Owen Smith Does Not Understand The First Lesson Of The Financial Crisis

If Owen Smith is supposed to be the savior of the Labour Party in the UK, I’m afraid the party is in pretty bad shape. The Labour Party establishment is desperately trying to unseat Jeremy Corbyn who remains quite popular with rank and file members. And the establishment is probably right in thinking that Corbyn can never win an election. But the chances of Owen Smith being able to unseat Corbyn are probably pretty slim too, especially after his latest idea about staying in the EU. Asked about what Labour would do if they win the scheduled 2020 election and the UK had already left the EU, Smith responded that the UK could ask to rejoin the EU and even adopt the Euro if that were necessary for re-admission. Does Mr. Smith not understand that the reason the UK was able to recover from the financial crisis in spite of Cameron’s unnecessary austerity is because they had their own currency? Does he not understand that the reason Greece, Spain, Portugal, and, yes, even Ireland are still struggling so much even these many years after the crisis is because they are bound to the Euro and have no way to devalue their currency to become more competitive? The central lesson from the financial crisis is that the countries with their own currency have recovered far more quickly than those that did not, specifically those members of the Euro. The fact that he doesn’t seem to understand even that should be enough to disqualify him from the leadership.