The EU was founded on ideals of consolidation. But, as the organization grew bigger, it over-centralized it’s power in Brussels, with a heavy involvement of the German Central Bank. This kept democracy within the Union to a minimum, with dictates and edicts handed down to member states.
The underlying issues that led to the Brexit referendum ran much deeper than foreign immigration. The referendum was a protest conducted by the British people against having nothing to say in their own government. The immigration concerns were a factor, but the vote could not be reduced to this single problem. It was a clear protest of the British people with an understanding of politics and the economic realities, which badly affected many working class families. The only thing people this country are asking for is a modest prosperity. While some people in Britain are really rich, the rest of the country has been ignored. They voted no against the kind of brainwashing propaganda from Brussels.
Greece was an example, which might have threatened the British. Greece went through all the democratic processes to assert it’s independence and sovereignty, but it got none of these things. It was crushed and turned effectively into a colony of Brussels and the Central Banks. The economic heart of the EU ist neoliberalism in it’s extreme.
These days, it is very hard to find anyone in Europe who supports the EU, referencing to a survey conducted across the EU after the referendum on June 23, 2016.With democracy being sidelined in so many institutions in Brussels, many people in Europe will be feeling that it is time for their countries do what Britain did. Many Europeans are deeply dissatisfied with Brussels policies that impoverish countries like Italy, Spain or Greece.
Italy’s rate of unemployment is nearing that of Greece, a country in a seemingly permanent state of financial crisis. Spain and Portugal are experiencing a roughly 40 per cent unemployment rate for graduates.
Britain has a lot to look forward to with Brexit
Britain will finally be able to control its borders again. It will no longer have to listen to EU judges, nor will it need to obey directives emanating from Brussels. Britain will be able to make its own laws, set its own taxes and negotiate its own trade deals.
Britain will remain a key player on the world stage. Britain will be more powerful as it will have one thing few European nations enjoy: the freedom to decide its own destiny. This comes after a vote to Leave that Remain campaigners suggested would usher in a wave of job cuts, exploding property prices and economic chaos.
But instead of that, we have seen that Britain remains economically competitive and consumer confidence has returned to levels seen before the referendum. The scaremongering hasn’t worked, and the markets have taken note.
Good reasons for the Brexit
Many Brexit opponents say leaving the EU will result in the UK losing access to the single market. However, the UK may develop a market independent from Brussels policy and restrictions. Non-EU countries like Norway, Iceland and Switzerland have their own trade agreements and are doing just fine. UK will also be able to re-negotiate better trading terms with the EU and non-EU countries alike. London would also save billions of pounds in annual EU contributions.
Long term, Brexit will be looking forward to a major growing period, as the UK breaks free of the over-mighty EU with its protectionist mindset and establishes free trade and intelligent regulation aimed at UK economic interests.
While British politicians warn the population will become poorer, the weaker pound will also make British exports more competitive. UK exporters can now sell their goods cheaper and increase their profit margins. It can also revive the country’s industries.
Britain has had a persistent current account deficit since the early 1980s. In the last quarter of 2015, it reached a record deficit of 7.2 percent of the country’s Gross Domestic Product. Now, given that exports are more competitive, there is a chance the deficit will decrease.
Investors overcoming Brexit concerns
Despite the Brexit uncertainty, Britain’s premier stock index rallied to highs. The blue-chip index has gained since its post-Brexit low on June 24 and is even rising more.
The EU failed to address the economic problems that had been developing since 2008.The difference between the lives of southern Europeans and Germans is profound. Europe as a whole has stagnated economically. Staying in a stagnated organization to solve British problems made little sense to opponents. The European Union didn’t create the existing financial relationships. Britain’s financial role goes back almost two centuries. The EU is a system that aligns with financial reality. It does not create it. If London’s banks were to move to Frankfurt, New York would become a unique magnet. In the end, the Europeans need a financial center in London. They will not lock it out.
There’s a growing distrust of multinational financial, trade, and defense organizations created after World War II. The EU, the IMF, and NATO are good examples of this. Many who oppose the EU believe these institutions no longer serve a purpose. These organizations take control away from individual nations. Mistrust and fear of losing control made Brexit a reasonable solution to them.The immigration crisis in Europe was a trigger.
Some EU leaders argued that aiding the refugees was a moral obligation. But EU opponents saw immigration as a national issue, as it affected the internal life of the country. Steering clear of this issue was an important driver for the “leave” vote. The EU doesn’t understand the power of nationalism. It attempts to retain nationality as a cultural right. On the other hand, it deprives individual nations of the power to make many decisions.
Finally, the political leadership of Britain faced a profound loss. The “leave” voters rejected both the Conservative and Labour parties. Both parties had endorsed remaining with the EU and saw many of their members go into opposition on the issue. It’s vital to understand that Brexit was a vote against the British elite. Voters thought politicians, business leaders, and intellectuals had lost their right to control the system. Voters thought the elite had contempt for their values—for their nationalism and interests.
This is not a new phenomenon in Europe. This is not a British phenomenon, either. It is something that is sweeping Europe and China. And with the rise of Donald Trump it’s also present in the United States.
It’s a shift in politics that the West is undergoing. Now, it’s in London.