David Cameron is a weak leader. He bowed to pressure and offered voters a black/white, in/out vote to appease the right wing of the Conservative Party. He choose his party interests over those of the country. The UK is now in a horrible state with Conservatives fighting each other, a lame duck Prime Minister hanging around until the autumn, the opposition Labour Party leadership under Jeremy Corbyn disintegrating and Scotland planning to leave Great Britain. Margaret Thatcher would NEVER have been pressured into such a disastrous decision.
5
Dave, I disagree that David Cameron was a weak leader. I always thought he was a a very decent guy, and a good leader, but he made one terrible mistake-calling for the referendum. He gambled that Britain would vote to remain in the EU-although he knew it could go the other way. I agree with you that Thatcher would not have bowed to the Boris Johnson-wing of the Conservative Party. This mistake will haunt him for a long time time to come-maybe for the rest of his life. But I, for one, will also remember him as a moderate Conservative leader, a true democrat, a thoroughly decent man, and a politician/statesman who will be missed by many in the UK, in the EU< and even in the rest of the world-including me. I am saddened to see him leave.
1
This article is an interesting insight into the subtleties of how the vote came to be, but for all the wordiness and nuance, it glosses over the real, single basis of the Brexit- bigotry, the fomenting of hatred of immigrants.
The vote is political theater. It's just more right wing agitation to distract from multi-national corporations pillaging the environment, playing with our savings and tax dollars like the world economy was their private roulette table, eliminating workers' rights and ultimately, human rights.
It feels so good to simply Act Tough like Reagan and Thatcher, so why bother thinking? It's far easier to reduce complex issues to simple slogans, like Just Say No, and appealing to the overworked, ill-informed, and underpaid. Michael Grove, leader of the Brexit movement, said “People in this country have had enough of experts,” (much like Donald Trump saying he loves the poorly educated).
The vote is political theater. It's just more right wing agitation to distract from multi-national corporations pillaging the environment, playing with our savings and tax dollars like the world economy was their private roulette table, eliminating workers' rights and ultimately, human rights.
It feels so good to simply Act Tough like Reagan and Thatcher, so why bother thinking? It's far easier to reduce complex issues to simple slogans, like Just Say No, and appealing to the overworked, ill-informed, and underpaid. Michael Grove, leader of the Brexit movement, said “People in this country have had enough of experts,” (much like Donald Trump saying he loves the poorly educated).
9
Cameron announced today that there will be "no second referendum. Why should Cameron have a say about this? Hasn't he done enough?
4
I fail to see why the government should act fast to action leaving the EU when the vote was so close. Cameron was done for either way, but given how close the vote was, I absolutely don't agree with the idea that to find a way to avoid leaving the EU would be political suicide.
1
"In 1975, the British people deferred to such authorities. In 2016, they ignored them." Not true. In fact, they did everything but ignore them. They blindly lapped up the emotionally charged drivel, ranting and lies that Farange and his cronies, including Madhatter Boris Johnson, spewed and threw Britain in front of a bus. How could a nation that prides itself on its rationality allow itself to be manipulated into casting itself asunder from the rest of Europe and back into the middle of the 20th century. One man's ego trip has reduced the United Kingdom to Little Britain. How stupid is that?
5
I see that the UK leaders are trying to install calm by stating that the UK will retain access to the EU market. What do they think they just voted to exit?
If I were the EU, I would tell the UK they there will be a 100% tariff on all UK products and services if they want to sell them in the EU. In addition, if the UK puts any tariffs on EU products and services, then the UK is simply banned from the EU.
The EU is holding all the cards - not just the good cards - all of the cards. The UK has nothing to bargain or bluff with. Punish them. Punish them very, very badly.
If I were the EU, I would tell the UK they there will be a 100% tariff on all UK products and services if they want to sell them in the EU. In addition, if the UK puts any tariffs on EU products and services, then the UK is simply banned from the EU.
The EU is holding all the cards - not just the good cards - all of the cards. The UK has nothing to bargain or bluff with. Punish them. Punish them very, very badly.
9
The condescending and elitist attitudes expressed in this piece - i.e., Britain's vote to leave the EU must be the product of xenophobia and racism - exemplifies why the leave vote was successful. Imagine being governed by people with this types of attitude, and constantly being told that if have any objection to unlimited immigration into your country, you must be a racist. If the left keeps this up, Trump will win.
10
We must think clearly about this. No, Britain did not vote to leave the EU. The ENGLISH, for centuries happy to dominate other peoples, have voted for the UK to leave the EU. Perhaps it is time for the English to have their own English government--a government for once not "united" with other people. Then England can join the EU.
7
Perhaps the writer should have read the New York Times. He would have seen an article entitled "Having Won, Some ‘Brexit’ Campaigners Begin Backpedaling." Then he would have realized that many people were lied to by the Brexit pushers, with false economic "data."
Or he could have tuned in to John Oliver's program on Brexit, and would have learned how the mayor of London misled people concerned about funds for the health care system. Or he could have... oh, there are lots of things he could have done. Those would have helped him determine a root cause of the vote, and he would be excoriating the politicians who lied about these things instead of writing this column.
Or he could have tuned in to John Oliver's program on Brexit, and would have learned how the mayor of London misled people concerned about funds for the health care system. Or he could have... oh, there are lots of things he could have done. Those would have helped him determine a root cause of the vote, and he would be excoriating the politicians who lied about these things instead of writing this column.
3
Immigration is the basic issue: people simply do not like to surrender control of their borders and live with radically different others. There is nothing right or wrong with that: it's human nature. Europeans have forced themselves through difficult processes of change to reach their levels of modernization and civilization. It make little sense to have this endangered by millions of others, mired in the 7th century and strongly resistant to change, because of Merkel's reckless decision to open Germany's doors to them.
11
I nominate Idris Elba to be the next James Bond. His presence would remind Britons that there really is no going back to the twentieth century.
1
The only good that can come of Brexit is if it is a catalyst to complete the known deficiencies of the EU structure.
In most countries, cyclical economic problems can be addressed through adjustments in FX rates, monetary policy and fiscal policy.
Sufficient adjustment mechanisms do not exist to address member-state and regional economic disparities.
This had been well understood for decades.
The US also has a single currency and monetary policy for all states. But roughly half of government spending occurs at the federal level, and half at the state and local levels.
State and local budgets are autonomous, unlike the EU. They can adapt to different economic issues as a counter-cyclical.
Also, in times of regional, state or local crises, the federal government steps in to address these problems, whether economic or by natural disaster.
When Greece and Spain have 25% unemployment, that is a crisis.
If continental EU spending were financed by Eurobonds backed by the ECB, the cost of sovereign debt financing would be permanently lower.
Presently, the ECB is lifting the heavy load through extraordinary QE measures that attempts to lower all member-state financing costs. That is a stop gap measure.
If the continental EU recognizes their future is stronger together, they will complete the structural integration of their fiscal and banking systems to create a permanent and flexible system that address crises that cause instability, pain and economic underperformance.
In most countries, cyclical economic problems can be addressed through adjustments in FX rates, monetary policy and fiscal policy.
Sufficient adjustment mechanisms do not exist to address member-state and regional economic disparities.
This had been well understood for decades.
The US also has a single currency and monetary policy for all states. But roughly half of government spending occurs at the federal level, and half at the state and local levels.
State and local budgets are autonomous, unlike the EU. They can adapt to different economic issues as a counter-cyclical.
Also, in times of regional, state or local crises, the federal government steps in to address these problems, whether economic or by natural disaster.
When Greece and Spain have 25% unemployment, that is a crisis.
If continental EU spending were financed by Eurobonds backed by the ECB, the cost of sovereign debt financing would be permanently lower.
Presently, the ECB is lifting the heavy load through extraordinary QE measures that attempts to lower all member-state financing costs. That is a stop gap measure.
If the continental EU recognizes their future is stronger together, they will complete the structural integration of their fiscal and banking systems to create a permanent and flexible system that address crises that cause instability, pain and economic underperformance.
5
June 27, 2016
Mechanics that is relative to the stresses in every systems hardware, software as expressing the outcomes that are factors to expect. All the leaders in this game are responsible for the outcome - you can't just accept the rewards and then walk away from the ineptitude - so or later we are all best learning to live together in our regional arenas. We must deconstruct this event and the star of the noir is Mr. Cameron indeed.
We will prevail but sure is better to be graceful, truthful and introspective towards the world that is and not fantasies of irrational exuberance.....
JJA Manhattan, N. Y.
Mechanics that is relative to the stresses in every systems hardware, software as expressing the outcomes that are factors to expect. All the leaders in this game are responsible for the outcome - you can't just accept the rewards and then walk away from the ineptitude - so or later we are all best learning to live together in our regional arenas. We must deconstruct this event and the star of the noir is Mr. Cameron indeed.
We will prevail but sure is better to be graceful, truthful and introspective towards the world that is and not fantasies of irrational exuberance.....
JJA Manhattan, N. Y.
1
One hugely important factor that seems to have been missed in this country is the fact that many people voted in favor of "leave" on the promise that the money otherwise going to Brussels could be used to increase funding for the national health system. It was also an issue in the Scottish independence vote - anger at the Conservatives for reducing funding. In both referendums that represents a popular vote strongly in favor of a well-funded national health service.
I do wish people in this country would pay attention to that. While we quibble over a Obamacare - a bandaid on a gaping wound - we fail to grasp that people who live with government-financed health care would NEVER consider going to our completely screwed up system. Instead, they are willing to take drastic action to save their system.
