Now that the dust has settled with Brexit, people can stand back and look at it without panicking. Some of the short-term ripple effects of the referendum outcome are past us; many markets have rebounded, but there are still long-term consequences. The GB pound was set back over thirty years against the U.S. dollar, and has yet to fully recover. Without certainty, volatility— those are things you want to avoid in the markets.
The word ‘tariff’ came up, in regards to Britain trading with its neighbors. I don’t remember the last time I heard that word. Debt is another issue of the times, particularly with Greece. After all, Brexit was coined after Grexit (Greek exit). …Which reminds me: the Puerto Rico “rescue” bill was passed and signed. PROMESA, it’s cool… if you don’t look at the reality surrounding it. Non-English speaking people getting disability for not speaking English, executive orders and 99% underfunded public pension money…
…But back to the U.K.
Why did it happen? Why did the majority of turnout (and a large turnout) vote to leave the E.U.? You’ve probably already heard answers from news media by now. And those surprised by what happened, well… It’s easy for narrative-driven publications to be surprised by the events that unfolded— to be surprised by actual news due to distorted views. Don’t get me wrong, I had no idea which way it was gonna go. But it’s not hard to figure out why, when it happened.
Continue reading That Little Thing Called Representation