11 October 2016   Leave a comment

Since Great Britain voted to leave the European Union, the British pound has lost 16% of its value as investors decide that the British exit will leave Great Britain poorer.  The British Prime Minister has indicated that she prefers what analysts have termed a “hard” exit: a departure from the EU with few ties to the EU that could conceivably be retained by small concessions on both sides.  The Economist interprets the decision in these terms:

“Markets anticipate that it will become more costly for British firms to sell goods and services to Europe. Europeans will consequently buy fewer of them, and therefore fewer pounds, leading to a weaker currency. That is, cheap sterling is part of the adjustment to a loss in British competitiveness: the mechanism by which Britons come to spend less on foreign goodies (now increasingly dear) as the price of its choice to leave the EU.”

The British decision should be viewed as a vote against globalization and that the British people are willing to pay the price.

Russian President Putin has cancelled a scheduled trip to Paris to celebrate the opening of a new Orthodox Church and a new Russian cultural exhibit.  The cancellation comes after Russia vetoed a French Security Council resolution pushing for a cease-fire in Syria and a charge by French President Hollande that the Russian role in the Syrian civil war should be referred to the International Criminal Court for war crimes. Russian relations with the West continue to deteriorate.

As the world continues to discuss the issue of immigration, it is difficult to determine the basis for many of the claims surrounding how beneficial immigration is to a society.  Some opponents of immigration believe that immigrants bring crime, terrorism, and lower wages.  These claims are hard to document–the evidence is hard to assess since it is not systematic or comprehensive.  But there are some aspects to immigration which appear to be fairly clear-cut.  Of the six Americans who received the Nobel Prizes for various disciplines this year, all six are immigrants to the United States.

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Posted October 11, 2016 by vferraro1971 in World Politics

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