Watch Margaret Thatcher Explain Why the Euro Is a Terrible Idea in 1990

The Atlantic ^ | 04/08/2013 | JORDAN WEISSMANN

[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.

[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,

[RWGinger]

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.

[Da Coyote]

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.

[Olog-hai]

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.

[Olog-hai]

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.

[Gay State Conservative]

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.

[SeekAndFind]

NIGEL FARAGE ON THE EURO:

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

[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.

[Don Corleone]

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!

[Lancey Howard]

I always loved this cartoon:

[oldbrowser]

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.

[sickoflibs]

looks like Germany won after all, the Fourth Reich.

[RushIsMyTeddyBear]

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

[FatherofFive]

Thatcher and the Gip were one in a million.

And don't forget JP II.

Those three saved civilization for a few decades.

[dfwgator]

With Helmut Kohl thrown in for “Honorable Mention”.

[SeekAndFind]

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...

[Moonman62]

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.

[FatherofFive]

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.

[Jimmy Valentine]

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.