HindeSight Dividend Letter - Crisis? What Crisis?

‘Crisis? What crisis?’ In 1979, these words helped to bring down the Labour government, even though the man who was thought to have spoken them, Prime Minister Jim Callaghan, did not actually do so.

But it mattered not, The Sun newspaper’s headline the next day caught the popular impression of a government unaware of a serious state of affairs that had sneaked up on them during the famous ‘Winter of Discontent’. There had been a run on the pound in 1975 and again in 1976 when the UK’s chancellor had to go begging to the IMF for a rescue loan. With rubbish piling up uncollected in London’s Leicester Square, inflation at 10% and almost every worker’s union on strike for higher pay, the UK was in a sorry state of affairs.

Most people would obviously argue that we have never been further from those days, economically or politically, but history has a funny way of repeating itself and there are seismic events going on. Whether they are being noticed yet by the political class or the masses, they soon will be.​