What a wonderful day! I have to say that, privately, I was pessimistic and thought “remain” would win, but then this stunning result happened. This is the best political news in years and a savage blow to neoliberalism.
52% of those who voted chose Brexit, compared with 48% for remain.
See the news here and here.
More news as it comes in!
Update 1
It seems that Scotland largely voted to remain in the EU. But it would be madness – sheer madness! – for Scotland to leave Britain now, what with the low oil prices and the failing, vicious pro-austerity EU. Scotland would destroy itself by attaching itself to the EU. Better for Scotland to remain and work for social democratic policies within Britain.
Update 2
An intelligent, badly needed piece of advice for the Left in Britain from Neil Wilson here. MMT and Post Keynesian economics will lead the way in an economic alternative for Europe.
Update 3
It may well be that the next victim of the Brexit victory after Cameron will be... Jeremy Corbyn!, as a rogues’ gallery of (what to me look like) pro-EU Labour hacks or New Labour scumbags blame him for not having persuaded enough of the working class to support an EU whose policies are class war against ordinary people.
Update 4
More serious analysis of possible economic consequences of Brexit here, namely, that currency depreciation might cause inflation of import goods prices and inflation generally leading to a fall in living standards, especially if combined with capital flight causing a balance of payments constraint. This is bound up with the problem that the UK seems to have a lack of trade price elasticities caused by large-scale importation of so many factor inputs, given the deindustrialisaton of the economy since the time of the Thatcher. Thatcher buggered up Britain’s economy by gutting manufacturing and financialising the economy, and its weakness now is a consequence of this. See more here. It will be vital to look at sterling depreciation and UK inflation in the coming years.
Scotland will leave and they will ruin themselves by either engaging in a currency union with the UK or joining the euro.
ReplyDeletehttp://www.levyinstitute.org/publications/a-sustainable-monetary-framework-for-an-independent-scotland
The SNP do not have the confidence to put their own currency in place. I can say that from personal experience.
It's trivial to print your own currency. Even some small towns in Greece and Italy are printing their own currencies.
DeleteThis is tremendous news, bring on the future. Hopefully the downtrodden in southern Europe can push a case to leave the oppression of Brussels too.
ReplyDeleteThe "downtrodden in southern Europe" know better than you.
DeleteMaybe they will demand another referendum, but with the EU plunging into crisis day by day this might shake all those pro-EU Scots and make them come to their senses.
ReplyDeleteIn any case, even if Scotland leaves and suffers collapse, they can always vote to come back into the UK!
That's assuming the EU can actually survive the Brexit. Given the two-year period of negotiations, I am quite skeptical whether the EU will still exist by the time the UK actually leaves.
DeleteA victory for freedom and democracy! Thank you, Britain!
ReplyDeleteWhat about Northern Ireland? They voted for Remain. Perhaps we'll see a United Ireland?
ReplyDeleteNot immediately, but in the long term it's very probable.
DeleteGood news, and to me as well a surprise.
ReplyDeleteI still lament that Scotland voted to stay -- this would have been a landslide without the Scots. I hope they try again.
Almost everyone I know has gone goofy on this. I hear that Cameron is the worst PM in UK history for this; this is worse than Munich '38; the fall of the pound is a complete disaster. My own predictions are less alarmist: rivers will flow backwards, the moon will spin out of orbit, cows will give vinegar not milk.
ReplyDeleteA glorious day for Britain.
ReplyDeleteCongrats from the other side of the pond.
https://www.facebook.com/mankindglobalmedia/photos/a.1422722661292858.1073741829.1420117918219999/1762239874007800/?type=3
ReplyDeleteWhy in the world did London vote Remain? 0.o
ReplyDeletehttp://www.telegraph.co.uk/news/2016/06/23/leave-or-remain-eu-referendum-results-and-live-maps
A city full of immigrants was told Leave was just an "I hate immigrants" vote.
DeleteBecause they don't want to be ruined?
DeleteRight. Britain is decaying as we speak. Hear that? That was Wales falling off and sinking.
DeleteA good Post-Keynesian named Michael Hudson weighs in on How Western Military Interventions Shaped the Brexit Vote:
ReplyDeletehttps://youtu.be/x-MraD1Ys3Q
It is easy to predict what will happen.
ReplyDeleteVery little. In two years the UK will have a status similar to present day Switzerland and Norway.A member of the EU in all but the name. The treaties that will be negotiated for the dissolution of the UK's membership in the EU will bind the UK into following all of the odious regulations, codes and standards that are part of the reason that the UK voted for Brexit. The UK will have to pay the EU for the privilege of trading with the EU. An amount almost the same as the UK pays now.
The biggest difference will be that the UK will no longer have any say in how the EU is run.
I thought this was insightful.
ReplyDeletehttp://www.bloomberg.com/view/articles/2016-06-24/-citizens-of-the-world-nice-thought-but