[Re: Bretton Woods: How stable monetary order was created and then destroyed, Tuesday]
An interesting historical article, but the author displays a misguided support for a fixed international monetary system. If a floating exchange rate system is associated with the global expansion of credit, the older order is associated with the inability of central banks to react to the Great Depression. Monetary economists agree that tight money helped make this one of the worst crises on record. Witness the Asian Crisis of the 1990s for a more recent example of the ills of a fixed exchange rate system.
[Re: Would a new Thames Estuary airport be the best option for the whole UK? Tuesday]
A brand new airport is the only solution. Developing land around Heathrow will be very costly, and cause upheaval for years. We need about three or four more runways to make a real difference, and the Thames has the space without upsetting millions of residents.
The real scandal is how long it’s taken authorities to wake up to the need for more runway capacity. We’re now years behind other countries.
BEST OF TWITTER
Chinese middle income class (€7,100 to €60,000 per year) will rise to 500m by the year 2020. EY.
Bank of England messaging confuses markets, rate hike timing is uncertain.
Interest rates, not borrowing limits, hold the key to stabilising the UK housing market.
The Fed’s key inflation indicator has just hit a 19-month high.