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"Globalism has created discontent and
uprisings all over the world. The vast
majority of the world’s people is experiencing
corporate greed and suffering under the
austere policies passed by politicians to
maintain the obscene profits of the rich."
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Brexit,
the shortened slang for British exit of the European Union, was a
referendum to determine whether the United Kingdom would stay or leave
the Union. The election saw the country’s highest voter turnout in
nearly 25 years—a humongous 72 per cent.
The referendum set in motion a turbulent ripple in the global economy
that economists are unable to predict the full impact. The value of
English currency (the pound) plunged after the vote. According to
Standard and Poor’s Dow Jones Indices, $2 trillion was sucked from
global equity markets - the biggest one-day loss ever. Stock markets
from Tokyo to New York tumbled. The New York Stock Exchange took a dip
which means workers’ with IRAs and pensions took notice. As I always
say, global capitalism has us all connected—for better or for worse.
And while the complexities of the exit implementation (which may take
years) are still being figured out, there are some simple take-ways
that are more obvious.
Who were the voters and what did their vote really represent? Here’s what we know:
Most rural voters said yes to leaving the EU. Most city dwellers were
in favor of staying. The baby boomers trounced the millennials
with their majority yes votes to leave. The more educated voters
favored staying while the less educated demanded out. Racial groups
like Caribbeans, Africans, Chinese and Pakistani voted to stay put
while those who claimed English heritage said hell-to-the-no. Those who
called themselves Christian told the EU to hit the road but the
majority of those who described themselves as Muslims voted to stay
put. The only grouping that saw no significant gap was the vote between
men and women.
Is this scenario starting to sound familiar? If not, let me bring it on
home with a quote from U.S. presidential candidate Donald Trump on the
referendum. Trump was in the U.K. at the time of the big vote promoting
his new golf course in Scotland.
“I
really do see a parallel between what’s happening in the United States
and what’s happening here,” Trump told reporters. He pompously declared
the people of the United Kingdom are angry and have “taken their
country back" from people “pouring into their country and taking over.”
This column is not about the virtues or vices of the European Union;
that’s another article. Globalism has created discontent and uprisings
all over the world. The vast majority of the world’s people is
experiencing corporate greed and suffering under the austere policies
passed by politicians to maintain the obscene profits of the rich.
The parallel that Trump gloats about is the white supremacy that fuels
the racial scapegoating in both countries. Not fully understanding the
financial consequences of Brexit, the racial prejudices and fears of
white voters were stoked by conservative forces to win a victory. The
same divide-and-conquer tactic is used here.
The immigration issue has been over-simplified to claim that immigrants
are taking over said countries. The generalization is void of an
objective critique of the economic policies and military actions that
create de-stabilization of countries and the subsequent flow of
refugees looking for safety and security wherever they can find them.
We may not know where the financial meltdown ends or whether the EU is
heading for total dismantlement. We do know that the exit vote exposed
a huge racial, class, religious and cultural divide-- just the way the
global capitalists like it.
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 is published every Thursday |
Executive Editor:
David A. Love, JD |
Managing Editor:
Nancy Littlefield, MBA |
Publisher:
Peter Gamble |
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