Now the real fun begins.
Last night Britons voted to leave the European Union, sending shock waves around the world — though not directly or immediately threatening the concept of European integration.
But what comes next emphatically does. Emboldened by the Brits, nationalist parties across the Continent are gearing up for exit votes of their own. Some notables:
(Zero Hedge) – Shortly after the final Brexit result was released, the head of Italy’s Northern League Said “Now it’s our turn’ After U.K.
As Dow Jones reports, Italy’s anti-immigrant and euroskeptic Northern League will start a petition calling for a law that allows a referendum on whether the country wants to exit the European Union, its leader said on Friday. In a news conference following the announcement of the U.K.’s decision to leave the EU, Northern League’s head Matteo Salvini said that it was time to give Italians a vote on their EU membership, as the citizens of Britain have just done.
“This vote was a slap in the face for all those who say that Europe is their own business and Italians don’t have to meddle with that,” Mr. Salvini said.
The Northern League launched a campaign against the euro in 2014, but it has been since overshadowed by the anti-immigrant campaigns on which it has built up its electoral support.
Northern Leage is not alone: recall that earlier this week, the anti-establishment 5 Star Movement, emboldened by dramatic victories in Italy’s recent mayoral elections in which Virginia Raggi, a 37-year old lawyer, was elected Rome’s first female mayor by winning a stunning 67% of the vote in the second round, also revived plans for a referendum on leaving the euro.
(BN News) – Dutch Party for Freedom leader Geert Wilders, reflecting on the United Kingdom’s decision to leave the European Union, is demanding a referendum to be held in the Netherlands to decide on the country’s EU membership. (more)
“The United Kingdom is leading the way to the future and liberation. The time is now for a new start, trusting in its own strength and sovereignty. Also in the Netherlands,” the party said in an emailed statement, shortly after referendum results in the UK showed a win for Leave.
“The Dutch population deserves a referendum as well,” the party said. “The Party for Freedom (PVV) demands therefore a referendum on NExit, a Dutch EU exit. Dutch people should have the opportunity as soon as possible to decide on the Dutch membership of the European Union.”
The Netherlands is scheduled to hold general elections next year, and Wilders – whose party has risen in the polls amidst the ongoing refugee crisis – pledged to hold a EU referendum if he were to be elected prime minister.
“We want to be the boss again over our own country, over our own money, our own borders and our own immigration policy,” Wilders said, less than an hour after results showed that British voters had opted to leave the 28-member bloc.
(News.com.au) – LEADERS of France’s far-right Front Nationale have praised the UK decision to leave the EU and called for a similar vote in France.
Presidential hopeful Marine Le Pen wrote on Twitter: “Victory for freedom! As I have been asking for years, now we need to have the same referendum in France and in the countries of the EU.”
She also changed her profile picture to a Union Jack and called a referendum in France a “democratic necessity”.
“The British people have given to Europeans and to all the people of the world a shining lesson in democracy,” she said.
Her niece Marion Le Pen has also called for a Frexit, saying “the French should have the right to choose.”
Even if Brexit had failed last night, the fact that it got close would have energized nationalist parties on the Continent, guaranteeing political drama for years to come. But with “leave” winning fairly decisively, that process has been turbo-charged. The result? Uncertainty as far as the eye can see. The entire European project is now in doubt, which will send trillions of euros pouring out in search of the certainty that can no longer be found at home.
Now watch the central banks. The crazier the world becomes they more the BoJ, Fed, and ECB will feel compelled to flood the markets with liquidity. Problem is, capital will soon be flowing out of financial assets even faster than central banks can pump it in.