Brexit, Brexit and more Brexit seems to be the lamestream media’s primary storyline of late. I’ll note the vote was a non-binding resolution. That said it does bring with it a possible domino effect though the rumored Spanish election rout failed to materialize on Sunday. Many a pundit has likened the vote to class warfare noting that the upper classes largely voted to remain while the lower classes generally voted to leave supposedly dissatisfied with anemic post bust economic growth. While I’m sure this is part of the equation it has more to do with a symptom of the disease than the disease itself. Economic growth in developed western economies, including the USA, was artificially inflated, and along with it expectations in the 35 odd years prior to the vote through the assumption of debt and steadily lower interest rates. That economic mechanism is now mathematically bankrupt both literally and figuratively. So yes the 99% is very disappointed in the economy and 35-odd years of declining wages. Additionally, the institutions of power and corporations, over the same period have demonstrated a devil may care attitude with respect to the rule of law, morality and ethics frequently at the expense of the populace through bailouts etc. Pursuing a strategy of single minded greed gutting the middle class while driving inequality to all-time record levels and blatantly rigging every market imaginable in the process, never mind the endless war. The fact that essentially nobody has gone to jail while at the other end of the extreme you have the appalling example of Ferguson Missouri and it should come as no surprise that the electorate is fed up and change is in the air. Brexit represents loss of control by the status quo and is the direct consequence of the glaring double standard in the application of the rule of law, gross wealth and income inequality whilst ignoring the democratic will of the people. Let’s hope that these issues can be resolved peacefully because the alternative isn’t pretty.
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