Failure? The possibilities do not exist.

What? What am I 'bound to be feeling?' People don’t think anymore. They feel. 'How are you feeling? No, I don’t feel comfortable. I’m sorry, we as a group we’re feeling….' One of the great problems of our age is that we are governed by people who care more about feelings than they do about thoughts and ideas. Thoughts and ideas. That interests me. Ask me what I’m thinking.

The role of Ronald Reagan had been deliberately diminished; the role of the Europeans, who, with the exception of Helmet Kohl, were often keen to undermine America when it mattered, had been sanitized; and the role of Mr. Gorbachev, who had failed spectacularly in his declared objective of saving communism and the Soviet Union, had been absurdly misunderstood.

Adam Smith's 'invisible hand' is not above sudden, disturbing, movements. Since its inception, capitalism has known slumps and recessions, bubble and froth; no one has yet dis-invented the business cycle, and probably no one will; and what Schumpeter famously called the 'gales of creative destruction' still roar mightily from time to time. To lament these things is ultimately to lament the bracing blast of freedom itself.

Today I have lost one of my dearest friends, England one of her greatest men. Keith Joseph understood that it was necessary to win again the intellectual argument for freedom, and that to do this we must start from first principles. He was in many ways an unlikely revolutionary. For all his towering intellect, he was deeply humble. He spoke out boldly, however hostile the audience. Yet he hated to give offence. Above all, his integrity shone out in everything he said and did. His best memorial lies in the younger generations of politicians whom he inspired. But for me he is irreplaceable.

We shall take whatever action is necessary to contain the growth of the money supply. The government, unlike so many of its predecessors, will face up to economic realities.

Every Conservative desires peace. The threat to peace comes from Communism which has powerful forces ready to attack anywhere. Communism waits for weakness, it leaves strength alone. Britain must therefore be strong, strong in her arms, strong in her faith, strong in her own way of life.