Iceland’s ‘No’ vote is a warning to Europe
This summer, the CEO of JPMorgan Chase, Jamie Dimon, bluntly told the American Council on Foreign Relations think tank that Europe was trapped in a high-tax, ultra-regulation model. “When Mark Carney said, 'The middle powers should get together' – it's a fantasy. They did that, it’s called Europe,” Dimon said. “The GDP of Europe has gone from 90 percent of America to 70 percent. And in our view, it will probably continue to erode over time because of high taxes.” The 27-country European Union’s response to such criticism has been to double down on its bad policies and try to enlarge its membership. On Sunday, their latest attempt came crashing to earth as Iceland’s electorate voted 53 percent to 47 percent not to even begin talks on becoming an EU member.