Tory Policies Quotes
In 1964, after the newly elected Labour Government announced its new policies and budget, the financiers and speculators who control the international money markets thought the new budget and policies ill-advised. The made their concerns known to the Governor of the Bank of England who in turn recommended to the new Prime Minister that he cut the budget drastically and adopt a new more conservative set of economic policies. The Prime Minister was shocked that a non-elected small group of men—mostly not even British, were trying to reverse a set of policies that the voters in a democracy had elected. However, he was more shocked when he discovered that if he didn’t “obey” the financiers could act in concert, attack the British Pound, dramatically increase the interest rates the government would have to pay to borrow short term money, and ruin the British economy. Wilson had to comply. In America we refer to this situation more delicately by saying that “the markets will not react well to one proposal or another”. Our politicians intimidate themselves. The only way a democracy can really have control over its own policies and budgets, is to not be in debt to anyone.