Margaret Thatcher Was Correct About Why The Euro Would Be A Disaster
2013 04 09

By Joe Weisenthal and Rob Wile | BusinessInsider



Margaret Thatcher was an incredibly polarizing figure, but everyone should be able to agree that she was absolutely spot on about why the Euro would be such a disaster.

As Peter Oborne reported in the Telegraph In 2010, Thatcher’s two autobiographies, "The Downing Street Years" (1993) and "The Path To Power" (1995) discussed the tactics she would use to argue against the EMU (Economic and Monetary Union), which she wanted no part of.

Basically, she outlined the problems with the euro perfectly, that Germany would chafe at the inevitable need for greater inflation, and that the poorer countries would inevitably be uncompetitive and need bailouts that would not easily be forthcoming.

This paragraph is from "The Path To Power," where she discusses conversations with John Major (her successor) about negotiating with the rest of Europe. She just totally nails the inflation and competitiveness angles.



[...]

Read the full article at: businessinsider.com




Watch Margaret Thatcher Explain Why the Euro Is a Terrible Idea in 1990
By Jordan Weissmann | TheAtlantic

Say what you will about the rest of her legacy, but when it comes to the economic disaster today known as the euro, Margaret Thatcher was downright prophetic. In a delightfully acidic speech delivered before Britain’s House of Commons in 1990, and posted below, she summed up her feelings about European integration: "No. No. No."

Specifically, Thatcher opposed to the idea of handing political power to a European parliament, giving up the pound for a single European currency, or handing over its monetary policy to a European central bank. As she put it (in the blunt way only British politicians can):

Perhaps the Labour party would give all those things up easily. Perhaps it would agree to a single currency and abolition of the pound sterling. Perhaps, being totally incompetent in monetary matters, it would be only too delighted to hand over full responsibility to a central bank, as it did to the IMF. The fact is that the Labour party has no competence on money and no competence on the economy -- so, yes, the right hon. Gentleman would be glad to hand it all over. What is the point of trying to get elected to Parliament only to hand over sterling and the powers of this House to Europe?


Ouch.



[...]

Read the full article at: theatlantic.com




Related Articles
Margaret Thatcher left a dark legacy that has still not disappeared
Margaret Thatcher: The good, bad and the ugly
Margaret Thatcher dies: Brixton ’celebrates’


Latest News from our Front Page

Secret underground tunnels of ancient Mesopotamian cult revealed under Ani ruins
2014 09 01
For the first time in history, the academic world is paying attention to the spectacular underground world of Ani, a 5,000-year-old Armenian city located on the Turkish-Armenian border. Hurriyet Daily News reports that scientists, academics, and researchers have just met at a symposium in Kars titled ‘Underground Secrets of Ani’ to discuss the city’s underground world mentioned in ancient ...
A Government Vision Of The Future That Isn’t That Great
2014 09 01
Here’s a report by the UK Ministry of Defense, a document that they’re not hiding - it’s not classified. In fact, they WANT you to read it: the Global Strategic Trends 2045. For your convenience, they’ve even produced a handy video about their dire predictions: They present a warning call for how things are going to be bad in the future. ...
Bad Memories Turned to Happy Ones in Mice Brains
2014 09 01
Memories are often associated with emotions, and these feelings can change through new experiences and over time. Now, using light, scientists have been able to manipulate mice brain cells and turn the animals’ fearful memories into happy ones, according to a new study. Memories are encoded in groups of neurons that are activated together or in specific patterns, but it is ...
CIA MKULTRA: they intended to use drugs for “everything”
2014 09 01
Drugs to transform individuals…and even, by implication, society. Drug research going far beyond the usual brief descriptions of MKULTRA. The intention is there, in the record. A CIA document was included in the transcript of the 1977 US Senate Hearings on MKULTRA, the CIA’s mind-control program. The document is found in Appendix C, starting on page 166. It’s simply labeled “Draft,” dated 5 May ...
Harmful Compound Found in Many BPA-Free Bottles
2014 09 01
A chemical found in many products labeled “BPA free” may produce many of the same health problems as the original chemical, including hyperactivity and cardiac arrhythmia, according to a pair of studies presented recently at the joint meeting of the International Society of Endocrinology and the Endocrine Society in Chicago. “BPS, termed the safe alternative to BPA, may be equally as ...
More News »