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Cashin Conjures Thatcher's Prophetic 'Euro Folly' Call

Tyler Durden's picture




 

The pending three-day rally that has seen European and US markets soar smacks of a short-covering squeeze, notes UBS' Art Cashin, as some of the biggest percentage gains came in the most heavily shorted stocks. While this is hardly surprising in this increasingly schizophrenic economy market, it is the long-term consistency and prophetic consternation of Margaret Thatcher's view of the Euro as "perhaps the greatest folly of the modern era" that sits uncomfortably with the Merkel comment-driven rally of this morning (for now).

UBS' Art Cashin: The Other Woman - Part II - My mention of Margaret Thatcher’s fears and concerns about the Euro brought two enjoyable results. First, it prompted some friends to pass along several articles on the topic - mostly from the UK Telegraph. Second, it allowed for a rather extended discussion of Thatcher’s foresight with my friend, Carl Quintanilla, in the last hour Tuesday of “Squawk on the Street”.

Thatcher called the concept of the Euro - “perhaps the greatest folly of the modern era”. As Peter Osborne noted in the Telegraph back in 2010:

Today, Margaret Thatcher’s autobiography, first published in 1993, reads like a prophecy. It shows how deeply and with what extraordinary wisdom she had examined Delors’ proposals for the single currency. Her overriding objection was not ill-considered or xenophobic, as subsequent critics have repeatedly claimed.

 

They were economic. Right back in 1990, 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. Germany, forecast Thatcher, would be phobic about inflation, while the euro would prove fatal to the poorer countries because it would “devastate their inefficient economies”.

 

It is as if, all those years ago, the British prime minister possessed a crystal ball that enabled her to foresee the catastrophic events of the past year or so in Ireland, Greece and Portugal. Indeed, it is one of the tragedies of European history that the world chose not to believe her.

Thatcher’s warnings read like headlines on page 1 today. Leaders aren’t always listened to. How unfortunate.

 

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Thu, 06/07/2012 - 09:53 | 2503341 BlueStreet
BlueStreet's picture

So much for the idea that 'Price is Truth.'

 

 

Thu, 06/07/2012 - 09:55 | 2503357 SilverTree
SilverTree's picture

folly=failure

Thu, 06/07/2012 - 09:58 | 2503367 5880
5880's picture

She made Reagan look like a sissy

Thu, 06/07/2012 - 10:04 | 2503408 LetThemEatRand
LetThemEatRand's picture

They both thought deregulation -- especially of the financial industry -- was the key to long-term prosperity.   At least now we can look back with positive proof and declare that they were right.

Thu, 06/07/2012 - 10:13 | 2503445 goldm3mb3r
goldm3mb3r's picture

There was too much regulation. What do you think the SEC, Fed, Treasury are there for? The regulation of the market would have prevented the kind of leverage and fraud that has ballooned under "oversight"

Thu, 06/07/2012 - 13:13 | 2504449 macholatte
macholatte's picture

The enforcement of regulation of the market would have prevented the kind of leverage and fraud that has ballooned under "oversight"

 

there, fixed it for ya.

Thu, 06/07/2012 - 13:13 | 2504453 redpill
redpill's picture

We don't need regulation as much as we need consequences.  Over leveraging would not be prevalent if the bad actors were allowed to fail.  Instead we have bailouts and unlimited Fed lines of credit.  The logical reaction is to leverage since you can count on the central bank as a backstop.  You can take huge risks when you don't have to worry about the consequences of failure.

Conversely, in a country such as Switzerland where the bank executives themselves can be held personally responsible for a catastrophic loss, financial institutions fail very rarely.  

As long as we have the Federal Reserve aiding and abetting this situation, no amount of regulation is going to "fix" the problem.  And like a child predator, the Fed will keep on with its behavior until it is castrated and removed from society.

Thu, 06/07/2012 - 10:13 | 2503450 Atlantis Consigliore
Atlantis Consigliore's picture

Free market capitalism and deregulation, is the key to growth and prosperity;

keysian printing, regulatory regimes, czars and crony capitalsim and a political

print ez FED Reserve leads to chaos and crony capitalism and collapse.

