The citizens of the United Kingdom, on Thursday June 23rd, had a significant election on the question of leaving the European Union. The outcome was to leave. By most accounts such an outcome would cause uncertainty in world financial markets. The US stock markets lost around 3.5% on the day, Friday June 24th. I actually though the losses could be more in the 5-6% range. Of course that could still happen next week. I see this turn of events as less of a financial concern and more of a national security concern. The UK never adopted the Euro as their currency, so leaving the European Union does not require then to revive a bye gone legal tender. They have always had, and will continue to have the British Pound Sterling. This election, in my opinion was more about national security, specifically admitting refugees from Middle Eastern countries to Europe. There have been terrorist attacks recently in Paris, Brussels and the US, all conducted by Islamic sympathizers. England already has a substantial Muslim population, and I think they see immigration as a further risk. I expect the financial markets to stabilize, and exit from the EU to be a non-issue in the months ahead.
Time will tell. My dad listened to a financial radio host named Bob Brinker http://www.bobbrinker.com/ for years. I listen to him as well, but he only has one show a week these days, on Sunday. We'll hear what Bob has to say tomorrow.