One knowledgeable friend to whom I spoke about Brexit when I was in Britain recently said that he knew that the EU was doomed, but that he was going to vote to stay. Why? Because if Britain left, it would be blamed for the EU’s inevitable collapse.
That’s why it is important to refute the idea that Britain’s vote to leave the EU has endangered, or doomed, a fundamentally viable entity. The EU is a failed project because, to turn one of the favourite mantras of Eurocrats back on them, it is “unsustainable.”
The immediate problem for Britain is that the Scaremongers of Stay, who have spent recent months preaching disaster, now have to face the consequences of their alarmism, which unfolded in falling global stock markets, and a falling pound, on Friday.
Turbulence was exacerbated by the fact that the alleged “smart money” had bet that the British bulldog would choose to continue — like the proverbial frog — sitting in the slowly heating pan of regulation rather than make the effort to jump out.
It is a bit rich for Bank of England Governor Mark Carney — who is still lauded by the CBC for “shepherding” Canada through the post-2008 crisis (which we are arguably still in) — to declare the bank will take “all necessary steps” to calm markets when it was Carney who helped roil them so much in the first place.
For the rest of this article, click here: http://business.financialpost.com/fp-comment/peter-foster-brexit-is-britains-rosa-parks-moment