Be like Margaret, .....she made Ronnie ....

 

Thu, 06/07/2012 - 10:16 | 2503484 ms1408
ms1408's picture

"Regulation" is just an opinion enforced through the barrel of a gun.

Thu, 06/07/2012 - 17:03 | 2505375 falak pema
falak pema's picture

not if its voted, in due process, by sincere legislators. They do exist.

Thu, 06/07/2012 - 20:13 | 2505776 ZDRuX
ZDRuX's picture

People are not interested in sincere legislators.

Just look at the president's election, it's all "Dancing with the stars" .. nobody gives a shit about morality or some made up imaginary virtues that they aspouse to posses.

 

Oh and news flash.. you don't get to vote on jack squat in this country (or any country). And no representative is accountable to anybody if he doesn't vote in favor of the people he represents. So good luck with regulating anybody.

Regulation is not the problem.. government is the problem.

Thu, 06/07/2012 - 10:13 | 2503456 goldm3mb3r
goldm3mb3r's picture

But she did not tackle welfarism.

Thu, 06/07/2012 - 10:34 | 2503613 Winston Churchill
Winston Churchill's picture

She did break the quasi public unions.

All the gains,and a lot more, were squandered away by

the Labour  party anyway.

Maybe the last conviction politician.

Thu, 06/07/2012 - 12:49 | 2504331 piliage
piliage's picture

As someone who lived in the UK in the mid 80s, trust me, London bears NO resemblance to the socialist hell-hole it was 25 years ago. Sure, there are a few repositories of insanity, the tube workers union for example, but the overall sluggish worthless drunk at 11am union assholes are GONE. And good riddance. London was a shithole in the 80s.

Leaving London by ferry from Dover and arriving in France, the Netherlands or Belgium used to be like taking a time machine ahead by 10 to 15 years into the future.

Now, leaving Belgium gives the same feeling in reverse when you arrive at St. Pancras station. Belgium is stuck in 1985 and going in reverse, brought to you by socialist union asshole politicians.

 

Thu, 06/07/2012 - 17:01 | 2505373 falak pema
falak pema's picture

take another rain check in twenty years time... I don't defend statism, but the current Oligarchy puts everything else to shame.

Thu, 06/07/2012 - 10:19 | 2503497 whatsinaname
whatsinaname's picture

and who was advising her successors on managing the UK's economy ?

Thu, 06/07/2012 - 09:54 | 2503343 BandGap
BandGap's picture

Is "iron" a verb or a command on that poster?

 

Thu, 06/07/2012 - 09:53 | 2503345 sbenard
sbenard's picture

Maggie was amazingly prescient!

Thu, 06/07/2012 - 09:54 | 2503348 misterc
misterc's picture

Let's not forget the many, many fatalities caused by train accidents after Thatcher privatized the public train companies.
The guy from hat4uk barely survived on of those accidents, search his blog. 

Thu, 06/07/2012 - 10:50 | 2503368 GeneMarchbanks
GeneMarchbanks's picture

LOL.

It's OK though cause he would have gone out like a soldier: with someone making a profit.

Fri, 06/08/2012 - 06:43 | 2506545 Kingbingo
Kingbingo's picture

Let’s not forget how many fatalities have been caused by Vending machines falling on people trying to steal stuff out of them since Thomas Edison domesticated electricity……and other utterly spurious retard connections that don’t mean anything you leftie cock.

 

Maggie was a great woman, and a great leader.

Fri, 06/08/2012 - 06:44 | 2506546 Kingbingo
Kingbingo's picture

Let’s not forget how many fatalities have been caused by Vending machines falling on people trying to steal stuff out of them since Thomas Edison domesticated electricity……and other utterly spurious retard connections that don’t mean anything you leftie cock.

 

Maggie was a great woman, and a great leader.

Thu, 06/07/2012 - 10:00 | 2503374 5880
5880's picture

Mussolini was good with trains

Thu, 06/07/2012 - 10:12 | 2503382 Rubicon
Rubicon's picture

There wouldnt be any trains now if she hadnt!

