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Eleventh-Hour Nervousness

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In after-hours trading Thursday evening, bettors appeared to be having second thoughts about the outcome of the Brexit vote, which should be known by midnight EDT. Ladbrokes gave the ‘remain’ camp a 90% chance of prevailing when the fillies broke from the gate this morning, but the E-Mini S&Ps and gold futures are acting tonight as though the odds are now closer to the 50-50 bet that most pollsters would have taken. Personally, I still believe either outcome will have far less impact on the EU’s political and economic future than most observers, particularly the mainstream media and statist bureaucrats, have inferred. What seems clear, however, is that the EU needs Britain far more than Britain needs the EU.

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