Yes, there's a lot of disagreement about the economic consequences of Brexit. But remember that Britain is still a member of the IMF, the World Bank, G-7, G-20, the WTO, NATO, and so on.
Veteran Wall Street economist Robert Sinche wrote a note to clients in the early evening of the vote that there was a high probability that Brexit would win. He wrote: "most analysts have overestimated the negative impact of a leave vote as the UK has been a marginal member of the EU on/off for many decades." Brave chap. But I agree.
And we should also remember that the Bank of England -- a better operation than the European Central Bank -- will still be in business, as will the British pound sterling.
My advice to investors is to ride out the short-term market volatility, which may last several months, and look instead at the long-term positives of political and economic freedom.
It will now be up to Boris Johnson, the likely new British prime minster, and the Tory party, perhaps with bipartisan help, to negotiate a good trade deal and move more aggressively on the pro-growth path of free-market supply-side policies.
There's already talk about abolishing the 5 percent value added tax on household energy. Good. Taxes need to be reduced across-the-board, heavy regulations need to be rolled back, and government spending needs to be restrained.
This is Britain's opportunity. It's kind of a Thatcher moment.
If you look under the hood of the populist revolt in Britain, and the budding revolts in larger Europe and America, the anger is in good part rooted in the lack of economic, job, and wage growth. Worldwide, growth has been missing. All the major countries have been operating under big-government spending, heavy regulations, and the insane central-bank policies of quantitative easing and zero (now negative) interest rates. It hasn't worked. Middle-income wage earners have had enough.
Plus, wartime immigration policies have been too easy. And the major countries, including America, have not destroyed ISIS. So this popular revolt is also aimed at national-security failures.
The American election in November may parallel the British story. Barack Obama, who insulted British voters by campaigning in London against Brexit, is a huge loser. Hillary will suffer from this. Donald Trump will benefit.
So I'll end where I began: Brexit is good for freedom, growth, and Britain. Ride out short-term financial and economic volatility. And watch for a full populist revolt in America this fall.