Chexit vs. Brexit: The Global Breakups
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Before the infamous separation of Brangelina, there came the even more startling divorce of Great Britain from the European Union after 23 years of unification. England’s reaction to the Brexit was quite strong in that the vote was 53.8% in support of exiting the European Union. Many millennials were the opposing percentile in the big vote.
The sharp decline in the value of the pound was one of many aftershocks from Britain’s decision to leave the European Union, making its current value stand at a 30 year all time low. The strong miscommunication between millennial voters and baby boomers prompted the ill looking outcome of British exit and only created more turmoil between British and Scottish citizens concerning the future of their economies. Scotland (who attempted to exit the United Kingdom over a year ago, but ultimately voted against it) especially felt the cons of the departure due to its lack of control over its nation’s input on the matter. Many Scottish citizens votes only counted as a small fraction in the Brexit decision.
Similar to the Brexit, the Chexit (which can be compared to Branniston because of its much happier ending) experienced its revolutionary departure or liberation in Asia. The ‘Chexit’ term was coined on social media platforms in reference to China’s “departure” from the South China Sea. Although the separation was not mandated or wanted on their part, the Philippines and Vietnam intertwined forces to achieve the victory of claiming the sea which is utilized for fishing towns among the boarders of both countries. The fishing businesses of the Southeast Asian countries serve as a huge economic pro in both exports and imports.
For years, China has unofficially claimed the sea as theirs, along with many other Asian seas without the discretion of other countries closer to it or bordering the waters, making illegal capital gain. The International Court of Arbitration in the Hague (the primary judicial branch of the United Nations) ruled in favor of the Philippines following three long years of deliberation. China has vowed to ignore the verdict and continue to illegally claim and control the seas.
The outlook of the Chexit’s economic status in favor of the Southeast Asian countries seems brighter and more like a liberation versus the exit of Britain from the remaining countries of the European Union. All we can do now is wait and see how these huge events affect economies on a global platform (or maybe we’ll wait for yet another global breakup).