tag:blogger.com,1999:blog-2948538160252327076.post4288595023493310735..comments2023-11-02T15:48:50.381+00:00Comments on UK Bubble UK Economy: How Gordon Brown saved the EuroAlice Cookhttp://www.blogger.com/profile/05753570123987780947noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-2948538160252327076.post-27934715483366314692010-12-18T21:31:20.335+00:002010-12-18T21:31:20.335+00:00Alice, you've got a point.
But still, we don&...Alice, you've got a point.<br /><br />But still, we don't know for SURE...who knows what the whole situation would be like if UK joined?Elli Davishttp://ellidavis.comnoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-77093734044978517042010-12-14T05:04:13.010+00:002010-12-14T05:04:13.010+00:00Antony,
Do you think that if the UK were in the E...Antony,<br /><br />Do you think that if the UK were in the Euro and Britain found itself in the same sorry place as Ireland, the Conservative government would; <br /><br />a) maintain euro membership at all costs, or<br /><br />b) withdraw, re-establish the pound, devalue, and print cash to cover banking sector losses.<br /><br />AliceAlice Cookhttps://www.blogger.com/profile/05753570123987780947noreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-11214255433130259552010-12-13T13:36:58.511+00:002010-12-13T13:36:58.511+00:00But here's a counterfactual to your counterfac...But here's a counterfactual to your counterfactual: had we been in the Euro, no-one knows what the interest rates would have been. Adding a huge (by Eurozone standards) economy into the mix would have changed the decision making at the ECB, and the ECB would have had a British representative on the board, possibly making the case for higher rates to offset a boom.<br /><br />Indeed, you could make the argument that low ECB rates set without regard to the UK's conditions created an atmosphere of low rates which influenced the track that the BoE followed. Not particularly credible, perhaps, but more credible than the idea that had we been in the Euro, rates would have been exactly the same.Anthony Znoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-79647789922049189632010-12-11T05:06:19.457+00:002010-12-11T05:06:19.457+00:00Charles,
I am not following you. Something can no...Charles,<br /><br />I am not following you. Something can not be both "the same" and "more so". For example, take the number 2. If I add 1 to 2 it becomes 3. It isn't the same anymore.<br /><br />And no, you can't have that minute of your life back. For me to give back to you, I would have invented time travel.<br /><br />As far as I know, that too is not possible.<br /><br />AliceAlice Cookhttps://www.blogger.com/profile/05753570123987780947noreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-49401719066844158972010-12-10T19:22:39.062+00:002010-12-10T19:22:39.062+00:00I actually agree with this.I actually agree with this.Briannoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-54023241888890847032010-12-10T16:53:03.813+00:002010-12-10T16:53:03.813+00:00So you're thesis is that things would have tur...So you're thesis is that things would have turned out just the same, but more so. <br /><br />Inspiring... could I have that minute of my life back please?Charlesnoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-3790674348613874652010-12-10T08:41:52.144+00:002010-12-10T08:41:52.144+00:00"our reckless and largely unsupervised banks..."our reckless and largely unsupervised banks would have gone mad"<br /><br />Your counterfactual doesn't look very different from what actually happened.Hoovernoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-31643865756154062012010-12-10T08:39:32.467+00:002010-12-10T08:39:32.467+00:00'He cleverly created those "five economic...'He cleverly created those "five economic tests"'<br />These tests could have been cooked up by a first year econ student armed with a copy of Mundell.<br /><br />The five tests were a statement of the obvious, that the UK economy simply did not share enough with the other countries to merit joining a monetary union with them.<br /><br />I'd give him credit for fighting others who were in the "Yes" camp. Although you wonder if he didn't want to join as signing up would have emasculated his power base at the Treasury.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-14013407080905276652010-12-10T07:04:07.184+00:002010-12-10T07:04:07.184+00:00The FT's paywall is far from impenetrable. Sim...The FT's paywall is far from impenetrable. Simply copy the URL into Google, search on it and click through to the FT.com link in the search results. Ta-da.<br /><br />Secondly, why on earth do you think 3 is a more reasonable house price/income multiple than 4? Why not 2? I know you rent but you can't simply make things up with no factual basis just because you hope they were so.Anonymousnoreply@blogger.com