In NR a couple of weeks back, I began a piece on the bailout/stimulus/whatever as follows:
For Britons of a certain age, the defining moment of the pre-Thatcher years came in 1976 when the Chancellor of the Exchequer, Denis Healey, was forced to go cap in hand to the International Monetary Fund and seek a loan—just like any old president-for-life of one of those bankrupt banana republics dear old Bono is always urging debt relief for.
Well, the Seventies are back:
Britain should not be afraid or ashamed of taking money from the International Monetary Fund, a senior Cabinet minister has told the Daily Telegraph.
Economists have warned that the UK’s public finances are in such a bad state there is a real possibility that Britain will seek help from the fund.
A lot more of this to come. As a Seventies-minded reader of mine puts it: Mamma Mia, here we go again . . .