I do wish people in this country would pay attention to that. While we quibble over a Obamacare - a bandaid on a gaping wound - we fail to grasp that people who live with government-financed health care would NEVER consider going to our completely screwed up system. Instead, they are willing to take drastic action to save their system.
16
“Beneath these specific imperatives lurked more general sentiments — in particular, a contempt for the political class and a disdain for the self-styled aristocracy of experts.”
Everyone, including angry Trump supporters, is already fully integrated economically into the “establishment” and the global economy. Brexit once again is proving that rocking that system, not to mention the political “revolution” Trump (and Sanders) is hawking, will be more severely felt by the middle and working classes.
The hedge fund managers, Trump corporations, and others in the 1%? Established politicians like Bernie Sanders? They always land on their feet.
To those who don’t believe that, consider, for example, your 401k plan’s balance today -- if you have one. And then again every time there is a hiccup going forward in implementing the Brexit.
Everyone, including angry Trump supporters, is already fully integrated economically into the “establishment” and the global economy. Brexit once again is proving that rocking that system, not to mention the political “revolution” Trump (and Sanders) is hawking, will be more severely felt by the middle and working classes.
The hedge fund managers, Trump corporations, and others in the 1%? Established politicians like Bernie Sanders? They always land on their feet.
To those who don’t believe that, consider, for example, your 401k plan’s balance today -- if you have one. And then again every time there is a hiccup going forward in implementing the Brexit.
2
In search of a small political advantage, David Cameron played Russian roulette at the ballot box.
12
All the US press is focusing on is the stock / currency markets. A great many Brexiters voted leave precisely because of this
http://www.express.co.uk/news/politics/683739/EU-referendum-German-Frenc...
Which would permanently enthrone the bureaucrats as their masters. Constitution altered at will by "the masters" and when "the masters" felt like it. Rules raining from the sky (No bendy bananas in perpetuity). Magna Carta entirely dumped etc. etc.
Dictatorship like this is precisely why Britain fought WWII and this is precisely why all the elderly codgers still breathing voted leave. It's the same old wolf in euro clothing.
http://www.express.co.uk/news/politics/683739/EU-referendum-German-Frenc...
Which would permanently enthrone the bureaucrats as their masters. Constitution altered at will by "the masters" and when "the masters" felt like it. Rules raining from the sky (No bendy bananas in perpetuity). Magna Carta entirely dumped etc. etc.
Dictatorship like this is precisely why Britain fought WWII and this is precisely why all the elderly codgers still breathing voted leave. It's the same old wolf in euro clothing.
7
im as liberal and socialistic as one can get and i agree totally w th leave vote
th brits want to practice their brand of socialism in th way they want, and not th way th eu wants
there is NO contradiction in being a liberal socialist and wanting control of your own govt
th brits want to practice their brand of socialism in th way they want, and not th way th eu wants
there is NO contradiction in being a liberal socialist and wanting control of your own govt
8
People around the world are voicing their anger at the PREDATORY CAPITALISTIC ECONOMIC SYSTEM that has taken hold - not governments. One thing we know for sure in America - As Chief Thief DT profits from the misfortune of average and poor people. He is not about to do one thing that helps them.
7
Yes, we are very fortunate in America to have a courageous, strong, independent, experienced woman to lead us through the chaos ahead. I watched Ms. Hillary Rodham Clinton and Senator Elizabeth Warren's joint appearance in Ohio a few minutes ago and it was electric. Ms. Rodham-Clinton has a true plan to restore economic equity in America that includes taxing the wealthiest and corporations to pay average Americans back for the wealth they have accumulated at OUR expense from OUR systems.
The top 1% global financial elite have had their way around the world for the last 40+ years and have proven they have no social conscience. It is time for those of us who care about OUR societies to knock them back down to size - they are just people.
Ms. Hillary Rodham Clinton has my vote! Good Luck to the Brits.
The top 1% global financial elite have had their way around the world for the last 40+ years and have proven they have no social conscience. It is time for those of us who care about OUR societies to knock them back down to size - they are just people.
Ms. Hillary Rodham Clinton has my vote! Good Luck to the Brits.
12
More signs of the arrogant disdain that the media have for democratic process. After days of playing Chicken Little to the legitimate concerns of a majority vote, the media now acknowledges a darker horror-- apparently much of the rest of Europe shares disdain for the EU processes as well. Legitimate concerns for national identity and the unfettered flow of economic refugees are ipso facto labelled fascist and racist. Brexit advocacy is of course Trumpism in thin disguise.
A large number of people seem understandably annoyed at the status quo, the media which functions as the elite's lap dog and the rigged system. What is so hard to understand about this?
A large number of people seem understandably annoyed at the status quo, the media which functions as the elite's lap dog and the rigged system. What is so hard to understand about this?
19
I think the real problem is that NOBODY wants any Muslim immigrants in their country....that is why we are seeing the rise of Nationalism everywhere. If we can't overcome racial prejudice and strive for peace, we are all doomed. My Christian friends insist we are all doomed no matter what we do because someday the Messiah will save the virtuous and destroy the wicked....don't know if it is true or when it will happen....but right now I must focus on reality not religious dreamers
2
This is a good thing for Britain, unless a Britain slowly dissolving under EU "leadership" is the goal. I was impressed the other day in something David Brooks said while appearing on the PBS NewsHour. He recounted the five years he spent in Brussels in the 1990's and recalled how dismissive the Eurocrats were then of "democracy." They didn't see much use for it, and neither do they now. Fortunately, more Brits DO than don't.
11
Brits voted to leave because the current system means ever-widening inequality and insecurity for the masses.
In the short and long term, the change they voted for may well be worse, but for the beneficiaries of the status quo, the vote should be a wake-up call.
If you control the levers of power, do not leave the masses behind. They will either vote for change - any change will do - or someday they will come with torches and pitchforks.
It may not make life better for the masses, but the masses know it will make life worse for the establishment beneficiaries of the status quo.
In the short and long term, the change they voted for may well be worse, but for the beneficiaries of the status quo, the vote should be a wake-up call.
If you control the levers of power, do not leave the masses behind. They will either vote for change - any change will do - or someday they will come with torches and pitchforks.
It may not make life better for the masses, but the masses know it will make life worse for the establishment beneficiaries of the status quo.
22
Yes, that old trite method of cutting off your nose to spite your face. That always works well.
6
What is even better is to get people to cut off their own nose to spike your face.
1
I completely agree with everything you've written. When we look at Brexit or Trump supporters, it appears to be generally true that the average supporter can't really articulate what it is they are supporting. But what they are clearly rejecting is continuing down a path that leaves them, the less educated working class, worse off as time goes by. And that group grows larger by the year, meaning it's only a matter of time until countries with widening inequality self-destruct via their own democratic processes. Everyone hold tight.
3
To put it succinctly, Brexit is Breaks It and it ain't gonna happen.
1
As a person of Indian descent, I am looking forward to the end of the British empire, where all that remains of the British Empire will be a part of an island called England . A part of the island that for most part will be owned by Russian oligarchs, Arab sheikhs and crooks who will see England as a good place to launder money as the conservative party removes all financial transparency laws in an effort to survive. It is also time to throw Britain out as a permanent member of the UN.
16
Very well said !
1
The dog caught the car, now doesn't know what to do with it.
30
Close.
The dog caught the car and is now getting run over by it!
The dog caught the car and is now getting run over by it!
4
Thank you, D'Ancona, for not insisting this was a "shocking" vote, as so many other misguided pundits and reporters have. The polls had this too close to call for months. Saying the outcome was "stunning" is as obtuse as saying one is stunned when a coin toss reveals heads and not tails.
Let's calm down. The UK has never really seen itself as part of the "mainland," and this will eventually work itself out. While renegotiating trade and banking deals will will be time consuming, the terms will end up being very close to the current rules and regs of the EU. This is a divorce in name only. UK and EU can't quit each other, and will continue to share a bed.
Let's calm down. The UK has never really seen itself as part of the "mainland," and this will eventually work itself out. While renegotiating trade and banking deals will will be time consuming, the terms will end up being very close to the current rules and regs of the EU. This is a divorce in name only. UK and EU can't quit each other, and will continue to share a bed.
31
Neoliberals are only hurting their cause by the idiotic propaganda with which they have offended the English Spirit of John Bull. Fear mongering in favor of the Euro elite seems to have caused the opposite reaction from what was intended. The anti Brexit boogeymen stressed constantly the temporary decline in the pound, which will bless the UK with an improved current account as the UK exports more and imports less. But it will recover fast because the fact is that the UK economy is strong, unemployment is very low, particularly when compared with the Continents abysmal performance; and the German Dax and the French CAC are now down twice as much as the UK FTSE.
For many months, since the start of the US Presidential cycle the NYT has been consistently anti populist, pro the bipartisan elites of Europe and America, and fundamentally disturbed that democracy is breaking out everywhere. Disconcertingly the NYT was all for the invasion of Iraq in order to spread Democracy, and neocons were the heroes of their op-ed columns. Now that the smoke has cleared that really seems to have been disingenuous, doesn't it?
For many months, since the start of the US Presidential cycle the NYT has been consistently anti populist, pro the bipartisan elites of Europe and America, and fundamentally disturbed that democracy is breaking out everywhere. Disconcertingly the NYT was all for the invasion of Iraq in order to spread Democracy, and neocons were the heroes of their op-ed columns. Now that the smoke has cleared that really seems to have been disingenuous, doesn't it?
