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Which is all well and fine, but according to the graph, the revaluation of the £ happened in '94-'96 against the D-Mark. So the question appears to remain, even if the name of the British PM has to be swapped to whoever it was before Bliar.
- Jake Friends come and go. Enemies accumulate.
Youngster :-) 1993: Clinton, 1994: Wim Kok, 1996: Persson, Prodi, 1997: Bliar, Jospin, 1998: Schröder - that was the centre-left Third Wayist (well, except for Jospin) march into power. *Lunatic*, n. One whose delusions are out of fashion.
Well, you were not that old in 1997... Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
I found a real gem for you.
HOME ECONOMICS FOR THE NINETIES | Independent, The (London) | Find Articles at BNET
...Driven by stockmarket bonuses, foreign investment buyers (principally from Hong Kong and Singapore) and a shortage of the "right" properties, the capital's heated market is seen, by this faction, as the portent of a Second Coming for a nationwide upturn in house prices - regardless of the election results. (Rival agency Knight Frank recently made the dry comment, that it doesn't see the "widely predicted victory for Labour" having a significant effect on the market because "the economic policies of the Labour party do not appear to be dramatically different to those of the current Government".) "Of course, it's nothing like the Eighties boom," said a Savills Surrey consultant in a silk bow tie. "Ten years ago, it didn't matter if a house was as ugly as sin and sat on a main road, people would buy it at any price. These days, buyers are much more fussy and still very cautious." Let's hope he's right, because signs of the crowd hysteria which underlined the 1988 boom-time peak are beginning to re-emerge.
The date of the article is... 27 April 1997. Pretty prescient. *Lunatic*, n. One whose delusions are out of fashion.
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