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.
- 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.