Economy

More Countries Ready to Jump the European Ship

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This song aptly defines the sentiment of many of the countries in the European Union.  Play it while you read this article:

Well, the first one said goodbye, but is it the last one?  I doubt it.  The European Union (EU) stole the sovereignty of the countries who joined it.  As a member of the  EU, Great Britain (GB) had no control over their borders.  As a member of the EU, they had to obey any idiotic regulation that officials in Brussels decided to impose, costing GB 46.6 billion dollars a year.  

As a member of the EU, GB was expected to chip in on bailouts that likely will never be paid back and accept refugees from countries that spawn terrorism.  GB was also shackled to the EU in trade.  because of the failure of the EU, Britain was forced to do business with countries with failing economies instead of the much more preferable growing economies around the world causing a massive trade deficit.

Opponents of Brexit, like opponents of Donald Trump make the argument that it will result in less exports if trade deals are broken.  Am I the only one who actually understands that Americans are not going to quit buying just because those products no longer come from Mexico or Indonesia?  No.  So, if as is now happening, our trade deficit is 40 billion a month, in order to maintain our consumption, we would need to manufacture 40 billion dollars worth of merchandise every month to make up for what we aren’t importing?

Better yet, US manufacturers who moved out of the country and still sell their products here will lose the biggest market they once had.  GB has a deficit that runs about 24 billion a year.  You may have less exports but you have a net gain of 96 billion a year.  What’s wrong with that?

Now, the EU is facing a revolt in it’s ranks.  GB is gone and the pressure of being the first country to leave the EU is gone.  What other countries look to leave?  Try France, the Netherlands, Austria, Finland and Hungary.  Greece has also made threats but since Germany has bailed them out three times already and it’s very unlikely they will ever have to pay them back, I doubt they will leave.

Is the EU doomed?  I believe so, but only time will tell.

 

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