Thu, 06/07/2012 - 11:40 | 2503987 bagehot99
bagehot99's picture

Entirely specious connection between privatized train companies and fatalities, which were caused (Clapham Junction) by human error. Privatized firms have a much stronger incentive to run efficient, safe businesses than do government bureaucracies. The idea that the public sector is beyond reproach is silly beyond measure, and truly shows intellectual laziness on the part of those that state it explicitly, or imply it as you just did. 

Thu, 06/07/2012 - 13:20 | 2504486 Kayman
Kayman's picture

bagehot99

Precisely. This fiction about hiring more myopic, lazy, self-important government employees to save the rotten system they birthed, needs to be quashed.

We need a few government employees, but damn few.

Thu, 06/07/2012 - 12:11 | 2504170 Rip van Wrinkle
Rip van Wrinkle's picture

Absolute fucking nonsense. There have been fewer deaths on the railway in the last 25 years than the previous 25 and the number of rail passengers has doubled in that time.

Thu, 06/07/2012 - 12:33 | 2504268 koperniuk666
koperniuk666's picture

Fuck off Bob Crow (mister C) - You are not welcome here.

Train travel is hundreds of times safer that car travel - even in the UK during the 1980's when no-one had spent a penny of the permanent way for 40 years. ( and the performance of the infrastructure, in spite of this,  was a tribute to British engineering) 

 

Thu, 06/07/2012 - 12:54 | 2504354 piliage
piliage's picture

Oh Sure, there was nothing like the pleasure of taking a British Rail train from Kings Cross to Glasgow in 1985. Trains hours late, loaded with trash, overflowing toilets, 25 year old rolling stock from the 50s, incompetent staff who were drunk at noon and didn't give a damn.

I'll never forget the overnight train I took from Scotland to London in February of 1988 and the damn train had NO HEAT. Literally, there were dozens of us crowded into the cafe car trying to get hot drinks.

Britrail was shit. Get over it.

Thu, 06/07/2012 - 09:55 | 2503350 FullFaithAndCretin
FullFaithAndCretin's picture

It is as if, all those years ago, the British prime minister possessed a crystal ball...

Actually, two crystal balls.

Thu, 06/07/2012 - 10:10 | 2503436 DeadFred
DeadFred's picture

Leaders aren’t always listened to. How unfortunate. Without the advantage of hindsight determining who is the leader vs. who is just governing is not an easy task. If you pay attention to the MSM you might think that Obama is a great leader. Should we listen to him? Maybe so if you have the same dietary preferences as a mushroom.

Thu, 06/07/2012 - 10:39 | 2503646 NumberNone
NumberNone's picture

+1.  Hard to justify listening to leaders when 99.9% of what they say is bullshit and the rest is inaccurate.  I'm sure at some point in the future they will find an Obama statement that was accurate and hail him as a great leader for example "Wow, Trayvon really was his kid"...or something along those lines. 

 

Thu, 06/07/2012 - 10:16 | 2503479 Oh regional Indian
Oh regional Indian's picture

Make that Two Balls of Iron.

Truly, the Iron Lady.... shoved 'Great" Britain to the Extreme Right (Just like Her Buddy Ron Did for US) and then left it dangling for a hard move to the center ever since. A pendulous Prime Minister if there ever was one.

And look, it's getting harder and harder to tell these folks apart. Clinton, Bush Jr and Now O. Fraud Centrists....need take no positions at all.

From Thatcher's Euro Folly to Blair's complicit sell-out in 2004, they got what they wanted. Teh serf's had Football and warm beer. Now they have porn stars on Big Brother.

Enough Said.

ori

Thu, 06/07/2012 - 10:25 | 2503540 Winston Churchill
Winston Churchill's picture

Ori.

Stop drinking the Bung.

Center of what ?

Labour party extreme left socialism.

Or are you are a pure Marxist ?

Thu, 06/07/2012 - 11:05 | 2503794 Oh regional Indian
Oh regional Indian's picture

Dude, don't mis-spell Ambrosia.

It's Bhang. Say it with your heart. ;-)

Bhang.

And then all the caste-system callers, note, Bhangi (untouchables) were those who drank Bhang.

What a contradiction in terms eh? The untouchables were those that drank the drink of the gods.

