As for the FT, it used to be a globally well-respected journal of economic record which was well-trusted by all.
But 30 years ago, as with so many other once-great things in this country, it came under the control of a clique of left-wingers and, as a result, is now a shadow of its former self. The early signs that something was wrong with this once well-respected paper came when it spoke out against the Falklands War in 1982; supported Britain's disastrous entry to the European Exchange Rate Mechanism (ERM), the forerunner of the euro, in 1990; and then supported Neil Kinnock for Prime Minister in 1992.
In short, the FT has been wrong on every single major economic judgment over the past 30 years since it was taken over by a left-wing cabal.
More recently, the FT, quite naturally, flung itself into the pro-euro camp, embracing the cause with an almost religious passion.
Doubts by those concerned about Britain dropping the pound to adopt the euro were dismissed. Here is the paper's Lex column on January 8, 2001, on the subject of Greek entry to the eurozone:
"With Greece now trading in euros," reflected Lex,
"few will mourn the death of the drachma. Membership of the eurozone offers the prospect of long-term economic stability." The FT offered a similarly warm welcome to Ireland. Of course, we know what the euro did to the economies of those two countries.
Even as late as May 2008, when the fatal booms in Ireland and elsewhere were very obviously beginning to falter, the paper retained its faith:
"European monetary union is a bumble bee that has taken flight," asserted the newspaper's leader column.
"However improbable the celestial design, it has succeeded in real life." For a paper with pretensions to authority in financial matters, its coverage of the failed single currency can be regarded as nothing short of a disaster.
The paper waged a vendetta against those who warned that the euro would not work. Its chief political columnist, Philip Stephens, consistently mocked the Eurosceptics.
"Immaturity is the kind explanation," sneered Stephens as Tory leader William Hague (now the Foreign Secretary) came out against the single currency.
So, one advice to the Americans on the FT. Do not let the left-wing FT lecture you on how to run your country. Since becoming run by a bunch of left-wingers 25 years ago it has been wrong on EVERY major economic issue. When the FT tells you to CUT military spending, INCREASE it (not many people predicted the current conflict in Ukraine so it is impossible to know what situation the world will be in just five years from now). When it tells you to embrace BIG government, embrace SMALL government. When it tells you to build socialism, do the opposite.
Basically, if you do as the left-wing FT tells you to do, you'll be in deep doolally before too long.
Following the fine example of england and Greece into a socialist morass where everyone starves except the bureaucraps.
The UK's economy is doing better than Canada's.
There's something wrong in the world when a Canadian calls another country - especially a more right-wing society like Britain - "socialist".
