I encourage you all to read this commentary from the London Daily Telegraph which looks back at the wisdom of Thatcherism-
key takeaway- In the 1980s the policies of Britain’s first female Prime Minister, which brought pain and unrest to
the UK, were called ‘Thatcherism’. Today, we would call such policies by a different name – ‘Austerity’.
Thatcher stayed the course, despite the obvious – but in her eyes, necessary – pain and turned the UK
around, setting the stage for the boom times of the 1990s.
Of course we all know how THEY ended.
We are about to find out whether the modern crop of politicians; from Athens to Madrid to Dublin and
Lisbon, all the way to Washington DC, have the stomach for the kind of fight that Thatcher faced in
on the Euro-Her autobiography records how she warned John Major, her euro-friendly chancellor
of the exchequer, that the single currency could not accommodate both industrial powerhouses
such as Germany and smaller countries such as Greece. Germany, forecast Thatcher, would be phobic
about inflation, while the euro would prove fatal to the poorer countries because it would “devastate
their inefficient economies”.