy a leg up in that people can sell their goods. one of the concerns about the "brexit" vote the u.s. would be looking at stronger currency potentially. that would thereby hurt our economy. if they have a weaker currency, i never liked the idea of a weaker currency, but if they have it, can't they sell more stuff? >> okay, yes but you're missing

a key point respectively. theoretically you're right but practically that's not going to happen because as, my analogy is, the thumb, right the european union five finks. finks -- fingers. european union will be a thumb in the ocean. trish: they're major financial -- jason. >> if they leave the euro there will be massive uncertainty how they fund current account deficit? how will china interact with them? we simply don't know. they're not puerto rico. they're not an island. it will be uncertainty, bad for the market. trish: steve cortez, you agree? >> i could not disagree more. trish: you're an investor. are you worried what tomorrow's market will look like? >> listen, near-term volatility absolutely. i concur on that point. there will be a lot of near-term volatility, markets, i will concur with this, with jason,

markets love what they know. the known known is european union as it stands but for britain long term, it will be far, far more prosperous bying out of the european union, than by being in it. and idea it will standing alone and isolated and people won't trade with britain, i think that is utter nonsense. london is arguably the financial capital of the world. if not, second only to new york. trish: i tend to agree with you on that. i think that is important point. don't underestimate power they have. a lot of people like to look back, before they became part of the eu they weren't much of an economy. they were really struggling. yes, that's fair, they were. all of sudden got margaret thatcher and she did a lot in terms of opening up their ability to compete with less regulation and so perhaps if you were to do that again steve. maybe i can go to ashley in london for his thoughts. if you were able to sort of free them of brussels, can they

benefit from that in they can then follow their own destiny and great britain can hopefully be as great as it possibly can be? >> well, there are certainly open and they can start making trade deals elsewhere. it was interesting, one of the german ministers of finance saying, listen, we'll continue to do deals with the uk. we're not going to impose any special tariffs. as i said earlier, german autos very popular in the uk. that will go forward as normal. takes a while to get new trade agreements put together. they will not be a thumb floating out in the ocean. london still i believe will still be the financial capital. we've seen some outflows. not just suddenly overnight the turn the light swtch off and say thanks, good-bye. that is not going to happen at all. uk has a good reputation around the world, yes, exactly, i agree, they do. trish: walk me through sort of

what you think is going to happen tomorrow, ashley, from your perspective there on the ground in london? ashley: well, that is a good question. what does prime minister david cameron do? will he go live on tv, thank everyone for voting, obviously say this is your wish, this is what we shall do? it will be crushing defeat for him if people vote to leave. they will have to invoke article 50. this is non-binding vote. has to be approved by parliament. i can not imagine that parliament would not go through with what the vote says. they will have to again invoke this article 50 which is in the eu law that starts the process. trish: ashley, i want to listen in to sky news reporting results out of he edinborough right now. >> it is now ahead. >> ladies and gentlemen, i am, before i actually -- just like to thank everybody in this hall's efforts again.

this was how it is done. fantastic job, thank you very much. [applause] and all those behind the scenes -- >> this will be area where the campaign are hoping to make up some ground. bottom of your screen, that is all the votes so far. >> referendum held on 23rd of june, 2016, european union referendum act 2015 and having been authorized to do so by the regional counting officer i hereby give notice i have certified the following. the total number of ballot papers counted was, 252,481. the number of votes cast in favor of remain a member of the european union was, 187,796. [cheering] >> edinburgh votes in by a large margin.

