Britain has decided to leave Europe. It is an utterly foolish thing to do, but that is the consequence of a referendum by people who have suffered from the austerity measures they voted in and now wants to blame Europe (and immigrants) for their malaise. Few can, unfortunately, distinguish cause and effect, and it doesn’t help when those few are distrusted.
The consequences of the UK leaving the EU is hard to determine because it depends on so many things. But one thing is for sure: the world economy is in for an even more bumpy ride. The pound has already taken a beating (see image below), and the effects will become more apparent when global markets open. But be wary of overreaction too. Until the details of the new arrangement are made clear, it’s best to take it slow. Keep calm and carry on.
The irony, of course, is that it is entirely self-inflicted, and could easily have been avoided. But those discussions are for another day. Instead of speculating what the consequences might be, let me leave you with a few brilliant early-morning (late-night) tweets to sum up the sentiment:
This is already one of the most significant days in UK economic history. What happens next is anyone’s guess #EUref
— Ed Conway (@EdConwaySky) June 24, 2016
Dear Americans celebrating Britain's "independence". It's the independence of a divorce, of losing your job. That sort of independence
— David Rennie 任大伟 (@DSORennie) June 24, 2016
I remember when scholars were forecasting the decline of the nation-state. Turns out that people really love their imaginary borders.
— Greg Rosalsky (@elliswonk) June 24, 2016
Ok. How about this–a global Hanseatic League of trading cities behind forcefield domes protected from their hinterlands by robot armies?
— Karthik Sankaran (@RajaKorman) June 24, 2016
Silver lining: I'm going to UK next week and should be able to buy Manchester United for $2.50
— Charles Kenny (@charlesjkenny) June 24, 2016
And my favourite: