Friday, June 24, 2016

Brexit: England? Whoops?

What to make of the Brexit vote to leave the EU? (A friend -- Ramsay -- from Australia tweeted "England? Whoops".

Jim Cramer of Mad Money says, don’t make too much of it.

Pundits are saying this is class warfare:  the working class against the rentier elite.  The working class was protectionism.  But then why were the voters who decided to leave mainly seniors, older Brits? (NBC story)

The vote will make it harder for companies exporting to both Britain and the rest of the UK to make as much money, because of the likelihood of two sets of regulations.  That leads to lower earnings, but the $600+ drop in the Dow was largely predicated on emotion (and part of that just canceled a pre-vote rally).

But it’s inexcusable that Wall Street was caught flat-footed and is so surprised by the result. But it has also been surprised by the success of Trump and Sanders.  Some people do want revolution.

Vox has a piece by Libby Nelsom about the prevailing British culture of "anti-intellectualism", and how the old booted their young with their debt and their contempt.

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