>> the number of votes cast in favor of leave the european union was, 6,449,898. trish: edinburgh voting in by pretty wide margin. they're recall indicating votes here but about 48.7% for in. 51.3% for out. however some of those numbers will be rejiggered as we see what edinburgh results do for them. back to jason for a moment. you've been very worried about the overall economic ramifications. let me ask you about something else very much a part of what is going on there tonight. that is the immigration concern, jason. that you have so many people have flooded into the uk basically doubled the number in the last 15 years. these are people many coming from eastern europe.

they are willing to work for less money than typically the english work for. that is upsetting, frustrating to people there who feel they are getting displaced. it is similar to what we're seeing here in the u.s. where americans feel their jobs are under threat from immigrants coming here including many from mexico. how much did immigration play in your view in tonight es, in tonight's vote? >> not as much as maybe people may think. listen, it is never black and white, okay? there is always gray areas. yes, this is very, very touchy subject to say the least. on one hand, you know the sons and daughters of immigrants have changed the world, okay. in this situation, i would argue it is not so much that there is all the immigrants coming in and trying to take lower priced jobs, i thought you were going the route of idealogical thing with potentially being hazardous

to the safety of people as well. trish: that is another concern. we'll get there as well. >> right. trish: talking about jobs, eastern europeans are taking. >> sure. trish: people feel their livelihoods are under threat. >> well, i don't believe in a trumpesque separatist economy. i think that is a step backwards. and a step forwards, not to be crude, but people need to evolve. people need to innovate. the answer always will be innovation and empowerment, not crying over somebody else taking your job. trish: that is noble thing to think. it is academic view of things but a little bit divorced from reality what people are feeling. ashley, you're talking to those people. what do they say? ashley: there were those that will blame immigrants for every ill there is. unfortunately that is what you find across the world. certainly an issue here because the uk is an attractive place to come. there is plenty of jobs. unemployment situation is certainly a lot better than on

the mainland of the eu. certainly southern europe is in still in very difficult shape. it is interesting, hotel we're staying at, it's a large hotel. i have yet to meet one english person as a waiter, waitress on the front desk. it is full, all eu people who are here. now, this is great. they're here. they're working. does that upset some people? not in london. london is one of the most multicultural cities in the world. here it is not a big deal. go out into countryside, resorts, in the country much bigger deal. people are london centric with states new york centric but a lot different world outside. >> i want to point out to viewers right now, asian markets really seeing some downside, off 300 points on nikkei and hang seng. really reflective of concerns right now about what exactly does this mean? what does this mean for global markets? what does it mean for the uk and

eu. could another country be next? that is one of the big threats here, right, steve cortez? it may not end with the u.k. other countries may look at this, i want out too. >> right, right. trish, i think that is why markets will be roiled. while i think this is long-term positive for the uk and i do, i do think near-term negative for global markets generally and more specifically i think, italy, spain, greece, will take a look, you know what? to some see degree we're being taken advantage of by the european union. in other words, we should have cheaper currency and we don't. why? we share currency with germany and germany really had -- everybody thinks the opposite, everybody thinks germany is taken advantage of by debtor nation in i think inverse is true. germany gets advantage of very, very cheap euro, far, far cheaper than a d-mark would be

if they competed with their own currency. these mediterranean companies, i believe if there is leave vote today, i think very quickly we'll see mediterranean countries say, you know what? makes a lot of sense for to us leave too. trish: steve, talking about the textile manufacturer i spoke to in portugal. i used to be able to compete with china. then all of sudden i got the euro and it is just not, it is not feasible. i'm no long ircompetitive. i can't eastern a living the way i used to. i i can't employ as many people i used to. price on everything has gone up. so to your point, while it is benefited germ my, weakening germany's currencies, making portugal and greece much higher, making them less competitive. u.s. futures mark off 440 points. that is the low of the session.

ashley webster, is that a theme you hear as well? i wonder, are a lot of people telling you, boy are we glad we never adopted euro there in the uk? ashley: absolutely. i think people here thank someone every day for that fact. i think that is why some of the other countries said, listen, you know, we are all on board with the concept of a giant trading bloc, that's great but from the uk's point of view, do we want to be a part of the same currency as an italy or a greece? probably not. even though being controlled from the european central bank in frankfurt, i think having that little bit of independence has proven to be a very shrewd move. i think other, like the swiss still have their swiss franc swedes, danes, mortgagance, said -- norwegians, no thank you, we'll have our own currency. that is one of the most positive things for the u.k. absolutely.

