Ronnie Witcher Brexit – The Effects? By now just about everybody has heard about Brexit – the referendum proposal that was floated before the British people to have their country withdraw its membership in the European Union. Before we went to bed last night we were all pretty sure that it would be turned down by the voters, and most of us had failed to prepare for the possibility that it might be approved. So-o, for those that didn't brace for it, there may be effects today. Most specifically, if you have your savings or retirement funds in the stock market, you can probably expect that you don't have as much money this morning. Just how much will your savings drop? Who knows for sure, but the markets in other countries around the world fell overnight and when the U.S. markets opened at 9am everything fell through the bottom, but soon began to come back up a little.
It appears the big bank stocks suffered the most. About two hours in they were still down about 5-7% but seemed to be coming back. The energy and many technical stocks, along with industrials, also seemed to be down about 3%. So, for those of us with our savings in the markets, what to do now? I dunno...do you? In another effect, this move by the Britons, however ill advised most of us might believe it to be, could bring out even more radical nationalism. This morning we received a statement from the Texas Nationalists. They are calling on Governor Abbott to support a “Texit” vote. The release says, “ In the wake of the decision by British voters to exit the European Union (Brexit) on Thursday, the Texas Nationalist Movement is formally calling on the Texas Governor to support a similar vote for Texans.
It is past time that the people of Texas had their say on our continued relationship with the Union and its sprawling Federal bureaucracy,” said Daniel Miller, President of the TNM. Oh boy! With all the real problems in the world right now, really delicate political and economic decisions and deals that affect all of us, we don't need any more radical ideas. Worried as I was this morning, I went outside and watched the chickens scratchin' around in the yard and after a while it all came a little clearer to me. I'm not gonna' do anything about the stock market and Brexit. After all, these chickens just keep on scratchin' and peckin' and the sun keeps comin' up and there's always a worm somewhere. I believe it'll be all right. Everybody oughta' get a couple of chickens...and learn something from 'em. Anyway, if they're wrong...you'll always have a chicken for your pot. That's the advice from the El Rancho Notso on post-Brexit. Good luck, we're rootin for ya'. RW