And Winnie, please. Thatcher was as far right as the electorate would elect. Same game, over and over and you just can't see the light?

As Left Follows right...., John Major was a Centrist (read weak conservative) and then of course came the Brown stuff.

And the rest, as they say, is His-Story.

ori

Thu, 06/07/2012 - 11:23 | 2503884 Winston Churchill
Winston Churchill's picture

Spelling its name was optional when I regularly drank it.

A spiritual phase I went through in whats seems like many

re incarnations ago.

Many dawns at the Ghats of Benares(Varanisi now),very mellow.

 

Thu, 06/07/2012 - 11:31 | 2503937 Oh regional Indian
Oh regional Indian's picture

Holy Bhang dude. You've been there!

Why in the world then would you ask me to slow down?

People are strange...

ori

Thu, 06/07/2012 - 16:12 | 2505225 falak pema
falak pema's picture

Ori, you forget what Maggy said about her achievement : My greatest is Tony Blair and what New labour has become...

She got that right, at least, even if Thatcherism has made Londonistan into pure unadulterated Oligarchy land and the rest of Britain into soon joining third world asupto neck  in debt, fast sinking land. And, she did tell Shell and BP to deplete North Sea Oil "as fast as they could" and they did it...

Thu, 06/07/2012 - 10:55 | 2503752 TJ00
TJ00's picture

Extreme Right in the UK is Combat 18 and the National Front, Maggie was nothing like that. What she tried to do was to modernise the country which was in a crisis, we could have been like Greece is today. That's not to say she was correct on every call, she wasn't Iron enough to do what was needed to stop the IRA, namely take out their financial network in the US, Ted Kennedy and the like, fortunately for us Bin Laden mounted 9/11 and that stopped all but a trickle of money to Irish Republican terrorists as Irish Americans were confronted with what terror really means.

Thu, 06/07/2012 - 12:27 | 2504242 koperniuk666
koperniuk666's picture

TJ100 -  you are right - Thatcher was brilliant. - she applied simple logic from simple empirical data;

  Most of what she wrote was prophetic of the situation today. ( Mostly because we have been here before - its just that the current politicians and electrorate werent around or don’t remember);

 

In “the downing st years “ p131 she says

‘as govts tried to stimulate employment by pumping money into the economy they caused inflation. The inflation led to higher costs. The higher cost meant loss of ability to compete. The few jobs that were gained were soon lost and so were a lot more with them. And then from a higher level of unemployment and inflation  the whole process starts again….’

simple stuff and not 'right wing'!!!

Unfortunately reading ability and an IQ above 20 are required to learn this simple lesson. And fuckwit cameron fails on both counts.

Thu, 06/07/2012 - 13:02 | 2504400 TJ00
TJ00's picture

You are right about Cameron, I find it difficult to find any substantial differences between him and the opposition, the media tries to make tiny differences seem like huge gaps between them, I remember back in the Thatcher years there used to be debates, real ones, where facts were put forward and those in the Commons voted what they thought best, even if it was in opposition to their Party, some even resigning because of disagreements they could not settle, now it is all preening and soundbites, all that matters is who can fool the public the best, that's Blairs legacy.

Thu, 06/07/2012 - 13:31 | 2504547 Kayman
Kayman's picture

I wonder if Bernanke has read page 131 ?

Thu, 06/07/2012 - 12:13 | 2504183 Rip van Wrinkle
Rip van Wrinkle's picture

Which is two more than every western politician has now. Eunuchs!!

Thu, 06/07/2012 - 09:55 | 2503355 gjp
gjp's picture

A great, though well-intentioned, folly it is.  But the ultimate folly is the 'Bretton Woods II', non-gold backed, fiat currency (US dollar) system.  People are scared of the Euro more because it will probably bring the bigger folly down with it.  As well it should.

Thu, 06/07/2012 - 10:04 | 2503400 semperfi
semperfi's picture

Only to be trumped by the folly of ignoring the Constitution, which, if followed, makes all arguments about fiat a moot point. Those who swore to uphold the Constitution that ignore it are traitors and therefore terrorists - who need to be, per NDAA protocol, picked up & hauled away in a black Suburban never to been seen again.

