Most of the elite, politicians and mainstream media are upset that Britons voted to leave the crumbling European Union (EU). Many of the markets are reacting poorly, too, which can serve as an opportunity to buy some stocks that were previously too expensive.
British Prime Minister David Cameron has resigned, other EU members now want their own referendums and the Bremain people are already causing a ruckus across England.
In the end, was a Brexit worth it? Yes, says Marc Faber, editor of “The Gloom, Boom & Doom Report,” who recently spoke to the Fox Business Network (FBN).
Faber believes that Great Britain leaving the EU is a good move in the long run because the continent, particularly the EU, is becoming “economically irrelevant.” He added that the future of the global economy is predominantly centered in Asia, like China, Indonesia and India.
For the most part, Faber says, the Western world’s impact economically, geopolitically and politically is “diminishing.”
He averred that a Brexit sends a message to the elite, politicians and bureaucrats who implement regulations that “stifle economic development.”
“An exit would be good for Britain, and it would not destroy the financial markets, quite on the contrary,” he said. “I think if Britain decided to leave the EU the stock market would rally and the British pound would rally.”
On Thursday, 52 percent of Britons backed Britain abandoning the EU.
Well he was wrong on the whole rally thing, at least so far.