Thatcher & the Euro

One of the things that our cousins in Britain, on the other side of the great ditch, can think Margaret Thatcher for is keeping them out of the Euro. As Joe Weisenthal and Rob Wile demonstrate in Business Insider, the Iron Lady had a profound grasp of the obvious — to wit, that the countries of the Mediterranean would not be able to compete on equal terms with the Germans and that, in the absence of an ability to devalue their currency in order to remain competitive, they would demand bailouts. In her autobiographical works (1993, 1996), she spells out the concerns the caused her to keep her country out of what was then called the Economic and Monetary Union (EMU) and that should have scuttled the entire project.

Would that we had someone today in the United States as astute, as ruthless, and as patriotic. Her career is a reminder that common sense trumps putative expertise nearly every time.