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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Haha, the elites of dcum just can't accept that the unwashed masses of UK (or US) could possibly understand what is in their own interests.  No, no - they need an elite bureaucracy like Brussels or DC to rule over them![/quote]

The track record of the "guns and religion" crowd in the US for voting in their own economic self interest isn't great.  The citizens of the UK voted for austerity in the wake of the global banking collapse, that didn't go well either.  Those folks called economists generally do know what they are talking about.[/quote]

Which economists?  Milton Friedman?  Arthur Laffer?  Ben Bernanke?  You do know, right, that economists come in all sorts of political shapes and sizes? Or maybe you didn't.  [/quote]

From the Economist;

The priority for the rest of the EU will be to make sure that nobody follows Britain’s example. That precludes giving Britain a good deal. Leavers have retorted that, because Britain imports more from the EU than it sells to it, the other countries must offer a generous free-trade deal. But this betrays a misunderstanding of both EU politics and trade talks. The EU cannot let Britain have full access to the single market without its obligations lest others ask for similar treatment. And Germany cannot offer Britain anything on its own, however strongly its carmakers push for it. Any deal must be approved by all 27 countries, several of which do little trade with Britain. Spanish carmakers might like tariffs on cars traded between Britain and Germany. Romania sees little gain in a free-trade deal that lets Britain block immigration.

In practice the EU will offer Britain only two possible deals. The first is to join Norway in the European Economic Area. This would preserve full access to the single market. But, like Norway, Britain would have to make a hefty contribution to the EU budget (Norway pays about 85% as much as Britain per head), observe all EU single-market regulations with no say in making them and, crucially, accept free movement of people from the EU. It is hard to imagine a post-Brexit government accepting this. The second is a free-trade deal like the EU’s with Canada. Yet this does not cover all trade, does not eliminate non-tariff barriers, excludes most financial services and could take years to agree.

The other option for Britain is to revert to trading with the EU as America, China and India do, under normal World Trade Organisation rules. But most economists say this would make the economic damage from Brexit worse. It would bring back mutual tariffs on cars, pharmaceuticals, food and fish. It would reinstate many non-tariff barriers. And it would exclude most services, including financial services.

The economic and trade problems arising from Brexit will dominate British politics for years to come. Security and foreign-policy concerns will also emerge. The home secretary, the security services and the police may try to replicate the co-ordinating measures that they have in place now with the rest of the EU, notably on intelligence-sharing. The Foreign Office may try to maintain its input into the EU’s foreign-policy discussions. But none of this will be easy and some may be impossible.

There will also be questions over the future of the United Kingdom. Both Scotland and Northern Ireland voted by clear majorities to remain in the EU, only to be overruled by the English and Welsh. Before the vote Nicola Sturgeon, leader of the Scottish National Party, said Brexit might justify a second referendum on Scottish independence, though she is likely to proceed with caution. Northern Ireland will be more immediately troubled. If Britain ends free movement of people, that may require the return of a hard border between Northern Ireland and its southern neighbour.[/quote]

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