Thu, 06/07/2012 - 10:15 | 2503474 Samual Adams
Samual Adams's picture

Traitors and people who commit treason over and over again out in the public.  Well those people used to be executed.   Now they are rewarded with we the people's  money.

Ignorance is strength

Peace is war

Freedom is slavery

Thu, 06/07/2012 - 17:23 | 2505407 falak pema
falak pema's picture

traitors to what? Being a traitor to reason of police state, to opaque decisions made in whitehall  to invade Irak or Afghanisatan? To manipulate governments in Africa, like in Nigeria for over fifty years in order to help the Oil lobby cheat outirght that nation bleeding it white; to work for BP and the banks to corner Q-daffy, like Blair did,  and then burn him, when he becomes expendable, like Cameron did,  and extract part of his country's, albeit handled by Q-daffy's family, sovereign fund all or part of the 200 bilion sunk in first world assets and banks, is that really being a traitor?

Is that Wikileaks guy a traitor?

Rewarded by whom? Isn't it the Oligarchs who run the world, and hold their foot over "we the people's" necks? They would love to stifle the Internet.

Show me a patriot and I'll show you a....charlatan. Very appropriate today. In whitehall as in DC.

If the people were politically active in UK and USA the so called patriots who work for the Oligarchy would be called to task. 

Thu, 06/07/2012 - 09:56 | 2503359 semperfi
semperfi's picture

Chalk it up to plain old human nature.  There are smart people. There are dum people. Always have been - always will be.  And some of the dummest I know have PhD's. 

Thu, 06/07/2012 - 10:04 | 2503410 FullFaithAndCretin
FullFaithAndCretin's picture

Some of the dumbest I know know how to spell. And use an apostrophe.

Thu, 06/07/2012 - 10:14 | 2503455 semperfi
semperfi's picture

Dad, is that you?

Thu, 06/07/2012 - 10:18 | 2503492 Silver Bully
Silver Bully's picture

I chalked it up to a minor sense of sarcasm. Or irony. Either or, it was still funny.

Thu, 06/07/2012 - 10:48 | 2503715 ootofthehoos
ootofthehoos's picture

It is funny there are punctuation errors in that sentence.

I gave both  semperfi and FullFaithAndCretin a thumbs up for amusing me, including the "Dad" post.

Thu, 06/07/2012 - 09:57 | 2503362 GeneMarchbanks
GeneMarchbanks's picture

Sigh...

Thatcher’s warnings read like headlines on page 1 today. Leaders aren’t always listened to. How unfortunate.

There Is No Alternative!! Turns out there is, it just isn't part of the neo-liberal model for inquisition.

Art needs to retire from the game, he is senile.

Thu, 06/07/2012 - 09:59 | 2503372 SDRII
SDRII's picture

Just curious? What did she say about the GBP?

Thu, 06/07/2012 - 11:03 | 2503790 TJ00
TJ00's picture

She wanted sound money, banks, economy and government, she had seen what happened when we had to be bailed out by the IMF and she never wanted that humiliation to happen again.

Thu, 06/07/2012 - 09:57 | 2503364 RobotTrader
RobotTrader's picture

"The Fix" is in.

Poor Doug Noland will be commenting this weekend about the rapid unwind of bear trades, vicious short squeezes, etc.

Heh, Bernanke doesn't even have to do anything.  All he has to do is suggest that he'll do something when it is necessary.

Thu, 06/07/2012 - 10:02 | 2503394 gjp
gjp's picture

You laugh, I cry.  It's the most sickening display of human behaviour in our lifetimes.  And we go on about Syria ... this monetary debauchery will destroy so much more.

Thu, 06/07/2012 - 10:02 | 2503373 Pig Brotha
Pig Brotha's picture

!

Thu, 06/07/2012 - 10:01 | 2503386 Dorky
Dorky's picture

Because Thatcher didn't go along with the EU plan, the Bilderberg group sacked her.

Thu, 06/07/2012 - 10:05 | 2503412 adr
adr's picture

It doesn't look like a short squeeze. It looks like a greater fool rally, just like the last three years. Every idiotic trader is buying stocks in the anticipation that free money from Huey Ben Shalom will allow somebody to buy their stock at a higher price.

