Larry White Blog | Warren Coats (former IMF) And Robert Pringle (former Group Of 30) Offer Thoughts On The Brexit Vote | Talkmarkets
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Over 35 years experience working in oil and gas accounting with privately held oil and gas producing companies. Also have a blog that covers monetary system issues and the potential for major future monetary system change. (http://lonestarwhitehouse.blogspot.com/)  - email: ... more

Warren Coats (former IMF) And Robert Pringle (former Group Of 30) Offer Thoughts On The Brexit Vote

Date: Tuesday, June 28, 2016 1:18 PM EST

Dr. Warren Coats (former IMF) and Robert Pringle (former Group of 30) are two experts that provide us a window into the thinking of some who have worked inside the monetary system for many years. This kind of experience is invaluable to hear from because we know we are getting their unfiltered thoughts which may not always be the case with those currently employed within the system who must consider how their public statements may impact markets, etc. 

 

In this article we feature the thoughts and reaction from these two experts on the recent Brexit vote. Dr. Coats provided a comment for us to include with this article so we will start with that. 

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Direct comment from Dr. Coats on the Brexit vote:

 

"I think that the success of Brexit was a setback for the reforms I think the EU needs to remain the strong force for a peaceful and prosperous Europe that it has been even with all of its problems. But hopefully I am wrong and it will shock the rest of the EU into strengthening the European Economic Area (the single market) that was the free trade foundation of the EU. 

 

UK participation in the European common market would require the very labor mobility (immigration) the drove some Brits to vote to leave. No one knows where all of this will go.  I am sorry that Britain’s (classically) liberal voice will no long influence EU decisions. I opposed the withdrawal of Scotland from Great Britain but now assume that it is inevitable and probably a good thing as England continues to shrink in importance in the world. 

 

More broadly, I fear that we are seeing a retrenchment from the liberal international order we have all benefited so much from. I elaborate that point in the following note: https://wcoats.wordpress.com/2016/06/25/brexit/"

 

Now some selected quotes from the blog article linked above written by Dr. Coats:

 

"My concern in this note is whether the underlying public sentiments that pushed Brexit over the finish line—the fear of job losses and cultural dilution as a result of excessive immigration—herald a retreat from the globalization that has dramatically raised standards of living and reduced poverty around the world in the last several decades."

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