Time Essay: Welcome to Ruritania

The chiming bells and blaring trumpets that hailed London's royal wedding (see story page 50) were perhaps the only happy notes sounded in Britain last week. On the eve of the wedding, the government proclaimed a state of emergency to deal with a potential energy shortage caused by the refusal of coal miners and electrical engineers to work overtime. The Department of Trade and Industry announced that in October Britain suffered a trade deficit of at least $715 million, the worst ever. To prevent a potentially ruinous run on the pound, the Bank...

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