There is no silver bullet when it comes to investing or wealth management in general… if there was, we would all be sitting on yachts and most likely not reading this article. However, there needs to be some clarity and calm on the very complex 'Brexit' subject for our US based clientele.
We experienced first hand the creation of Exchange Rate Mechanism (ERM), Britain's exit from the ERM, the intro of the Euro, and now the exit from the EU (aka "Brexit"). Many people travel, but those who live in places differ tremendously than those who spend two nights in a city and are up at dawn to find the next locale in a neighboring country or city. When you live somewhere, you remember far more. Having lived in the UK for over 20 years, in the USA for over 15 years, and multiple other countries like Australia, Argentina, Senegal, Italy, France and Spain, here is our first hand perspective in short…
- Brexit is not a global economic disaster
- The Brexit referendum consisted various complex subjects (immigration, EU participation, grants, trade). Some voted with their emotions, some voted with their wallets...
- Brexit will make the US Dollar stronger
- Brexit now allows a potential UK Independence Day that will compete with July 4th (parody!)
- Brexit will mean higher inflation, higher unemployment, slower growth, higher interest rates in the UK
- Brexit affects you negatively if you have money in the UK and are holding GBP currency
If you are still concerned, and require more extensive reading, please click the below link on the recent Goldman Sachs Economic Outlook.
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Hedges Wealth Management LLC - A Registered Investment Adviser
Hedges Insurance Agency LLC
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