Monday, July 29, 2013

Thatchers monetary defense strategy circa 1979

Thatcher archives

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.

Posted by stillthinking @ 11:24 AM (1928 views)
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3 thoughts on “Thatchers monetary defense strategy circa 1979

  • stillthinking says:

    “It is true, of course, that the previous Labour Government had begun employing some of those monetarist tools itself. But it was perceived to have done so largely at the behest of the IMF, in other words from external compulsion rather than inner conviction.”

    Callaghan’s ghost might strike again! I wonder if Milliband can sleep Ok.

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  • mark wadsworth says:

    Interesting how Thatcher stumbled across Home-Owner-Ism almost by mistake, it was Blairbrown who realised that they could use it as a central tool of government planning for a) being re-elected and b) shovelling cash towards people who already own lots of land.

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