Monday, July 29, 2013
Thatchers monetary defense strategy circa 1979
Short but v.interesting. "The gilt strike was ended, but the government had had to pay a very high price to establish its credibility in the markets." ,"Over the summer the market was stable, despite rumours that the government was ready to interfere with mortgage rates" --..sound familiar!! "Even Labour's old monetary targets were being overshot" omg its today shifted in time and space " and " mortgage rates might shortly rise, MT sent Howe a handwritten note of instruction: "This MUST NOT happen. If necessary there must be a temporary subsidy (as in 1973) ". good lordy has somebody read this before !!! anyway only 2 pages enjoy.