Weekly Opinion Editorial
BREXIT VOTE
MAY BE PREVIEW- OR NOT!
by Steve Fair
Last week, Great Britain voted to exit the
European Union. The EU was formed in the
late 50s and includes 28 member nations and about 500 million in
population. It established a single
economic market through a standardization of laws in member countries. It abolished passport controls and allowed
free movement of people, goods, services and capital. The ‘Euro’ currency was authorized and
accepted throughout the Union. Brits
voted 52% to leave the EU primarily due to the emotionally charged issue of
immigration. EU law requires members to
admit an unlimited number of migrants from other EU countries. Critics of the open borders policy argued
that large-scale migration of workers from elsewhere in Europe had lowered
wages for native-born Brits. Voting was
heavy (71% turnout) and blue collar workers were the reason for the
outcome. The average Englander was fed
up with the elitist class- financial and political- blurring the distinctives
of their country. In London and other
larger metropolitan areas, the vote was clearly to remain, but the rural areas
wanted to restrict immigration.
No one appears to have seen this
coming. Pollsters were saying the vote
would be close, but that Brits would vote to remain in the EU. In April, President Obama urged Brits to
think carefully about the leaving the EU and warned them the U.K. would be
moved to the “back of the queue” on trade deals with the U.S. if they voted to
leave. Secretary Clinton also cautioned
the Brits to remain in the EU. Donald
Trump urged them to ‘take their country back,’ and supported Brexit before he
took the official position and told people to not to listen to him because he
hadn’t focused on it much.
So does the Brexit impact Americans? The initial reaction by the Dow Jones was
negative, dropping 900 points in two days- the largest drop in history. That impacts 401ks, and retirement plans for
most Americans- if anyone sells at the lower prices. Analysists expect the market to recover, but
the Brexit could impact the worldwide economy for the next year. Britain is the world’s fifth largest economy
and with the political climate murky in the country, investors pulled back on
trading. The British pound fell to a 30
year low against the dollar. Three
observations about the Brexit:
First, the Brexit vote reveals an angry electorate worldwide. The 28 nations of the EU have the most
liberal immigration policy in the world.
Many ‘natives’ in those countries see their country transforming before
their eyes. Their culture, religion, economic
livelihood and way of life are being threatened by unrestricted
immigration. They believe their national
and personal security is threatened by Muslim terrorists who can move freely
throughout the EU. That frustration with
the status quo is what propelled Donald Trump to the Republican
nomination. Angry voters tend to be
streaky voters and not as informed as faithful voters, and their mentality is
often ‘throw the bums out,’ which has never resulted in better government.
Second,
the leadership of Great Britain was clearly out of touch with their citizens.
Prime Minister David Cameron, who once called himself Obama’s ‘bro,” announced
after the vote he would resign in October and let his successor handle the
spilt from the EU. Cameron bet his
political future on the results of Brexit and lost. Brits have been pressuring their elected
officials for years to reform the EU or get out, but the political elite didn’t
listen.
Third, the Brexit has set back
globalization. Political and financial elitists
have to regroup in their plan to dissolve borders and create a common worldwide
currency. Convincing the rank and file
that national borders are unnecessary and that immigration should be
unrestricted has presented more of a challenge than they anticipated,
particularly in self-governing democracies.
The sheep are not following as closely as they had hoped.
The Brexit vote may be a preview of the
coming presidential election- or not.
There are certainly enough angry voters in America to elect Donald Trump
over Hillary Clinton. Americans are not
ready for a borderless world, no matter what Secretary Kerry says. Americans want illegal immigration
stopped. They want the borders
secured. The question is: will they turn out at the polls in mass like
the Brits?