really important to point out that for much of blue-collar people living under a financial repression without savings, it wasn't that bad. And for younger people, it wasn't that bad because by definition they tend not to have a lot of savings. So yeah, it depends where you start in this. I really like a wonderful interview with Evelyn Waugh, which I came across on the BBC iPlayer. He was one of the richest men in England before the Second World War because he was incredibly successful. Author interviewed, I think in the early 1960s, he was asked what happened to all the wealth because he was pleading poverty, whether that was true or not, I don't know. And he was said, no matter in this country, he referred to the United Kingdom, no matter in this country has made any money honestly since the end of the war. And in a financial repression, it's regulatory arbitrage. That's what we call it in our business, regulatory arbitrage. It's a euphemism for something else. But the whole, his (14/99)
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