Defeat? I do not recognize the meaning of the word.

I came to office with one deliberate intent: to change Britain from a dependent to a self-reliant society - from a give-it-to-me, to a do-it-yourself nation. A get-up-and-go, instead of a sit-back-and-wait-for-it Britain.

What Britain needs is an iron lady.

If in the 1930s nuclear weapons had been invented and the Allies had been faced by Nazi SS20s and Backfire Bombers, would it then have been morally right to have handed Hitler control of one of the most terrible weapons man has ever made? Would not that have been the one way to ensure that the thousand year Reich became exactly that? Would not unilateralism have given to Hitler the world domination he sought?

Unless we change our ways and our direction, our greatness as a nation will soon be a footnote in the history books, a distant memory of an offshore island, lost in the mist of time like Camelot, remembered kindly for its noble past.

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.

Good Conservatives always pay their bills. And on time. Not like the Socialists who run up other people's bills.