In fact, becauseinflationhas declined, investors in Britain and America have been overcompensated fortherisks—awindfallgain that has been exploited by followers of the carrytrade.
They have said they would spend the windfallgain from selling 4G licences even though Gordon Brown used the sale of 3G licences to pay down the debt, and even though Labour has said that any windfall from selling bank shares should be used in the same way.