So many stories and discussions about the vote in the United Kingdom to leave the European Union (EU). Most in the media and political leaders will tell you why this move is a bad one, not just for the UK but also for the United States. But is the truth that the move is only bad for global bankers?
This is a Reality Check you won’t see anywhere else.
“We have immense confidence in the quality of leadership both sides of the channel in order to manage the transition in a thoughtful and sensitive and strategic manner. While there is some uncertainty in the air inevitably, leaders have the ability, individual people have the ability and the responsibility to restore certainty by making wise choices in the days ahead.”
That was John Kerry, explaining the importance to world leaders about creating stability after the referendum in the UK to leave the European Union. It’s a big deal.
To start with, consider this fact. Since 1958, the European Union has been absorbing independent states across the continent. And until this vote in the UK, no country had ever voted to leave. And yet with 72 percent voter turnout, Brexit won by 51.9 percent.
Philip Hammond, the UK Foreign Secretary said, “To be candid, the decision to vote to leave I believe is damaging for Britain, but I also believe it’s damaging for the European Union.”
Brexit is already having an effect on global markets. The British pound plunged 3 percent against the dollar on Monday, that’s after losing ten percent on Friday. Certainly Brexit is bad for banking interests, but is it bad for the people of the UK who voted against it?
The big question here is has the EU been good for the UK? The answer is simply no.
Consider this: the EU was meant to be a customs union where post-World War II Western Europe could rebuild itself through free trade and a reduction in bureaucracy. But since 1958 the EU has grown tremendously, through corruption and political ambition it became an unelected government in Brussels.
The EU is now a model for a “centralized” Europe, dominated by a single giant bureaucracy and an imposed-from-above social model. Yes, there are about 13 billion pounds paid by the UK to the EU annually, but the real issue of Brexit is one of national sovereignty.
Hammond said, “I think there is a demand for change within the EU, not in every member state but in many of the member states, but in most countries in the European Union for the most part, that manifests itself as a desire for reform and change within the European Union rather than a demand for exit from the European Union.”
So what you need to know is that what this issue really comes down to is nationalism over globalism. It’s about national sovereignty.
Despite the warnings that the Brexit will destroy the UK, it won’t. In fact, what this vote actually signifies is the end of the EU as other nations like Italy, the Netherlands, France and Scotland will likely consider exiting the EU as well.
At the end of the day, the view of the EU in Britain is largely this: the EU is an attempt to replace the democratic power of the people with the permanent administration in the interests of big business and big banks.
Brexit is not a referendum on trade, immigration, or the technical rules from the European Parliament. It is a referendum on nationhood, which is a step away from globalism and one step closer to individual self-determination.
That’s Reality Check. Let’s talk about this on Twitter.