Brexit Chaos to Serve as Cover for ECB Bank Bailouts

Over the course of the last few months, Brexit has become one of the biggest catch-all preemptive scapegoats of recorded human history. Even far beyond the old continent’s porous borders, politicians, central bankers, and economists are warning their respective populations to brace for a serious aftershock if the people of Britain vote to leave the EU.

This is a remarkable feat given that the UK has its own perfectly functioning currency, and as such decoupling from the EU, while bumpy, should not pose an immediate financial threat either to the UK or the EU, let alone the world at large. But try telling that to the eurocrats, politicians, and central bankers whose long cherished dream of creating a seamlessly interconnected, interdependent European superstate appears to be in the process of unraveling.

With no feel-good stories to tell the people of Britain, the only tack they have left is to ramp up Project Fear, which yesterday reached new levels of hyperbole when European Council President Donald Tusk warned that if Britons vote to leave the European Union on June 23, not only could it spell the beginning of the end for the 28-nation bloc but also for western political civilization “in its entirety.”

Even by recent standards, it is an audaciously outlandish claim that serves little purpose but to remind Britain’s wearied voters just how fearful the establishment is of losing control [read: Who’s Really Most Afraid of Brexit? And Why?].

There is also a cynical, opportunistic edge to the pro-EU establishment’s rampant fear mongering. By creating heightened expectations of post-Brexit chaos, if chaos does ensue, it will be able to take advantage of it by plowing even more desperately needed funds into Europe’s ailing banks. Just today, unnamed ECB “officials” leaked to Reuters that the ECB would “backstop financial markets in tandem with the Bank of England should Britain vote to leave the European Union”… 

Continue reading the article at WOLF STREET

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