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It is a profound fallacy to suppose that there is anything to be regretted in a fall in the exchange rate. A fall in the exchange rate mirrors one or… - Enoch Powell
" "It is a profound fallacy to suppose that there is anything to be regretted in a fall in the exchange rate. A fall in the exchange rate mirrors one or both of two things. It either mirrors a decline in our real terms of trade, or else, or also, it mirrors differential inflation in this country compared with inflation in the other countries with whose currencies we are comparing the exchange value of our own. On neither of those grounds is a fall, if there be a fall, in the exchange rate a sign that something is wrong with us or that the fall ought to be suppressed and forcibly reversed. If a fall in the exchange rate reflects a fall in the real terms of trade—if it really means that an item we are producing at the moment exchanges in Toronto or Timbuctoo for less than it formerly did—that is due to an alteration in the economic pattern of the world as a whole. The sooner and the more accurately we know about it, the sooner and the more accurately we shall adapt and alter our behaviour and productive efforts to fit those changes in the real world of which, in the end, we are the servants and not the masters, whether under a Labour Government or under any other sort of Government in this country.
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About Enoch Powell
John Enoch Powell (16 June 1912 – 8 February 1998) was a British politician, classical scholar, author, linguist, soldier, philologist, and poet. He served as a Conservative Member of Parliament (1950–1974), then Ulster Unionist Party (UUP) MP (1974–1987), and was Minister of Health (1960–1963).
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Alternative Names:
J. Enoch Powell
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John Enoch Powell
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It obliges one to think with a particular kind of logic and severity. If it is nonsense, it will not go into Latin...I regard it as cruelty to the young to deprive them of that insight into language...Who would have thought Thatcher would be responsible for introducing the Prussian system, of dictating from central government the content of education in the supposed interest of the state? Translation into Latin was the great stamp and mark of English classical scholarship...My fatal decision was not to be pedantic and leave it in Latin. I had written Et Tiberim multo spumantem sanguine cerno: from Virgil in the Aeneid. And at the last minute I said, 'I can't put that out in Latin, that's pedantic'...In Latin, it would have been lost.
The explosion in productive energy which capitalism unleashed in the nineteenth century was accompanied by social evils and hardships which have since been outgrown and abolished. It has been possible to do so by means of that very increase in production itself, just as future social improvement will depend on the rate of our future economic advance. What tragic folly it would be if modern Britain were to cast away the subtlest and most efficient system mankind has yet devised for setting effort and resources to their best economic use, and were to go right back to the clumsy methods and crude fallacies which our forefathers thought they had left behind for ever.
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Society is much more than a collection of individuals acting together, even through the complex and subtle mechanisms of the free economy, for material advantage. It has an existence of its own; it thinks and feels; it looks inwards, as a community to its own members; it looks outwards as a nation, into a world populated by other societies, like or unlike itself. The Tory Party, with its deep sense of history, has always concerned itself especially with these two aspects of society, and I believe that the British people would instinctively and rightly reject a philosophy which offered them just an economic machine, however efficient and successful.
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