Can we finally lay this thing to rest please?

When even Larry Elliott says this:

For Britain, the crisis shows what life might have been like in the single currency. As in Ireland, interest rates would have been far too low, the housing bubble more colossal, the bust more horrific. UK membership of monetary union is a dead issue….

Could all the federasts please shut up about Britain joining the euro now?

10 thoughts on “Can we finally lay this thing to rest please?”

  1. What everyone above said.
    the federasts made out that anyone who disagreed with their view was mad, probably bad and certainly dangerous.

    We need a public and grovelling apology and recognition of that fact.

  2. “As in Ireland, interest rates would have been far too low, the housing bubble more colossal, the bust more horrific. ”

    All things the national Government, individual banks, businesses and people could tackle *if they had chosen to*.

    Banking regulation was done on an international consensus basis. House building became something States wanted. (especially in the UK as a means to get ‘affordable’ housing). It was a measure of success. Banks mispriced the risk of the lending they were doing. People borrowed more than they could rationall afford. Bank regulators failed to see the risks building up in the system.

    Being a member of the Eurozone didn’t cause their troubles though it is now making it hard for them to sorting it out.

  3. We need a public and grovelling apology and recognition of that fact.

    You might. I’m worried about what setting such a precedent would probably oblige of me in the future.
    Well that, and I also tend to regard people who insult me instead of making any real arguments as a compliment to myself.

  4. Hmm. I’m not claiming that UK Euro entry would have been a good thing – just that, as the second-largest economy and largest trading economy, if we would have been involved in the euro, everything would have been very different.

    I have no idea exactly how (or whether they would have been better or worse for anyone involved) – but Ireland is trivial compared to Germany, France and The Other Crooked Booming Places, whereas as The Only Non-Crooked Booming Place, With More Trade Than Germany, things would have been different.

  5. Larry Elliott may be a leftie and a Keynesian, but kudos to him for being dead right on this issue from the start; ditto, Anatole Kaletsky.

  6. While we’re at it, can we have an apology for the early 90s recession from the same suspects please? You know, the ones who bounced Mrs T into the ERM? People like Lord Howe, Michael Heseltine, the Labour party, the Lib Dems, the unions etc etc. That meant we had to raise interest rates to defend the pound when what we actually needed was lower rates and a lower pound? Which would probably have meant the early 90s recession would have been much less problematic, especially with regard to property repossessions etc.

    I won’t hold my breath tho.

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