A Different View of What Brexit Means

by Rick Ackerman

Pundits, pols, investors and pollsters got it very wrong on Brexit, trusting the oddsmakers at Ladbrokes to handicap the outcome. Now let’s see how well these geniuses do ferreting out evidence in the months and years ahead that Britain’s exit from the EU has had much of an impact on the economic world, where it matters. Obama, ever the unregenerate jerk, threatened to move Britain to the back of the queue on trade deals with the U.S. Yeah, sure, Mr. President: Whip them, kick them, beat them, lock out their luxury cars and pharmaceutical products with a vindictive stroke of your pen. In the meantime, we await a sign, any sign, that Brexit has been the disaster that virtually every scare-mongering newspaper in the world proclaimed it to be over the weekend. Until tangible evidence of this surfaces, however — and I very strongly doubt that it will — don’t expect Brexit fallout to hold down the world’s stock markets as they continue to gorge themselves on easy money from the central banks.

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