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Stock Market Bubble in Trouble

Thatcher's Last Stand Against Socialism

Politics / UK Politics Dec 19, 2011 - 03:06 PM GMT

By: Mike_Shedlock

Politics

Best Financial Markets Analysis ArticlePlease consider this humorous video of Margaret Thatcher's last House of Commons Speech on November 22, 1990. What Thatcher said then about the Euro, European politics, socialism and wealth creation makes as much sense today as it did then, when she made fools of the opposition in Parliament to much laughter from the conservatives.




The video is quite funny, please play it.

The complete Transcript of Thatcher's Last Stand is well worth a read as well. Here are some pertinent snips on Eurozone, not all of which is in the above video.
Mr. Alan Beith (Berwick-upon-Tweed)

Will the Prime Minister tell us whether she intends to continue her personal fight against a single currency and an independent central bank when she leaves office?

Mr. Dennis Skinner (Bolsover)

No. She is going to be the [central bank] governor. [Laughter.]

The Prime Minister

What a good idea. I had not thought of that. But if I were, there would be no European central bank accountable to no one, least of all national Parliaments. The point of that kind of Europe with a central bank is no democracy, taking powers away from every single Parliament, and having a single currency, a monetary policy and interest rates which take all political power away from us.

As my right hon. Friend the Member for Blaby (Mr. Lawson ) said in his first speech after the proposal for a single currency was made, a single currency is about the politics of Europe, it is about a federal Europe by the back door.

So I shall consider the proposal of the hon. Member for Bolsover (Mr. Skinner). Now where were we? I am enjoying this.

Mr. Michael Carttiss (Great Yarmouth)

Cancel it. You can wipe the floor with these people.

The Prime Minister

Yes, indeed—I was talking about Europe and the socialist ideal of Europe. Not for us the corporatism, socialism and central control. We leave those to the Opposition. Ours is a larger vision of a Community whose member states co-operate with one another more and more closely to the benefit of all.

Are we then to be censured for standing up for a free and open Britain in a free and open Europe? No. Our policies are in tune with the deepest instincts of the British people. We shall win the censure motion, so we shall not be censured for what is thoroughly right.
What Thatcher said about the Euro being a "back door" mechanism for transformation of Europe into a socialist nanny state was stunningly correct.

Hopefully, prime minister David Cameron will see the light and stand to to the EU and its attempt to extort another £25bn from the UK. For details, please see EU Leaders Endlessly Play "Ring-Around-the-Rosie"; Finance Ministers Seek IMF Funding Deal; EU demands £25bn lifeline from the UK.

Indeed, rules have gotten so crazy in regards to agricultural policy and other rules, that Cameron should put exiting the EU to a popular vote.

UK Should Exit the EU

Why should UK citizens pay through the nose for inane trade regulations especially on agricultural goods?

The UK needs to send a statement that it has had enough. If France wants protectionist agricultural policies then France, not the UK should suffer the consequences.

Those who do not know what I am talking about can find a nice example in UK facing £20m garlic tax bill

The UK Government has received a European Commission ultimatum to hand over £20 million within two months or face legal action. The wrangle is over the fact that import tariffs on frozen garlic from outside the EU are lower than the rates for fresh garlic. And, according to the Commission, UK authorities carelessly levied the lower rate applicable to frozen garlic on imports of the fresh product from China, in breach of EU customs rules.

A Commission statement explained: "Between 2005 and 2006, the UK customs authorities allowed imports of fresh garlic from the People's Republic of China under wrong authorising documents. They have erroneously stated that the goods imported were frozen garlic for which significantly lower import duties apply.

Why Put Up With This?

The EU has inane agricultural policies, inane trade policies and tariffs, and absurd rules on labeling bottled water, for example EU Bans Claim "Drinking Water Can Prevent Dehydration".

Previously, EU officials banned the selling of overly bent bananas and curved cucumbers but backed off after international ridicule.

Expect more such stupidity if a European Nanny-Zone forms.

What does the UK get for these endless regulations other than higher prices and direct subsidies to French farmers?

By Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management . Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Visit Sitka Pacific's Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

I do weekly podcasts every Thursday on HoweStreet and a brief 7 minute segment on Saturday on CKNW AM 980 in Vancouver.

When not writing about stocks or the economy I spends a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com .

© 2011 Mike Shedlock, All Rights Reserved.


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