Most Americans have NO idea what the term “Brexit” means….to most it is a reality show with some pasty face hillybilly with an eating disorder…..it is the movement for Britain to leave the EU…..simple huh?
In Britain these days, it’s all about “Leave” vs. “Remain.” Those are the two choices voters will have in a June 23 referendum on whether the UK should exit the European Union—or Brexit, as it’s known in shorthand. Some coverage:
Rupert Murdoch’s Sun tabloid just came out in favor of leaving the EU, and it urges readers to vote for Brexit here.
A political professor now puts the odds of leaving at 33%, up from 25% less than a month ago. Bloomberg assesses.
Along those lines, a major bookmaker predicts the Leave camp will become the majority by this weekend, per Business Insider.
Yes, the Leave camp has momentum, but the Financial Times explains why it’s not time for David Cameron and the rest of the Remain backers to panic.
The Telegraph looks at six factors, including the often-overlooked group of voters in Northern Ireland, most of whom seem to want to stay in the EU.
Still, US markets are starting to get worried about the ramifications of a Leave vote winning, reports CNNMoney. Global markets, too, notes the Wall Street Journal.
The New York Times covers the broad strokes of the opposing sides’ views in a basic primer here.
Another Times story looks at the huge ramifications for foreign workers in Britain if Brexit prevails.
This movement could push other countries to beat feet from the EU…..
The U.K. may not be the only one mulling its future in the European Union (EU). In fact, the fierce debates and headline-grabbing warnings surrounding the Brexit vote in June have given hope to euroskeptics around Europe.
Denmark, the Czech Republic and Poland could face their own referendums on EU membership if the U.K. votes to leave, experts believe.
“The main concern is that an unexpected exit of the U.K. from the EU could lead to similar initiatives in other member states, making Brexit the first step towards the disintegration of the union,” Antonio Barroso, senior vice-president of political risk consultancy, Teneo Intelligence, said in a report this week.
If the EU starts breaking up it would effect everyone…thanx mainly to globalization….and that includes the US…..
The countries with the highest exposure to British capital will suffer most. These countries are the Netherlands, Belgium, Ireland, Luxembourg, Cyprus, Portugal and Greece. France and Poland are also exposed to Brexit in specific areas. Germany will suffer too. Poland, in particular, is most exposed through migration and the EU budget.
Just to give some facts: Dutch firms have direct investments worth £180 billion in the UK, earning over £9billion in 2013, which is equivalent to 1.5% of Dutch GDP. Germany has a trade surplus with the UK of over £28 billion. German manufacturers alone export £50 billion to the UK, or 2.4% of GDP. Just imagine what is going to happen to German industry if a new Britain, outside the EU, pursues an import-substitution, protectionist policy. This means that all Japanese and German producers will have to abandon their British factories, with Britain re-building its own car industry and steadily adopting a new industrial policy, moving away from financialisation/globalisation.
A new industrial society will be created and services will cease to be the backbone of the economy. There are almost 750,000 Poles living in the UK. This is the single biggest group of foreign nationals. Their remittances sent back to Poland amount to over £1.1 billion each year. This is a significant boost for the Polish economy.
So the question is….who will benefit from the exit from the EU?
Will “Brexit” become a rolling stone and take the whole of the EU with it on the way out of the door?