Lawrence Kudlow explains in a column at Human Events why he likes the description of last week’s Brexit vote as “Magna Carta 2.0.”
[W]hile I understand that describing the Brexit victory as Magna Carta 2.0 is inexact, I think it makes a key point: Britain will regain its political freedom, its autonomous self-government, and its independence from an EU that is spinning out of control under the power of establishment elites, unelected and unaccountable socialist bureaucrats, and a judicial court that is increasingly making legal decisions that replace Britain’s powerful common law.
The EU’s tax and regulatory policies, climate-change and welfare spending, and free immigration even in wartime are gradually ruining Europe. That’s why I believe Brexit is good for British freedom, political autonomy, and the survival of democratic capitalism.
The business elites told British voters that leaving the EU would lead to economic catastrophe. Well, in England, Main Street defeated the establishment elites by sending a populist message.
And there need be no economic catastrophe. The EU needs Britain more than Britain needs the EU. The London Stock Exchange is one of the most powerful financial centers in the world. Frankfurt will never replace it.
Trade is the key to the economic outlook in Britain and the EU. Many corporate chieftains joined large bank CEOs and the fearmongering IMF to suggest that the EU will deal harshly with Britain if it leaves and stop all trade. That’s mutually assured destruction — MAD. A tariff-driven trade war would destroy both power centers.
Not only does the EU need Britain’s financial capabilities, Britain itself is major importer of EU goods and services. If sanity prevails, there’s no reason why the EU and Britain can’t hammer out a free-trade agreement in the two years allotted by the Lisbon Treaty.
And if the EU wants to go with MAD, the whole set up will burn in flames.
