• German-dominated One Europe has been a stark-naked failure for a decade, the euro a disaster.
  • The corruption of One Europe and its fellow travelers showed in the last two weeks, creating Brexit votes by the million.
  • It is possible that Brexit will yank the pants off other follies, with economic effect, but not here. Next week, we’ll be back to watching payroll numbers and handicapping the Fed.

Two things above all: Brexit is excellent news for Europe and the world, and the overnight market panic is overdone and not a sign of economic trouble to come. Brexit is the most important European event since The Wall came down in ’89. It also marks one of the all-time greatest no-clothes events in history.

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