Michael O’Hanlon: ‘This No-Deal Brexit Prospect Creates Huge Economic Uncertainty’

RUSH EXCERPT:

O’HANLON: “Hi, Shepard, I’m struggling with it myself. There’s a lot of Brexit paths that might have been symbolically regrettable for people that believe in a tighter Europe but would have been economically fine. Norway and Switzerland and a lot of other countries in Europe are neutral. They’re not necessarily in the E.U. Or certain others in the E.U. But not in nato. A lot of memberships in Europe and around the world a lot of countries are not part of any organization that resembled the E.U. But they do well economically. So a gentle controlled Brexit could have happened and been just fine under a million circumstances. You could have debated about the loss of growth. That is where it would have been. As you say, this cliff, this no deal Brexit prospect creates huge economic uncertainty. I’m not an economist to understand what could happen. I economists can’t predict what happens when you get into unchartered territory in a new crisis. We saw that with the credit crunch in the United States in 07 and 08. Britain’s asset trade could freeze up. That could take months or a year to untravel and get back on track. A no-deal Brexit is a big process.”