BrexitWritten by Dennis Sun
Published: 30 July 2016
Brexit – what a strange word, a word we’ve not heard of before, but 10 days ago, it was in all the news. And I imagine you were as confused as I was with that news.
We’ve all been aware of dissatisfaction that some countries of Europe have with the European Union. Some countries in Europe are close to bankruptcy, so there is that dark cloud hanging over them. But at one time, it is what they all wanted – globalization, borderless countries and one currency – in essence a trading block of 27 European countries, a movement that even some in the United States are pushing for, a one world power.
Ten days ago, the British voted to leave the European Union (EU), and the world felt the shockwaves, especially the financial markets around the world. Due to the unknown
consequences, the DOW on Wall Street fell 3.39 percent the next day and kept dropping for three more days. There are as many opinions as to what will happen to Britain, Europe and the world as there are people giving their opinion.
London has always been one of the world’s biggest financial centers. Some say England leaving the EU could affect banks and other financial institutions, as they would have to go back to their old currency, and it would be harder to do business with the rest of Europe. England would also have to negotiate new trade agreements with Europe and the rest of the world. That could take some time.
Already there is a lot of remorse over the referendum vote on June 23. By Sunday, more than three million had signed a petition calling for another referendum. Only 72.2 percent of Britain’s voters voted, and the “leave” vote won with just 51.9 percent. Even our President and our Vice President, who was in London at the time of the referendum, scolded the British for voting the way they did. I think it was wrong to tell voters in another country how to vote, but it also shows that our current administration is all for a one world order. To me, that is frightening.
So now Britain has to figure out what they are going to do. Should they hold another referendum, or is that just a knee-jerk reaction? Many voters said their vote was just a protest vote. Will Scotland choose to break away from England and stay with the European Union? Some say Britain will have to renegotiate all new trade agreements with the European Union and the rest of the world, and that will take many years. Also, Britain could choose to ignore the referendum, invoking Article 50, the procedure for actually leaving the European Union altogether, and would instead attempt to negotiate a different, but not entirely separate, relationship with the European Union.
It is easy to see why many voted for the “leave” referendum. Britain has kind of lost its identity in past years and has been hit hard by the immigration issue. They can’t do anything about the immigrants already in Britain who have become citizens, but some efforts could curb future numbers of immigrants and those who want to change Britain.
America needs to watch closely, especially on the trade issues. We need to learn how a borderless country may not be the safest avenue in today’s world. We need to think about the global government concept. One government for this world will not work.