MARKET PERSPECTIVE —
Pennies do not come from heaven. They have to be earned here on Earth.
–Margaret Thatcher
The Iron Lady spoke those words in her speech to London’s retiring Lord Mayor in 1979. She was referring to government overspending but it makes for a fun intellectual indulgence to imagine how the former Prime Minister of the UK, known for her austerity measures, would react to the dizzying past year of central bank rate hikes. After all, the Piper demands payment eventually.
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