3 Reasons Why I’m Giving Brexit A Chance and Think It’s Great For Democracy
A lot of people are talking about Brexit.
Strangely, it is so far viewed as extremely negative.
Stocks crashed, negative opinion pieces were being published everywhere, and there were some actually calling it a product of bigotry.
But let’s take a step back. Here are 3 reasons why Brexit deserves a chance:
- It’s incredible the United Kingdom just did that. Over the last 50 years, what other examples can you think of that show democracy in such pure form? A country of 64 million people were asked to answer a controversial question. A giant chunk of them came together and voted their answer. The 20, the 10, the 5… Touchdown democracy.
- Being in the European Union has its benefits. But one thing is pretty weird: the ECJ or European Court of Justice. This court wields a ton of power and can create laws that all member EU countries must follow. If the British people voted on a law democratically, the ECJ could arguably still overturn it. This goes so far that the ECJ could probably challenge the legality of Brexit if they really wanted to (see point 2 of the Lisbon article 50). But that’s the kind of power they have. None of the ECJ members are elected by a democratic voting process and a quick Google search reveals things that make you think of the Small Council in Game of Thrones:
“British taxpayers could lose as much as £50billion due to EU judges overruling the UK’s tax laws.
HMRC has already been forced to pay back £7.87billion in the last decade after European Court of Justice cases ruled certain business tax rules in Britain illegal.” — Daily Mail
“Twenty-eight judges − one from each of the EU member states − and nine senior lawyers are each entitled to a car and personal chauffeur on top of their annual salary of £200,000 as well as other perks such as entertainment allowances. The cars alone are worth in the region of £2.5 million. List prices for such cars start at about £60,000.” — Telegraph
“The ECJ is already the world’s most highly-resourced court. In 2014, it operated on a budget of €355 million compared with €67 million for the European Court of Human Rights in Strasbourg.” — Center for European Reform
3. A big talking point for the pro-Brexit people is that their country sends $10 billion a year to the European Union. This touches up on an interesting idea and something that many people are thinking deeply about, and especially in America. Why spend $10 billion there when it can be spent or saved here at home? If a country’s debt to GDP is growing, and things like absolute poverty rates are stagnating, it’s pretty easy to be upset. What is the point of paying taxes if it’s not fixing anything?
It will be interesting to see what the British do with their savings from here onward. Perhaps it could set a precedent for more intelligent Government spending in the future or a model for others to follow.
(Hope you enjoyed this quick piece. Reply if you disagree and highlight the things that are wrong or great. I write on Medium about financial markets and the things that impact it. Each published piece is me learning on the public stage in real-time. Follow me on Twitter and StockTwits.)