The Brexit vote does not herald the possible beginning of a EU breakup, not by any means. It does mean, however, ... that both Great Britain, and the EU specifically and the global economy in general, are in for a period of prolonged uncertainty and instability that will not be resolved anytime soon.
Following the landmark nuclear deal with Iran, plans for the lifting of economic sanctions are moving forward with "Implementation Day" planned as soon as late 2015 or early 2016. Not only is this move important for the United States for geopolitical reasons, observers say, but removing trade embargoes should boost Iran's economy.
This week the world watched as Greece continued its fight for economic survival. Armed with the Greek people's resounding "no" vote on yet another round of economy-killing austerity measures, Prime Minister Tsipras went back to the negotiating table with EU negotiators. But the rescue package he presented to the Greek Parliament on Friday was a mixed bag: while it includes fresh loans, it also comes with the kind of destructive elements -- like regressive taxes and pension cuts -- that already tanked the Greek economy. As the 28 EU leaders meet today, it's clear that Greece isn't fighting mindless austerity just for Greece, but also for the rest of Europe. The Greek public's bold stance has galvanized anti-austerity groups across Europe. It's like a proxy fight in a new cold war -- but this one isn't East vs. West, it's the failed past vs. a sustainable future.
Gravely affected by the weak economy, young people make up the avant-garde of what may as well be France's largest contemporary party: the Party of Fear. For the French have become afraid of everything: the world, poverty, globalization, Islam, capitalism, global warming, natural catastrophes -- and even, to borrow an American phrase, fear itself.