The death of Labour MP, Jo Cox, brutally killed in her neighborhood by a British citizen, turns the dramatic Brexit referendum campaign into a tragedy. Her murder has halted the electoral propaganda, which has been marked by verbal violence and excessive manipulation of information meant to drive voters to the polls.
But while the blood of a parliamentarian committed against Brexit stopped the mayhem, the market fibrillation, however, has not subsided.
This is not the first time Britain has called a referendum on relations between the U.K. and Europe. It happened on June 5, 1975, when — with turnout typical of another time, 64.2 percent of eligible voters — Brits voted to stay in the European Community with a very clear majority of 67.2 percent.
At that time, they counted on an alliance between the majority portion of the Labour Party of Harold Wilson (while the leftist Labour sector was against) and the conservatives of Margaret Thatcher. This time, both the political framework as well as the economic environment are completely different and far more dramatic. Whatever the outcome of the consultation Thursday — the forecasts now indicate a slight majority for Brexit — “the damage has already been done,” as stated, among others, Joseph Stiglitz on the shores of Lake Iseo for the traditional economics institute founded by Franco Modigliani.