Markets cringe as India is pushed into stagflation
Iain Macleod (1913-1970) earned a respectable living as a bridge professional between 1935 and 1950 before abandoning the card-table for a punt at politics. He died in office as chancellor of the exchequer (the British equivalent of finance minister). Macleod is best remembered now for a 1965 speech he made while sitting in opposition. He said: "We now have the worst of both worlds mdash; not just inflation on the one side or stagnation on the other, but both together. We have a sort of stagflation situation."