Content warning: this is a breakdown of Brexit and its impact mostly on Australia. I did not agree with what went down, so if you do, please don’t read or comment on this post. This post’s intent is for me to get my opinion out in a transparent and clean way. And we’re all adults here anyway. I understand that not everyone will share my opinion, and so this is just a heads up. If you don’t agree with my views, please don’t try to convert or explain why I’m wrong. We’re entitled to our own opinions on such matters.
I like to coin England’s decision to leave the EU, the largest monetary union to date, the great division. Why? Because on Friday afternoon (for Australians), we witnessed the break apart of a nation from one major economic power, and the beginnings of the breakdown of the United Kingdom. My prediction is that the United Kingdom will no longer be referred to as the United Kingdom, and soon enough all our history textbooks will regale with the tale of how England is now just referred to as “Kingdom”.
As you already know from my previous post, I was heavily against Brexit. For a plethora of reasons. And frankly, I don’t know whether to rejoice at the fact that our global economy is changing so rapidly, that my honours thesis when I do one, will have a large selection of topics to research and hypothesise upon; or cry at the state of our economy.
But emotions aside, let’s look at why Brexit came about.
Brexit was driven by a far right attitude to ensure Britain retained its sovereign power, and return Britain to the glory days of its colonialist era. Brexit was supported by citizens who saw the political power and monarchical advantage that the UK once possessed as a key issue to maintain. The regulation of the EU in terms of legalities and economic decisions were much too overbearing for the British, not to mention the issue of immigration as the crisis in the Middle East intensifies as the days go on. The fact that Britain was bound by the Lisbon Treaty, signed in 2007, where issues of regular and irregular immigration (such as in the case of migration during global conflict) must be shared equally amongst all member nations, was apparently too much. Moreover, the possibility of Turkey one day being admitted to the EU as a member nation because they already adhere to so many of the EU’s regulations seemed too much for the European sanctity (read Europid cultural domination) that Britain wants to uphold.
Honestly speaking, Britain hasn’t maintained sovereign power since India declared independence in 1947, and many nations under the commonwealth don’t really see the benefits. After talking to many of my friends, and having a frank discussion with my university tutors, we all came to the conclusion that the only benefit that’s come from being under the commonwealth is the mandatory public holiday we all get in June to celebrate the queen’s birthday. Other than that, there has been no real influence of power by England over any of the Commonwealth nations.
Brexit is a loosely coined term to present Britain’s separation from the EU. What Brexit is really about, is Britain retaining its Europid sanctity against the “bastardisation of its culture” (In reference Alfred Rosenberg and his study of why Ancient Rome as a powerhouse, crumbled to the ground. The parallels between Britain and Ancient Rome are uncanny honestly.) If Britain were to remain in the EU, the sanctity of their Europid power would come under question.
What terrifies me is how uneducated the masses were about the EU’s role in Europe. British IT and Securities released yesterday that millions of Britons who voted in favour of Brexit were now googling what the EU was, because they didn’t know what they were voting for.
These charts from the website above only prove to show that education is so important on issues like this. And that cultural insensitivity and a lack of understanding about the world and global impacts of actions can’t rule decisions. It’s a known fact that the youth will be dealing with the consequences of Brexit. And of Scotland and Ireland, and most probably Wales leaving the United Kingdom. Without the UK’s posse, there isn’t much to offer. The Pound is weak. Manufacturing is insignificant, and the UK doesn’t even have its own power supply.
The UK just lost the free transfer and movement of goods, services, money and labour and has lost so many strong trading partners. The youth will struggle to move through Europe to study or work. England will struggle to finance itself in times of economic hardship, and plans to print money will lead to hyperinflation.
Such a decision has proven that the xenophobic fever that latches onto many of the baby boomer era has clouded their sane judgement. To lose stability is the worst thing a nation could do to itself. To lose stability under the belief that you’re returning a nation to its colonialist, pure, Europid days is even more ludicrous.
So what does Brexit mean for Australia?
Britain has always been a major trading partner for Australia. For obvious reasons. Colonisation, the Commonwealth etc. However, after Britain was admitted as a member of the EU, we lost our free trading rights and simply moved to find better trade partners. However, as globalisation became more accepted, we used our connection to reach out to the rest of Europe, namely nations in the EU. Britain was our base for entry into the EU as we were sanctioned by trade laws and restrictions that all monetary unions would impose on non-member countries.
Brexit has caused vast economic turmoil. The pound plummeted to record lows – levels not seen since the GFC, and share prices in Australia devalued by up to 10% in the span of an hour. Because our financial markets are so interlinked, when decisions like this are made, the global market bears the brunt of the economic earthquake. Britain sneezed, and the Australian market caught the flu. If a repeat of the 2008 financial crisis ever graces our doorsteps again, Australia will have great difficulty in borrowing from Western European nations like it did in 2008-9. Many Australians with assets in England have seen their assets devalue significantly as the pound freefalls.
Perhaps the biggest downfall is trade. Without a stable entry into the EU, our trade will suffer greatly. And because our Liberal government is so against structural change, there will be little reconciliation and growth stimulation, only exacerbating the change of rising unemployment and lowering forecast GDP growth. Moreover, there were talks that Australia may try to negotiate a free trade agreement with the EU. Without the support of a major trading partner, that deal is a dream.
While it may take up to two years for England to negotiate with the EU on how it’s leaving, the ramifications have already been huge.
Maybe my higher school education and analysis of WB Yeats’ poetry didn’t all go to waste. Because yes, the Second Coming – anti-globalisation, is coming.
And it’s been fuelled by a crowd of misinformed nationalists.