Mrs. B. T.,
79 Av de Harmonia,
Since you are about to receive the Earl, Uncle George, and my Father for the New Years holiday, (best wishes for the Year of the Pig, if my next slips behind schedule!) you are also the lucky recipient of this newsletter. The important material is at the back, as usual. Ther endless bit at the head is just comment on the news, which is usually done in aid of defending Uncle George's very speculative stock investment strategy.
This time, you will see that rather more is at stake. You will find the Earl very frightening, tallking of socialist revolution by the summer. The news does not seem quite so alarmist, but I cannot believe that The Economist, usually so skeptical of the Labour Government, has not seen the handwriting on the wall. It is perfectly capable of doing the arithmetic, and seeing how much worse a bad winter would make things. My sense is that it is not saying anything, so as not to frighten anyone. There is also the little difficulty that the only possible route through the thickets runs through the new Republican Congress in Washington. If things go as badly as the Earl fears, it will be very difficult politics for them!
I keep returning to the Earl's news instead of my own, and now I find that I have run quite out of time. It is a good thing that I wrote you last week, after so many delays, or you would think that nothing ever happens here in Santa Clara!
P.S. Thank you for your Christmas gifts, especially the gown for Victoria, which is beautiful, and extravagant. You are perfectly correct in thinking that the rest of Arcadia can get very cold when the air conditioning is working hard enough to keep the nursery cool! A case of marmalade, and something a little more Californian, is on its way to you by return!
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