But don’t be fooled into Brexit panic because elite pretensions to know the future are false.
You would think, after all their dire predictions failed to come true, elites would be done promoting Brexit panic. But they can’t seem to ever give up.
I understand that there may be negative consequences to a “hard Brexit.” They may outweigh any benefits. But predicting the economy fifteen years into the future is ridiculous. These people don’t know when the next recession will hit, much less tell us what will happen over a decade from now.
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What are the odds that the EU will still exist in fifteen years?
But this propaganda conforms to the desire of EU leaders to punish British voters. As Mish wrote,
It is becoming increasingly apparent there is actually no reason for the UK to show up at the Brexit “negotiations”.
Judging from EU reactions from the “gang of 27”, and more recently from France and Germany there is no reason at all for the UK to show up.
The EU doesn’t want Brexit “negotiations”, the EU wants “blood revenge.”
It makes some sense. If Britain suffers no obvious consequences, then other countries might leave. The EU’s survival is at stake in their view.
But Britain has some leverage over the EU.
Mish also submitted a post to ZeroHedge: “Article 50 “Perfectly Timed” For Turmoil.” He wrote,
Timing of the article 50 announcement, by March 2017, is ahead of French and German elections. Politicians will have elections, not Brexit on their minds.
Many blame Theresa May because it will take time off the negotiations.
Politically speaking, May knows precisely what she is doing.
Those who think otherwise, need to consider how well she has rounded up support in many quarters by offering something to everyone: UK Prime Minister Attacks QE, Irresponsible Capitalism, Tax-Dodging Companies.
The date was carefully timed, precisely to put pressure on Angela Merkel by German car manufacturers (European car manufacturers and businesses in general), telling Merkel to go easy.
Any trade disruption that hurts Britain’s economy will also hurt the E.U.’s economy.