INFLATION, as Milton Friedman used to argue, is a form of taxation without legislation. Wealth is taken from some people – for example, holders of cash – and given to others – such as those with large debts.
FACTS are sacred, unlike mere subjective opinions – or so most sensible people believe. In reality, as every good French philosopher would tell you, what we trust to be objective data-based truths all too often turn out to be social constructs.
BRITAIN’S debt burden is falling. Yes, you’ve read that right: the UK is finally deleveraging. But there is a catch: debt hasn’t fallen enough even though we are already nearing the end of the deleveraging cycle.
HARDLY anybody has heard of the Roman poet Juvenal these days, which is a great shame. He was the first, as far as we know, to ask one of the central questions of political philosophy: “Who will guard the guardians?”
WE all know that bosses keep awarding themselves bigger and bigger pay rises, right? And that FTSE 100 CEOs’ comp keeps on rocketing? Wrong. The facts paint a far more complex picture, and deserve a proper airing.
A DISASTER for Francois Hollande, France’s socialist president: that is the only way to describe the outcome of yesterday’s elections, which saw the centre-right sweep to power in towns and cities across the country.
LONDON is at the top of its game. It is not only the commercial, financial, cultural and political capital of the UK but a great city-state, a global metropolis which attracts the world’s best and brightest.
IMMIGRANTS are good for jobs. Yes, you’ve read that right: even though much of the public believes that migrants depress the labour market, the truth is that foreign entrepreneurs are actually responsible for a great number of British jobs.
MORALITY and foreign policy make uneasy bedfellows. In 1997, when Tony Blair called for an ethical foreign policy, the country cheered; 17 years later, any politician calling for such idealism would be laughed out of town.
THERE are two camps on migration. The first, to which the vast majority of the public belongs, believes that immigration into the UK is much too high. The second, much smaller group, is more liberal on this issue.
VLADIMIR Ilyich Lenin was a monster. He was a central theorist of communism, a key player in the Bolshevik revolution, a commissar, a leading instigator of the Red Terror and other massacres, and the first leader of the Soviet Union.
MORE Ferraris are now sold in the UK than in any other European country. No fewer than 677 of the Italian supercars were delivered to the UK, out of total global sales of 7,000, more even than Germany, home of autobahns with no speed limits.
MONEY, money, money – there is much still to learn from Abba, the wonderful Swedish band, especially when it comes to economics. Take their garish outfits: the crazed hotpants, the white boots and the bizarre shirts.
MOST economists believe that the UK economy still boasts plenty of spare capacity, by which they mean that factories can still produce more, offices aren’t full, and plenty of people remain unemployed or underemployed.