From the Weekly Standard: Chris Caldwell's take....
Britain Exits, Democracy Lives, And Everything Has Changed: London
London feels like a city liberated by one side in an ongoing civil war. The papers on the newsstands seem to come from a foreign country—yesterday's country. At twenty minutes to five this morning, it became apparent that Britain's citizens had voted by a 4-point margin to leave the 28-nation European Union. Most Londoners, politicians across Europe, and virtually all pundits and politicians are in a state of shock and rage.
The EU has always found, by hook or by crook, the wherewithal to forestall populist outrage against it. A poll released on election eve showed that those who favored remaining in the EU would scrape through pretty easily. But so deep is the cleavage between those who profit from the present order and those who feel screwed by it that the latter have become unfathomable to, and unpollable by, the former. Despite driving rains across Britain on Thursday, voter turnout was at record highs—72 percent, higher than in last year's general election. Within hours, prime minister David Cameron, who led the Remain side, had announced he would resign. Labour party leader Jeremy Corbyn was facing a party vote of no confidence. The pound had fallen to its lowest level against the dollar since 1985, and people were dancing in the streets of various European capitals and calling for referenda of their own.