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by Mike Whitney
Sunday, Jun. 26, 2016 at 11:07 AM
“The EU is an instrument of the ruling classes of Europe for the imposition of brutal austerity measures—most directly on the workers of Greece, of Spain, Portugal and Ireland, but also on workers in the UK, France and Germany….Prime minister, Cameron, has even proclaimed an “Age of Austerity” as his government imposes cuts of £210 billion, (€263 billion), equivalent to over 10 percent of Britain’s GDP, at the cost of the destruction of 20 percent of all public sector jobs, millions more in the private sector and the decimation of vital services.
British voters delivered a savage deathblow to the EU corporate superstate on Thursday sending global markets tumbling and forcing Prime Minister David Cameron to announce his resignation. The narrow victory, which caught the prognosticators by surprise, is the strongest sign yet that working people across the continent are awakening to economic and political disaster that has been created in the name of European integration. Not only has the EU failed to live up to its promise of lifting all boats and widening prosperity, it has also transformed the region into a low-growth, high unemployment charnel house where bankers and their corporate allies siphon off the wealth of the weaker states to enrich high-flying speculators and voracious bondholders. And while the referendum’s outcome will surely be challenged in the months to come, it represents a critical turning point in the public’s attitude towards a thoroughly reactionary and odious institution that is solely responsible for the abysmal state of the economy, the progressive erosion of living standards, and steady rise of right wing extremism. Here’s a short clip from Raul Ilargi Meijer explaining what Brexit really means:
“Nobody seems to understand it’s not about Cameron or Nigel Farage, or Michael Gove vs Boris Johnson, it’s about voting for or against the EU, for or against Juncker and Tusk and five other unelected presidents having a say in one’s life...
The Brexit referendum represents a fundamental rejection of austerity for working people and subsidies (QE) for the markets. It is an indictment of the destructive policies that have thrust a broad swathe of southern Europe into a permanent depression while bankers in Paris and Berlin make out like bandits. Even now the loathsome European Central Bank continues to run up massive debts (ECB-QE is billion per month) just to line the pockets of corporate CEOs who offload their toxic bonds with the clear intention of using the money to buyback their own shares further enriching themselves and their swinish shareholders at the expense of ordinary investors. This Ponzi-rip off is what passes as economic policy in the EU. Brexit threatens put an end to this huckster’s swindle.
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