We are developing the social individualist meta-context for the future. From the very serious to the extremely frivolous... lets see what is on the mind of the Samizdata people.

Samizdata, derived from Samizdat /n. - a system of clandestine publication of banned literature in the USSR [Russ.,= self-publishing house]

Samizdata quote of the day

They said it would never be agreed. Then they said it would never be launched. Then they said it would fail. When it was a success, the euro-haters still insisted that the single currency was a recipe for economic chaos and political instability. The phobes are proving to be wrong again. At a time when so much of Europe’s political leadership is in flux, the single currency is the steadying point in an uncertain and worrying world.

Imagine that the recent turbulence on the continent had occurred when Europe still traded in pre-euro currencies. What would have happened to the French franc when neo-fascist Jean-Marie Le Pen forced the Prime Minister to quit? The franc would have plunged. What would have happened to the Dutch guilder when an anti-immigration party with a dead leader impelled itself into government? The guilder would have plunged too. Before a German election too close to call, even the stolid old mark would be gyrating. And instability in currency markets would be fuelling even more political chaos: a vicious, downward cycle.

That this has not happened is thanks to the euro. The single currency has taken all this political upheaval in its calm stride.

- From an anonymous editorial in the Observer headed “A tolerant euro”.

From 2002, in case you were wondering.

3 comments to Samizdata quote of the day

  • Stephen Willmer

    Called out and run through.

  • So now instead of instability causing a temporary dip in the value of a single countries currency, we end up with a situation where the rampant fraud, lies and gravy train politicians of a few idiotic countries were able to drag down the 17 Euro members and require the remaining members to help bail them out.

    If that is a definition of success and stability, I’m glad we’re not seeing failure and crisis. Hang on – we are seeing failure and crisis.

    I’m going to start investing in streetlamps and piano wire. I think there is certainly going to be a massive upswing in demand soon.

  • Steve P

    “They said it would never be agreed. Then they said it would never be launched.”
    Yes we did, because we never thought that our “elite” would actually be so stupid as to go through with it.
    Us “phobes” were indeed proved wrong on that much.