Barack Obama is against Brexit – so what? That would be putting a very small cart before an enormous horse for without British institutions and common law, and without British political philosophy, the US executive branch probably would have never come into existence in the first place.
Likewise, global institutions such as the IMF, UN, and the OECD are also against Brexit – but it should be noted these organisations are recipients of substantial amounts of money from the EU so their objective opinion should be treated with some scepticism.
In the media you can hear academics, CEOs, various important analysts, etc…predict an economic apocalypse and the collapse of the Sterling if Britain were to vote to leave the EU. However, it’s important to remember these are the same folks who forecasted the decline and fall of London as a global financial centre if the UK voted not to adopt the Euro currency. Well, the UK didn’t adopt the Euro and London experienced a financial renaissance where decline in economic growth largely mirrored increasing European integration in the Eurozone over the past four decades. With the advantage of hindsight, we can see the post-apocalyptical, Europhile analysis was dead wrong. I think it will probably be again.
British Prime Minister, David Cameron, is in the remain camp. He asserts that Britain has always been a European power since the time of the Romans. Yet, there is a difference between being a European power and being powered from Europe.
Direct representative democracy originated in Britain. Parliamentary sovereignty derived from represenative democracy and is arguably the most important feature in Britain’s un-codified constitution. Whether this advancement began in 1215 or later with William Blackstone in the late 18th century or even posterior in the 19th century when reading Dicey, I will leave that debate to the faculty lounge. The important point is that it was a process and it exists today.
It is the greatest endowment Britain gave the world.
It is the very soul of Britain.
This political system is the reason why most stable and rich democracies adopted it. It’s the reason why billions of people live in prosperous countries in peace. It’s the reason why mercantilism, fascism, Nazism, and communism were defeated. Most importantly it holds the individual over the vast, Byzantine bureaucracies of the State because there is a direct relationship between the elected and the electorate.
In brief, the EU is not a democratic institution. The real power brokers of the EU, whether it is European Council President Donald Tusk, the president of the Commission Jean-Claude Juncker, or EU Foreign Minister Federica Mogherini, the important commom denominator is that no one voted for them (you probably never even heard of them). There is an elected body in the EU, the European Parliament, but because the Commission has the sole right to propose legislation, it’s essentially powerless. Additionally, the European Parliament encompasses an unwieldy group of communists, fascists, socialists, Berlusconi’s bimbos, and, in general, a place where professional politicians go to die.
For Britain to sell its sovereignty and forfeit its democracy to these un-elected bureaucrats in return for some perceived sense of potential GDP growth is unforgivable and absurd. Nor do you need to join a political union in order to engage in free and amicable trade with neighboring countries.
The antiquated model of custom unions, like the EU, will eventually be tossed into the waste paper basket of history. Britain will eventually leave at some point and probably some other countries as well, particularly Greece, just like they were kicked out of the Latin Monetary Union in the beginning of the 20th century. This is inevitable. It will probably be best to get out now than suffer under the regulatory burden, the taxation without representation, and the countless, faceless committees that make up the EU for much longer.
Britain, please don’t sell your soul to the elitist professional bureaucrats, the academics, or to the special interest groups that are telling you to do the opposite.
 For more information please see (https://christophergrace.org/2016/02/05/is-the-eus-democratic-deficit-causing-more-problems-than-its-solving/)