It was with a bit of glee that European Union fans noted the twin collapse of the British pound and the British stock market after the ancient island nation and former imperial power voted for independence from the EU.
One moment to savor: it’s not everyday that a prediction of unambiguous disaster gets proven within hours of a fateful decision
— Jason Linkins (@dceiver) June 24, 2016
British stocks soon recovered, but the pound hasn’t. This meant that the value of one’s holdings in British stocks was still down even if the nominal price was higher. One way to measure that is to price the FTSE 100 (a British stock index) in dollars.
Well, a few hours ago, markets in the U.K. closed, and guess what: The FTSE — priced in dollars — closed at a higher price than it did a month ago.
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Timothy P. Carney, The Washington Examiner’s senior political columnist, can be contacted at [email protected]. His column appears Tuesday and Thursday nights on washingtonexaminer.com.
