Proving once again that 2016 is a tumultuous year, the British people declared their independence from the European Union in the Brexit referendum. Prime Minister David Cameron, who supported staying in the EU, immediately tendered his resignation. The change of leadership at Number 10 will be only the first of the aftereffects of the decision.
Markets, which abhor uncertainty, are currently in turmoil, with the pound in freefall and stocks suffering a selloff.
So, what comes next?
Will other countries, following Great Britain’s example, declare their independence. That development is entirely possible. People on the continent have chaffed at the dictates of Brussels almost as much as the British.
Will Scotland and Northern Island, where the people voted to remain in the EU, try to secede from the United Kingdom? Unlikely, but there will be talk of doing so.
Will the world economic order collapse as a result of Great Britain’s leaving the EU with the possible breakup of the European experiment. Financial turmoil is certainly in store for the near future. However, with the dead hand of the regulators in Brussels lifted some countries, Britain in particular, are bound to prosper if they institute sound economic policy.
The Brexit vote constitutes a revolt of the ordinary people against the elites who thought they know better how to run other peoples’ lives. Elites all over the world (in American say) should take note. President Barack Obama urged Britain to remain in the EU, even going so far to issue an ill-considered economic threat. Once again, the imperious president, as well as the woman who would replace him, were rebuked by the people. Donald Trump, who was in Scotland to inspect his golf courses, was said to have enjoyed the spectacle.
Those who opposed Brexit are in despair, some of them hinting darkly that the referendum was motivated by anti-immigrant feeling. The funniest statement came from Brexit opponent and Harry Potter author J. K. Rowling who started that the results made her wish that magic was real. Imagine the wizarding world using their powers to influence Muggle politics. There might be a story in that idea. #Foreign Affairs