Despite all the hysteria from media and political elites that claimed the UK would stagnate if British voters passed Brexit to leave the EU, it turns out that UK stocks are higher a week later while the other stock markets are still down.
In perhaps the most arrogant establishment response on the first day after the Brexit vote, Harvard educated James Traub, wrote in the elite Foreign Policy Magazine: “It’s Time for the Elites to Rise Up Against the Ignorant Masses.” Traub demanded that elites use their power to nullify the vote by the “fist shaking” British rabble, because it represented an “utter repudiation of the bankers and economists and Western heads of state who warned voters against the dangers of a split with the European Union.”
But a week after the referendum victory for the “leave” voters, the British stock market index is up +2.6; while the French shares tanking -8.3 percent, German equities tumbling -5.3 percent and U.S. stocks down about 1 percent.
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Yeah, just wait. The worst is yet to come.
ReplyDeleteThe revolution is underway.
ReplyDelete"We the People."
8:10,
ReplyDeleteYou may well be right, but the Brits leaving the EU is merely a symptom of the problem, not the actual problem.
In the long run, the UK will be better off formulating policies in their own best interests, sans one-world Brussels bureaucrats. Why wouldn't they want to be unbridled from the mostly sick, stagnant, socialist economies of the EU?
Financials and banks are already looking for the next London. All their money employees etc will be moving to another capital to spend their money. Big loss for London and the UK economy.
ReplyDelete