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Indeed, the brokerage firms' most recent results are proof that Western-style restructuring and retrenchment pay off handsomely when markets begin to boom.
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Whatever the future brings for financial retrenchment to pay off the bank binge overdraft, protecting frontline NHS services as much as possible is the agreed holy grail of public spending priorities.
"I am asking people to save more for their retirement, not contributing to fiscal retrenchment or paying off debt.
Chief Executive Leonard Hadley's retrenchment has paid off.
The spending cuts will be brought in over five years, which ministers hope will mean that natural wastage in jobs can account for much of the retrenchment (along with the pay freeze and yet-to-be-determined reforms to public-sector pensions).
Ministers have at least grasped that in periods of recession and public retrenchment, the issue of "who pays" becomes paramount.
Mine workers and their dependents used to be afforded free medical treatment by the mine but after they were given their retrenchment packages, they were supposed to pay for health services at the hospital.
Elsewhere, though, the need to preserve social cohesion, parroted by European politicians from left and right, has become a self-defeating excuse to avoid reform.In Greece, for instance, the hard-pressed Socialist government of George Papandreou talks up social cohesion as a reason to avoid unduly large public-sector pay cuts in its urgent fiscal retrenchment.
Unless the surplus melts away over the Atlantic, BA's new strategy will not pay off.In contrast to BA's retrenchment, Air France is adding capacity at a rate of 12% a year.
They see the collapse of technology stocks leading to cutbacks in investments by business in new technology -- and forcing retrenchment among consumers who expected stock market gains to pay for the nice vacation or the new BMW.
Its director general, Mark Thompson, said that vast celebrity pay deals were heading for a period of "retrenchment".
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