Filed under: Bureaucracy, Capitalism, Economy, Europe, European Union, Free Markets, The United States, United Kingdom, United Nations | Tags: BREXIT, Matt Ridley, Prime Minister Cameron
Market turmoil, apparently they didn’t expect the “Leave” faction to win. Do remember that Norway and Switzerland never joined the EU and are in better financial shape than the rest of the continent. Other countries like the Netherlands, France and Germany are clamoring for a vote. Of course the migrant invasion of Europe has played a big part in rejection of the EU.
A bigger deal entirely is the anti-democratic Brussels bureaucracy. It was British policy makers and business people who made London a great financial center. And as Matt Ridley noted, “container shipping, budget airlines, the internet and the collapse of tariffs under the World Trade Organization” have made it “as easy to do business with Australia and China as with France and Germany.” He added:
The European Union is quite unlike any of today’s international organizations and has never been emulated elsewhere. Britain has no desire to withdraw from NATO, the United Nations, the International Monetary Fund, the Council of Europe or, for that matter, the Olympics. These bodies are agreements between governments. The EU is a supranational government run in a fundamentally undemocratic, indeed antidemocratic, way. It has four presidents, none of them elected. Power to initiate legislation rests entirely with an unelected commission. Its court can overrule our Parliament.
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