10 per cent inflation is not heaven and the factors are all still there to push it up much further next year. Nor has the Government any policy adequate to deal with unemployment. It is not capitalism that is in crisis. It is Socialism that is in collapse. The faith has vanished. The principles are shattered. It won't do for Liberals merely to say they will put on the brakes. Even if you slow down the Gadarene swine, they will go over the precipice eventually.

In The Spectator (21 January, 1978).