During the war...

Austerity.

Pretty common word, this last year. But what does it mean?

Bleakness, saving, rationing... in Britain during and after the second world war there was a sweet ration - all the way to 1953, believe it or not. There was a limit to the number of buttons a piece of clothing could have.

Of course, this was all implemented by the government, and now there is a lot more free market capitalism in play. While here in Canada there is a lot of country-patriotism, it feels like the amount of belief people have in the political class is about as limited as in the UK.

As far as I am aware, nothing is truly rationed. Milk is just over a dollar per litre (more like $2.50 if you buy organic, but that's another story); petrol is only slightly more than that - currently $1.20 or there abouts.

Minimum wage is about $11, and about £6 in the UK. I can buy enough food for a week for 3 hours work, say. Cabbage, yes; pasta on special, or 5kg potatoes for $3.

Austerity? One less flat screen TV? We don't know the meaning of the word.