— he, indeed, who gave fewest pledges to Fortune, has yet suffered her heaviest visitations. - John Maynard Keynes

When the facts change, I change my mind

By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.

Why should coal miners suffer a lower standard of life than other classes of labour? They may be lazy, good-for-nothing fellows who do not work so hard or so long as they should. But is there any evidence that they are more lazy or more good-for-nothing than other people?
On grounds of social justice, no case can be made out for reducing. the wages of the miners. They are the victims of the economic Juggernaut. They represent in the flesh the "fundamental adjustments" engineered by the Treasury and the Bank of England to satisfy the impatience of the City fathers to bridge the "moderate gap" between $4.40 and $4.86. They (and others to follow) are the "moderate sacrifice" still necessary to ensure the stability of the gold standard. The plight of the coal miners is the first, but not—unless we are very lucky—the last, of the Economic Consequences of Mr. Churchill.