Brexit!
As of this morning (US time) the US has announced the final tally in the "Brexit" vote. It's 52-48 in favor of leaving the EU. Financial markets worldwide are in disarray. Prime Minister David Cameron has said he'll step down.
I've been following the "Brexit" issue with some interest for many months now. I've not had a strong opinion about it one way or the other as I see valid arguments on both sides.
One of the biggest arguments against "leave" was that it'd cause exactly the sort of financial turmoil we're starting to see today. I think much of that turmoil is nonsense, though. For all that financiers think of themselves as the smartest guys in the room, their collective behavior is often equal to a bunch of children running around, screaming, with their pants pulled down around their ankles.
One of the biggest arguments for "leave" was that the EU was unresponsive to the UK's principled concerns about things such as limits on immigration and benefits. I note that the EU technically did respond by granting the UK waivers from certain EU policies; but the problem is that such one-off exemptions are not meaningful structural reform. They demonstrate political bankruptcy. Brussels fiddled while the EU burned.
I've been following the "Brexit" issue with some interest for many months now. I've not had a strong opinion about it one way or the other as I see valid arguments on both sides.
One of the biggest arguments against "leave" was that it'd cause exactly the sort of financial turmoil we're starting to see today. I think much of that turmoil is nonsense, though. For all that financiers think of themselves as the smartest guys in the room, their collective behavior is often equal to a bunch of children running around, screaming, with their pants pulled down around their ankles.
One of the biggest arguments for "leave" was that the EU was unresponsive to the UK's principled concerns about things such as limits on immigration and benefits. I note that the EU technically did respond by granting the UK waivers from certain EU policies; but the problem is that such one-off exemptions are not meaningful structural reform. They demonstrate political bankruptcy. Brussels fiddled while the EU burned.