The United Kingdom has been a vital part of the European economic community for more than 40 years. The UK is one of the more fiscally responsible members, and at times, one of the less tolerant. It’s no secret that the European Union is in trouble. The Greek debacle coupled with the overspending habits of country’s like Spain, Greece and Ireland has put a serious strain on the euro. The migration crisis shook the EU’s core last year, and the basic premise of open borders and an open society was thrown out the window by the nationalism that surface in several member states.
The UK has been arguing about leaving the EU for years, but this time, the argument has resulted in a national vote. The Brits get to decide if they want to leave the mess in the European Union, or they want to stay. Recent polls show 44 percent of UK’s population want to leave. Polls are not as accurate as they appear, but men like billionaire investor and Philanthropist George Soros and soccer star David Beckham are warning the people of the UK to vote to stay. The same poll showed that only 42 percent of UK voters want to stay, and 9 percent were undecided.
George Soros is the man that broke the Bank of England in 1992 when he predicted and bet that the UK would have to devalue the pound sterling, so he is very familiar with UK economics. He is a graduate of the London School of Economics and is one of the wealthiest people on the planet. Soros recently put out a press release and according to USA Today, he urged the UK to stay in the EU. If the UK leaves the EU, the pound will depreciate by 20 percent almost immediately, according to Soros That means that one pound would be worth the same as one euro. And that’s just the begging of the damage. Economic trade will be greatly affected, and when that happens a recession that may rival the 2008 meltdown could be the next issue. George Soros believes another Black Wednesday scenario like the one 24 years could engulf the country if the vote to leave the EU is successful.
Prime Minister David Cameron is also urging people to think about the future of their children. Cameron is frustrated with the European Union, but he thinks the UK should stay and help sort out the mess. There is no doubt that a UK exit from the EU could be the final blow for the unstable Union. The 28-member EU is walking on egg shells thanks to terrorist and migration issues. There is a strong resurgence in nationalism in several member states, and closing borders is the special of the day in those countries.
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