Three Necessary Steps to End Brexit Madness
Start by acknowledging that leaving the European Union was never going to be cheap, easy or painless.
Bloomberg, January 16, 2019
The first time we discussed the U.K. leaving the European Union (EU), the momentum looked like it was behind Team Exit. But the Brexit negotiations proved problematic, in part due to the oversimplified promises made during the lead-up to the referendum vote.
Then, the last time we discussed Brexit, I violated one of my favorite principles, when I made this prediction: “No Brexit! In other words, the U.K. will not exit the European Union. By 2023, we will look back at the entire ridiculous affair as if it were a rediscovered lost episode of ‘Fawlty Towers.’”
Before this issue can be resolved, a brief caveat for investors: The time to read the emergency card in the seat pocket in front of you is before the plane takes off. With one engine on fire at 36,000 feet, the best opportunity to think calmly and clearly about your options has passed.
What is true for investors is also true for politicians and policy wonks.
Since we are not passengers on this mad flight (don’t worry, we have our own headaches on this side of the Atlantic), let’s try to consider what can be done about this mess . . .
Continues here . . .
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I originally published this at Bloomberg, January 16, 2019. All of my Bloomberg columns can be found here and here.
