The British are Leaving! The British are Leaving!
Great Britain voted yesterday to leave the European Union. Prime Minister David Cameron, who argued hard for Britain to remain, is resigning. World stock markets are dropping, along with the pound and the euro and maybe Britain’s credit rating.
The analogy between the U.K.’s seeming tribalist retreat and American Trumpism is imperfect, and I don’t like to look to Wall Street for my cues. But if pulling out the wires from the global economy and international relations excites you, the “Brexit” vote gives us a taste of what electing Donald Trump the President of the United States would do to the world economy.
Speaking of pulling out wires, consider this economic impact of Donald Trump’s anti-world policy: Marketplace estimates that banning Muslims from entering the United States would knock $24 billion out of the U.S. economy in tourism and education spending. That does not include the cost of betraying our ideals, losing the world’s confidence, and seeing lots of international companies treat the U.S. the way PayPal, Deutsche Bank, and Bruce Springsteen have treated North Carolina for state-sponsored discrimination.
If the Brexit vote can upset the economy, just try President Trump.