- This is no surprise. Despite what the Oligarch/mainstream/commercial media has been telling us, the UK’s economy has only been doing well for the richer citizens (much like in the US). Populism (left and right) is a reflection of the failure of our post-capitalist political-economies.
- The entire weight of the global elites was put behind keeping the UK in the EU, so even a close result is a resounding rejection.
- Overall, I think this may be a good thing in the medium run even though it will cause massive short-term problems. As I often say: “business-as-usual is not an option.
- Don’t get me wrong: the failure of the EU project breaks my heart but it NOT A SURPRISE EITHER. The Euro was implemented in the worse possible way and ended up transferring massive wealth from the weaker economies (e.g. Greece) to the stronger ones (e.g. Germany), and also from lower to upper classes. This was pointed out repeatedly by many economist since the late 80’s and again during the monetary union and eventually the common currency. But as usual, the so-called “marginal” “extreme” “crazy” heterodox economists (left and right) called it, while the “respectable” “dignified” ones got it totally wrong #PompousArses
- So the oligarchs fucked it up again. Considering they have all the education and privilege money can buy, as a class they are both psychopathic and dumb. THIS TOO IS NO SURPRISE, history teaches us that elites that become increasingly isolated from the people after a period of rising inequality, end up living in a strange pretend BS world… until the peasants break in and slaughter them (such is the Cycle of Class).
- So the extreme right’s rise in Europe is accelerating and this will have a domino effect. I think Scotland will soon leave the UK, and would love to see Wales leave too! #FreeScotland #FreeWalse
- Over the centuries, many philosophers (especially David Hume) pointed out that people tend to expect things won’t change too much over time. More recently experimental psychologists and economists have confirmed this basic human tendency. So it’s very hard to wrap our minds around the FACT that things DO change. Consider how most people still believe there is going back to the “good old days”. It’s like coming into a mechanic’s shop with an engine meltdown and thinking a change of oil will fix it. Too late buddy; we need a new car, or at least a new engine, … ok, I’ll take a rebuild engine even.
- OK. enough for now. Sorry if I’m pretty scatter-brained but I’m massively jet-lagged and have had perhaps the worse year of my life (by my privileged white middle-class standards of course. Like Woody Allen said in Any Hall: Life is divided between the horrible and the miserable, and we should be thankful that we’re lucky enough to be only miserable (from memory so inaccurate quote).
* if you are rich and have an investment portfolio, I hope you hedged against this :(
Punkonomics (@DearBalak) 