Green Room

How Thatcher was “freakishly correct” about the euro

posted at 12:25 pm on April 8, 2013 by

Joe Weisenthal and Rob Wile offer a unique look at the prescience of Margaret Thatcher on the euro project.  A skeptic from the beginning, the two writers at Business Insider give her credit for a “freakishly correct” prediction about what would result from the single currency with multiple sovereignties:

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 Osborne argued 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.

Actually, history has proven Thatcher right about a great many things.  That says quite a bit about the polarization that surrounded Thatcher, and whether it came from her being a “polarizing figure” or the obstinate resistance to common sense and vision among her opponents at the time.

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Actually, history has proven Thatcher right about a great many things. That says quite a bit about the polarization that surrounded Thatcher, and whether it came from her being a “polarizing figure” or the obstinate resistance to common sense and vision among her opponents at the time.

… and now.

(i.e., “the obstinate resistance to common sense and vision among her opponents both then and now”)

ITguy on April 8, 2013 at 1:37 PM

whether it came from her being a “polarizing figure” or the obstinate resistance to common sense and vision among her opponents at the time.

Ding! Ding!

People are only polarizing when they have an unpleasant fact that liberals does not want to hear.

Loons are not “polarizing”. They’re just loons. No one could say that about Thatcher or a lot of other “polarizing” people.

Just another dance with the language liberals use to diminish anyone who doesn’t follow willingly.

Wear it well, Mrs. Thatcher. You were effective. RIP.

kim roy on April 8, 2013 at 1:42 PM

It’s “freakish” only if, like most lefties, you are the rational equivalent of a lentil. To those who actually use their brains, the EU denouement was as clear as day.

But good on Thatcher.

ahem on April 8, 2013 at 2:47 PM

whether it came from her being a “polarizing figure” or the obstinate resistance to common sense and vision among her opponents at the time.

Sorry, but I’ve never yet met a liberal with common sense.

dominigan on April 8, 2013 at 2:51 PM

I watched a BBC thing on her on Netflix a few weeks back. She was polarizing because she fit no model of behavior available to the Brit media. She spoke constantly of freedom and liberty, and about self-reliance. She was a tough broad – just ask the Argentinians: I’m sure the Argentine brass hats thought they could push her around. She cleaned their clocks.

Since the Brit media had no stereotype which fit her, all they could do (even when her actions were acknowledged as good) was brand her greedy and bigoted, just like Martin Beshears did yesterday.

Some things never change.

Good on you, Lady Thacher. RIP. You are sorely missed.

jclittlep on April 8, 2013 at 4:26 PM

So what, MSNBC says she was selfish and greedy.

If she’d been selfless and not so greedy she could have helped usher in the age of economic impotence and disaster that the left caused after she left…

It has to really upset them that “selfish greedy” plans work for everyone and even make the poor better off; when selfless plans tend to make the poor suffer and never work as intended.

Of course they can’t learn from watching that play out… over and over again. It must be some evil right-wing trick or something.

gekkobear on April 8, 2013 at 6:04 PM

obstinate resistance to common sense and vision

Pretty much a dictionary definition of “liberals”.

squint on April 8, 2013 at 7:23 PM

Great comments.

INC on April 8, 2013 at 9:41 PM

Hey, let’s create a currency that magically unites a broad group of disparate countries with wildly varied economic structures, work ethics, business models, differing household incomes, and fundamentally dissimilar societal and personal aims… that’ll function like a charm!

Uh… maybe wishful thinking and top-down command despotism for such mythical monetary unity doesn’t pan out the way the Brussels socialist think tank white papers said it would.

Maggie smelled the delusional rot before the first euro was minted/printed.

The Currency of Fantasy.

For EU-nuchs.

profitsbeard on April 8, 2013 at 10:02 PM

Big deal. I mean look at Obama’s predictions about his stimulus – absolutely prescient. Freaking Nostradamus, that guy.

crrr6 on April 8, 2013 at 11:04 PM

Hey all, I live and work in Europe. I get to live the things you hear about on the news. It’s one joy upon another, lemme tell ya.

I had a meeting in Romania with potential customers who were led by a couple of English guys. We were discussing currency exchange, because Romania uses the Romanian New Lei (RON), we at the Home Office use the Euro, and the Brits use the Pound.

We were discussing tying the exchange rate to the Euro, and one of the Brits blurted out “yeah, but the bloody Euro’s on it’s arse, isn’t it?” to much British laughter.

We talked about the crappy Euro for the rest of the day at a pub.

Cheers!

Bigurn on April 9, 2013 at 6:10 AM

Her opponents of today are even bigger loons.

jukin3 on April 9, 2013 at 10:55 AM