11
"...the English Spirit of John Bull?" Seriously, who are you Rudyard Kipling? The British Empire ended a long time ago for reasons too numerous to explain but which you may find in the history books. Furthermore, you ad hominem shot at the NYT as "anti populist" is ridiculous. If you mean that the NYT (as well as any other credible media source) believes that Donald Trump is a pompous self-absorbed bigot, misogynist, and despite all his blather, a failed businessman, then yes, the NYT has taken that view. Trump's appeal has nothing to do with genuine populism, but has everything to do with abject ignorance, fear, and bigotry.
15
Well Jason people did vote for him, and the elite is very upset that democracy is breaking out contrary to their best efforts that it not. Trump did make some real sense when he said upon return from the UK of Brexit, that "the US has many problems, but the Brexit is not one of them," which shows plain common sense, except to neoliberals who know no limitations.
You've erected many straw men in order to present an ad hominem attack, but have said nothing substantive about the structural problems, which the EU refuses to address, one of which is lack of respect for the member states, who do not seem to want to become more German. Unemployment on the Continent is on average 10.2%, but in the periphery it is much higher, while in the UK it is at record lows.
The NYT is not only anti populist, but it is neoliberal in its economic preferences and it is neocon on war. They cheer for democracy in the MIddle East, while they avert their eyes as it is suppressed by Brussels. They are in no way Liberal as they are often accused being. and the op-ed page is inspired by the traditions of Pravda.
Draghi's monetary policy of QE is an absolute failure. He can't get help from Brussels with Fiscal Stimulus, and the ECB has sucked the life out of the member states, while he was all in for austerity..no fiscal stimulus needed at the time.
The East is a pool of cheap labor for the German export juggernaut, and Germany refuses to be a good neighbor and consume. UK made the right choice.
You've erected many straw men in order to present an ad hominem attack, but have said nothing substantive about the structural problems, which the EU refuses to address, one of which is lack of respect for the member states, who do not seem to want to become more German. Unemployment on the Continent is on average 10.2%, but in the periphery it is much higher, while in the UK it is at record lows.
The NYT is not only anti populist, but it is neoliberal in its economic preferences and it is neocon on war. They cheer for democracy in the MIddle East, while they avert their eyes as it is suppressed by Brussels. They are in no way Liberal as they are often accused being. and the op-ed page is inspired by the traditions of Pravda.
Draghi's monetary policy of QE is an absolute failure. He can't get help from Brussels with Fiscal Stimulus, and the ECB has sucked the life out of the member states, while he was all in for austerity..no fiscal stimulus needed at the time.
The East is a pool of cheap labor for the German export juggernaut, and Germany refuses to be a good neighbor and consume. UK made the right choice.
3
By the way Jason do you actually read books? If you do, it doesn't show. Anybody can mouth off, but that appears to be all that you have done. Not only is the British Empire done with, but the age of Empire is over, and has been since 1914. Yet, the NYT cheers on America as the policeman of the world, as if we were still in charge, and we have consequently made fools ourselves and spent hundreds thousands of lives and trillions of dollars trying to revive the Raj.
No I don't think I am Rudyard Kipling, but I do admire his poetry. His poem "IF" is my favorite poem, and on a card to my daughter when she was young, I crossed crossed out "you'll be a man my son," and wrote you'll be a woman my daughter. It resided on my refrigerator so that my kids would not forget what it takes.
Jason I think you are nothing but a blowhard. Sorry........
No I don't think I am Rudyard Kipling, but I do admire his poetry. His poem "IF" is my favorite poem, and on a card to my daughter when she was young, I crossed crossed out "you'll be a man my son," and wrote you'll be a woman my daughter. It resided on my refrigerator so that my kids would not forget what it takes.
Jason I think you are nothing but a blowhard. Sorry........
3
Author conflates a desire to take back your country, and preserve traditional values with xenephobia and racism Mistaken on both counts. Why use a term such as "racism," considered invalid by anthropologists? Why is it xenephobic to defend the motherland from hundreds of thousands of migrants whose presence may pose a security problem, and will cost taxpayers billions in lifetime welfare payments which will never go away?As in the US, if billions spent yearly to benefit "l'etranger"went to improve the infrastructure and well being of citizenry, GB would be a wealthy country.Author's assumption that BREXIT supporters "had better deliver what they promised and fast" is not necessarily true. The essential has been accomplished: GB is independent once again.Am reminded of aftermath of independence of Belgian Congo in 1960, and its demands for Katanga and Sud Kasai to abandon their sovereignty and give up their copper and diamond deposits to central government in LEOPOLDVILLE. Result was emergence of centrifugal forces that led to breakway of both Katanga under Tschombe and Kasai under Kalongi, "mulopwe." Irony in present events is that Bruxelles, h.q. of EU, is capital of a country that has undoubtedly more terrorist cells than any other European nation.Thus, membership in the EU with its officious, ineffective bureaucracy benefitted GB little, and had little to recommend it.
9
The same elites that do not understand why common citizens oppose the so-called free trade deals also supported Brexit- it is destroying their lives & livelihoods while the well insulated elites are doing just fine.
The premise of the Eurozobe did not include a promise of having Ayn Rand & NeoLiberal economics crammed down their throats, yet the bureaucrats, bankers & politicians seemed determined to undermine & destroy the social programs that European Social Democracy pioneered. Likewise over here, We have no problem with free trade as long as it is fair trade, but by the time the lawyers & lobbyists get done they have undermined our sovereignty, bypassed our courts & stuffed in a laundry list of things unpromised & unadvertised.
The EU has shown itself repeatedly to be slow on it's feet, clueless or deaf regarding the plight of the common citizen, unable to secure it's own borders, unequal in treating all countries equally & determined to make sure the Banksters shall inherit the earth. No answer to Putin's grab of Crimea or intimidation of the Baltic. A big middle finger to the plight of common citizens in Greece. No answer to the slow motion invasion from Africa & SW Asia.
Common Brits have seen their lives disturbed & impacted by the arrival of people from all over the EU who have an equal right to use all the tax supported things British Citizens have established & paid for and do not like it. Not wanting half of Poland in the UK does not make one xenophobic.
The premise of the Eurozobe did not include a promise of having Ayn Rand & NeoLiberal economics crammed down their throats, yet the bureaucrats, bankers & politicians seemed determined to undermine & destroy the social programs that European Social Democracy pioneered. Likewise over here, We have no problem with free trade as long as it is fair trade, but by the time the lawyers & lobbyists get done they have undermined our sovereignty, bypassed our courts & stuffed in a laundry list of things unpromised & unadvertised.
The EU has shown itself repeatedly to be slow on it's feet, clueless or deaf regarding the plight of the common citizen, unable to secure it's own borders, unequal in treating all countries equally & determined to make sure the Banksters shall inherit the earth. No answer to Putin's grab of Crimea or intimidation of the Baltic. A big middle finger to the plight of common citizens in Greece. No answer to the slow motion invasion from Africa & SW Asia.
Common Brits have seen their lives disturbed & impacted by the arrival of people from all over the EU who have an equal right to use all the tax supported things British Citizens have established & paid for and do not like it. Not wanting half of Poland in the UK does not make one xenophobic.
11
So little attention paid to the poor and the powerless who took their tiny little votes and stuck a wrench in the works, so much attention paid to the loss of wealth of the terribly wealthy.
London is about the investor class, and the "leave" voters were about the loss of jobs and the fear that they were fungible, just workers to be tossed aside when a worker in China or wherever was willing to do non-union work for peanuts.
Well, I salute those who chucked the wrench in the works. Good for you.
Hugh Massengill, Eugene
London is about the investor class, and the "leave" voters were about the loss of jobs and the fear that they were fungible, just workers to be tossed aside when a worker in China or wherever was willing to do non-union work for peanuts.
Well, I salute those who chucked the wrench in the works. Good for you.
Hugh Massengill, Eugene
7
Lord Ashcroft's three primary reasons voters put an X beside Brexit sound like the correct reasons to me. Prior to the "EU" the UK was able to take very good care of itself and its people why would anyone suspect that would change in the future.
There are forces at work within the human population that put the lie to "e pluribus unum" just look at the US for one example. Self labeled groups steeped in their own self importance always find it difficult to get along.
There are forces at work within the human population that put the lie to "e pluribus unum" just look at the US for one example. Self labeled groups steeped in their own self importance always find it difficult to get along.
4
All this drama over Brexit is a bit confusing for Americans like me. So the UK want more control over their borders? Sounds fine. So they will be a smaller country not part of a larger group? Big deal, smaller countries are always better global citizens. Meanwhile the European Union-- a mish mash of very different cultures and economies seems increasingly like a bad idea. And the benefits of free trade, as Bernie has frequently pointed out, have gone mostly to corporations and not average people. I suppose it's possible that all this doom and gloom in the media is about some real problem I'm not grasping, but if so they need to explain it a lot better.
7
I've always had the sense that the British, whoever they are, have been holding their aristocratic noses since 1975. In the EU, but not Of the EU. This vote was driven by the rage of the elders and the willfully less- informed. At the end of the day Britain has turned out to be just a bunch of wool- wearing. Xenophobes worried about their pensions.
1
That what makes me sad, is that quasi HALF of the british population desired to stay in the EU, but I know in a democracy the majority (even with only 1,5 %) is the majority.
Now welcome to the Scots and eventually Northern Irish to the EU.
Now welcome to the Scots and eventually Northern Irish to the EU.
1
Well, here it is -- the ink is barely dry on the referendum vote, and already there's some back-pedalling by Nigel Farage of the UKIP (United Kingdom Independence Party) on some of the promises made, like the weekly 350 million Pounds going to Brussels, as Britons pass around online petitions to have another referendum about the referendum.
