Great Britain: Toward Deflation?

In the days when the Royal Navy ruled the seas and marmalade was king, so much wealth flowed so steadily into Britain that even the waves seemed to pound in sterling. Times have changed, but habits have not. Ever since World War II, Britain has been living far beyond its means, and government after government has experimented with emergency measures to fend off disaster.

When Harold Wilson took over as Prime Minister last October, he was immediately confronted with the same old crisis. Out the window went his glittering plans for a free-spending dose of additional socialism. The gold and...

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