Tavakoli Structured Finance, Inc.

The Financial Report

By Janet Tavakoli

Brexit: Why should the British not reject feckless policies?

Letter to the Editor of The Financial Times
July 4, 2016 (publication date)

Sir, I have read with interest the many commentaries against Brexit in the Financial Times, for example, “I do not believe that Brexit will happen” (Gideon Rachman, June 28). The bias of the FT is palpable and a frequent topic of conversation among my colleagues.

At issue is self-determination, the ability to make and enforce laws. It is unwise to ignore that 1,000 years of English Common Law, a legal system that was successfully exported around the world, was on the brink of eradication. Secondary to this is the question as to why Britain should accept feckless immigration policies, just because France and Germany have chosen this course. The level of ill-considered immigration in continental Europe is already epic.

Another question on my mind is why a financial newspaper seems to advocate biased views of the economic consequences of Brexit. A look into the distant mirror of the 19th century shows how nations blended selective free trade policies and selective protectionist tariffs to create thriving global trade. Reading historian Henry Clews’ The Wall Street Point of View, a book published in 1900, reveals how applicable his economic history is to modern times.

History provides great value whereas the FT has lately been extracting value in the form of a subscription price for what strikes me as one-sided blinkered opinions.

Janet Tavakoli
President,
Tavakoli Structured Finance,
Chicago, IL, US

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