The Europeans went to bed Thursday night, with exit polls giving a comfortable margin of victory for those who wanted to Remain. The following morning they awakened to find that the real result was the opposite.
One-time shot exclusive for The Manila Times
WASHINGTON: Imagine a young Margaret Thatcher, a politician who deeply mistrusts the political establishment and identifies on a gut level with the frustrations of the middle class. That’s shorthand for what Britain will need as it picks up the pieces after Thursday’s “Brexit” referendum.
Pakistan’s economy is in grave trouble. According to the Pakistan Economic Survey 2015-16, it failed to meet the growth target of 5.5pc in FY2016. GDP grew by 4.7 pc. This was mainly due to the ‘major setback’ (to use the finance minister’s words) in agriculture.
Today the British will vote in their “Brexit” referendum whether to stay in or exit from the European Union.The United Kingdom applied for the first time to join what was then called the European Economic Community, in 1961. The Brit movers for membership were afraid their country would get politically isolated from Western Europe. At that time the USA’s and its allies’ Cold War with the Soviet Union was still ablaze.
Global economic recovery is being held hostage by the ideological dogma of the last three and a half decades. After long contributing to neo-liberal conventional wisdom, in its October 2015 World Economic Outlook
, the IMF identified the vicious circle undermining global recovery and growth. Low aggregate demand is discouraging investment; slower expected potential growth itself dampens aggregate demand, further limiting investment.
The last World Health Assembly (WHA) in Geneva (23-28 May) discussed the manifold global health crises that require urgent attention, and adopted resolutions to act on many issues. We are currently facing many global health related challenges, and as such multiple actions must be taken urgently to prevent these crises from boiling over.
Asia’s economic growth over the last decade has been relentless, bringing with it a rising population and an influx of people from the countryside to the cities in search of prosperity. These trends are not expected to abate.
Donald Trump’s rise in America, a wave of pro-Brexit and xenophobic sentiment in the UK, mass demonstrations in France and Brazil, a political crisis in South Africa, communal polarisation in India, and religious zealotry coupled with anti-corruption agitation in Pakistan. On the face of it, there’s very little that connects these disparate events. Each appears unique to a country’s history and its contemporary interaction of domestic and global events.
Debt anxieties are not new, often fanned by political competition. But so is a double dip recession due to premature deficit reduction. For example, to seek re-election, President Roosevelt backed down from his New Deal in 1937, promising that “a balanced budget [was] on the way”. In 1938, he slashed government spending, and unemployment shot up to 19 per cent.
The United Kingdom is now in the midst of a Shakespearean dilemma, “to stay or not to stay”. Voters will decide in a referendum on June 23 whether to stay in the European Union or to break the four decades old relationship they forged, i.e. opt for “Brexit” as it is popularly known. If the majority decides to leave, it will have implications for Britain across the spectrums, political, economic, and social. While in the last referendum on this issue in 1975, an overwhelming 68 percent of the electorate had decided to stay, this time the margin will be narrower, one way or the other. Britain's departure from the EU will also undoubtedly set a bad example for advocates of Customs Union, an economic arrangement of sovereign countries set up to facilitate trade and economic integration through trade.
It is now generally agreed that the Trans-Pacific Partnership (TPP) has served US foreign policy objectives well. For this purpose, the Peterson Institute of International Economics (PIIE) has provided the fig-leaf for the empire’s new clothes with exaggerated projections of supposed growth gains from the TPP.
After Uruguay`s former president José Mujica last week declared that Nicolás Maduro was `mad as a goat`, the latter chose to wear the insult as a badge of honour, announcing at a rally: `Yes, I`m as mad as a goat, it`s true. I`m mad with love for Venezuela, for the Bolivarian revolution, for Chavez and his example.
As expected and widely predicted- Brazil’s Federal Senate has begun the impeachment process against President Dilma Rousseff. According to Brazilian Law, the president is likely to be suspended for up to six months while arguments are put forth in the Senate, presided over by the Chief Justice. At the end of the proceedings, the president may be acquitted of all charges and returned to power or if convicted and found guilty, be deposed and banned from political activity for eight years.
A new spectre is haunting the world. It is not the spectre of communism, as Marx’s Manifesto famously proclaimed. It is the spectre of fear, which has increasingly become the rationale behind politics. And, as the old proverb says, fear is not a good counselor.
Sadiq Khan is not just the new mayor of London, but happens to have individually won more votes than any other politician in British history.Prime ministers and members of Parliament run in their home districts, where the total number of ballots are fewer.