The Value of the Pound Is Not a Measure of the Success or Failure of Brexit

The Brexit vote was a case where the elites were clearly aligned against the UK leaving the European Union. While they had many good arguments on their side, and much of what the pro-Brexit crew was saying was nonsense, some of the elite gloating now also falls into the nonsense category.

In particular, the fall in the British pound is being taken as evidence that Brexit was a mistake. Actually, this is not really evidence of anything. The pound had become seriously over-valued in recent year...