Thatcher proves prescient on EU crisis

June 12, 2012 08:05


“Mrs. Thatcher foresaw with painful clarity the devastation it was bound to cause. Her autobiography records how she warned John Major, her euro-friendly chancellor of the exchequer, that the single currency could not accommodate both industrial powerhouses such as Germany and smaller countries such as Greece.” Thatcher predicted the currency would harm poorer countries because it would “devastate their inefficient economies.” – Washington Examiner

 

By Cal Thomas at Washington Examiner


EXCERPTS:

One of many things left out of the film “The Iron Lady” was Prime Minister Margaret Thatcher’s warnings on the effects a single currency would have on the economies of European nations. Thatcher’s premonitions place her among the great political prophets of all time.

 

Living within one’s means was a lesson forgotten by individuals and governments, whose main preoccupation — in Europe and America — has been giving people what they want in hopes they’ll re-elect the politicians who dispensed the goodies. That formula has contributed to an unemployment rate in Spain approaching 25 percent.

 

Again, Margaret Thatcher was right when she said, “A democratic Europe of nation states could be a force for liberty, enterprise and open trade. But, if creating a United States of Europe overrides these goals, the new Europe will be one of subsidy and protection.”


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