Press TV has conducted an interview with Bill Still, author of "The Money Masters" from Washington, to discuss the possible repercussions of Britain's exit from the European Union.
A rough transcription of the interview appears below.
Press TV: Many already regard the European Union as an inefficient and undemocratic organization mired in too much bureaucracy and now Angela Merkel has described the Brexit as a break in the block’s development. Don't you think that the EU has already stopped functioning the way its founders wanted it to?
Still: Yes, it's gotten way too bureaucratic power. They just can't help themselves. They've over-centralized power and the nations of Europe are now beginning to rebel. Merkel has got to walk very carefully because if she takes a very hardline this will only empower all the other eurosceptic movements in the various EU nations.
Press TV: Nationalists and the far-rights in France, Italy and the Netherlands have already started the campaign for their own in-out referendum. How quickly can we expect this possible domino effect to kick off?
Still: It's already kicking off in Italy. Right now you have a nationalist running there. Marine Le Pen about a year from now will come up in France. Within the next year you'll really see it starting to happen.
Press TV: Do you think that is irreversible and inevitable that it will happen or do you see the EU being able to somehow salvage keeping itself together?
Still: Now they've really gone too far at this point and they could not within themselves pull it back to a more democratic configuration and even if they have tried. Brexit was the death now for the EU and very very soon the EU will no longer be in any position to dictate terms to the various member nations.
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