This is No Time to Go Wobbly

Posted by: Tom Keene on December 10, 2011

That evening, she attended a wonderfully elegant ballet and dinner hosted at Versailles by President François Mitterrand. She demonstrated enormous aplomb. But to another leader who wished her well in the unfolding contest, she replied, “No, it’s all over.” Warned that she would eventually lose, and anticipating the humiliation that would follow, she withdrew her name from the second ballot. A few days later, the new leader of the conservative party, son of a vaudeville entertainer-turned-businessman succeeded her as prime minister.

Daniel Yergin and Joseph Stanislaw, The Commanding Heights, 2002.

“She” is Baroness Thatcher, and David Cameron, prime minister of Anglo-Saxon capitalism, does not want to exit as Thatcher and Major did.

I defer to colleague Gonzalo Vina for palace intrigue, (Tom, the men’s room is up two flights, turn right, turn left, turn right past the bust of Disraeli) but I suggest this. THIS was unexpected.

That’s the point.

As we stagger to Monday, we need to find a collective humility. Friday, excepting the unexpected window of about 8:50 a.m. to 11:00 a.m. EST, all things euro were upbeat.

We, and the Prime Minister, should understand the unexpected happens, and you had better prepare for it.

Memo: Cameron to Sarkozy and Merkel…and Draghi. This is no time to go wobbly. Discuss.

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EconoChat captures Tom Keene's thoughts on economics, finance and investment. He is editor-at-large for Bloomberg News and hosts Bloomberg Surveillance and Bloomberg on the Economy on NYC1130, Sirius 129 and XM 130 and Surveillance Midday on Bloomberg Television. His complete interviews are at Tom Keene on Demand. Look for Tom on twitter @tomkeene

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