Clearly, SOMETHING wasn't thought through.
But this is what happens when you vote with your passions, and NOT with your head.
All of my friends in Brtiain are outraged. Every single one of them voted to stay in.
Sure. They recognize the E.U. is a bureaucratic sink-hole, but to just walk-out and leave an empty stage to a Donald-Trumpesque egomaniac like Boris Johnson was a big mistake.... it still is.
Clearly, SOMETHING wasn't thought through.
But this is what happens when you vote with your passions, and NOT with your head.
All of my friends in Brtiain are outraged. Every single one of them voted to stay in.
Sure. They recognize the E.U. is a bureaucratic sink-hole, but to just walk-out and leave an empty stage to a Donald-Trumpesque egomaniac like Boris Johnson was a big mistake.... it still is.
8
Mr. d'Ancona states, "This is what Britain voted for on Thursday. For the bleak time ahead, we Britons have only ourselves to blame."
It was hardly a resounding win. 48 percent voted to remain in the EU. The numbers suggest that nearly half of the country that voted chose to remain.
I don't think it's fair to suggest that "this is what Britain voted for...."
It was hardly a resounding win. 48 percent voted to remain in the EU. The numbers suggest that nearly half of the country that voted chose to remain.
I don't think it's fair to suggest that "this is what Britain voted for...."
2
I think most host countries welcome immigrants who are educated, law abiding, tolerant of the host culture, and do not push wages down.
"This campaign has been pockmarked by xenophobia and thinly concealed racism:"
Or are there very legitimate concerns about immigration. Here are some arguably legitimate questions citizens may have about people immigrants:
1. Do they accept and tolerate the people and culture of their Host country? Do they feel God largely rejects the host country?.
2. Do they accept the Western idea of secular rule of law where the use of force goes exclusively with the government? Do they embrace the host country;s system of laws, and have full tolerance for the behaviors of the host countries citizens and their culture even when it is contrary to their own culture or religion? Or do they try to impose their own parallel system of laws.
3. Are they a net gain to the country's treasury. With progressive tax systems low earners typically pay very little, and tend to be needy. Are the people entering Britain wealthier than the average Brit or poorer?
4. Do they bring the education level and literacy of the country up or down?
5. How does the level of crime of people entering the host country compare with the existing population?
6. Do the entering people present a heath risk or will they burden the health system?
7. Do the people come to Britain to become Brits for for economic reasons?.
"This campaign has been pockmarked by xenophobia and thinly concealed racism:"
Or are there very legitimate concerns about immigration. Here are some arguably legitimate questions citizens may have about people immigrants:
1. Do they accept and tolerate the people and culture of their Host country? Do they feel God largely rejects the host country?.
2. Do they accept the Western idea of secular rule of law where the use of force goes exclusively with the government? Do they embrace the host country;s system of laws, and have full tolerance for the behaviors of the host countries citizens and their culture even when it is contrary to their own culture or religion? Or do they try to impose their own parallel system of laws.
3. Are they a net gain to the country's treasury. With progressive tax systems low earners typically pay very little, and tend to be needy. Are the people entering Britain wealthier than the average Brit or poorer?
4. Do they bring the education level and literacy of the country up or down?
5. How does the level of crime of people entering the host country compare with the existing population?
6. Do the entering people present a heath risk or will they burden the health system?
7. Do the people come to Britain to become Brits for for economic reasons?.
5
But Britain has full control of immigration from outside the EU! That is why Farage's poster of brown-skinned people invading the UK was so bad. The immigration concern is over people from Eastern Europe, who come for employment, pay taxes and are not a burden on the state, but speak English with an accent.
7
Britain made a bad choice, but it was not without reason.
The reality is that the EU is failing in key areas, most notably economics.
Recovery from 2008 is still anemic, and the ongoing and shameful spectacle of the EU's Very Smart People bashing away at the kneecaps of the Greek state with the attention to justice and macro-economic reality of a good mob enforcer does not give one confidence. An alien looking down on the earth would never know that Greece is an actual member of the EU- they would probably assume that it was a state defeated in a brutal, bitter war. Why else would it be treated the way that it is?
Economically, there are NO lessons being learned at the highest levels of the EU. It's a game of kick the can down the road, meeting after meeting.
While the UK, with its own currency, was not affected directly by the poor eurozone performance, the Cameron government's absurd austerity policies lined up well chronologically with poor EU performance, and you can be sure where the blame for the inevitable failure of that austerity policy went.
While I disagree with the vote, I do understand it. There is no shame in divorcing a lackwit.
The reality is that the EU is failing in key areas, most notably economics.
Recovery from 2008 is still anemic, and the ongoing and shameful spectacle of the EU's Very Smart People bashing away at the kneecaps of the Greek state with the attention to justice and macro-economic reality of a good mob enforcer does not give one confidence. An alien looking down on the earth would never know that Greece is an actual member of the EU- they would probably assume that it was a state defeated in a brutal, bitter war. Why else would it be treated the way that it is?
Economically, there are NO lessons being learned at the highest levels of the EU. It's a game of kick the can down the road, meeting after meeting.
While the UK, with its own currency, was not affected directly by the poor eurozone performance, the Cameron government's absurd austerity policies lined up well chronologically with poor EU performance, and you can be sure where the blame for the inevitable failure of that austerity policy went.
While I disagree with the vote, I do understand it. There is no shame in divorcing a lackwit.
5
EU might not hurry. EU could wait and see.
British public:
People will ask their politicians what they were voting for.
Unity:
See Scotland referendum. “Little Britain” is in sight.
Legal situation:
UK must make all payments according EU rules until leave is sealed and will not get new (!) subsidiaries by EU.
Economy:
The more economic warnings come true the more UK inhabitants will get under existential pressure.
Imagine future Breaking news: “Battered British Steel mill closed, all workers laid-off, no EU subsidiaries expected”, next day “Investment bank will transfer 2.000 jobs to Paris” and so on. Then openly no Napoleon, Hitler or Merkel can be blamed and no tabloid or politicians lie can help. “It´s Brexit, stupid.”
Facts have to do their work until stubbornly ignorant people will realise the hardness of their situation. No other way. Read today´s statement of Mr. Osborne. No option.
Everybody who tries proactive intervention is going to be the one who is to blame for all unavoidable hardship politically. He will be denounced as “the dictator who has done all economic harm to a poor innocent country” to hide the domestic self-infliction of failures that makes bitter measures necessary.
So EU has to take chances. When UK is prospering or their last mill or Bank subsidiary is closed we will all know better.
UK government seem to love this kind of game theory.
British public:
People will ask their politicians what they were voting for.
Unity:
See Scotland referendum. “Little Britain” is in sight.
Legal situation:
UK must make all payments according EU rules until leave is sealed and will not get new (!) subsidiaries by EU.
Economy:
The more economic warnings come true the more UK inhabitants will get under existential pressure.
Imagine future Breaking news: “Battered British Steel mill closed, all workers laid-off, no EU subsidiaries expected”, next day “Investment bank will transfer 2.000 jobs to Paris” and so on. Then openly no Napoleon, Hitler or Merkel can be blamed and no tabloid or politicians lie can help. “It´s Brexit, stupid.”
Facts have to do their work until stubbornly ignorant people will realise the hardness of their situation. No other way. Read today´s statement of Mr. Osborne. No option.
Everybody who tries proactive intervention is going to be the one who is to blame for all unavoidable hardship politically. He will be denounced as “the dictator who has done all economic harm to a poor innocent country” to hide the domestic self-infliction of failures that makes bitter measures necessary.
So EU has to take chances. When UK is prospering or their last mill or Bank subsidiary is closed we will all know better.
UK government seem to love this kind of game theory.
That first vote you took was to join the Common Market. Alas the Common Market is no more - killed off by a succession of EU treaties where leaders like Merkel thought they could created a United States of Europe. Alas they were wrong.
If the common Market were still in existence without the EU I am sure the UK would have voted to stay in. However, the EU treaties forced a larger idea on its members. Remember how when various countries had referenda on the treaties, the treaties would get voted down. And the pompous Barroso would go to those "naughty" countries and tell them to do a revote in the Parliament but not another referendum. Barroso understood that people would not want what the EU was gong to impose on them.
Now that more countries see clearly what the EU is up to, courtesy of the Refugee crisis, many don't like what they see and referenda on different aspect of the Migration policy are coming up for a vote. If the EU leans too hard on a country, they may find another EU-EXIT on their hands.
Certainly many countries are bringing back the national borders and are enforcing them too - they don't care what Brussels think, they want protective national borders and they want to decide who can enter and most do NOT want the refugees.
Cracks are emerging in the EU and the future will depend on how they deal with them and how much freedom from EU dictates they will give the member states. They already saw what happened if you got tough with a member state.
If the common Market were still in existence without the EU I am sure the UK would have voted to stay in. However, the EU treaties forced a larger idea on its members. Remember how when various countries had referenda on the treaties, the treaties would get voted down. And the pompous Barroso would go to those "naughty" countries and tell them to do a revote in the Parliament but not another referendum. Barroso understood that people would not want what the EU was gong to impose on them.
Now that more countries see clearly what the EU is up to, courtesy of the Refugee crisis, many don't like what they see and referenda on different aspect of the Migration policy are coming up for a vote. If the EU leans too hard on a country, they may find another EU-EXIT on their hands.
Certainly many countries are bringing back the national borders and are enforcing them too - they don't care what Brussels think, they want protective national borders and they want to decide who can enter and most do NOT want the refugees.
