Brexit

       Freedom’s just another word for nothin’ left to lose    “Me and Bobby McGee”, Kris Kristofferson

Rejecting  Kristofferson’s cynicism, the majority of Great Britain’s electorate choose freedom over the prospect of continuing to live under the dictates of unelected European Union bureaucrats in Brussels.   We see this as a vote not just for freedom, but for prosperity.  As the Heritage Foundation has documented for many years (Index of Economic Freedom, http://www.heritage.org/index/ ), freedom and prosperity go hand in hand.  Though there will be short-term dislocations, in the long run we feel the effects of increased freedom in the U.K. should be positive.   The news media is currently buzzing with nothing but the purported disastrous consequences of Brexit; for a more upbeat perspective, see the five commentaries below.  Especially enlightening — and even inspiring — is the speech by Daniel Hannan, Member of the European Parliament.

http://scottgrannis.blogspot.com/2016/06/brexit-is-not-end-of-world-as-we-know-it.html

http://www.ftportfolios.com/blogs/EconBlog/2016/6/6/brexit-is-freedom

http://www.cnbc.com/2016/06/25/brexit-the-uks-magna-carta-20-good-for-freedom-good-for-growth.html

http://www.marketwatch.com/story/7-reasons-not-to-panic-about-markets-reaction-to-brexit-2016-06-24

It’s no wonder “Remain” lost; the best argument its most ardent supporters could seem to muster went something like “yes, the EU has been a disaster, but not as much of a disaster as the U.K. leaving it.”  That’s not a very persuasive sales pitch.

Don Harrison

The information contained in this report does not purport to be a complete description of the markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Don Harrison, and are not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice.

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