Jan 2009 15

The Ivory Tower Group launches pro-Euro campaign2

The competition for most poorly timed campaign of 2009 is already heating up, despite us only being two weeks in. Reuters is reporting that Willem Buiter, former Bank of England bigwig, has today launched a new campaign to persuade Britain to join the euro.

The fundamental plank of Buiter's campaign seems to be that now there's an economic crisis, people will want to seek safety and security in the Euro's cloying embrace, no matter what the cost. Unfortunately for him, he's wrong.

Our polling of last week produced two informative results on this issue.

In a referendum on the Euro:

64% would vote No
24% would vote Yes

Asked whether the financial crisis has made them more or less likely to support Euro membership:

18% say it has made them more likely to support the Euro
27% say it has made them less likely

That hardly suggests the "overwhelming" case that Buiter claims is now obvious in favour of Euro membership. If anything the research suggests that people are highly sceptical of the idea that bigger and more lumbering is in any way better, particularly in a crisis which is seeing America so hard hit.

Economically, the idea that is would be better for us fighting a recession if we had no control over interest rates, and had our economic reputation pegged to those of Greece and Portugal, for example, which had lie about the economic data just to join the Euro, is bizarre in the extreme. Add to that the political implications of losing control over one's currency and money supply and Buiter's on to a loser.

He's not exactly helping himself, either, though. His quote on Reuters displays a remarkable arrogance which is hardly going to win people over:

"There's a real risk of a triple crisis hitting this country — a run on sterling, a sovereign default crisis and the banking crisis. It's a small risk but it is an unnecessary risk that would be substantially diminished if this country had a real currency."

Wow- what a great way to persuade people that you respect them. If anything, talk of the Pound not being a "real" currency is going to alienate people more. His campaign doesn't seem to have a name yet – given this arrogant display, perhaps we should dub them the Ivory Tower Group.

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  • Mike Hanlon

    Sterling’s actually on the way back up in value against the euro now, since recent warnings of possible sovereign debt default by Greece, Spain, Ireland and Portugal … all users of that ‘real’ currency he’s talking about.
    Also, eurozone members have hardly been immune from having to bail out their banks.
    So what is that cretin thinking of? Letting outdated superstate ideology overcome economics there, for sure.

  • Lew

    Which is a ‘real ‘ currency ?
    Is it the Treaty Of ROME currency which has coins with the head of THE POPE on them ?
    .
    Did anyone notice the poorer countries were the ones which were NOT PROTESTANT until redistribution of wealth began .
    .
    Not all EU states pay tax !
    Notice that harmless little 108 acre State Of The Vatican with it’s Sovereign King who is also it’s High Priest ?
    No tax . No restriction if even Mugabe visits ! It’s own LAWS .
    .
    In 1798 it seemed dead , but Mussolini in 1929 gave it back Sovereignty and it lived again !
    All the world wonder after it , three USA presidents , Clinton , Bush , and Bush , all kneeled before the coffin in 2005 !
    .
    Who is behind ” Working Time Directive” ?
    Bishops council , who demand a SUNDAY LAW .
    Calling it European Heritage to observe SUNDAY .
    Is it ?
    No. Rome decreed Sunday . AD 321.
    Rome thinks to change times and laws .
    That Little Horn Power which sprang up amongst the seven surviving peoples after the other three ( Heruli Vandals and Ostrogoths ) were finally destroyed .
    That was AD 538.
    It was 1260 years until AD 1798 of Papal Supremacy .
    History is not well known these days .
    .
    It seeks Global recognition of it’s SUNDAY DECREE .
    Instead of discovering what is going on , people prefer to continue watching TV and allowing the £ 213,000 a year to be paid to a man there who oversees the dumbing down .
    .
    It is not only about currency , it is about every FREEDOM won since THE REFORMATION .
    It is about what you are allowed to say , and to think , and about what you choose to believe and what your children are allowed to believe .
    Every aspect of your life .
    A new ‘ Dark Age ‘ with its equivalent ‘Prince Bishops’and superrich friends , the elite .
    500 Years ago , 100,000 books existed in all Europe – 99 % could neither read nor write .
    All books were in the libraries and possesion of the few .
    The new Dark Age the elite wish is similar .
    The majority to watch TV , and not actually discover what is going on .
    .
    None of it is accidental or unplanned .
    .
    Remember remember the Fifth Of November , gunpowder treason and plot .
    I know of no reason why Conspiracy and Treason should ever be forgot !
    .
    Yes the EU will have its triumph , very short lived , then destroyed.
    Sooner the better . Get a move on Eurocrats , I can hardly wait !