The Corner

Another Sad Loss

From Britain comes the news that Sir Alan Walters, Mrs. Thatcher’s economics adviser, has died.  His wisdom can be discerned from the fact that he strongly opposed Britain’s entry into the European Exchange Rate Mechanism, which led to a public disagreement with the then Chancellor, Nigel Lawson, and the resignation of both men. While this fatally weakened Mrs. Thatcher, his judgment was proven correct when Britain crashed out of the ERM a few years later (George Soros had something to do with that, having recognized the absurdity of the scheme) and with it went the Conservative Party’s reputation for economic competence, something that his still not been fully restored. Sir Alan spent much of his time over here, serving at the World Bank (whose abolition he championed), AEI, and in private capacities on Wall Street. He had been ill for some time, so it is a shame he could not speak out on the loose monetary policy that contributed so much to the current financial difficulties.

Iain Dale has a brief tribute here. I will be writing something for Openmarket, and I understand a full tribute is forthcoming at ConservativeHome.

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