During the Depression, President Franklin D. Roosevelt wavered repeatedly over the size of the New Deal; budgetary retrenchment helped set off a second deep recession in 1937-38.
If we add to this the market's suspicion that Mr Darling has a strong political motive for resisting fiscal retrenchment, gilts seem set to underperform other government bonds in the months ahead".
"The Saint-Denis apartment might have been a retrenchment site for Abaaoud," said Mr Molins.
The generic account shows that under a set of reasonable assumptions, the retrenchments belong to the class of neat, default retrenchments.
This will set out the broad outline for the fiscal retrenchment that lies ahead and get the bad news out on planned tax rises.
That opens the possibility of a more rational discussion about how we sustain public services that are currently set to be savaged by the coalition's lopsided retrenchment.
Set aside the excited babble that followed a populist pledge by Mr Miliband to freeze household energy bills: the resurgence of the Tory chancellor is the big development in British politics.The scale of the required fiscal retrenchment is not news; it was implicit in the timetable Mr Osborne set out last month for closing the deficit by 2018.
Having softened up the public to the inevitability of savage retrenchment, the government will try to isolate public from private-sector workers, set public-service "producers" against "users", and pick off groups of public-sector employees at different times – starting with the least popular.
There followed a period of retreat and retrenchment in, of all places, Berlin, where, with the help of Brian Eno, he set about becoming a pioneer of a different kind, creating the glacial Low and the epic and austere Heroes, and mapping out an electronic pop future that resounds to this day.
General Motors, Ford and Chrysler officials did say today that they would idle several factories for a week or two this month but added that these production cutbacks were part of plans set in early January to reach the first-quarter targets rather than a further retrenchment.
