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OpEdNews Op Eds    H2'ed 12/12/19

Don't Forget the Real Root of Brexit: Fear of Eurozone Economic Contagion

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The chancellor said the price to be paid for Britain's support would be the guarantee that it would never have to participate in Eurozone bailouts and that a new voting mechanism would prevent coalitions against the United Kingdom's interests. It was the beginning of a potentially irrevocable fracture between the United Kingdom and the European Union. A similar project of Eurozone strengthening had already been vetoed by prime minster David Cameron in 2011, but this one seemed to have more legs."

This one had "more legs" because the EU has never addressed its horrific, endemic issues with its lack of democracy, its endless 1%-er bailouts and its constant teetering on the edge of collapse. Banker bailouts and usurpation of national sovereignties - this is the cause of Brexit, not racism and identity politics.

What Prins gets perfectly right is that QE, austerity and central banker collusion may not be able to survive the loss of the UK. Who really knows what will happen when a load-bearing support is pulled out of the QE house of cards? Collusion is a tricky business.

Brexit will certainly lead to a lower pound, a lower euro and a stronger yen. This will have major effects on corporations, banks and borrowing, which is really the only parts of the economy the shareholder 1% cares about. Brexit will thus put pressure on "safe haven" currencies and force them to rise this means they will increase QE in order to devalue their currencies. This QE war will only raise more anger domestically and throw more clearly into relief the inequality which is the moral (non-) heart of the "QE with no strings attached because otherwise its socialist central planning" Western neoliberal system.

It's surprising how very wrong so many people get the history of Brexit considering just how much the West has been talking about it. Hopefully this article remedied that, and debunked the dominant idea that Brexiteers are a "basket of deplorables" and racists, and somehow less intelligent and less democratic than Remainers; certainly, the least democratic faction in this fight is the EU.

The Eurozone has had mostly bad times since its inception how many generations of adults could possibly be expected to support it? How much abuse can one continent take? The EU and Eurozone have created boom times for the 1% but not for their average citizen.

Given the undeniable failure of the pan-European project into 2019, Brexit may lead to either vital democratic reforms or the abandonment of that project even the latter would be hugely positive for Europeans because "ending loss is a profit", as the saying goes. Brexit could also upend the status quo of the Western economic neoliberal & neo-imperial system this would be hugely positive for non-Europeans.

After reporting from Paris for a decade may I pass on my opinion, which I arrived at thanks to my job requiring the solicitation of a huge cross section of society and not just alleged "experts": not this union.

The lack of democracy, accountability and morality is baked into this bitter European pie. It has clearly failed on all these counts isn't that crystal clear? British voters don't have to be against every pan-European project, but this current one cannot be supported for the reasons that it is so very neoliberal and so fundamentally undemocratic.

The EU, it is correctly said, is a "neoliberal empire" most everyone has had a negative experience with empires: the UK would do well to leave.

Sure, history shows that the developing world has much to fear from neo-imperialist Europeans, but perhaps a "new" European project will be far more positive?

But if you don't think you can change it I suggest voting to leave it when you can.

Come back again later" maybe.

Back to the series as planned with the next part, 'The new 'beggar thy neighbor': wars to devalue labor, not currencies'. Considering that France has just begun its biggest general strike since 1995 because of a new effort to devalue labor, that part is rather timely as well.

[The series are being published by The Saker]


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Ramin Mazaheri is currently covering the US elections. He is the chief correspondent in Paris for Press TV and has lived in France since 2009. He has been a daily newspaper reporter in the US, and has reported from Iran, Cuba, Egypt, Tunisia, (more...)

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