Commentary 
First Britain, now Switzerland. The United Kingdom’s massive fiscal mess has made all the news, capturing the world’s attention for its sudden descent into drama more typical of undeveloped countries. London hadn’t always been the clean money center it now projects in recent decades. The pound had experienced almost frequent problems under the previous “controlled” socialisms during the 1950s and 1960s.
Forgotten to history is the fact that Britain was actually bailed out by the International Monetary Fund (IMF) in 1976.
Why? All the familiar surface features. In one particularly damning, almost comical, government document prepared for Prime Minister James Callaghan’s cabinet, uncovered many years later, it was revealed that the government, the Bank of England, and all the queen’s horses and men couldn’t get close to saving the pound….