Welcome, not fear, sterling depreciation by way of Brexit

REMAINERS say a "Leave" victory will be apocalyptic. Stay in the European Union after the June 23 referendum, and the outlook will be rosy. Brexiteers claim a positive scenario on leaving.

But nobody sees that the prospects are dire whichever way the vote goes.

The British economy is unbalanced. This inhibits growth. Recession looms in the next two years. The issue is which option - "in" or "out" - is more likely to address unsustainable disequilibrium.

My conclusion: "Brexit" is a better way to address Britain's imbalances. Remaining in the EU would make them worse until the next crisis.

UK Treasury forecasts, indeed almost all official forecasts, promise stable growth if a Brexit defeat restores confidence. The Treasury's forecasting models remain Keynesian, paying lip-service to monetary factors. Financial balances and balance sheets are thought of as inconsequential. Treasury officials faile…