Cracks are emerging in the EU and the future will depend on how they deal with them and how much freedom from EU dictates they will give the member states. They already saw what happened if you got tough with a member state.
3
"Small is beautiful?" Just today Boris Johnson is claiming that once-Great Britain will maintain access to Europe's unified market? Do tell us how, Boris?
In what world does even the relentlessly, almost religiously practical Frau Merkel allow the UK to thumb their nose at EU membership, yet avail itself of its most valuable perquisite, unfettered trade? That seems to be the kind of magical thinking displayed by Trumplestiltskin in Scotland, where he "celebrated" taking their country back, ignorant of the fact that remain carried the day in Scotland by almost a 2:1 margin.
If Sunderland produces the most cars in Europe, why would Merkel allow them the same advantaged position enjoyed by German, Italian and French automakers? They'd be crazy to do so, unless Boris could find a way to renege on the admittedly nonbinding referendum.
In what world does even the relentlessly, almost religiously practical Frau Merkel allow the UK to thumb their nose at EU membership, yet avail itself of its most valuable perquisite, unfettered trade? That seems to be the kind of magical thinking displayed by Trumplestiltskin in Scotland, where he "celebrated" taking their country back, ignorant of the fact that remain carried the day in Scotland by almost a 2:1 margin.
If Sunderland produces the most cars in Europe, why would Merkel allow them the same advantaged position enjoyed by German, Italian and French automakers? They'd be crazy to do so, unless Boris could find a way to renege on the admittedly nonbinding referendum.
6
Most of the discussion of Brexit in this newspaper has included a critique of those who voted for it, with charges they were xenophobic, ignorant, poorly informed or all of the above.
There is almost nothing said about the anti-populist polices of the Union itself that are stirring major discontent around the continent and may well result in the further disintegration of the European collective.
Earlier this month the Times ran a most revealing op-ed piece, "The Soup Kitchens of Athens," a graphic description of the kinds of decisions the technocrat and bureaucrats in leadership roles in the Union have forced on the people of Greece and theIR devastating results.
Written by former Greek finance minister Yanis Varoufakis, the piece is both shocking and somewhat frightening, because it shows the depth of unconcern and functionally stupidity of those in charge of the EU, and the potential consequences of their lack of wisdom and empathy.
In the light of Brexit, Varoufakis' fascinating op-ed deserves to be read again.
http://www.nytimes.com/2016/06/01/opinion/yanis-varoufakis-greece-still-...
There is almost nothing said about the anti-populist polices of the Union itself that are stirring major discontent around the continent and may well result in the further disintegration of the European collective.
Earlier this month the Times ran a most revealing op-ed piece, "The Soup Kitchens of Athens," a graphic description of the kinds of decisions the technocrat and bureaucrats in leadership roles in the Union have forced on the people of Greece and theIR devastating results.
Written by former Greek finance minister Yanis Varoufakis, the piece is both shocking and somewhat frightening, because it shows the depth of unconcern and functionally stupidity of those in charge of the EU, and the potential consequences of their lack of wisdom and empathy.
In the light of Brexit, Varoufakis' fascinating op-ed deserves to be read again.
http://www.nytimes.com/2016/06/01/opinion/yanis-varoufakis-greece-still-...
9
For the right, it comes down to the question of whether or not you feel a "blood and soil" connection to a country. Stalin referred to "rootless cosmopolitans" as a code term for Jews, who, in his opinion, lacked the requisite and primordial sense of Russianness. The right wants to make this into a discussion on similar terms. Who, the right asks, stands for (in this case) a rooted Englishness, and what are they prepared to sacrifice for it? The nationalists in Europe rightly understand that the EU has a corrosive effect on the idea of nationalism, and the attendant flag waving. It should be that way. I've spent some time in a rural village in southern Italy, and the plaque with the list of the war dead is there, opposite the town hall, just as it is all over Europe.
2
It's no accident that Trump was in Scotland because he sees opportunity everywhere and knew that he would once again get all the media attention. The newshounds fell for it and he was more the story than the actual one. The American people are so gullible and have once again promoted him into a seriousness that he cannot claim as real. I do not know who is managing all these "moves" but they know how to use psychology of the masses. We could be in deep you know what.
6
EMERGENCY RECALL OF REFERENDUM I hear that millions of Brits have signed petitions opposing the outcome of the referendum. I think that the only way for the UK to remain united and Britain to maintain its status if not prosper is to back away from the abyss. First, London will be abandoned swiftly by the financial sector, the largest and most powerful in the EU. How can it possibly remain and accept that the financial sectors will have to continue to function according to EU and not British laws? It can't. So I foresee that the new financial center of the EU will be either Brussels or Berlin. Perhaps a combination of both. The flight of the financial sector will bring the economy crashing down, witness the rapid departure of huge numbers who work in finance and cause jobs that support finance to be lost permanently. That means an immediate deflation of the standard of living. It can be legally reversed. We did it here in the US, to ill effect, with the reviled governor of Wisconsin, who was reaffirmed in a recall election. He has attacked the unions and workers' rights in a state that was at the vanguard of the labor movement in the US. The Brits must be very wary of what they ask for, because they will discover that the outcomes of Brexit will pull down the house of cards. Most will grieve the day they left. Let's hope that buyer's remorse will set in severely before it is too late to recall the referendum. Otherwise I fear for the global economy's cooling.
3
The important thing to understand is that the current market disruptions represent an emotional response, a panic reaction to what is likely to be a very long-term, drawn out, ultimately graceful accommodation between the UK and Europe. What happens next for Britain and its former partners on the continent? Stores and businesses will continue accepting euros On the trade and regulatory side, the actual split is still years away. One of the things you might not be hearing is that the British electorate’s vote is actually not legally binding. It will not be until the British government formally notifies the European Union of its intention to leave. If that happens, the "exit clause" sets forth a period of negotiation not to exceed two years between the exiting country and the remaining union. Since British Prime Minister David Cameron has officially resigned his post and called for a new election, that clock probably won’t start ticking until the next UK election. For the foreseeable future, the UK is still part of the EU. After the election, attorneys in Whitehall and Brussels would begin negotiating, piece by piece, a new trade relationship, including tariffs, how open the UK borders will be for travel, and a variety of hot button immigration issues. In the meantime, current arrangements will stay in place until new ones are agreed upon.
And now they are talking about another referendum to undo this. Can't help drawing parallels with the situation that's going on here in the USA. Xenophobic, low information, gun-carrying, white men are ready to elect Trump - with probably the same horrifying results. The only problem is we cannot have another referendum. We will be stuck with him.
7
He ain't gonna win.
5
As they say, "From your lips to God's ears".
3
Well, there's impeachment. But it's a nasty process, impeachment.
Brits could not fail to notice the real estate inflation, which had made London unlivable for all but the technolcass. The rich were getting richer the poor poorer. Under circumstances of hopelessness, a chose of uncertainty, that offers hopes, is preferable to the staus quo. What politician can stand up and say, I know things are bad for you, I really can not make them that much better, but I hope you believe the alternative is worse.
3
Once Upon a Time the average guy knew that he didn't understand all of the ramifications of a decision like this. He was willing to defer to people who might.
Today, he's so ignorant he doesn't care and so arrogant he won't listen. Burn it down! He says not caring what it does to others lives or even what it does to his own.
Perhaps it's time for a correction. Perhaps its time the people who want to make these decisions are asked to pay for their actions. There are a lot of people in the First World who have coasted for a very long time on their ignorance and the hard work of others.
Today, he's so ignorant he doesn't care and so arrogant he won't listen. Burn it down! He says not caring what it does to others lives or even what it does to his own.
Perhaps it's time for a correction. Perhaps its time the people who want to make these decisions are asked to pay for their actions. There are a lot of people in the First World who have coasted for a very long time on their ignorance and the hard work of others.
6
And still this writer blithely seeks to ignore the obvious force behind Brexit, which of course is the fact that the people directed their anger at the ruling class, the 1%ters, who almost entirely ignored the needs of the people, while accumulating the greatest level of wealth in history, reducing the masses to a kind of economic slavery.
The anger is evident worldwide, and here in the United States that anger may result in a Trump Presidency, this November.
The stupidity of the corporate owned government here, is extraordinary; their unbridled avarice will be their undoing.
The anger is evident worldwide, and here in the United States that anger may result in a Trump Presidency, this November.
The stupidity of the corporate owned government here, is extraordinary; their unbridled avarice will be their undoing.
9
Brexit has not only led to a crisis in the UK and Europe, it has led to a crisis of authority, the authority of expertise and elite opinion. The elite experts were soundly rejected by the British electorate. So what will their media do now? What will drive their narratives going forward? Will they be more interested in proving themselves right than reading developments objectively? Three days on, it looks like the experts have gone from predicting doom to reporting it everywhere. But they need to get a grip and do their job of reporting, and get themselves out of the picture. I suspect that there is a lot Brexit remorse in the UK right now. The media and Cameron need to come out of their pout and do what they can either to reverse this referendum or to try to make the best of it. They may have failed to stop this turn of events, but do they want to make the best or the worst of it?
1
It must be the greatest irony of our day: the demonization of "elites" in a nation (England) where the people would still be dressed in animal skins and living in muck were it not for their "elites." Or maybe they'd be civilized and speaking German. But why enter the realm of reality?
2
The EU represents the same ambition of peace, brotherhood, and cooperation that World Federalists envisage. The defects of this vision are that they ignore history, culture, the effect of remote government, and human nature. The difficulties and resentments caused by large-scale immigration can be seen not only in Britain but many EU and non-EU countries. Britons are merely the first to be offered their say.