trish: jason who is next? that is what the markets are worried about, right? they're worried potentially another country saying enough, i'm out, who could that be? >> any one of five that sir ashley just mentioned. but i also just want to focus on this, okay? one of the main reasons why the dow is down 400 right after-hours, when is the last time that happened, is that if the "brexit" occurs, it will literally on the back of my prior point about yellen taking rates down which she hasn't even spoken about, it will literally start a massive worldwide currency war. there has already been currency wars happening. bank of japan, negative. et cetera, et cetera. europe, negative. what if the u.s. goes negative? trish: getting another round of qe, quantitative easing? will we print more money here in the u.s. because we will be forced to because our currency will look so much stronger compared to others? >> well that's what central

bankers do now adays. it is really not even a question that would happen. trish: mo, yeah. >> if the dow goes down 15, 20%, next six months you think markets are thinking yellen will hike rates in december? probably going to be the opposite. trish: by the way, steve, to get a little political in a second, yellen is finding herself in tough situation if markets go down that much. we should point out, dow futures down 500 points. also almost 3%. s&p futures off 68. nasdaq composite index futures off 151. losses accelerating, down 520 points, steve cortez. what can the u.s. do if we're to take a hit from this? >> trish, there is plenty we can do. by the way has nothing to do with janet yellen. i think you and i have spoken about this quite a bit. i'm a big critic of the fed and big critic of quantity quantity

and close to sear are interest rate policy. it is really out of her hands, out of the fed's hands. you know what we need? we need tax relief and regulatory relief. if we get both of those at same time, the american economy regardless of, regardless what happens in japan we're going to soar. trish: off 566 points right now. 573. so you're seeing -- >> i'm not saying saving market tomorrow. it will not save the market tomorrow but i'm saying look into rest of this year, into 2017. what we need, listen, the american people haven't stopped innovating. they haven't stopped working hard. the problem is the headwinds right now of regulation and taxes are so significant, that they can't overcome them. we're growing at 2% in spite of ourselves, right? we can grow at 4 or 5% if we unleash the right kinds of policies. i believe that is going to happen very soon. i'm optimistic long term. pessimistic near term. trish: but this is a big deal. i want to point out to viewers,

watching loss of 566 points in the futures market. 3.4ers for s&p futures. you can see that investors on this side of the pond, this will be out. listen in to voting results. >> having been authorized to do so by the regional counting officer i hereby give notice that i have certified the following. the total number of ballot papers counted was 82,703. the number of votes cast in favor of remain was, 25,210. the number of votes cast in favor of leave was, 57,447. the number of ballot papers rejected was as follows. both answers voted for, 17. mark which voter identified too, unmarked or void for

uncertainty, 27. total number of ballot papers rejected was 46. trish: they are voting out, 57,000 to 25,000. by a pretty wide margin there. one of the things that i keep repeating throughout the night, and important theme to remember here is how off market were. they anticipated this would be opening that ended much earlier and very much in the stay camp. we don't know yet. it is still too close to call. the fact, steve, it is as tight as it is clearly worrying investors as we watch the futures market off more than 500 points. >> absolutely, trish, i'm not discounting how disruptive this is to near term markets. i think this, if in fact it's a leave vote, it will be incredibly volatile and incredibly disruptive. i think people are positioned so

hard towards stay. so i'm not discounting that. trish: we anticipate, yeah, there will be volatility because nobody likes getting caught in unexpected situation but is this kind of thing where it is day or two or a week? or is this something more problematic? >> i think it is more problem than that. there is not underlying growth. i think this is weeks to months until we get clarity in the united states we have relief on the things i just talked about, which is, just absolutely exhaustive taxation and overwhelming regulation. until we get clarity on that, i think this could last longer than you think. i also think too, this is interesting point. relates back to the united states and our political situation. it is true in the uk. it is true in the u.s. there is such a disconnect right now between elites and generally, let's face it, in terms of "brexit" it was elites who were making predictions we're going to stay. there is such a disconnect between elites and regular

