Skip to comments.Watch Margaret Thatcher Explain Why the Euro Is a Terrible Idea in 1990
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?
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 ...
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,
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.
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.
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.
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.
NIGEL FARAGE ON THE EURO:
Ted Cruz may be the closest voice we have to Lady Thatcher’s.
Thatcher and the Gip were one in a million.
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!
"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.
looks like Germany won after all, the Fourth Reich.
The UKIP is rising in England. I think Maggie would be proud.
And don't forget JP II.
Those three saved civilization for a few decades.
With Helmut Kohl thrown in for “Honorable Mention”.
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...
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.
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.
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.
I guess Ronald and God are welcoming her to Heaven and talking about how bad Obama is doing for FREEDOMS!!
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.
And Pop John Paul II.
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.
Reagan and Thatcher were of course special, but you met a living saint in JP II.
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.
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.
I think that's happened to a former governor of Alaska as well.
Got that right