The rest of the rally is board members buying stock they know they can cash out with at a far higher price, because helicopter money will be used for corporate share buybacks. The insanity rally of 2012 has already made it impossible for any corporation to deliver on earnings based on share price. But no, the bubble highs must have been correct. Martians will invade to buy the extra million cars sitting on GM dealer lots.

Any statement that QE is done to support economic growth is like the drunk man in a bar trying to pick up a chick because he really wants to talk.

Thu, 06/07/2012 - 10:13 | 2503452 Dr. Engali
Dr. Engali's picture

Are you kidding? This rally is every bit of a short squeeze.The stupid shorts fell for it again. I'd love to short this over priced piece of shit but I won't because I know that Ben is not going to let it fall. So I buy the dips and get out on the rips.

Thu, 06/07/2012 - 10:33 | 2503600 RiverRoad
RiverRoad's picture

Hey, they got to take it up because look how far down it's got to go......

Thu, 06/07/2012 - 10:06 | 2503417 Dezperado
Thu, 06/07/2012 - 10:24 | 2503431 Dr. Engali
Dr. Engali's picture

 

Thatcher’s warnings read like headlines on page 1 today. Leaders aren’t always listened to. How unfortunate

 

People don't want to hear the truth just ask Ron Paul. They would rather listen to empty promises.

Thu, 06/07/2012 - 10:22 | 2503523 goforgin
goforgin's picture

Thatcher set up England as one giant Hedge Fund.

Thu, 06/07/2012 - 10:29 | 2503568 SDRII
SDRII's picture

using scottish oil revenue

Thu, 06/07/2012 - 16:06 | 2505199 falak pema
falak pema's picture

an oil field depleted in twenty years ...

Thu, 06/07/2012 - 10:25 | 2503547 DavosSherman
DavosSherman's picture

Sorry, think the "Fed" holds the trophy for the greatest folly

Thu, 06/07/2012 - 10:26 | 2503553 RiverRoad
RiverRoad's picture

She saw right through the farce knowing full well that it was a Trojan Horse constructed by Goldman and pals to be the perfect instrument in which to place profits from US dollars earned abroad while the dollar was necessarily trashed to compete with China and the developing world.  Worked great for Germany too.  What the "llttle countries" so eager to join didn't know was that they were the patsies at the table.

Thu, 06/07/2012 - 11:02 | 2503782 A Man without Q...
A Man without Qualities's picture

What?

It was constructed by the France and Benelux countries as a way to prevent a united Germany from growing too powerful.  

What Germany didn't realize was they were the patsies.  The weaker nations were going to spend like crazy using German loans and then turn round and tell them they couldn't pay the bill. 

Thu, 06/07/2012 - 10:43 | 2503680 Gringo Viejo
Gringo Viejo's picture

Sent a letter to Romney stating that if elected, he has the option of being a great President such as Reagan with an eye towards restoring American exceptionalism, or a moral relativist sociopath like Clinton. Given he is a man of spiritual belief, I have great hope for him (and us).

 

Thu, 06/07/2012 - 10:44 | 2503690 Straw Dog
Straw Dog's picture

"(A unified) 'Europe' is the result of plans. It is, in fact, a classic utopian project, a monument to the vanity of intellectuals, a programme whose inevitable destiny is failure: only the scale of the final damage done is in doubt."

Margaret Thatcher

from her autobiography

Thu, 06/07/2012 - 10:47 | 2503710 Withdrawn Sanction
Withdrawn Sanction's picture

Thatcher’s warnings read like headlines on page 1 today. Leaders aren’t always listened to. How unfortunate

"...a prophet is not without honour save in his own country... "

Thu, 06/07/2012 - 11:07 | 2503800 YHC-FTSE
YHC-FTSE's picture

Bullshit. Even a broken clock tells the right time if you wait long enough. Obviously I don't subscribe to the rose tinted view of the Thatcher years in Britain when she started sucking American cock in earnest and espoused emulating everything it does. The rampant excesses in credit, materialism, violence as a solution to political, economic and social problems, for a short-lived splurge in growth is what she gave my country. She was the most divisive and hated political figure of the 20th century in Britain when she was PM. That is a fact. Her own party kicked her out of office in the end before the whole nation revolted against the government. 