people that it's palpable. it is palpable between folks in san francisco and new york city and "new york times," don't really know what is going on in topeka. similarly in the uk, i'm not so sure that the folks who write "the financial times," i'm not sure they know what is going on in sheffield. trish: very good point. this is very true. that is why you had so many predicting that this would be a stay. i do want to point out betting markets now, talking about them earlier, 73% chance now that this is going to be an out. this is going to be a "brexit" for england. i want to go back to ashley webster there on the streets of london. are you hearing anything in the crowds? are people, are people reacting there on the streets or in the pubs? i guess it is pretty late. ashley: it is 10 to 4:00 in the morning, if they're in the pubs, they will not care which this

goes, let me tell you. i wish i was there with them. no, listen, only people out on the streets of journalists of long lines of reporters from all over the world. i want to get back what happens if this in fact happens, they get out of the eu. george osborn said he already spoken to the bank ever england and will seriously consider suspending trading on the london stock exchange. so that will be interesting to see if he does that and for how long. the banks have been stocking up their atms full of cash, made sure all machines are working. but all of this was done on they werery, if it is armageddon this is what we need to do. you know what? as this day as gone on, this morning gone on it appears very much could be a case much uk leaving, surprise to many people leaving, not only bookmakers and poll takers everybody else. there is stunned shock.

a long way to go. a lot more london vote coming in, trish, that will heavily remain in. so it is not over yet. trish: that is very important point how off guard people are about this. members of the media as well. the expectation this would be close but for sure be a stay. i don't know we can stay that. 73% of the betting market saying it will be an exit. i want to point out very, very tight right now when you compare the percentages of in versus out. what will be the big takeaway, jason from this, if we do see an exit? >> if we see an exit -- trish: what can we learn from it? >> election years are crazy. election years even in the u.s.

can bring about global reevaluating of their political system and if i may say, cause exaggerations of sentiment. case in point the "brexit" vote. i don't think it is a good idea but point is that is the takeaway. election years even in the u.s., trump rhetoric being so extreme causing a lot of people in the uk and europe, et cetera, to reevaluate who are their leaders, how are they being affected by them. that is really the answer. it is not a bad thing. i think it is bad if there is a "brexit." >> well, it could be quite bad, but, steve, i imagine you have thoughts what people could learn around the world from what we're seeing here tonight. what are they? >> trish, i think global system peaking. i do. trish: wow. >> for americans, america first will be a theme that will have real resonance. already has. trish: i will stop you for a second. i hear you. i hear you. but, we have been down this path

before. i'm going to wonk out on you for a minute talk about the smoot-hawley tariff in the 1930s. >> right. trish: hang on second. we have results in from poole. let's listen in, see what they are. >> i debra lynn harris give notice that i have certified the following. the total number of ballot papers counted with 85,493. the total number of votes cast in favor of remain was 35,741. >> poole votes out. >> total number of votes cast in favor of leave was 49,707. the number of ballot papers rejected was as follows. no official mark, two. >> poole votes out by a margin of 14,000 votes. as you can see, the nationwide picture currently out is in the lead in the uk by, 51.2% to

48.8%. trish: all right. the results are in from poole. you can see from the screen they are voting out. so now you can see that the out camp is in the lead. i want to go back to steve cortez who is saying, actually manchester is out as well right now. you can see, they are voting 60 percent of them to stay in. so there is some votes for the in camp right now out of manchester. it was anticipated that manchester would vote in. steve, you were saying that globalization has peaked. we need to be more protectionist. we need to be thinking about ourselves first, that is what is important. i was making the point back in the 1930s we went down that route. we had all kind of tariffs and smoot-hawley tariffs and harder to trade with other nations. it got us nowhere.

