American financial markets have it ascot backward. The biggest issue this week in the US financial markets — aside from the fact that the economy is rolling over — is Brexit happening.
I’m going to call the campaign to stay in the EU “Braying” — that’s Britain and staying fused together. That’s also the sound a mule makes when it wants attention, which is something that the British are certainly getting from this vote.
That happened to some degree, but America was all right mainly because of the conflicts EU countries were having among themselves and because weak European economies were holding back the new organization.
How will the US be effected?
But the US financial markets have been reading Brexit the opposite way — ascot backward, as I said. Upon leaving the EU, financial markets in the US have fallen along with their counterparts in Europe.
Sure, many American companies do a lot of business with EU nations and they might be hurt by Brexit. And, yes, the financial markets might convulse if they continue to mimic the mood of European markets.