By Frank J Biga III -
Really? Despite all the angst regarding the Brexit vote and the calamitous effects that a "Leave" vote would have on the world, the worst that happened was a two-day selloff of equities? More to the point, the transformation of our cultures and societies was worth only a lousy 1000 points on the Dow?
I know. I know. The consequences haven’t been fully felt yet. George Soros is predicting serious consequences and maybe even a Depression. Maybe it will happen. The last Depression produced the Greatest Generation though. If a Depression is what is needed to chasten the globalist ruling class, so be it.
No, they’re really mad because the games of arbitrage that they have been playing are on their way out. These speculative ventures of theirs that line the fat cats’ pockets but have destroyed much of middle America are coming undone. It relied on the free flow of goods, technology, labor and capital. Now they can’t rely on this. People can have their countries back. But it will be a long struggle.
The elites keep telling us that we’ll be worse off. The British will certainly be poorer as a result. Doubtful. This reduces the nominal and speculative economy and puts a check on their rigged system. Those are the major effects. The real economy lives on.
Besides, their free markets weren’t very good at predicting this event. The elites were as clueless about this as Nicholas II was when the February Revolution occurred and the Kerensky government stopped his special bullet train heading back to St. Petersburg. So maybe the 1000 point drop was truly determinative of its value.
On the positive end, this will give some of them the ability to write books. A few tall tales from the high hats will be born out of these tomes I’m sure. Jude Wanniski’s book “The Way the World Works” spun the illusion that anticipation of a higher tariff caused the stock market crash of 1929 and then the Depression. A lot of ink has been spilled continuing that nonsense. It did provide some cover though for the real cause of the Depression – a credit bubble of immense proportions spurred by below market interest rates. Sound familiar?
Sorry, there are some things that are more important than money – like faith, family, kith and kin. The elites certainly care about their families too – they ensure their children get in to the best universities and receive six-figure starting salaries. But just as this is important to them, preserving our hometowns, religions and cultures are important to us plebeians. It looks like the tide might be turning again where social values trump economic ones. I don’t expect the globalists to give up easily though.
Man the ramparts, the battle for the future is just beginning.
