Image: Greg Richter Image: Greg Richter

It may boil down to a victory of rural areas over the cities, the world is coming to terms with the reality of President Trump, and the markets have been panicking.

First, it happened in Turkey, over a decade ago, the prosperous areas, specifically the cities, voted for the other guy, but the rest elected Recep Erdogan.

It happened in the UK in June 2016 when London, some of the other cities such as Cardiff, and Scotland voted Remain, but these regions were outvoted.

And now it has happened in the US, California and New York were outvoted by the Mid-West..

We are in the midst of a clash between the regions that have benefited from globalisation and technology, and those that haven't. We are also seeing a clash between the generations, with the majority of millennials voting Mrs Clinton and the majority of over 45s voting Mr Trump.

Maybe we saw a clash between real street and Wall Street.

Maybe you can date it all back to 2008 with the banking bailout. It is clear that the part of the world that is symbolised by the financial world, Wall Street, in the UK, the City, are on the losing side.

Perhaps this is why the markets have been selling, but if trading on the future markets is any guide, stocks will fall sharply today, as will the dollar and oil. Gold will rise.

Oddly, the yield on US government bonds will fall, as when things happen that the markets don't like, they rush to safety, and lending to the US government is considered as safe as you can get.

What next?

Are we going to see mending? Will President Trump seek to heal the wounds of the acrimony that was this election? Or will the call to jail Hillary Clinton grow?

What we can say is that there is a lot of anger.

But the biggest danger in a crisis, such as the crash that occurred in 2008 and the deep recession that followed, is that we react in ways that can ultimately exacerbate the underlying causes of the crisis.

Is that what we are seeing today?