by Rick Ackerman
The economic and political impact of Brexit has been greatly overestimated, mainly by bureaucrats who live off and enforce edicts from Brussels, and by a congenitally dim news media that knows only what it learns from press releases. Britain never switched to the euro to begin with, so no currency changes will be required. Clearly, the impetus for Britain’s leaving the EU has come mainly from well justified fears about having to maintain completely open borders. If Wall Street is obliged to pretend that it cares about all of this, the supposed fears stirred up by the coming vote will surely fade as a concern, and soon. A reshuffling of the Environmental Protection Agency would have more impact on the U.S. and the world. Britain, for its part, will learn to live with the dumb, onerous labeling requirements required by Brussels, and life will go on.