Nationalism is rising in the European Union, and United States. The so-called collective “West” has suffered a lot of turbulence. The exact sources of this turbulence is hard to pin down. Part of it seems to be the movement into a post-industrial society. As factories have shut down in the United States and across Western Europe, many working class people have lost jobs. This has created tensions.
The most obvious examples of these tensions are the election of Donald Trump as President of the USA and the Brexit vote. Now, these tensions are rearing their head in other ways. In the United States, one of the biggest battles will be over illegal immigrants. Many immigrants from Latin America make their way to the United States to work and earn higher wages. Now, many want them kicked out.
Many of those same people who lost their jobs at factories and in other similar positions now blame immigrants for their troubles. As tensions have increased, calls for the forced expulsion of illegal immigrants have grown louder. In fact, President Donald Trump has even threatened to mobilize the United States military to expel immigrants. It remains unclear if such mobilization is actually legal.
In the United States, the forced expulsion of immigrants could actually disrupt the economy. Many immigrants are working in jobs that no one else wants to do. They are working out on farms, or performing other hard manual tasks for low wages. If they are expelled, it could take a long time to replace them.
While the American economy is strong, many are worried about disruptions to the market. If the American economy does suffer some major turbulence, things could spiral out of control quickly. And whatever happens in the USA will likely impact Europe.
Speaking of Europe…
Nationalism Continues To Rise in the European Union
We’re not going to talk about Brexit right now. It happened. It was a shock. Crazily enough, more shocks could be on the way.
In France, Marine Le Pen has maintained momentum. While Le Pen currently trails Macron, she is gaining ground. With woes over immigrants, terrorism, and other issues plaguing France, it is possible that Le Pen could win. France is one of the biggest economies in the EU, and if the country pushed for an exit, it could cause the Union to collapse. Le Pen currently trails 44 to 56%. In November, Le Pen trailed 67 to 33.
Meanwhile, the Netherlands will hold an inquiry to consider ditching the Europe. Immigrants are an issue in the Netherlands, and so to is general discontent with European Union in general.
What does all of this mean? The world is a crazy place, and more turbulence appears to be in the mix. You need to make sure you’re financially prepared of this turbulence.