BTW: UKIP under Nigel Farage has long been at pains to distance itself from right-wing parties like France's National Front.
BTW: UKIP under Nigel Farage has long been at pains to distance itself from right-wing parties like France's National Front.
1
Cameron appears to be an intellectual lightweight, very much under the thumb of powerful interests, such as the fossil nexus that prefers fracking to wind, and bother the desires of the "people". His promise to hold this vote that helped him get elected was, with 20/20 hindsight, much worse that accepting an honest vote from the country at large. Now it looks like he will lose Scotland as well.
factorfriction below names it: "Out-of-touch, arrogant and incompetent"
This is the way the world ends, not with a bang but with a whimper ...
---
As to the people who voted for this, they appear to have missed the fact that burning the house down to punish the landlord is more likely to hurt the tenant. Rich powerful people always find ways to make their victims pay, and this will be no exception. They've already lost a lot of value overnight.
Why a competent capable advertising effort was not put in place is baffling. I've quoted John Donne's "No man is an island" too many times already, but that is the kind of inspirational arrow to the heart that would help some moderates think about ideas instead of hitting out at random and suffering the consequences.
factorfriction below names it: "Out-of-touch, arrogant and incompetent"
This is the way the world ends, not with a bang but with a whimper ...
---
As to the people who voted for this, they appear to have missed the fact that burning the house down to punish the landlord is more likely to hurt the tenant. Rich powerful people always find ways to make their victims pay, and this will be no exception. They've already lost a lot of value overnight.
Why a competent capable advertising effort was not put in place is baffling. I've quoted John Donne's "No man is an island" too many times already, but that is the kind of inspirational arrow to the heart that would help some moderates think about ideas instead of hitting out at random and suffering the consequences.
5
A serious case of:
own goal
own goal
1
Sorry about the plight of your country, Mr d'Ancona. Yes, extremists seem to have more affinity to each other than their fellow centrists belonging to their party.
Already, the Brexit leaders have walked back some of their promises. Hopefully, that is a lesson for your American cousins. When it is too good to be true, don't believe it.
Worse, the amount Britain saved from not paying to EU may not be able to cover the high level of bail out when her financial institutions are once again in distress. Beyond bailout, the UK could go into recession. All these add up to one thing: the ones who get hurt the most are those who vote the OUT option. They are the less educated and the pensioners. Even the better educated and the professionals may be trapped. And EU has stated the divorce is "not amicable." It has to set an example for the others.
While President Obama has what back his concern with his "special situation" talk. Like it or not, the U.S. is going to give the EU preference because its members border Russia.
Finally, considering both Scotland and N Ireland were in favour of IN, there is nothing stopping them from holding referenda to leave Britain to rejoin EU. Sadly, by leaving EU, Britain may also drop "Greater" from its name. No more "United," just a constitutional "Kingdom."
Already, the Brexit leaders have walked back some of their promises. Hopefully, that is a lesson for your American cousins. When it is too good to be true, don't believe it.
Worse, the amount Britain saved from not paying to EU may not be able to cover the high level of bail out when her financial institutions are once again in distress. Beyond bailout, the UK could go into recession. All these add up to one thing: the ones who get hurt the most are those who vote the OUT option. They are the less educated and the pensioners. Even the better educated and the professionals may be trapped. And EU has stated the divorce is "not amicable." It has to set an example for the others.
While President Obama has what back his concern with his "special situation" talk. Like it or not, the U.S. is going to give the EU preference because its members border Russia.
Finally, considering both Scotland and N Ireland were in favour of IN, there is nothing stopping them from holding referenda to leave Britain to rejoin EU. Sadly, by leaving EU, Britain may also drop "Greater" from its name. No more "United," just a constitutional "Kingdom."
17
What did they expect??? No one wants these migrants and their unwillingness to assimilate! Germany is sick and tired of them. France and on and on.
3
The most shocking thing in all of this is that Cameron must have felt certain that the remain voters would triumph and, worse, he didn't spend even a minute thinking through what would happen if they didn't. Out-of-touch, arrogant and incompetent are adjectives that come to mind.
63
Well, the Leave campaign doesn't seem to have seriously anticipated their winning, either.
1
The author makes some good points in his analysis, but the most important issue is that people in most Western governments, and Britain is no exception, no longer trust or admire their political leaders who, for the most part are viewed as necessary evils, with emphasis on the evil. This is why the strategies of four decades ago were ignored. The respect for politicians was much different then.
Most of the consequences of leaving were presented to the voters but were branded as lies by the opposition party. Add to that a healthy dose of wishful thinking, and there you are. The voters wanted to "take back control" but they really had no idea of the cost or the consequences because they wished most of them away.
The freedom of choice implied in today's Western democracies implies the freedom to make bad choices, and that is exactly what happened here. Whether the British can reverse their bad choice in an way that makes continued membership in the EU palatable remains to be seen and depends in part on how the other EU members react. In the meantime, there are going to be some major changes on the British political scene, and the initial spate of resignations and firings is just the beginning.
Most of the consequences of leaving were presented to the voters but were branded as lies by the opposition party. Add to that a healthy dose of wishful thinking, and there you are. The voters wanted to "take back control" but they really had no idea of the cost or the consequences because they wished most of them away.
The freedom of choice implied in today's Western democracies implies the freedom to make bad choices, and that is exactly what happened here. Whether the British can reverse their bad choice in an way that makes continued membership in the EU palatable remains to be seen and depends in part on how the other EU members react. In the meantime, there are going to be some major changes on the British political scene, and the initial spate of resignations and firings is just the beginning.
15
So long as "blame ourselves" means to blame the 30 years of disdain, condescension and willful ignorance of articulated grievances that has been heaped upon the working classes whose lives and futures have been sacrificed for the benefit of the grandees, banksters and one-worlders that constructed and supported this feudal system. Après cela, le chaos. Enjoy the bitter fruit of the seed your masters planted.
51
Well said, friend. It is most regrettable that we also need a most powerful pill over here, for the same reasons. I had hoped for a sweeter organic cure with Bernie, but it appears that we must nearly kill the patient to drive out the cancer, and we know who's ugly job that is.
2
Beautiful Conrad. " Spot On" as you Brits say, and certainly germane to political mess here in USA.
1
I hope somewhere the Koch's and all the Dark Money in this country read this comment.
Choose Trump and get a revolution with pitchforks.
Choose Hillary(with the 'feel the Bern' crowd's help) and get a return to sanity and the slow dismantling of the 1%'s legups, protections and gifts.
Choose Trump and get a revolution with pitchforks.
Choose Hillary(with the 'feel the Bern' crowd's help) and get a return to sanity and the slow dismantling of the 1%'s legups, protections and gifts.
4
"In 1975, the British people deferred to such authorities. In 2016, they ignored them."
....because 41 years later the British people have concluded they were lied to back in 1975. And when a US POTUS is cheering them on to stay, they understood that their own politicians are as inept and corrupt as American ones.
NPR reported that a number of the cheerleaders of staying in the EEC in 1975 became disillusioned over the past four decades and have changed their minds, voting in favor of Brexit.
On the eve of our Declaration of Independence's 240th anniversary, it is great to see the British learning from our shining example of severing the ties with an inept, corrupt, and thieving government.
....because 41 years later the British people have concluded they were lied to back in 1975. And when a US POTUS is cheering them on to stay, they understood that their own politicians are as inept and corrupt as American ones.
NPR reported that a number of the cheerleaders of staying in the EEC in 1975 became disillusioned over the past four decades and have changed their minds, voting in favor of Brexit.
On the eve of our Declaration of Independence's 240th anniversary, it is great to see the British learning from our shining example of severing the ties with an inept, corrupt, and thieving government.
17
The fifth largest economy in the world just effectively cut off unfettered access to its largest, by far, trading partner. What could possibly go wrong with THAT? Happy Independence Day, with all of its consequences.
34
Britain contributed 4% to the gross national product and this is after the U.S., China, Japan, and Germany. A lot of noise over nothing. This entire Brexit will die down as the vote has won with the people who voiced by their vote.
1
Cameron was trying to have his cake and eat it too, he continued a long line of British leaders threatening and Blackmailing the EU. Ironically, Gordon Brown, another PM, was on the news just prior to the vote, saying he's in the 'Remain' camp, and yes, when I was PM , I voted against joining the Euro, but that was justified... He could say that with a straight face; when he was part of the problem way back then. Europe can exist very well without Britain thank you, we will have one less chronic headache as we move forward. Britain on the other hand will discover its difficult to walk with a bullet wound in the foot.
9
Mulligan please
15
It does not quite seem like the voters knew what they were voting for.
29
The voters have had an entire year to think about this vote
They VOTED to leave
End of subject
En
They VOTED to leave
End of subject
En
1
Britain has never recovered from the loss of its once-inconceivably mighty empire, the envy of its German cousins and the rest of the imperial powers. And after 71 years that included postwar food and clothing rationing, anaemic economic growth somewhat alleviated by the exploitation of North Sea oil that now belongs to Scotland, and the leveraging of the London banks and markets, Britain can see it's never going to achieve greatness again. Part of the Brexit is the necessity to reconcile itself to mediocrity, economic and social, as the high price of remaining truly sovereign and being able to say, among many other things, who may and who may not remain in Britain. Let us hope this game goes well.
