This is a further instalment in tracing through the British currency crisis in 1976 and its retreat to the IMF later in that year. Today we discuss the tensions within the British Labour Party at the time, the Callaghan Speech to the Blackpool Annual Labour Conference on September 28, 1976, the behind the scenes work by Denis Healey and some clandestine activity between the US and British bureaucracies which was aimed to bring Britain to heel, one way or another and to overcome its ‘immorality’ – yes, the US thought the fiscal deficits the Brits were running were immoral.