Doug Casey on “Brexit”
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By Justin Spittler, Casey Research
It’s been a month since “Brexit”…the historic event that wiped out more than $3 trillion from the global stock market in two days.
But what happens now?
Today, Casey Research founder Doug Casey breaks down what the decision means for Britain … and how it foreshadows some big changes in the world at large.
On June 23, the UK had a referendum in which 52% of voters opted to leave the European Union. I applaud Britain for leaving the corrupt, costly, and dysfunctional EU. It may be the best thing that’s happened to Europe since the end of World War 2. And, I think, it signals the start of some major new trends.
In principle, the idea of the European Union sounded good. All the signatory countries joined a customs union so goods and people could flow freely.
The idea was to both increase general prosperity and decrease the chances of another war. It sounds very libertarian—in principle. But in practice it turned out very differently. And may wind up doing the opposite of its intended purpose.
Europeans could have had all the benefits of free trade simply by eliminating all import duties and quotas—a very simple and costless solution. Having duties and quotas amount to putting your own country under embargo. They increase the costs and decrease the availability of foreign goods and services; that lowers a country’s competitiveness while decreasing its standard of living. It sounds insane.
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