Those whom the gods wish to destroy, they first make mad. We must be mad, literally mad, as a nation to be permitting the annual inflow of some 50,00… - Enoch Powell

While yesteryear I tarried
In a garden in the south,
I met a youth who carried
A rose-bud in his mouth.<p>I gave him chase and caught him,
And would not set him free,
But held him and besought him
To give the flower to me.<p>He smiled, and broke a petal
And laid it in my hand—
It seared like molten metal,
And here is yet the brand.

The relevant fact about the history of the British Isles and above all of England is its separateness in a political sense from the history of continental Europe. The English have never belonged to it and have always known that they did not belong. The assertion contains no element of paradox. The Angevin Empire contradicts it as little as the English claim to the throne of France; neither the possession of Gascony nor the inheritance of Hanover made Edward I or George III anything but English sovereigns. When Henry VIII declared that 'this realm of England is an empire (imperium) of itself', he was making not a new claim but a very old one; but he was making it at a very significant point of time. He meant—as Edward I had meant, when he said the same over two hundred years before—that there is an imperium on the continent, but that England is another imperium outside its orbit and is endowed with the plenitude of its own sovereignty. The moment at which Henry VIII repeated this assertion was that of what is misleadingly called 'the reformation'—misleadingly, because it was, and is, essentially a political and not a religious event. The whole subsequent history of Britain and the political character of the British people have taken their colour and trace their unique quality from that moment and that assertion. It was the final decision that no authority, no law, no court outside the realm would be recognised within the realm. When Cardinal Wolsey fell, the last attempt had failed to bring or keep the English nation within the ambit of any external jurisdiction or political power: since then no law has been made for England outside England, and no taxation has been levied in England by or for an authority outside England—or not at least until the proposition that Britain should accede to the Common Market.

[A]s long as the rate is fixed the speculator is on a one-way option. As soon as the rate is determined by the market, speculation is equal and opposite at the market rate. One has only to imagine what would be the position—and it is not an entirely out-of-the-way analogy—if there were to be fixed rates on the Stock Exchange. Everyone would know when they were false and did not correspond with the realities. The consequence would be that from time to time we should have to unpeg the fixed rates, with catastrophic changes of value, instead of the market rates being determined by the judgments of all who participate in the market. The same happens with a floating rate for a currency.