The Preference Cascade is Building.

Brexit

The Brexit vote in Britain has rocked the country with elites and immigrants most affected.

The vote to “Remain” was a majority in Scotland, Northern Ireland and in London and several other large cities with large “immigrant” populations.

Protesters are planning to march to London’s Shard building to demonstrate against the ‘racist’ and anti-migrant rhetoric of the EU Referendum campaign.

The march, announced in a Facebook post by the Revolutionary Socialism in the 21st Century, was due travel from a park in Whitechapel to the headquarters of New Corporation next to the Shard at 6pm.

All is proceeding as expected.

The decision has prompted a large market selloff, which will probably persist until the effects are better understood. Those campaigning to “Remain” have used various threats and predictions of doom, so the immediate result is not unexpected. Of course, the political left is hysterical at the idea that voters don’t want to be governed by remote elites.

On Thursday British voters willfully walked off a cliff when they decided to leave the European Union. The “Brexit” victory is a defeat for Britain, Europe and the global economy.

Tens of millions of Britons voted for isolation — to go it alone — rather than for cooperation. The European Union just lost a sixth of its economy, roughly akin to Florida and California seceding from the United States. The impact on the British economy could be catastrophic. Europe’s unified stance against a reemerging and aggressive Russia will be splintered.

Who could imagine that people would not want a thousand bureaucrats in Brussels, or for that matter Washington DC, micromanaging their lives ? Well, I know someone.

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Brexit, Predictions and Trump

The bookies, until the votes were being counted, were showing greater than 2:1 odds against Brexit in yesterday’s referendum. The subsequent Brexit victory appears to confirm the hypothesis that many Brits were lying to pollsters.

The bookies are showing odds of around 3:1 against a Trump victory in our presidential election. Arguing predictions is a fool’s game, but it may be that our election polls are wrong for the same reason as the Brexit polls apparently were. The Democrats and their media allies have demonized Trump as a racist and misogynist, and it seems likely that many people who intend to vote for him aren’t admitting it. We’ll know soon enough.

Quote of the Day (Brexit Edition)

Richard Fernandez:

It should be obvious to the status quo that the crisis has arrived. Brexit, for all its drama, was a warning. The real collision is close ahead.
 
The basic demand is for a moderation, if not a reversal of the centralizing tendencies. It’s a brief for less immigration, less political correctness and less government.
 
Unfortunately conceding to these demands this is like reversing the Titanic. There’s so much momentum, it’s hard to stop. But they have to stop. The Iceberg looms ahead. All Brexit has done is give the warning.
 
From now on, the countdown begins. Can the elites turn the ship in time?

Seth Barrett Tillman: Alexander Hamilton on Brexit

Who said this?

The battle over Britain’s national existence and parliamentary independence is a battle which will be fought through to the bitter end, however long it lasts. It is a battle in which no quarter will be asked and none will be given. It is a battle in the course of which all other political lines and links will continue to be overrun and broken, as it surges one way or the other. It is a battle in which the bitterest foes of the past will stand together and the closest of old alliances be destroyed. I say these things in no spirit of bravado. They are cold and sober deductions from fact, the fact that the fight is about the continued existence of the nation itself, an issue to which by definition all other political issues and causes whatsoever must be subordinated, as to the greater which subsumes the less.

See Seth’s post for the answer.