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Watch Margaret Thatcher Explain Why the Euro Is a Terrible Idea in 1990
The Atlantic ^ | 04/08/2013 | JORDAN WEISSMANN

Posted on 04/08/2013 9:13:19 AM PDT by SeekAndFind

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.

Thatcher's stance towards a greater Europe was a bit more nuanced than some now remember. In that same speech, she said her government would support the idea of a "parallel" European currency that could co-exist with the pound -- a sort of trial run for potential future integration. And it wasn't just her Labour opponents pushing for Britain to become part of a more federal Europe.

(Excerpt) Read more at theatlantic.com ...


TOPICS: Business/Economy; Foreign Affairs; Germany; News/Current Events; Russia; United Kingdom
KEYWORDS: eu; euro; europeanunion; france; geoffreyhowe; germany; margaretthatcher; rememberingthatcher; russia; unitedkingdom

1 posted on 04/08/2013 9:13:19 AM PDT by SeekAndFind
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To: SeekAndFind
BTW, Thatcher's deputy prime minister, Geoffrey Howe, resigned over his disagreements with Thatcher over the currency issue. That move helped spark the leadership battle that led to her ultimate resignation.

But Thatcher realized that Britain would be better served keeping control over its own financial affairs. In 2002, with the European project still moving along apace,

2 posted on 04/08/2013 9:13:31 AM PDT by SeekAndFind
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To: SeekAndFind

This is another example of intelligent people seeing a bad idea and being unable to stop it.
At least she and the Uk didn’t go along with it.
Too bad the other euro nations did.
I wonder how germany feels now?

We were luck to have both of them, Lady Maraget and President Reagan at the same time.


3 posted on 04/08/2013 9:17:01 AM PDT by RWGinger
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To: SeekAndFind

I always loved the way she could chop, slice, and puree the left logically and verbally.

I wish we had someone like her to take the Obamadork completely apart. (He would sooooo lose against the Iron Lady.)

Heck, she could even have physically beat the wimpy loon up for good measure.


4 posted on 04/08/2013 9:17:16 AM PDT by Da Coyote
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To: RWGinger

Germany’s in control of the euro. They’ve been printing Deutsche marks as a backup, as well as repatriating their gold reserves, so they know what kind of game they’re playing.


5 posted on 04/08/2013 9:18:42 AM PDT by Olog-hai
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To: SeekAndFind

Remember that the people who devised the euro wanted it to cause a financial crisis. Their goal was to use the euro as leverage for more and more centralization.


6 posted on 04/08/2013 9:19:58 AM PDT by Olog-hai
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To: SeekAndFind
Anyone who wants to see a current day account of the Euro and its effect on Europe go to youtube and search “Nigel Farage”.Despite his name sounding French,he's a British member of the European Parliament who has an understanding of the Euro that at least equals Mrs Thatcher's and he's every bit as articulate as was she.
7 posted on 04/08/2013 9:23:03 AM PDT by Gay State Conservative (Leno Was Right,They *Are* Undocumented Democrats!)
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To: Gay State Conservative

NIGEL FARAGE ON THE EURO:

http://www.youtube.com/watch?v=2gm9q8uabTs


8 posted on 04/08/2013 9:25:05 AM PDT by SeekAndFind
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To: Da Coyote

Ted Cruz may be the closest voice we have to Lady Thatcher’s.
Thatcher and the Gip were one in a million.


9 posted on 04/08/2013 9:26:02 AM PDT by Eric in the Ozarks (NRA Life Member)
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To: SeekAndFind

It didn’t take a genius to know that the Euro would be a disaster. What it took was a collection of “One World” socialists to ram it down the throats of the population with lies and distortions.. Happening here. Happening now!


10 posted on 04/08/2013 9:28:40 AM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: SeekAndFind
I always loved this cartoon:


11 posted on 04/08/2013 9:29:47 AM PDT by Lancey Howard
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To: SeekAndFind
The fact is that the Labour party has no competence on money and no competence on the economy

"Wherefore by their fruits ye shall know them."
These groups have many names, but they are the same and you can always pick them out.

12 posted on 04/08/2013 9:30:09 AM PDT by oldbrowser (They are marxists, don't call them democrats)
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To: SeekAndFind

looks like Germany won after all, the Fourth Reich.


13 posted on 04/08/2013 9:56:24 AM PDT by sickoflibs (To GOP : Any path to US citizenship IS putting them ahead in line. Stop lying about your position.)
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To: RWGinger

The UKIP is rising in England. I think Maggie would be proud.


14 posted on 04/08/2013 10:06:42 AM PDT by RushIsMyTeddyBear (Great vid by ShorelineMike! http://www.youtube.com/watch?v=KOZjJk6nbD4&feature=plcp)
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To: Eric in the Ozarks
Thatcher and the Gip were one in a million.

