For my analysis and predictions of the coming consequences of yesterday’s Brexit vote, listen to my radio show, Alternative Visions, today, June 24, on the progressive radio network. Access the show at:
http://prn.fm/category/archives/alternative-visions/
or at:
http://www.alternativevisions.podbean.com
SHOW ANNOUNCEMENT:
Jack discusses the consequences and likely developments from the historic vote yesterday for the UK to leave the European Union. The deep origins of the Brexit vote are first discussed, including rising discontent with neoliberal policies of free trade by working classes, small businesses, and local producers everywhere, the overlay of fiscal austerity policies compressing incomes, and the almost total reliance in advanced economies on central bank monetary policies that boost financial asset incomes and corporate profits (and capital gains of investors and the rich) since 2009. How UK prime minister Cameron struck a ‘Faustian’ bargain in 2015 to win the election and now had to repay the ‘devil’ with the Brexit vote he thought he could control, but did not. The consequences of the vote for UK politics in the near term, and for forces—political and economic—behind the potential break up of the EU itself. Political party realignments underway everywhere, including EU and US. Implications for US November elections. Jack concludes with an assessment and economic predictions for the UK and EU economies, for currency volatility worldwide, stock and bond markets, real estate prices, and global commodity prices. Impact on the US dollar, interest rates, FED policies, and US recession for 2017. Severe results for emerging markets, especially Latin America (markets, capital flight, recessions) and for China’s Yuan eventual currency devaluation. (Read Jack’s latest published article on the PRN website and at jackrasmus.com)
Once again your analysis provides a useful overview of this class warfare — the pitting of white collar against blue collar workers by the investor class who reap the benefits of neoliberal trade policy. I hope the Labor Party will finally grasp your point that: “One cannot be ‘for’ Free Trade (i.e. remain in the EU) and not be for Neoliberalism at the same time–which means against working class interests.” I suspect that Corbyn already does, but can’t say it for political reasons – he held the party line. Perhaps he is biding his time until he can change the party line. But of course elites are looking for a scapegoat to blame for their loss — and will blame Corbyn and xenophobia rather than free trade and austerity.