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Is my right hon. Friend aware that in the 1970s and a lot of the 1980s, we would have thanked our lucky stars in the coalfield areas for growth of 1.75 per cent.? The only thing growing then were the lines of coke in front of boy George and the rest of them.
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http://www.publications.parliament.uk/pa/cm200506/cmhansrd/vo051208/debtext/51208-04.htm

 

Dennis Skinner

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Inflation is bad for growth—this has become one of the most widely accepted economic nostrums of our age. But see how you feel about it after digesting the following piece of information.
During the 1960s and the 1970s, Brazil’s average inflation rate was 42% a year. Despite this, Brazil was one of the fastest growing economies in the world for those two decades—its per capita income grew at 4.5% a year during this period. In contrast, between 1996 and 2005, during which time Brazil embraced the neo-liberal orthodoxy, especially in relation to macroeconomic policy, its inflation rate averaged a much lower 7.1% a year. But during this period, per capita income in Brazil grew at only 1.3% a year.
If you are not entirely persuaded by the Brazilian case—understandable, given that hyperinflation went side by side with low growth in the 1980s and the early 1990s—how about this? During its ‘miracle’ years, when its economy was growing at 7% a year in per capita terms, Korea had inflation rates close to 20%-17.4% in the 1960s and 19.8% in the 1970s. These were rates higher than those found in several Latin American countries ... Are you still convinced that inflation is incompatible with economic success?

 

Ha-Joon Chang

 

During the 1960s, and again in the 1970s, growth in manufacturing productivity in the United Kingdom was the lowest of all the seven major industrial countries in the world. During the 1980s, our annual rate of growth of output per head in manufacturing has been the highest of all the seven major industrial countries.

 

Nigel Lawson

 

"It was the FLP that was committed to reducing the cost of doing business and started by lowering the cost of utilities, and requested the commercial banks and lending organizations to reduce their fees, charges and interest rates. The FLP also moved to reduce public expenditure, which saw a saving of $96 million in its year in office. It was also the FLP, which lowered interest in Housing Authority home loans from 12 per cent to 6 per cent for those on lower incomes. It was the aggregate effect of this and a range of other measures of tight fiscal control, investment in key growth areas and a firm hand on curbing corruption that saw the economy record an unprecedented growth of 9.6% in 1999."

 

Mahendra Chaudhry

 

What’s great about this country is that America started the tradition where the richest consumers buy essentially the same things as the poorest. You can be watching TV and see Coca-Cola, and you know that the President drinks Coke, Liz Taylor drinks Coke, and just think, you can drink Coke, too. A Coke is a Coke and no amount of money can get you a better Coke than the one the bum on the corner is drinking. All the Cokes are the same and all the Cokes are good. Liz Taylor knows it, the President knows it, the bum knows it, and you know it.

 

Andy Warhol

 

Nothing makes sense unless you know who Iggy Pop was. Back then, right around 1969, while the rest of the world was going psychedelic, he presided over quite some reign of perverted rock & roll terror. He would slather his body in peanut butter; barf on his audience; cut himself up with broken glass; wear silver-lam? evening gloves onstage; shoot heroin; make frequent use of his big, beautiful penis; crash his car into trees; beg horrified record-label executives for drug money; pass out in bathrooms with the spike still in his arm; check himself in to a mental institution and score coke off David Bowie while there. Just in general, he lived the totally messed-up life and wrote the totally messed-up songs without which there could have been no angry punk-music explosion of the 1970s, much less anything that has evolved since, angry-punk-music-related. .... It's been twenty years since he last did heroin, four since he smoked dope or snorted coke, five since he enjoyed a cigarette. Except for a nightly glass of red wine and too much strong Cuban coffee, he's clean and leading a very regular kind of life. For love, he's got his statuesque, extra-buxom, super-sweet girlfriend, Nina Alu, who is half Nigerian, half Irish and twenty-five years his junior; for extra warmth at night, he's got their fluffy little dog Lucky.

 

Iggy Pop