In 1778, after the British defeat at Saratoga, a young nobleman said to Adam Smith, “This will be the ruin of the nation.”
Adam Smith replied, “Be assured my young friend that there is a lot of ruin in a nation.”
This is the story of the UK right now. The exit of the world’s fifth-largest economy from a tariff union is interesting. But it’s nothing compared with the crises that this incredibly brilliant nation has beaten.
To think that the birthplace of modern self-government would be defeated by the exit from the EU is almost ridiculous. No great nation has ever been beaten down by changes in tariffs and the nation of Churchill and the Spitfire will not be the first.
The idea that it’s going to affect the USA is even more ridiculous.
The USA GDP is over 18 trillion dollars. Our trade with the UK is less than three-tenths of 1 percent of that.
This current panic about the Brexit is like worrying that your watch is one minute slow over a week.
There’s a lot to worry about for each of us each day. Britain entertaining its historic right to control its destiny is not one of them. As Ferris Bueller said 30 years ago, “I’m not European and I don’t plan to be European.” Neither do you. Next.
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