How Thatcher was “freakishly correct” about the euro
posted at 12:25 pm on April 8, 2013 by Ed Morrissey
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.