>> right. trish: how do you consider that in the face of the need to yes, take care of ourselves? >> trish, listen, that is incredibly fair point. i'm not anti-trade. and by the way, i don't think donald trump is antitrade. i don't think necessarily that the remain people are antitrade but it has to be truly free trade. we don't have that right now. at least united states certainly does not have that with china. we can not sell our goods into china with anywhere the near the freedom they can tell their goods into the united states. we need reciprocity. when i say peak of globalism, maybe what i should say is peak of state oriented globalism. i think peak, it is peak of statism to some degree. i think the people are revolting. we realize there is an elite that run as rigged system. they run it from brussels. they run it from washington, d.c. they run it from beijing. but where people can vote around they can vote in britain and can vote in the united states

they'ring to say enough of your rigged system. we're going to take control again. trish: i remember talking to an economist a few years ago almost predicting this, too much in the way of income inequality. you heard me say before, steve and jason both, income inequality thing i don't totally buy only you want everybody to do as well as they possibly can. bangladesh has less income inequality than united states of america but we certainly don't want to be bangladesh. nonetheless she was pointing this she was seeing environment where elites were getting richer and richer and rest of america was being left behind. she warned of something quite like this which we seem to be seeing right now. i think about all policies put in place. face it, steve, the fed has contributed to that. only people getting wealthier in environment where interest rates are this low are the people that have money they can put to work in the equity markets, in the

stock markets. >> right. trish: not every american has that. >> trish, no, absolutely. the rich get richer and rest stagnate or retreat. listen, canadian bacon is not bacon. crony capitalism is not capitalism. what we have right now far too much of in the united states is crony capitalism. we need to get rid of crony part of that, to get back to real capitalism. first time in american history we have more businesses shutting than opening. that is a tragedy and it is not again, not because americans are not innovating. not because we're not working hard. it is because of policy i'm convinced we'll fix that in this coming election in 2017. rope?: does it look that way >> absolutely. absolutely. he is going to scotland. will not get a great reception. trish: they don't want to leave the eu. >> regardless, this is emblematic again of

multilateral, multinational organizations which sadly, the united states has, united states government has become part of, not just united nations or eu. d.c. has become that. d.c. has become a lot like the capital in "the hunger games." we're the districts. we're trying to work and survive. they just keep abusing us. there is time a revolt of the people. i believe donald trump represents that not just in america but even in other places. trish: jason, this revolt this revolt happening in europe right now, this revolt happening in the u.s., it continues, as long as economy is as weak as it is? >> it does but can only last so long. that's what i'm saying. it can only last so long. obviously -- trish: what is the tipping point then? what changes it? >> what's the tipping point? when people are making less money. bless trading activity.

when the ftse drops 20%. when the pound drops 20%. pendulum swings all the way to the left. i'm sorry? trish: you think this might be it as we watch a global selloff here? >> not in the next two weeks. not, as far as answering your prior question about how long does this volatility last, this will last at least throughout the rest of the year, mainly because of the election coming up. cash is going to be king throughout the rest of the year. it will not be pretty if the "brexit" happens. trish: yeah. and it may indeed happen. again, just looking at some betting site which were wrong i should point out earlier because they expected that the uk would stay. who knows if they're wrong or right. we won't know for a while. it is still very, very tight. 51.2% out, 48.8% in. but again we're still we're waiting on additional results from some years expected to be in the in camp. we'll see how it shakes out. look at those boards right

there. u.s. investors sure don't like it. don't like the sound of it. go to asia. show you how things shaping up with nikkei and hang seng. don't like it in asia at all, not one bit. it has been very, very volatile session. look at that, off 709 points on the hang seng. nikkei off 495 points. just a short time ago at the top of the hour, nearly they were looking at positive market environment. very quickly let's go to dover and hear how they voted. >> number of votes cast in favor of remain was 24,606. >> dover votes out. >> number of votes cast in favor of leave was 40,410. [cheering] >> margin in dover for the out come. trish: dover voting overwhelmingly to get out of the european union. i do want to thank jason and

steve for being here with me tonight as well as tom and danny this evening. this has been historic moment. ashley webster, my thanks to him as well live from london. i will see you tomorrow on "the intelligence report" at 2:00 p.m. it could be a wild ride for these markets. trish, over to you. stuart: trish, thank you very much indeed. good evening, everyone, welcome. this is real horse race. it has been back and forth all night between those who want to remain in the european union and want to leave. this is important for britain, europe and yes for america. issues they're voting on over there, very similar to issues we will vote on here in november. control the borders, make your own laws for your own people and distrust those elites. your money very much in play. america's money. how the brits vote will make a difference to your 401(k). all