Time for someone to speak up for the Anti-Hysterical Party. I have heard and read enough in the past 48 hours that I think I can pretty much sum it up: Europe is going to hell in a handbasket, countries are lined up to go, and it's pretty much the end of the financial world.
So let me put out the anti-hysterical platform.
First, after the crushing of the pound and the realization of heavy losses of jobs and a possible recession, most European leaders are not going to push for their own exits.
The most common domino I hear is the Nexit, the Dutch. I have a problem with believing the Dutch will leave. Firs the Dutch are one of the original members of the European Coal and Steel Community. History matters. Second, Nexit would be much more catastrophic for a relatively small export economy that's already on the euro, and they know that. Third, as far as xenophobia trumping economic interest -- the real crux of Brexit -- Geert Wilders, who leads the anti-European Party currently polls at 20%, and every other major party is pro-Europe and will coalition against them.
France? The French leaving would be as dumb as Germany leaving. You've set up a giant customers union so you can export endlessly to Southern and Eastern Europe and then you get out? Marine Le Pen won't be winning any election any time soon. The French will not imitate the hated British.
Italy and Spain have a lot to gain from leaving and recreating their own currencies. As do the Irish. But I say no way because if they didn't leave in 2011 or 2012 then they won't leave now given that austerity has been relaxed a bit and they can borrow again.
Finland may leave. It's not a fan. But it would be truly suicidal given their border with Russia. They do not want Winter War Part Two.
Hungary could leave. In fact, the country with its separate currency, the forint, is the most likely to depart because it has become a one-party state under the neo-fascist Viktor Orban. Frankly, if Hungary applied today for membership to the EU it would fail the democracy test. The ruling party, known as the Fidesz, with the slogan, Only Fidesz, is reminiscent of the racist Arrow Cross party, unrepentant Magyar nationalists.
But let's walk the hysteria back further. I have heard everything from the U.K. could be out in a week -- not an exaggeration, it's been said, even as they are exaggerating when they say it -- to two years after an Article 50 submission to get out.
Remember the referendum was nonbinding. We are not hearing anything from the most important EU participant, Germany, and Angela Merkel, that indicates there's a rush. It is in everyone's interest to go slow and create a wind-down mechanism that can work over time.
In other words it is not a sure thing. Not a done deal. May not even happen.
Remember, Britain is special, it's different, old people can still remember when Britain was a colonial superpower. That's not true anywhere else.
But the Brits also know that leaving is the end of the United Kingdom. Scotland with vote to separate, maybe even Northern Ireland to unite with the Irish. Those are not consequences that have been thought through, but now they are, and I bet even the Queen has a wild card up her sleeve on this one.
So, the bottom line from this moment going forward: only people who are racist enough to wreck the economy would vote to leave the EU after the chaos that has befallen the U.K. If you think there are enough of those people then some of the hysteria is warranted -- I don't think so.
And that's why I am the founding member of the Anti-Hysteria Party. Random musings: please don't forget to put on CNBC's special Sunday at 8 p.m. that I am anchoring in this new position of the head of the aforementioned party.
See full coverage of the Brexit debate here.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.