[Re: Europe needs to be more relaxed about entrepreneurs getting filthy rich, yesterday]
Few people have a problem with people like Google’s Eric Schmidt becoming wealthy if they have been genuinely entrepreneurial – creating something new by effort and ingenuity. But Paul Ormerod doesn’t seem to recognise a difference between Schmidt and many of China’s new rich. The latter define and often administer the laws in their country. These men and women are part of an oligarchy – in collusion with political power. Like Russian oligarchs or Arab princes, they have taken hold of their nation’s assets by force or guile, and have injected no effort or creativity. Why should we be relaxed about that?
[Re: Pope Benedict saw why the capitalist system is virtuous, yesterday]
Philip Booth’s thoughtful piece mentioned two central issues – the role of solidarity in capitalism and what he called “the requirements for justice” in relation to it. As one who came to the Square Mile in 1964, my observation is that solidarity is all but absent from the City and “justice” is a word rarely if ever considered. The vast majority of people who work here are decent citizens. But within a City increasingly dominated by faceless international corporations, there has developed a potentially fatal lack of morality. The key rests with individuals at every level trying to live out their own values and beliefs in their work.
Lord Phillips of Sudbury
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Sir Mervyn King’s high inflation forecast seems deliberate. Kings have historically debauched the coin to inflate away debts.
Did I hear a coded message from Sir Mervyn King that banks may require huge capital injections in the years to come?
The elders of my tribe talk of a time when the Bank of England met its inflation target. But I think it’s just a story.
Nobody will be happier about a US-EU trade partnership than David Cameron. It makes for a better argument to stay within the EU.