Tuesday, 19 April 2016

Niall Ferguson: "Margaret Thatcher was right about most things"

Margaret Thatcher and Ronald Reagan were the kind of leaders that the West would dearly need in these turbulent times, when so many politicians seem to have lost touch with reality. That is why it with great pleasure I urge you to read professor Niall Ferguson´s brilliant article on the Iron Lady:

It is still terribly hard for those who opposed her to admit it, but Margaret Thatcher was right about most things.
She was right that Britain’s trade unions had become much too powerful. She was right that nationalised industries had to be privatised. She was right that inflation has monetary causes.
She was also mostly right about foreign policy. She was right to drive the forces of Argentina’s junta out of the Falklands and she was right to exhort a “wobbly” George H.W. Bush to mete out the same treatment to Saddam Hussein’s forces in Kuwait.
Though labelled the “Iron Lady” by a Soviet magazine, her hawkishness in the cold war did not blind her to the possibilities of doing business with Mikhail Gorbachev. Like Ronald Reagan, she was quick to see the opportunity offered by his policies of glasnost and perestroika.
The outcome of the cold war seems inevitable with the benefit of hindsight. But for most of the 1980s, Thatcher had to endure a relentless stream of criticism from fellow travellers and useful idiots: believers in unilateral disarmament who would gladly have allowed the Soviets to establish dominance in intermediate range nuclear forces in Europe, as well as exponents of “convergence theory”, who insisted that the countries of Nato and the Warsaw Pact were gradually and peacefully growing alike (give or take the odd gulag). Above all, however, Thatcher was right about Europe. She was right to push Europe in the direction of real free trade by backing and signing the Single European Act of 1986. Yet she was equally right to oppose the idea of a single European currency.
On this issue, the Financial Times, as well as a great many other respected publications, owes Thatcher not only the respect due to a great leader, but also an apology. Throughout the 1980s, many critics consistently heaped opprobrium on her for resisting the efforts of her own cabinet to get sterling into the European exchange rate mechanism.
Consistently, Thatcher’s sceptics took the side of those, such as Nigel Lawson, Geoffrey Howe and John Major, who favoured “shadowing” the Deutschmark and then pegging the sterling-mark exchange rate.

Read the entire article here


I  am convinced that Margaret Thatcher would vote for Brexit, if she still were with us.

Fortunately Nigel Lawson has seen the light, and is now a leading figure on the Brexit side!

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