LETTER: Why I voted to leave the European Union

A reader explains why he is thinking of voting Remain, rather than Leave. See letter
A reader explains why he is thinking of voting Remain, rather than Leave. See letter

It is disappointing that youngsters are depressed with the “Leave” result.

The reason why I voted “Leave” was purely an economic decision. 
It is the EU’s economy that is in dire-straights and should have been debated.

The EU’s central bank is grossly overleveraged, meaning it has lent more euros than it can afford to lose.

Some member countries are about to default on their debt. European banks are seriously under collateralised and are too weak to perform a bailout, as their limited reserves are questionable.
The Deutsche Bundesbank brought €10 billion worth of junk bonds to rescue the German car industry from their emissions deception, and the bank will need to pay out more to satisfy US-styled law suits. 
It might be argued ‘leave’ forced the pound to lose value 1930s style and the Stock Market to nosedive. However the Bank of England took control by bailing out the pound, restoring confidence and most of its value. It is now rising robustly.
The reason why the pound and UK stocks lost spectacularly, was because equity fund managers speculated heavily with the nation’s pensions and investments on ‘remain.’ None of the ruling elites contemplated that ‘leave’ would win. Now UK taxpayers are paying for their recklessness.
The euro is heading for a crash. The concept of the currency sounds fantastic. However it suits the German economy, but puts the EU’s southern countries in a situation whereby their economies are unable to compete as they are in the euro and are powerless to devalue the currency.
The ‘remain’ argument claimed the Single Market consists of 500 million consumers. What they failed to say was about half of them are impoverished with no disposable income.
Improving the EU’s fiscal position is impossible, as it’s stifled by the free movement of Labour policy, whereby the entire EU is being swamped with migrants pouring in from north and central Africa. Without there being a swift reversal of policy we will witness a horrific armageddon in our time.
The dangers are youth unemployment is 50 per cent in Greece, and 37 per cent in other EU states. Economically the EU is hopeless. Thankfully the electorate voted leave saving the fortunes of our youth. Young people should thank God their futures have been retrieved from the clutches of the doomed EU.

Nigel J Starbuck

By email