In the five years that followed, Churchill’s early liberalism survived only in the form of advocacy of rigid laissez-faire economics; for the rest he appeared, repeatedly, as the leader of the diehards. He had no natural gift for financial administration, and though the noted economist John Maynard Keynes criticized him unsparingly, most of the advice he received was orthodox and harmful. His first move was to restore the gold standard, a disastrous measure, from which flowed deflation, unemployment, and the miners’ strike that led to the general strike of 1926. Churchill offered no remedy except the cultivation of strict economy, extending even to the armed services. Churchill viewed the general strike as a quasi-revolutionary measure and was foremost in resisting a negotiated settlement. He leaped at the opportunity of editing the British Gazette, an emergency official newspaper, which he filled with bombastic and frequently inflammatory propaganda. The one relic of his earlier radicalism was his partnership with Neville Chamberlain as minister of health in the cautious expansion of social services, mainly in the provision of widows’ pensions.
Lest the account which I have given of these large forces should raise the question: Why did they not take part in the great battle in France? I must make it clear that, apart from the divisions training and organizing at home, only twelve divisions were equipped to fight upon a scale which justified their being sent abroad. And this was fully up to the number which the French had been led to expect would be available in France at the ninth month of the war. The rest of our forces at home have a fighting value for home defense which will, of course, steadily increase every week that passes. Thus, the invasion of Great Britain would at this time require the transportation across the sea of hostile armies on a very large scale, and after they had been so transported they would have to be continually maintained with all the masses of munitions and supplies which are required for continuous battle--as continuous battle it will surely be.
While largely unstated, one of Churchill’s major concerns was limiting Soviet territorial gains in Europe. Having an eye toward the postwar world, he did not want Stalin in control of formerly democratic nations. However, geopolitics required further cooperation with his unlikely ally, and Churchill met Roosevelt for the last time in Stalin’s domain—Yalta in the Crimea, in February 1945. Victory in Europe was visible by then, though with more hard fighting to come in the Pacific. Roosevelt’s premature death in April ended the original Big Three.