Wednesday 700 PM

The announcement finally comes. Norman Lamont appears before the cameras to admit defeat. His face looks worn, haggard, dismayed. The Economist will call him "hapless."

Placing his hands behind his back, as if he is a prisoner whose hands have been tied, Lamont forces a smile; the smile, however, lasts only a brief second. With his right hand he pushes back some hair falling over his forehead. And then he speaks.

"Today," he begins, "has been an extremely difficult and turbulent day. Massive financial flows have continued to disrupt the functioning of ERM.. . . In the meantime the government has concluded that Britain's best interests are served by suspending our membership of the Exchange Rate Mechanism."

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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