Brexit: The Nation is Back!

by Yves Mamou
June 25, 2016

“How quickly the unthinkable became the irreversible” writes The Economist. They are talking about Brexit, of course.

The question of today is: Who could have imagined that British people were so tired of being members of The Club? The question of tomorrow is: What country will be next?

In France, before the British vote, the weekly JDD conducted an online poll with one question: Do you want France out of the EU? 88% of people answered “YES!” This is not a scientific result, but it is nevertheless an indication. A recent — and more scientific — survey for Pew Research found that in France, a founding member of “Europe,” only 38% of people still hold a favorable view of the EU, six points lower than in Britain. In none of the countries surveyed was there much support for transferring power to Brussels.

With Brexit, everybody is discovering that the European project was implemented by no more than a minority of the population: young urban people, national politicians of each country and bureaucrats in Brussels.

All others remain with the same feeling: Europe failed to deliver.

On the economic level, the EU has been unable to keep jobs at home. They have fled to China and other countries with low wages. Globalization proved stronger than the EU. The unemployment rate has never before been so high as inside the EU, especially in France. In Europe, 10.2% of the workforce is officially unemployed The unemployment rate is 9.9% in France, 22% in Spain.

And take-home salaries have remained low, except for a few categories in finance and high-tech.

To calm a possible revolt of millions of poor and unemployed people, countries such as France have maintained a high level of social welfare spending. Unemployed people continue to be subsidized by the state. How? By borrowing money on international debt markets to pay unemployment insurance benefits, as well as pensions for retired people. So today France’s national debt is 96.1% of GDP. In 2008, it was 68%.

In the the euro zone (19 countries), the ratio of national debt to GDP in 2015 was 90.7%.

In addition to these issue all, European countries have been remained open to mass-immigration.

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