England, The Euro, and Socialist Europe

by | Dec 13, 1999

For years the socialists have been claiming that England should join the single European currency (the Euro) and should follow a central economic policy as voted by all 15 nations. England, we are told, faces dire economic woes if it fails to join the economic “party” in Europe. However, the London financial markets are continuing […]

For years the socialists have been claiming that England should join the single European currency (the Euro) and should follow a central economic policy as voted by all 15 nations. England, we are told, faces dire economic woes if it fails to join the economic “party” in Europe.

However, the London financial markets are continuing to grow far faster than the European markets, a trend which has increased since the Euro was launched. This is reflected in the strong London stock market figures and in the decline of the Euro, which is now at parity with the dollar.

One of the plans favored by the socialists to correct this “imbalance” is the imposition of a 20% tax on savings held by those in member countries who invest their money in another country. This is part of a general desire to close tax-havens and loopholes, and to stop people fleeing high taxation. German companies have fled to England to escape taxes and the excessive costs of labor regulation.

The vote on this proposal was 13 countries in favor, 1 abstention, and 1 opposed: England. The vote must be unanimous to pass.

The British Prime Minister is adamant that he wants the London bond markets exempt from this tax. The reason is not any principle of freedom. It appears to be his understanding that he will not get re-elected if he destroys England’s prosperity. He has enough sense to realize that he will do this if he opens up the capital markets to socialist pillage.

Staying out of the socialist “party” has been a real benefit to England. It is only the bureaucrats that stand to lose if England keeps its independence — and they know it. It is every other working person in Europe who will bear the costs of cleaning up after the “party”–after paying for the booze drunk by those running the “party.”

As usual, those who produce nothing are trying to bamboozle those who do–as if one will lose money by refusing to give my paycheck to a con-man.

England should remain an independent alternative to the stagnation of socialist Europe.

John David Lewis (website) is a Visiting Professor of Political Science, Duke University. He has been a Senior Research Scholar in History and Classics at the Social Philosophy and Policy Center, and an Anthem Fellow.

The views expressed above represent those of the author and do not necessarily represent the views of the editors and publishers of Capitalism Magazine. Capitalism Magazine sometimes publishes articles we disagree with because we think the article provides information, or a contrasting point of view, that may be of value to our readers.

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