Britain’s vote to leave the European Union (or “BREXIT” as named by those who pine away wondering if they’ll ever be sufficiently sophisticated) sent shock waves throughout the ethers, as manifested in hysterical market reactions around the globe. But here’s why I think the significance of BREXIT is over rated.
First, the vote was more a cultural phenomenon than economic (although populist frustrations about Britain’s bifurcated economy contributed), triggered- I believe -by the flood of immigrants created, in turn, by our systematic demolition of the Middle East.
Second, nothing will change for at least a couple of years. And even then we can still buy and sell with Britain to our hearts’ content.
Third, although the 5th largest economy in the world, Britain is the world’s largest financial center & 78% of its economy is services, as opposed to traded goods. If anything, leaving the EU will loosen the relentless grip of the already stupendously wealthy on Britain’s economy (need I say Rothchild?) as Britain transitions away from the dead end of fossil fuel production and use.
Finally, here is how I think BREXIT (is that cool or what?) IS significant: It points out some of the many ways that vertical globalization (tearing down all boundaries, geographic, social, economic, governmental) is neither inevitable nor desirable.
Survival of any entity or group of entities depends on robust diversity, both macro in the population and micro or genetically. But especially in behavior. Bankrupt attempts at mono’ing everything, making us all the same (NAFTA, TPP, etc.) have wreaked havoc and are not sustainable. Good for Britain for going independent.
Your Constructive Comments are Welcome!