Why the unnecessary Brexit vote hurt us all, by Felix Salmon
Adam Rifkin stashed this in The World
An articulate explanation about how some old white racists in England just screwed the world.
Note that Ireland, Scotland, London, young people, and nonwhite people majority voted to stay in the European Union, so this outcome was entirely caused by rural old white Brits.
The meat of Felix's argument:
Northern Ireland voted to remain in the EU; Scotland voted overwhelmingly to remain. England drove this result, and specifically Little England—the older, whiter areas outside the big cities. The Leave campaign might have paid superficial lip service to the idea of a global Britain with more room for Bangladeshi immigrants, but make no mistake: this was a racist campaign that ended up causing both death and disaster.
The world’s bond markets (and, even more, its foreign-exchange markets) tell you everything you need to know about the financial implications of this vote: recession in the UK, quite possibly recession in Europe, and extremely nasty spillover effects in the rest of the world, including the U.S. The small-minded burghers of rural England have managed to destroy trillions of dollars of value globally, including to their own investments, pension plans, and housing values. And things will get worse before they get worse: it’s going to take a while for all the subsequent shoes to drop.
Make no mistake, the forces set in motion by this vote will not end here. France and Spain will want their own referendums; so will Scotland. Northern Ireland—the only part of the UK which has a land border with another EU country—will request and probably receive a referendum on whether it should just rejoin the Republic of Ireland, and Europe.
Britain has been in many ways the most unambiguous winner of the European project: it received all the advantages of free trade with an enormous economic bloc, while also having a floating currency instead of one which was pegged mercilessly to how things were going in Germany. The British vote will embolden demands across Europe for similar votes, many of which will have the same result. This is, in other words, the beginning of the end of Europe as we know it.
This vote is also the grimmest of reminders of the power still held by the older generation, not only in the UK but around the world. Young Britons—the multicultural generation which grew up in and of Europe, the people who have only ever known European passports—voted overwhelmingly to remain. They’re the generation that just lost its future. Meanwhile, Britons over the age of 65, fed a diet of lies by a sensationalist UK press, voted by a large margin to leave. Most of them did so out of a misplaced belief that doing so might reduce immigration, or make them better off, or save them from meddling bureaucrats.