Brexit: Is Anything Clear?

Once again to get a sense of what's happening with Brexit the best place to turn is Naked Capitalism and the posts of Yves Smith. She's hitting her stride like she did back in the days of chicken between Greece and the troika.

This morning's offering, "Brexit: The Kindness of Strangers," tallies the results of yesterday session of parliament. The extension of Article 50 passed overwhelmingly, but a second Brexit referendum was voted down by a wide margin, with Labour abstaining.

So now what? Apparently May's withdrawal agreement will be voted for a third time next week. Smith raises the possibility that the DUP might flip, but this appears to me too little, too late.

Once May's deal suffers its third defeat, the prime minister will head off again to Brussels to ask for an extension. What then will the EU do?

The rest of Smith's post is spent sussing out the answer to that question. Her assessment is uncertain. The EU will want a clear definition of what the extension will be used for. Absent that, the only extension that the EU is likely to endorse is a long-term one, in the ballpark of one year (or so the thinking goes).

If this is the outcome -- a long-term extension -- one can begin to see the path forward. The zombie May will finally be decapitated and a general election called. I think the Tories are confident enough now, following a collapse of Labour in the polls, that they can reemerge will a solid majority. But this doesn't accomplish anything in terms of Brexit; it merely allows the Conservatives to re-position themselves on what should be more solid footing, buying themselves more time.