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Perhaps the most insidious danger today is the notion, which many accept unreflectingly and others propagate sedulously, that a stable value of money… - Enoch Powell
" "Perhaps the most insidious danger today is the notion, which many accept unreflectingly and others propagate sedulously, that a stable value of money is incompatible with economic progress or with a high level of employment. Theory and experience alike refute such a notion. I have already reminded you that throughout sixty years of Britain's golden age of expansion in every sphere, the value of money remained virtually constant. So far from it being true that inflation and a high level of employment hang together, the fact is that, for a nation in Britain's situation, dependent on world trade and commercial dealings with other countries for its livelihood, continued inflation is the greatest threat to full employment. It would be a tragedy if the Government or the nation allowed themselves to be diverted by these false fears from the single-minded pursuit of plain and elementary duty: the duty to secure and preserve the integrity and stability of the medium of exchange, on which depend all the economic dealings of man with man.
English
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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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Additional quotes by Enoch Powell
[A written constitution] would replace the Crown in Parliament by a supreme court as the ultimate sovereign authority; for wherever there is a written constitution, the true sovereign in the state is that piece of paper, and its priesthood—the ultimate human sovereigns—are the judges who authoritatively interpret it... I am extremely doubtful if the people of Britain, when they discovered what was involved, would prefer to be governed instead by an unelected unrepresentative judiciary, or would be willing to dethrone the Crown in Parliament as their sovereign in order to install her Majesty's judges in the vacant space.
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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