Wednesday 1030 AM

Norman Lamont places the phone call that everyone in the British financial community has been dreading. John Major excuses himself from the Maastricht session and moves to a secure phone where he listens as Lamont describes how the pound is continuing to sink. German interest rates are frozen in place. The Germans are not about to offer relief. Devaluation has to be avoided at all costs. At stake is nothing less than the government's credibility. Lamont asks for the prime minister's approval to raise interest rates two points to 12 percent. Major gives the nod.

Lessons From The Intelligent Investor

Lessons From The Intelligent Investor

If you're like a lot of people watching the recession unfold, you have likely started to look at your finances under a microscope. Perhaps you have started saving the annual savings rate by people has started to recover a bit.

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