BREXIT: The Euro Currency (2 of 3)
Once upon a time, a long time ago, there were people known as Tory Grandees. These were Conservative ministers who had held or were holding high office and supposedly knew what they were talking about. Two such candidates were Kenneth Clark (once Chancellor of the Exchequer) and Michael Hessletine, now Lord Hesseltine, a one time senior minister and a party darling. They advocated for many years in the 1980's that Britain should - without doubts, looking backwards, conscience, nor aware of the consequences and the cause and effect - join the Euro.
Luckily, as it turned out, Britain didn't join the Euro and as we all know hasn't done so since. This is more by luck than judgement as it manifested itself in every governments 'too difficult to do box'. It is unclear if anyone listened to them then, but as they are silent on the matter now, no-one listens to them anyway.
The Euro is fatally flawed, always was and always will be, unless and until sovereign and constitutional commitment and Union goes hand in hand with currency convergence. The originator of the Euro said as much as well. Only Strauss Kahn since Keynes has recommended currency convergence, but on a wider scale, worldwide.
To think that politicians holding such high office (Clark and Hesseltine) can get it so wrong leads us to the conclusion that the same persuasive arguments and concepts will be put forward for us all to follow again at some stage soon, to go down some ill conceived path. This time it might be taken with dire consequences for us all in Britain.
The economic Union has brought us: - Brussels, a burgeoning state within a state consisting of unelected politicians - over complicated legislature on top of our own - Political distraction, when home affairs need sorting - Weak neighbours labouring under unfair economic pressure, particularly with economic migration in abundance, creating an underclass
So the answer might be Brexit. Why go there? Why not negotiate a much better trade deal and forget all of the legislature that goes hand in hand with the EU.
Because that is not the way things are done in Europe. Germany and France have all but signed away their sovereignty hoping that other member states would follow suit.
The ills of Greece, Spain, Portugal and Ireland are irritations and they see that bailing them out is the short term answer. It is more than evident in this scenario that no one politician is in power long enough to see the consequences of their actions, that bail outs put off the systematic and fundamental problem that is evident.
No country should have to have its currency rate pegged such that it cannot export efficiently, that its economic ills are magnified for all to see. Let Greece exit, as I wrote in the Summer of 2015 (see my Grexit blog post).
Use Greece as the test case. Manage the exit magnanimously and allow its own country ravaged by unfair disciplines of the EU and Maastricht to recover.
Once again a serious politician is required to lead such a charge. Unlike any charges at Verdun or subsequent battles, this battle must be fought and won in peace. Is Germany annexing Greece a possibility to avoid the EU's disintegration which would only make the stronger nations suffer without knowing the consequence? Who is the next German Chancellor, a hawk or a dove?