10
Agreed. In the 19th century Brittania truly ruled the waves along with about 25% of the world's population. Britain controlled sea lanes, raw commodities, and a commercial network unrivaled since perhaps Spain in the 16th century, Following its "victory" in WWII Britain not only lost its empire to the rising tides of anti-colonialism and self-determination but effectively became an "island museum" of enormous historical appeal but with a lot less economic and political relevance (sorry Maggie Thatcher, the Falklands War was not exactly lile defeating Rommel in North Africa). Britain will go on - smaller, poorer, and less connected to Europe but the tourists still love the changing of the guard at Buckingham Palace.
5
The time is right for isolationism. And, whether you think it a good idea or bad, the UK (or parts thereof) may well be found leading the way. We live in interesting times.
6
There is one reason that Brexit won. There is one reason that Trump also has succeeded in getting GOP nomination and that reason is racism. Both Trump and Brexit leaders have worked on people's fears of "Foreigners" invading and taking their jobs, their money, their benefits. Neither Trump or Brexit leaders have a clue or plan to actually lead when they do win, they only want power for power's sake. Remember Hermann Goering's words
"the people can always be brought to the bidding of the leaders.
That is easy. All you have to do is tell them they are being attacked,
and denounce the peacemakers for lack of patriotism and exposing the
country to danger. It works the same in any country."
"the people can always be brought to the bidding of the leaders.
That is easy. All you have to do is tell them they are being attacked,
and denounce the peacemakers for lack of patriotism and exposing the
country to danger. It works the same in any country."
47
There is NO fear about foreigners....there IS anger
Anger that our leaders have allowed mass hordes of uneducated, unskilled and unvaccinated people into our countries, people who have no intention of assimiliating or adopted our customs or culture..................people, who in some instances, wish us harm.
It is not racism if you want to protect YOUR way of life
Anger that our leaders have allowed mass hordes of uneducated, unskilled and unvaccinated people into our countries, people who have no intention of assimiliating or adopted our customs or culture..................people, who in some instances, wish us harm.
It is not racism if you want to protect YOUR way of life
6
"... hordes of uneducated, unskilled and unvaccinated people into our countries, people who have no intention of assimilating or adopted our customs or culture... you want to protect YOUR way of life...". Actually, that is the classic definition of racism.
THEIR way of life IS our way of life, because we are all one. In the United States, we are like a mixing bowl, and all cultures are welcome. A variety of cultures brings diversity, it enriches all our lives and brings innovation and progress. "Give me your tired, your poor" is not conditioned by "But only if you abandon your heritage." I'm happy to be able to eat Chinese food, or a pizza, hear a Mariachi band or bagpipes, watch Basque dancers, and smell garlic as I walk by a restaurant. The US is an entire buffet, not just a steak house.
THEIR way of life IS our way of life, because we are all one. In the United States, we are like a mixing bowl, and all cultures are welcome. A variety of cultures brings diversity, it enriches all our lives and brings innovation and progress. "Give me your tired, your poor" is not conditioned by "But only if you abandon your heritage." I'm happy to be able to eat Chinese food, or a pizza, hear a Mariachi band or bagpipes, watch Basque dancers, and smell garlic as I walk by a restaurant. The US is an entire buffet, not just a steak house.
2
The globalists will continue to bleat and beat their chests, as England just made a terrible mistake.
But this is what sovereignty looks like. This is what the people need and want.
This is but a first step: An obscure nationalist party in Italy just won 19 out of 20 elections. Spain...of all places..is leaning towards conservatism. Same with Iceland, Poland, Hungary, Czech Republic, France, et.al.
Nationalism, not globalism, will save the people.
But this is what sovereignty looks like. This is what the people need and want.
This is but a first step: An obscure nationalist party in Italy just won 19 out of 20 elections. Spain...of all places..is leaning towards conservatism. Same with Iceland, Poland, Hungary, Czech Republic, France, et.al.
Nationalism, not globalism, will save the people.
13
cjsamsq0: what the people need? The Scots need what the English want? The people of Northern Ireland want the same thing? Strange concept you have of the UK and of nationalism.
4
"Nationalism . . . will save the people."
Nope. It depends upon what that nation STANDS FOR.
Nazism and Fascism are just two prominent examples of nationalism run amok.
Nope. It depends upon what that nation STANDS FOR.
Nazism and Fascism are just two prominent examples of nationalism run amok.
6
How very interesting that you believe that. I could not help but think that another time the world saw the democratic vote of the people to be catastrophic - when the Yanks and Brits refused to see the future in Hitler and ended up costing tens of millions of lives for their mistake. This time, you'll cost yourselves tens of millions of pounds - hopefully no lives - but ye gods! what an ostrich-in-the-sand attitude.
1
This article reflects more the Euro propaganda than reality.
Cameron made a gamble that he could get rid of the euroskeptic discussion with a referendum. It didn't work as he expected. And then he made the cowardly move to resign. That is not leadership. It is the opposite.
After the referendum Cameron should have called together all sides of the British political spectrum for a discussion how to move forward. People - even he - might be replaced but that is not what is the issue at the moment.
In the meantime we see the europhiles and eurocrats suggest that Johnson should make proposals on how the Brexit should be handled. That is disingenuous: Europhiles and Eurocrats will tear apart any proposal that he makes no matter its content - just to utter their hatred.
Cameron made a gamble that he could get rid of the euroskeptic discussion with a referendum. It didn't work as he expected. And then he made the cowardly move to resign. That is not leadership. It is the opposite.
After the referendum Cameron should have called together all sides of the British political spectrum for a discussion how to move forward. People - even he - might be replaced but that is not what is the issue at the moment.
In the meantime we see the europhiles and eurocrats suggest that Johnson should make proposals on how the Brexit should be handled. That is disingenuous: Europhiles and Eurocrats will tear apart any proposal that he makes no matter its content - just to utter their hatred.
4
Wim, Boris Johnson, who led the Brexit charge from within the ruling party, said just today that he sees the UK outside of the EU, while maintaing access to the EU's greatest perquisite, access to an unfettered unified market. Which of the remaining 27 countries is going to be happy with THAT. You Dutch? Somehow, I doubt that. Wouldn't Wilders and your nationalists be out of the EU before the ink dried on such a trade agreement between the UK and the EU?
2
Why Brexit? Well, let's take a look at what Occam's Razor would indicate: Why not consider emotions above reason, cultural superiority over the benefits of societal management, subtle (and overt) hatred instead of empathy and collaboration with "others", delegitimization of politics as opposed to engagement in European Project?
The Brits have shown their ugly face, and all other considerations are, well, not what Occham would consider as being the true reasons of Brexit....
The Brits have shown their ugly face, and all other considerations are, well, not what Occham would consider as being the true reasons of Brexit....
9
Fear of a huge rate of immigration was an immediate cause of voter dissatisfaction with the status quo. But the main threat was the loss of economic security. This loss is due to failed leadership since Reagan and Thatcher. It is the failure of the neoliberal and conservative agenda.
In reply to Tony Blair’s Op-Ed yesterday, the first reader comment of the day with its replies was a mini symposium on the failure of the neoliberal agenda. I would like to continue exposing this failure by looking at trade policy.
History of trade:
Allowing nations to accumulate debt and lose employment is destructive. It benefits the multinationals that move assets around to produce quick profits for themselves, while wiping out jobs in some areas. Instead, in the early U.S. we used a tariff to allow industry to begin. England was the dominant producer.
We have a long history of rules for the workplace and environment. They were opposed by corporations. Corporations should not be allowed to evade these rule by shifting production overseas. That puts us in a race to the bottom.
Globalization means sharing the same system and rules. What we now have is NOT globalization. It’s corporate fascism that places the nation state under the thumb of the large banks and multinational corporations.
What we have gotten from Wall Street is financialization. It includes various ways of liquidating productive investments and turning the funds over to the liquidators.
In reply to Tony Blair’s Op-Ed yesterday, the first reader comment of the day with its replies was a mini symposium on the failure of the neoliberal agenda. I would like to continue exposing this failure by looking at trade policy.
History of trade:
Allowing nations to accumulate debt and lose employment is destructive. It benefits the multinationals that move assets around to produce quick profits for themselves, while wiping out jobs in some areas. Instead, in the early U.S. we used a tariff to allow industry to begin. England was the dominant producer.
We have a long history of rules for the workplace and environment. They were opposed by corporations. Corporations should not be allowed to evade these rule by shifting production overseas. That puts us in a race to the bottom.
Globalization means sharing the same system and rules. What we now have is NOT globalization. It’s corporate fascism that places the nation state under the thumb of the large banks and multinational corporations.
What we have gotten from Wall Street is financialization. It includes various ways of liquidating productive investments and turning the funds over to the liquidators.
51
Financialization was promoted by the neoliberal/conservative agenda. Misguided trade policy was one result.
Part of the rationale for trade policy has been the use of mathematical models. It’s an oversimplification to describe a complex system with a neat mathematical model. Human bias is part of what we do. When a system is too complex for short term testing, the model may be built to produce the result to which we were already biased.
Physics does a good job modelling small things like particles. But the detailed operation of large systems is too much to model other than in broad outlines. Most of what we know about materials or about geology comes from studies of them, not by original calculations.
The harm of financialization is shown in the Times series, Bottom Line Nation. It began 6/26 and today’s link is www.nytimes.com/2016/06/27/business/dealbook/private-equity-housing-miss...
An example of an investment that has been liquidated is job training. In WWII, US factory workers, including women who had not worked in factories, showed they could learn fast via OJT to build high their tech equipment. Germany still has good job training in a partnership between industry and government. Germany is one of the nations that is eating our lunch, while the US falls further into debt. Another effective investment adopted in Asia but rejected by Wall Street that only wanted to cut their costs, is described at https://en.wikipedia.org/wiki/W._Edwards_Deming
Part of the rationale for trade policy has been the use of mathematical models. It’s an oversimplification to describe a complex system with a neat mathematical model. Human bias is part of what we do. When a system is too complex for short term testing, the model may be built to produce the result to which we were already biased.