And don't forget JP II.

Those three saved civilization for a few decades.

Pope and Reagan

15 posted on 04/08/2013 10:09:05 AM PDT by FatherofFive (Islam is evil and must be eradicated)
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To: FatherofFive

With Helmut Kohl thrown in for “Honorable Mention”.


16 posted on 04/08/2013 10:10:29 AM PDT by dfwgator
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To: FatherofFive

I’d add Lech Walesa to the picture.

The right people rose up at the most opportune time.

I wonder if this can happen again today...


17 posted on 04/08/2013 10:11:03 AM PDT by SeekAndFind
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To: SeekAndFind
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?

Compare that to our RINO's who won't dare say anything that might offend a Democrat.

Both Thatcher an Reagan were good at taking on their opponents directly.

18 posted on 04/08/2013 10:16:18 AM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: SeekAndFind
I’d add Lech Walesa to the picture.

Lech was part of the picture, without question. My biggest disappointment with Lech was not with him, but the fact that his brave and bold actions could not get unions around the world to embrace freedom, liberty and prosperity, instead of the slavery of socialism and anti-capitalism.

19 posted on 04/08/2013 10:17:43 AM PDT by FatherofFive (Islam is evil and must be eradicated)
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To: SeekAndFind

I am convinced that had she gotten one more term in as PM, that the Brits would be in far better shape today. They certainly picked a dull witted loser in John Major.


20 posted on 04/08/2013 10:24:35 AM PDT by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
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To: Eric in the Ozarks
Ted Cruz may be the closest voice we have to Lady Thatcher’s. Thatcher and the Gip were one in a million.

I guess Ronald and God are welcoming her to Heaven and talking about how bad Obama is doing for FREEDOMS!!

21 posted on 04/08/2013 10:31:48 AM PDT by ExCTCitizen (Go RED SOX....The 101st year of ol' Fenway!)
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To: Jimmy Valentine

On 1 November 1990 Geoffrey Howe, the last remaining member of Thatcher’s original 1979 cabinet, resigned from his position as Deputy Prime Minister over her refusal to agree to a timetable for Britain to join the European Exchange Rate Mechanism.

In his resignation speech on 13 November, Howe commented on Thatcher’s European stance: “It is rather like sending your opening batsmen to the crease only for them to find the moment that the first balls are bowled that their bats have been broken before the game by the team captain.”

His resignation was fatal to Thatcher’s premiership.

The next day, Michael Heseltine mounted a challenge for the leadership of the Conservative Party. Opinion polls had indicated that he would give the Conservatives a national lead over Labour.

Although Thatcher won the first ballot, Heseltine attracted sufficient support (152 votes) to force a second ballot. Thatcher initially stated that she intended to “fight on and fight to win” the second ballot, but consultation with her Cabinet persuaded her to withdraw.

After seeing the Queen, calling other world leaders, and making one final Commons speech, she left Downing Street in tears. She regarded her ousting as a betrayal.

THAT, marked the end of an era of great leaders IMHO.


22 posted on 04/08/2013 10:35:10 AM PDT by SeekAndFind
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To: RWGinger

And Pop John Paul II.


23 posted on 04/08/2013 10:43:28 AM PDT by Hostage (Be Breitbart!)
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To: FatherofFive

I agree 100 percent.

I helped “cover” John Paul when he visited Living History Farms in Des Moines back in the 70s. I’ll never forget it.


24 posted on 04/08/2013 10:47:24 AM PDT by Eric in the Ozarks (NRA Life Member)
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To: Eric in the Ozarks
I helped “cover” John Paul when he visited Living History Farms in Des Moines back in the 70s. I’ll never forget it.

Reagan and Thatcher were of course special, but you met a living saint in JP II.

25 posted on 04/08/2013 11:28:24 AM PDT by FatherofFive (Islam is evil and must be eradicated)
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To: SeekAndFind
"She regarded her ousting as a betrayal."

And so it was. She accomplished so very much that was beneficial to Britain but jealous slugs in her own party stabbed her in the back.

26 posted on 04/08/2013 11:40:35 AM PDT by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
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To: RushIsMyTeddyBear

Conservatism in on the rise here.

A Tory led coalition, and UKIP the biggest rising party. Clampdown on immigration and benefit culture. Not perfect, but we are getting there.


27 posted on 04/08/2013 3:51:26 PM PDT by the scotsman (i)
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To: Jimmy Valentine
but jealous slugs in her own party stabbed her in the back.

I think that's happened to a former governor of Alaska as well.

28 posted on 04/11/2013 5:13:23 AM PDT by Jimmy Valentine's brother (01-21-13, Obama declares war on The Constitution of the United States)
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To: Jimmy Valentine's brother

Got that right


29 posted on 04/11/2013 7:01:52 AM PDT by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
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