Thursday, December 4, 2008

Pound/Euro = 86p

Big Question: Should Britain now consider joining the European single currency?

"Can we manage outside the euro?Probably, as we have before now. Britain has seen many economic crises before, and no one ever suggested that abolishing the pound would solve anything.".....until now.

Posted by bystander @ 08:15 AM (636 views)
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6 thoughts on “Pound/Euro = 86p

  • By hook or by crook, Brown will get us into the Euro.

    Reply
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  • No we shouldn’t consider joining the Euro, because we would be in a much worse position than we are now if we did.

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  • planning4acrash says:

    Tell that to the sheople who don’t know their ass from their elbow, know nothing about money, and have no understanding of nor inclination to become involved in politics.

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  • P4AC,

    Were you not praising the virtues of Austrian economics a while ago ? The main thing I remember about Austrian economics is that they reject using monetarism as a tool for controlling the economy. This is now a mainstream view and exactly the point of a single currency. A stable money supply – no option to run up debts without repaying them – no option to print money.

    If you are against joining the Euro because we give up the option of manipulating the money supply you are rejecting one of the core principles of Austrian economics.

    Or am I being naive in assuming UKIP/BNP are against the Euro for economic reasons?

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  • planning4acrash says:

    Don’t be a dickhead and link UKIP with BNP

    Luckyjim. Fiat money is monetarism. Fiat money is Sterling/Euro, paper money backed by nothing but itself and forceful legal tend laws.

    Sound money is 100% backed by gold and silver and has next to no inflation. The money supply only grows when gold is purchased to back the new notes, so, in that circumstance it is not overtly inflationary because it involves opportunity cost. There are no opportunity costs when the government increase the money supply.

    The Euro was based on an idea of stable product inflation. Just as with Sterling, they wanted 2% CPI, but, with CPI manipulation, and many of the symptoms of monetary inflation, are masked by this. For example, with no monetary inflation, prices fall proportionate to GDP growth, because, more productivity, same money supply, means, your wage, savings, pension get worth more without the need to invest in exotic derivatives.

    The stability is for the financial institutions, not the people. The objective here is, to avoid nations changing rates for local needs, rather, regions alter rates for the needs of banking institutions, and banking institutions alone.

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  • P4AC,

    I couldn’t follow your argument – I must have missed a day at the LSE. I’ll look at your conclusion. The stable money supply is not for the good of the economy – it is for the benefit of financial institutions. One of your conspiracy theories. So as Austrian economists call for a stable money supply they must be in on the conspiracy.

    I do get confused between UKIP and BNP – can you help me ? Two of these policy statement are from UKIP and two are from BNP –

    “We stand for British withdrawal from the European Union. In place of the EU, we intend to aim towards greater national self-sufficiency, and to work to restore Britain’s family and trading ties with Australia, Canada and New Zealand, and to trade with the rest of the world as it suits us.”

    “We will leave the political EU and trade globally and freely. We will re-embrace today’s fast-growing Commonwealth and we will encourage UK manufacturing so that we make things again.”

    “We call for an immediate halt to all further immigration and the immediate deportation of criminal and illegal immigrants.”

    “We will freeze immigration for five years, speed up deportation of up to a million illegal immigrants by tripling the numbers engaged in deportations, and have ‘no home no visa’ work permits to ease the housing crisis.”

    It seems that one party hates foreigners and the other…erm…hates foreigners.

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