by Mises Institute
Happy Independence Day weekend from everyone at the Mises Institute. It’s fitting that in the week leading up to our American celebration of secession that we have been able to applaud Britain for their own separation from a legislative body that Angel Merkel was forced to admit is about political control, and not free trade. The more the bureaucrats in Brussels try to make the UK pay for Brexit, the more they justify British independence.
Of course the British revolt was a strike not only against the EU, but the machinations of central bankers across the globe. If the UK economy tanks, it won’t be because of Brexit, but the recklessness of the Bank of England. As both Joseph Salerno and Mark Thornton highlighted this week, the fact the world’s most powerful bankers fundamentally misunderstand foundational concepts like interest rates have placed the world in a dangerous position. Which is why marginal reform of these institutions isn’t enough, we need to achieve full independence from the Fed and it’s cohorts around the world.