Gstaad
As the great Yogi Berra explained: ‘It’s déjà vu all over again.’ The great one also contributed the following wisdom that: ‘You can observe a lot by just watching.’ Yogi came to mind as high inflation and a recession loom, and merry old England’s trade unions are reverting to type and blackmailing the government. And where is Margaret Thatcher now that she’s needed? Gone with the wind, that’s where.
I started writing this column when James Callaghan was in No. 10 and Britain was on the brink. The Brits back then were over-taxed and the smart money had gone abroad. Paper money issued by the Treasury translated into higher prices, workers, via their trade unions, wanted higher wages to defend themselves against the rising of basic prices, and when inflation struck, they demanded even higher wages.
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