Economic and monetary union...is incompatible with independent sovereign states with control over their own fiscal and monetary policies. It would be impossible...to have irrevocably fixed exchange rates while individual countries retained independent monetary policies...such a system could never have the credibility necessary to persuade the market that there was no risk of realignment. Thus EMU inevitably implies a single European currency, with monetary decisions...taken not by national Governments and/or central banks, but by a European Central Bank. Nor would individual countries be able to retain responsibility for fiscal policy. With a single European monetary policy there would need to be central control over the size of budget deficits and, particularly, over their financing. New European institutions would be required, to determine overall Community fiscal policy and agree the distribution of deficits between individual Member States...It is clear that Economic and Monetary Union implies nothing less than European Government...and political union: the United States of Europe. That is simply not on the agenda now, nor will it be for the forseeable future.
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Speech to the Royal Institute for International Affairs, Chatham House (25 January, 1989).Nigel Lawson
Indeed, if there's one thing a euro politician despises and fears more than anything it's the democratic will of the people. And this is because many of those who run Europe today were politicised by sixties pseudo-Marxist utopianism, which they're still determined to impose on the people - for their own good - regardless of what the people might want. They believe in centralised state control: society as a project - their project. It's the mentality that ran the old Soviet Union, and it's the mentality that has driven the European Union forward against the wishes of the European people, imposing a constitution on the whole of Europe that hardly anyone was allowed to vote for, and imposing a single currency on the whole of Europe that's now falling apart at the seams. But they won't abandon it because they consider it a vital step on the road to full political union, and the abolition of all European nation-states under a central socialist dictatorship.
Pat Condell
The growth in money and credit has outpaced both savings and economic growth. These inflationary pressures have been concentrated in asset prices, not consumer price inflation--keeping monetary policy too easy. This increase in asset prices has fueled domestic borrowing and spending. Government policy and the increase in securitization are largely responsible for this bubble. In addition to loose monetary policies by the Federal Reserve, government-sponsored enterprises Fannie Mae and Freddie Mac have contributed to the problem. The fourfold increases in their balance sheets from 1997 to 1998 boosted new home borrowings to more than $1.5 trillion in 1998, two-thirds of which were refinances which put an extra $15,000 in the pockets of consumers on average--and reduce risk for individual institutions while increasing risk for the system as a whole.
Ron Paul
The European Union is not, in fact, a union at all, but a continent-wide political coup. What began as a common market has now metamorphosed by stealth into a supranational political dictatorship, a parasitical organism living on the backs of the European nation states, sucking their lifeblood and slowly killing them off; a bureaucratic tyranny that wants to "harmonise" out of existence the national identities that have made Europe a continent of genuine diversity and a cultural crucible whose values have shaped the entire western world. But they want to put a stop to all that in the European Union of Soviet Socialist Republics, and this is why European laws are never enacted in response to any kind of organic need in society, but as top-down directives intended to impose indiscriminate uniformity for its own sake.
Pat Condell
Of course, shedding the debt burden would be a happy development for our country, but it would nevertheless pose a big dilemma for the Fed. Our primary lever of monetary policy was buying and selling treasury securities-Uncle Sam's IOU's. But as the debt was paid down, those securities would grow scarce, leaving the Fed in need of a new set of assets to effect monetary policy.
Alan Greenspan
A lot of joblessness in the black community doesn't seem to be reachable through fiscal and monetary policies. People have not been drawn into the labor market even during periods of economic recovery. Our study clearly shows that employers would rather not hire a lot of workers from the inner city. They feel people from the inner city are not job-ready, that the kids have been poorly educated, that they can't read, they can't write, they can't speak.
William Julius Wilson
Lawson, Nigel
Lawson, Nigella
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