“I find the idea of expansionary fiscal contraction in the context of the world in which we now live to be every bit as oxymoronic as it sounds?.?.?.?[I]f Britain enjoys a boom over the next two years,?.?.?.?I would be required?.?.?.?to be quite contrite about the seriousness of the misjudgments that I am making. You can make a judgment – those of you who know me – how big a risk
I would take of putting myself in
a position of great contrition. You might therefore conclude that I am fairly confident this experiment is not going to work out well.”
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