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March 11, 2005



Orwell's observation is bang-on, as so often. The ruling classes haven't been able to rule since the First World War. So instead, they go for all that consultation and deliberation crap. No leadership, y'see - just management, typically of decline. Good little Right-wing masochist that I am, I long for the day that somebody rules over me like a King. That's why Bush gets on well electorally - you might not like him, but you do know where you stand with him. Doesn't seem likely here any time soon, alas.

Re Black Wednesday: what people don't like to consider is the possibility that the harshness of the monetary regime in late-1992 squeezed out residual inflationary expectations and made any new regime (targeting, in this case) much greater credibility. Another one for unintended consequences, I guess.

Re Lamont himself: to be fair, he wasn't exactly dealt a good hand. Tied into the ERM in the midst of a nasty recession with the potential for a debt-deflation spiral, with Germany doing its reunification trick. It wasn't going to be pretty - and then add in that his predecessor was now his boss, too.

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