Brexit Eve Observations From History

June 22, 2016by Hoy Grimm0

As we await the results of Britiain’s “Brexit” vote, consider that the European Union wasn’t created by European countries voting to join it. It was formed by a treaty enacted by politicians. I was a municipal bond salesman back in 1992 when the Masstricht Treaty created the European Union (and eventually the Euro).

European countries tried to get their citizens to ratify the Treaty after the fact. The Danes voted “nej” (no) and opposition grew from there. The chaos that ensued caused a global currency panic. I vividly recall the eventual collapse of the Exchange Rate Mechanism in the aftermath.

I find it sad when citizens have to vote to leave something when they never voted to join it in the first place. Especially when none of the EU leaders or the 85,000 bureaucrats working are elected by EU member citizens. 

Hoy Grimm

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