TPA – Euro Wrong There, Matey

The arrival of the Obamas has created such attention that one could be forgiven not hearing the detonation of another damp squib in the vicinity of Tufton Street. Yes, with as much fanfare as they can muster – and after the “Rally Against Debt”, we know just how little that is – the so-called Taxpayers’ Alliance (TPA) has launched a campaign against Eurozone bailouts.

And this is no ordinary campaign, but a “Call To Action” from chief non-job holder Matthew Sinclair, talking of the “economic failure of the Euro”, and “the Euro’s failure”. So to show the TPA’s commitment to its campaign, there’s a petition to sign. But as of 1540 hours today, just 471 folks had been bothered enough to put their names to it.

Which is pretty poor even compared to the TPA’s Facebook campaign prior to the “Rally Against Debt”, which at least went well into four figures, even though only one in six of those actually turned up. And in any case, Sinclair’s characterisation of the Euro doesn’t stand serious analysis.

Anyone awake on the second floor?

Right now (1545 hours May 23), one Pound Sterling buys just under 1.15 Euro. That exchange rate hasn’t been much different for a while: early March 2009 the rate was 1.12, by late August that year it had improved to 1.14, but by late November it was back at 1.11. Late May 2010 saw a rally to 1.17, with late June another rise to 1.20, then November back to 1.15.

All the while the Euro was supposedly lurching from crisis to crisis, being rubbished and written off by anyone on the right, and quite a few others, yet our own currency has not improved against the Euro in more than two years. Sinclair does not do his credibility any favours by making assertions that can so easily be tested, and proved to be false.