"I seem to smell the stench of appeasement in the air"

This quote by Margaret Thatcher is a criticism of the policy of appeasement. Appeasement is a diplomatic policy of making concessions to an assailant in order to prevent conflict. Thatcher was a strong advocate of a policy of strength and firmness in the face of aggressiveness. She thought that appeasement only encouraged more aggression and signified weakness. By stating that she can smell the smell of appeasement in the air, she is suggesting that she can notice the presence of a policy of appeasement and that it is a bad thing. She is warning against the risks of appeasement and promoting for a policy of strength and firmness.