COMMENT:

The National Party's notorious dancing Cossacks in the 1975 election campaign has lived on in our political folklore but the point that advertisement was trying to make is almost never mentioned.

It was not just a witless, poorly crafted piece of Cold War red-baiting. It was aimed directly at the Labour Government's newly launched investment fund, which, all going well, would be paying for national superannuation by now.

"All going well" means the fund's investments would not only increase its value over the next 40 years but would contribute to economic growth. Opponents feared the fund would become so

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