In this post, I will stray a bit from monetary issues but not too far. The British people voted last Thursday (June 23rd ) to exit the European Union. How should that decision be viewed by classical liberals? Do Americans have a stake in the outcome?
The political classes on both sides of the Atlantic are appalled at the voters’ decision. The peasants have risen up in revolt and their decision cannot be allowed to stand. There are already calls for a political mulligan in the form of a second referendum. Others have called for the British Parliament to nullify the vote. Both suggestions reveal the low regard for democratic decision making among Britain’s and Europe’s political elites. No one can predict the outcome at this point.
Let us pause for a moment and consider what the vote’s outcome says about the prescience of the ruling class in Britain, on the Continent and, yes, over here. (President Obama interjected himself into the vote and appeared dumbstruck last Friday when British voters rejected his advice.) Political leaders pretend to be wiser and better able to look into the future and discern what is best for the people. But almost to a person, they were unprepared for the referendum’s outcome. That speaks both to their distance from the people they claim to represent and their ability to forecast events even 24 hours in advance. So much for the wisdom of the elites.