Giving plaudits for her foresight is like saying GW Bush is a genius for invading Iraq in 2003 because Iraq will eventually nuke the USA a hundred years from now. Bullshit. Her legacy is the "Special relationship" we enjoy with the US (Getting economically ass fucked by selling every industry under the sun to US corporations for a song, and sending our boys to be killed wherever the USA invades), the pernicious rap-gang culture imported whoesale from America, together with the erosion of our language and identity. We may have been poorer before Thatcher, but by everything we hold dear we were still British. Now, looking at our young people and the behaviour of our government, I feel that we're just another quaint garrison in the greenback empire. 

We gave you Borat, so I guess we're even. 

Thu, 06/07/2012 - 13:12 | 2504440 Choose Sanity
Choose Sanity's picture

No question about it.

Thu, 06/07/2012 - 11:09 | 2503808 Mercury
Mercury's picture

I’ve always been a huge fan of late 70’s/early 80’s British punk/new wave and especially ska – most of which never caught on in the states.  Maggie took a lot of guff from this crowd but they should thank their lucky stars she was such a hard-ass about the Euro.  They’d probably also admit that the various entertainment related unions at the time caused them considerable grief.

Thu, 06/07/2012 - 13:21 | 2504464 falak pema
falak pema's picture

The greatest folly of the modern era ? The Reaganomics-Thatcherist mantra; that is what spawned the financialised, frankenstein world of today. Euro is a botched job to counter it, as defensive wall, imagined by the Eurocrats. But its demise will only accelerate the demise of Reaganomics and Thatcherism, which have brought first world to a crisis of civilization; alike the Pax Britannica collapse, that the global colonial model and resultant bottenecking of RM worldwide did to first world in 1914. It resulted in capital destruction and the emergence of populist totalitarism in Old Europe, that the WS folly of 1929 only compounded. Now the same problem faces both sides of the pond again thanks to a new financial hegemonial model gone viral, as colonial "rule Britannia" did then! 

Thu, 06/07/2012 - 15:11 | 2504950 jmc8888
jmc8888's picture

People forget the point that Thatcher WAS listened to, for the most part.  Do they still have the pound? Oh wait, yeah.  Did Thatcher push this monstrosity onto Europe (not alone of course)? Sure did. 

 The Euro was designed to fail.  The real designers, never took on the Euro did they? Nope.  So suddenly because Thatcher's words are used about how it was to fail, because it was designed to fail, prophetic, considering she was one of the pushers of it onto Europe, she's prophetic?

Of course they knew, and that's WHY they pushed it.  That's WHY they (and US) made sure Germany couldn't reunite without signing on. 

Bush (british stooge...you do remember he was KNIGHTED right? Accepting of a foreign title), Thatcher, and Mitterrand (british stooge), got Kohl to agree under the threat of war, and there you had the EU, which was designed to fail.  I wonder what Queen and her ideological minions pulled the strings? 

Why people don't understand this is beyond me.  Is the kid who says in class 'I'm going to kick your ass afterschool' prophetic, for, kicking said kid's ass afterschool?

So if the person who knows what is going to happen, because it was designed to do that, pushes said monstrosity onto Europe, are they prophetic? Or are they just corrupt, manipulative, and a tool of the oligarch? 

As to Reagnomics/Thatcher....it was about getting rid of the correct legislation, along with some bad.  Only idiots think in terms of more regulation or less regulation.  It's all about correct and incorrect.  Some areas we need more, some areas less.  Some just need to be reworded.  A perfect example is that we don't need the monstrosity of Dodd-Frank which actually makes the problem worse, we need the simple, short, EFFECTIVE, Glass-Steagall.  It's more because it's ANOTHER, yet it's less because it's like 1 percent the size.  But it's EFFECTIVE.  It's about correct regulation.  Correct is sometimes more, sometimes less, sometimes just reworded.  People need to quit in the monetarist folly.

Glass-Steagall  (another thing that Thatcher got rid of [the english version])

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