Can we afford to behave as we do? I don’t just mean the Government, which has debauched the currency with mad spending. I mean all of us. Are we going to be able to live as we have done or is this the beginning of a major permanent decline in our living standards?
I don’t think there has been anything like this since the forgotten crisis of 1931, which brought down the government and split the governing party.
Nobody realized just how bad things had got until a large part of the Royal Navy mutinied against pay cuts, and so forced a panic devaluation of the Pound Sterling. In modern Britain they don’t need to cut anyone’s pay.