Physics does a good job modelling small things like particles. But the detailed operation of large systems is too much to model other than in broad outlines. Most of what we know about materials or about geology comes from studies of them, not by original calculations.
The harm of financialization is shown in the Times series, Bottom Line Nation. It began 6/26 and today’s link is www.nytimes.com/2016/06/27/business/dealbook/private-equity-housing-miss...
An example of an investment that has been liquidated is job training. In WWII, US factory workers, including women who had not worked in factories, showed they could learn fast via OJT to build high their tech equipment. Germany still has good job training in a partnership between industry and government. Germany is one of the nations that is eating our lunch, while the US falls further into debt. Another effective investment adopted in Asia but rejected by Wall Street that only wanted to cut their costs, is described at https://en.wikipedia.org/wiki/W._Edwards_Deming
2
What I fail to understand is how intelligent people (and there must have been a lot of them in that winning 51.9%) could align themselves with BoJo, Michael Gove, and Nigel Farage, the last of whom, at least, is the closest thing there is to a cryptofascist in British politics today.
Now BoJo is apparently claiming that the UK can control immigration (no more little brown people is the unspoken message) while retaining full access to the common market. Boy, does he (and a lot of other folks) have a lot to learn.
p.
Now BoJo is apparently claiming that the UK can control immigration (no more little brown people is the unspoken message) while retaining full access to the common market. Boy, does he (and a lot of other folks) have a lot to learn.
p.
19
What could Mr. Cameron have been thinking of? There was no need to call this misbegotten election. He was not required to do so. There was nothing to be gained by calling it and little to be lost by not calling it.
Mr. Cameron, by not demonstrating the leadership capacity to walk away from a dumb promise, has set forces in motion the end results of which are likely to be truly catastrophic for the world economy.
If there are any provisions in English law similar to the common schoolyard practice of resolving disputed plays in ball games
with “takeovers,” the time to invoke them is today.
Mr. Cameron, by not demonstrating the leadership capacity to walk away from a dumb promise, has set forces in motion the end results of which are likely to be truly catastrophic for the world economy.
If there are any provisions in English law similar to the common schoolyard practice of resolving disputed plays in ball games
with “takeovers,” the time to invoke them is today.
68
Yes I know that the Queen is 90 years old, and that it would be a complete violation of modern English practice, but today is also the day when she should be telling her people that Brexit is a snare and a delusion.
She may be the only person in England capable of convincing her countrymen to abandon this folly.
She may be the only person in England capable of convincing her countrymen to abandon this folly.
2
Mr. Cameron probably thought that the BIG democracy-destroying money masters like his godfather Rupert Murdoch had enough power to prevent a British exit. Mr. Cameron also knows that his godfather will profit no matter what and that his future is safe.
1
This is why wise men when angry never make important decisions without first having slept on the matter at hand. Cameron should have slept on this one for a week before he finally gave in to his desire to please his wife and go on the speaking circuit with Tony Blair for the Hillary money, starting sometime in October.
It's an arguable point that direct plebiscites on issues of nation-shattering importance are not mankind's smartest contributions to humor. We have them from time to time in California, and the results have kept stand-up comedians sufficiently rich to afford all the hair plugs and Hollywood teeth they could want. One can only smile, shake one's head and accept that anyone dumb enough to call one deserves everything he gets.
What Cameron SHOULD have done in the cause of "remain" instead of deploying all those economists and world leaders including an entertainingly scripted Barack Obama was to co-opt Boris Johnson with promises of a role in government. Boris could have popularized the joys of Euro-serfdom where everyone else failed, much as Trump is popularizing the massively politically incorrect here. But, alas, for a failure of vision and a sense of humor England may lose Scotland, Wales and Northern Ireland.
Real Democracy can be a witch, can't it? And then you die ... possibly after losing your country.
It's an arguable point that direct plebiscites on issues of nation-shattering importance are not mankind's smartest contributions to humor. We have them from time to time in California, and the results have kept stand-up comedians sufficiently rich to afford all the hair plugs and Hollywood teeth they could want. One can only smile, shake one's head and accept that anyone dumb enough to call one deserves everything he gets.
What Cameron SHOULD have done in the cause of "remain" instead of deploying all those economists and world leaders including an entertainingly scripted Barack Obama was to co-opt Boris Johnson with promises of a role in government. Boris could have popularized the joys of Euro-serfdom where everyone else failed, much as Trump is popularizing the massively politically incorrect here. But, alas, for a failure of vision and a sense of humor England may lose Scotland, Wales and Northern Ireland.
Real Democracy can be a witch, can't it? And then you die ... possibly after losing your country.
11
Ah, yes: scripting Boris with some of Donald's reality teevee lines -- that would have made all the difference.
24
William:
When you figure that Trump is only behind Hillary by 6-8 percentage points by most counts despite such a pronounced propensity for foot-in-mouth disease, and Boris Johnson's immense popularity despite a similar flamboyancy (and hair), who knows what difference Boris's support rather than opposition may have had for the "Remain" vote?
This largely wasn't Britain's failure of vision but Europe's. It shouldn't need Trump's breezy comments in Scotland OR Boris's support: mending this rift should depend on efforts by Europe and not be further aggravated by their manifestly evident failure of real vision.
When you figure that Trump is only behind Hillary by 6-8 percentage points by most counts despite such a pronounced propensity for foot-in-mouth disease, and Boris Johnson's immense popularity despite a similar flamboyancy (and hair), who knows what difference Boris's support rather than opposition may have had for the "Remain" vote?
This largely wasn't Britain's failure of vision but Europe's. It shouldn't need Trump's breezy comments in Scotland OR Boris's support: mending this rift should depend on efforts by Europe and not be further aggravated by their manifestly evident failure of real vision.
1
Dear R. Luettgen:
Remember national polls have little significance. They are popularity polls, but since we do not elect the president by popular vote, though they may reflect an overview of the nation they do not address each of the crucial swing states.
Except in rare cases, 2000 for instance, I'll concede they usually coincide. But the election, as it has for quite some time, will come down to the swing states, specifically those precious few delegate-rich ones.
There is where the hard-fought ground game will be waged, and there is where Hillary and her machine will make mincemeat out of Trump's broken-down excuse for a campaign apparatus. And add the fact that Republicans running in states shaded in Blue and Purple will be doing their darnedest in keeping a distance between themselves and Trump.
The billionaire blunderbuss will ironically be caught up in Hillary's Reality TV program. This time it will be she who gets to tell this chauvinistic jerk to take a hike, he's fired. Hillary I'm sure is salivating at that prospect.
DD
Manhattan
Remember national polls have little significance. They are popularity polls, but since we do not elect the president by popular vote, though they may reflect an overview of the nation they do not address each of the crucial swing states.
Except in rare cases, 2000 for instance, I'll concede they usually coincide. But the election, as it has for quite some time, will come down to the swing states, specifically those precious few delegate-rich ones.
There is where the hard-fought ground game will be waged, and there is where Hillary and her machine will make mincemeat out of Trump's broken-down excuse for a campaign apparatus. And add the fact that Republicans running in states shaded in Blue and Purple will be doing their darnedest in keeping a distance between themselves and Trump.
The billionaire blunderbuss will ironically be caught up in Hillary's Reality TV program. This time it will be she who gets to tell this chauvinistic jerk to take a hike, he's fired. Hillary I'm sure is salivating at that prospect.
DD
Manhattan
5
In not assessing the actual impact of fiscal austerity policies on the common man, underestimating the emotive appeals of the far right on the masses, and succumbing to his own overconfidence in winning the referendum, David Cameron might have erred on the side of discretion but by resigning on the reverse verdict, and leaving the messy task of negotiating the British withdrawal from the EU under the Article 50 of Lisbon treaty or under some other legal clauses, not only has he succeeded to save his image but also provided a room for a rethink and delay for the Brexit. Quite likely, in order to avoid unpalatable consequences his successor might resort to a soft option of either delaying the exit process, or renegotiating some other terms of engagement or even ordering a second referendum on Britain's membership with the EU. In a sense, Cameron can still afford a little smile even in his political defeat.
18
Professor:
Cameron, like much of Europe, didn't fail for insistence on austerity policies. He failed because he misunderstood that much of England, as opposed to Britain, had become uncomfortable at the knowledge that the Commonwealth had been taking up residence in Blighty in serious numbers for more than a generation. They were voting for a neighbor who instead of tanning famously in high sun ... merely freckled.
Cameron, like much of Europe, didn't fail for insistence on austerity policies. He failed because he misunderstood that much of England, as opposed to Britain, had become uncomfortable at the knowledge that the Commonwealth had been taking up residence in Blighty in serious numbers for more than a generation. They were voting for a neighbor who instead of tanning famously in high sun ... merely freckled.
7
Agreed Richard.
1
Richard. You mistake what immigrants mean in England today. Poland was never in the Commonwealth, nor was Syria. The vote was anti-immigration, but by skin colour ( or tanning style as you so obliquely put it ).
It takes time for markets to clear. Generally and over a longer term, big investors prefer to buy or sell rather than hold, and when faced with equal risk/reward between buying and selling, they prefer to buy, because it is seen as “winning” whereas selling is seen as “losing.” And, of course, a paper profit is better than no profit.