'I want EU flag outside City Hall forever' – Sadiq Khan says Brexit can be stopped with second vote The EU will fail in a few years. The problems in the currency are too significant not to rip the union apart unless the EU members decide to a radical self-reform. More below. Does Khan believe that the Italians, Spaniards, Portuguese, And Greeks among others will continue to allow the Euro to destroy their economies? Each of these countries rode an economic boom after joining the EU. This boom was due to their borrowing at far lower rates in the EU than they were able to borrow before. These countries were smart and converted all of their high-interest loans to low-interest loans. This interest rate adjustment freed up money at the federal, local, personal and business levels. The result was a borrowing and spending spree which triggered an economic boom.
Booms built on debt have a dark side, and that dark side is what we see today. These nations are all in deep recession or depression with unemployment in the double digits, and sometimes as high as 25%. Ugh! Mapped: Europe divided - how the jobless disease is splitting the continent apart The idea that these countries will "just live with it" is crazy. The people of these countries will eventually fatigue of the grinding recession/depression and want out. They have not sought to exit the EU because the memory of the EU boom times is still fresh in their minds, but this too shall pass. Khan believes that the EU is durable, it is not. To the contrary, the EU is on borrowed time. The question is how much longer will the North and South be willing to live together with the North prospering, but needing to shunt money to the South? Britain was right and smart to Brexit. If she can negotiate a reasonable trade and movement of people agreement, she should engage. If not, the UK should walk away from the agreement in a hard Brexit, cut tariffs to zero, and allow free movement of ethnic Europeans into Britain for work, etc. The UK should also revise the tax code eliminating the income tax, both personal and corporate, and shifting to a consumption tax (a sales tax) with a fixed tax rate. This alteration in the tax code would make the UK a desirable location for corporate headquarters. It would also align the government's and the people's goals as both would be dependent upon a thriving economy. Sadiq is a fool, not a comedian, sadly, although likely a highly-intelligent one.
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