Post-Brexit Recession Getting More Likely in Britain

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Here’s the latest grim news from Britain. GfK’s consumer confidence index dropped by 11 points after the Brexit vote. According to GfK, this is the “sharpest month-by-month drop for more than 26 years.”

And that’s not all. In July, the Personal Financial Situation index dropped 7 points. The General Economic Situation index dropped 12 points. And the Major Purchase Index dropped 11 points. The likelihood of a major recession is now very high, and the worst victims are going to be the very people who were demagogued into voting Yes.

Brexit is going to go down in history as one of the dumbest own-goals ever.  It’s unlikely to deliver on any of the promises of the EU-hating crowd, but it will almost certainly damage the British economy and hurt Britain’s working class badly. Donald Trump fans, please take note. Just because someone is loud and politically incorrect doesn’t mean he really has your best interests at heart.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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