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Lucylastic -> RE: The Sarasota GOP redefines the word "statesman" (7/9/2012 7:25:48 AM)
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Its funny that "US conservatives" love to claim the BRITISH ( who as we are told often on this forum are "far leftie socialists" according to the unclued
)Prime Minister who was an aristo, who ran as a liberal in 1923 when he was 49 ..... AND fell afoul of his own belief in 1926 as a tory...
*Churchill was appointed Chancellor of the Exchequer in 1924 under Stanley Baldwin and oversaw Britain's disastrous return to the Gold Standard, which resulted in deflation, unemployment, and the miners' strike that led to the General Strike of 1926. His decision, announced in the 1924 Budget, came after long consultation with various economists including John Maynard Keynes, the Permanent Secretary to the Treasury, Sir Otto Niemeyer and the board of the Bank of England. This decision prompted Keynes to write The Economic Consequences of Mr. Churchill, arguing that the return to the gold standard at the pre-war parity in 1925 (£1=$4.86) would lead to a world depression. However, the decision was generally popular and seen as 'sound economics' although it was opposed by Lord Beaverbrook and the Federation of British Industries
Churchill later regarded this as the greatest mistake of his life. However in discussions at the time with former Chancellor McKenna, Churchill acknowledged that the return to the gold standard and the resulting 'dear money' policy was economically bad.
oops
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