As a first step in this direction Obama administration has tried to impress upon the British government to ensure that the well being of the ordinary people are taken care of. The Britons preferring Brexit implied that the EU has not taken proper care of the needs and aspirations of the ordinary people of UK. It is worth mentioning that just before the Brexit vote, Obama had cautioned Britain that to leave EU would put trade between US and Britain at the 'back of the queue'.

True enough, the US lobby is striving hard to persuade the UK politicians and those who matter in the process of governance and decision making that the process of reversal should somehow start before Obama relinquishes office. It will be an added gain if it coincides with the election of the next president, as it is likely to boost Hillary Clinton’s prospect. The final decision may wait for future, what is expected at this stage is some process of reconciliation should set in motion.

Now the same Obama appears to have changed his stance. The primary reason is after the exit of UK from EU, America has to depend on Germany for taking care of its interest. The USA cannot rely on Germany to that extent as it has been relying on UK. With globalization, the EU has become the focal point of the world economy. Naturally it is imperative for survival of the capitalist economy that the USA must bring back UK to the EU fold. Significantly, even after the Brexit vote, the ties that eternally bind – a shared language, the common law, a deep belief in open markets and free enterprise – will still be there.

But it is not sure that as a fair power, no longer anchored to Europe, to what extent the UK will be able to help USA. America has always seen a united Europe as a bulwark and its natural partner. Ironically for USA this bulwark has now been weakened. Relevance of UK to USA could be gauged from the simple fact that two months ago, Obama directly involved himself in the campaign, personally urging a “Remain” vote. He warned that Britain, the largest foreign investor in the US and a major market for American goods of the possible consequences.

For the US, an exercise in damage control is underway. For Obama, it is soothing and important that the Britain still remains a member of NATO. The West’s security structures, the trans-Atlantic alliance, would not be damaged at a time when China has been flexing its muscles. Obama has argued technology and globalization can increase opportunities for all, but conceded that recent events show people are frightened by global competition and feel left behind.

In April, Obama had taken the unusual step of traveling to London to help the 'Remain' camp of the referendum for his friend and ally, Prime Minister David Cameron. Obama camp’s latest move is conjured by the perception that Britons have been feeling remorse and want to rescind their mandate. The prevailing confusion in Britain has in fact motivated some EU leaders persuading the UK to activate Article 50. But this move might not help them, as the Constitution does not permit this.

The experts have also started reviewing the law that was passed last year to set up the EU referendum. It did mot outline anything about the result being binding or having any legal force. Efforts are also on to keep away issue of endangering Sovereignty from the outcome of reversal process. It was parliament that voted to enter the European Economic Community in 1972, and only three years later was a referendum held to settle the split in Wilson’s Labour party over the value of membership. What is most important and crucial is staying in EU may be the only way to stop Scotland from splitting.

However the forces which are adamant to foil any US attempt to make the people give a second thought to it, are also planning to come out brochure and relevant documents to press their points and arguments. They see the US move as a design to perpetrate their hegemony. These leaders are confident that Britain was already gaining and given some time it would consolidate its economic and political ground. They argue for thrusting globalisation on the global fraternity, especially the developing world, the capitalist countries used the EU as the launching pad. The idea was the EU was the best forum for the big business to capture the global market and dictate the world economy. The capitalist and imperialist forces came to realize that the combined EU would serve their interest. The Brexit nevertheless made it abundantly clear that they were mistaken.

The extra energy put in by US President Barrack Obama to persuade the Britons not to vote for Brexit underlined the importance of the referendum and its impact on the global economy. True enough Britain’s vote to exit from the EU signals the end of the globalisation era and shows that countries increasingly do not want to participate in global formations. Globalisation is a 'civilized' version of colonization. The age of globalisation began on the day the Berlin Wall came down. And what an irony it started gasping for breath with the Britons deciding to part company with the European Union.

In case of India, the astronomical amount of NPA and providing billions of loans to big business houses and leaders of corporate sector was a step in the direction of banks turning bankrupt. Already nearly three public sectors banks are in red and threatened with the possibility of turning bankrupt. It is worth taking note of that the word of caution from president of Bolivia, Evo Morales. He said that the UK’s decision to leave the European Union is a sign the capitalist system and the European Union are in a state of crisis.“The decision of the British people is an expression of the crisis of the capitalist system and the crisis of the integration of the European Union”. He warned “not to let the United States divide or dominate the continent' or succumb to the politics of war of NATO. (IPA Service)