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> This is well understood, and has been demonstrated over and over recently (think Brexit.)

That is a matter of opinion. Most of what is terrible about Brexit is "the media hate it". Economic outcomes have been in line with comparable EU countries so the promised "project fear" disaster (e.g. the Treasury prediction of a collapse of the economy in the wake of a vote for Brexit - not even on implementation) did not happen.

https://assets.publishing.service.gov.uk/media/5a80772140f0b...



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