BANKING: The Old Lady Shuts Her Purse

For 19 years, the Bank of England, London's famed "Old Lady of Thread-needle Street," has been a forgotten woman. She has had no control over Britain's easy-money financial policy, has been merely the government handmaiden forced to keep the policy in operation. But last week, as the Conservative government announced its new financial measures (see FOREIGN NEWS), the Old Lady came back to power with a youthful bounce. She announced, with a nod of approval from Chancellor of the Exchequer Richard Butler, that she would again exercise control over Britain's money supply....

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