When David Cameron decided to let the British people vote on Brexit, he did not realise that he would open a real can of worms. Before the referendum I declared that Brexit would not be the reason for a collapse of the world economy but that it could be the catalyst for such a collapse.
We have only seen a few days’ reaction with heavy intervention from central banks around the world but judging by the massive volatility we have seen so far, there is now a very high likelihood that a major secular decline in the world economy will now start to unravel. The next few weeks and months are likely to be a lot worse than the 2007-9 crisis.
Unaccountable and unelected bureaucrats should not decide over 500 million people
The problems areas will not just be in the economy but also on the world political stage. The elite is not pleased with Cameron that he gave the British people a democratic vote on the question of the country’s EU membership. Political leaders know that it is very dangerous to give the people the option to decide on any important issue. Only the Swiss people have this right and exercise it frequently. In most countries the elected government take all the important decisions without consulting the people. And in the EU it is even worse than that. Because most of the binding decisions for all member states are taken by unelected and unaccountable officials. And the European Court of Justice stands above all member states’ judicial systems.
The British people have with a small majority rejected to have their sovereignty given over to Brussels. They have also made it clear that they don’t want to be forced to accept the EU rules on unlimited and uncontrolled immigration which if continued will destroy the fabric of the U. K. and the rest of Europe.
This post was published at GoldSwitzerland on July 1st, 2016.
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