One Week after Brexit, Only UK Stocks Are Higher

Breitbart reports:

Despite all the hysteria from media and political elites that claimed the UK would stagnate if British voters passed Brexit to leave the EU, it turns out that UK stocks are higher a week later while the other stock markets are still down.

In perhaps the most arrogant establishment response on the first day after the Brexit vote, Harvard educated James Traub, wrote in the elite Foreign Policy Magazine: “It’s Time for the Elites to Rise Up Against the Ignorant Masses.” Traub demanded that elites use their power to nullify the vote by the “fist shaking” British rabble, because it represented an “utter repudiation of the bankers and economists and Western heads of state who warned voters against the dangers of a split with the European Union.”

But a week after the referendum victory for the “leave” voters, the British stock market index is up +2.6; while the French shares tanking -8.3 percent, German equities tumbling -5.3 percent and U.S. stocks down about 1 percent.

The UK remains a member of the European Union, and will do for some considerable time to come. Which means for the terms of trade, regulation, free movement and so on, the UK government and private sector are operating under precisely the same rules as they did a week ago.

Heh.