How Osborne could resurrect our lost savings culture February 26, 2014 CAST your mind back to 1978. The mighty Boney M had two number one hits, I was sheepishly starting big school in Cambridge, and Britain had a household savings rate of 12 per cent – more than double the current level. As a schoolboy, even I was bitten by the savings bug sweeping the land. [...]
Why Merkel’s EU reform shopping list isn’t enough February 26, 2014 GERMAN Chancellor Angela Merkel arrives in London today on an official visit that many are heralding as the start of David Cameron’s pitch to renegotiate Britain’s relationship with the EU. Unlike Francois Hollande’s trip to an Oxfordshire pub last month, when the French President said he wouldn’t support treaty change, initial reports suggest Merkel is [...]
Bottom Line: This end is really the beginning February 25, 2014 THE DEATH of Bitcoin’s most popular exchange couldn’t have come sooner. The “transaction malleability” bug that hit Mt Gox is a known problem with the crypto-currency, and exchanges failing to take the proper steps will find themselves vulnerable. By the time a fix came, “the damage had already been done”, a document leaked yesterday said. [...]
Letters to the Editor – 26/02 – Peak holidays, Fantasy oil, Best of Twitter February 25, 2014 Peak holidays [Re: Holidays cost more at peak times. The reason is basic economics, yesterday] My argument is that companies don’t charge “extra” during school holidays. That’s the normal price. Instead, they offer discounts out of season. Mark Wadsworth It’s not just about supply and demand, but about when parents can take their kids on [...]
How socialism has destroyed Venezuela February 25, 2014 MILTON Friedman once said that, if you put the government in charge of the Sahara desert, there’ll eventually be a shortage of sand. No wonder that, after 14 years of socialist government, Venezuela – the country with the world’s largest oil reserves – is currently importing gasoline. This fact highlights Venezuela’s painful descent into chaos, [...]
Why boardroom psychology trumps consumer optimism February 25, 2014 MOST of the commentary on the UK’s economic recovery focuses on consumers. Are they taking on too much debt again to finance their spending? Is there a bubble in house prices, as people get more excited about bricks and mortar? Certainly, in terms of sheer size, spending by consumers is by far the biggest component [...]
Big Data: Don’t ignore the dark side February 25, 2014 SOFTWARE rules the world. This isn’t just what we say out in Silicon Valley, or a belief that my sector matters most – it’s a simple statement of fact. What’s caused this to happen? In today’s world, data is everywhere and what was once thrown away is now cheaper to store. We generate more electronic [...]
Why the end of MtGox is great news for Bitcoin February 25, 2014 The death of Bitcoin's most popular exchange couldn't have come sooner. MtGox is reported to have lost up to 744,408 Bitcoin – or around six per cent of all in circulation – as a result of problems with its own software. That's according to a currently unverified document, allegedly a leak from MtGox itself, after [...]
Letters to the Editor – 25/02 – Intimidated Russia, Best of Twitter February 24, 2014 Intimidated Russia [Re: Russia must back down over Ukraine to avoid a catastrophe, yesterday] The situation with Russia is more complicated than generally appreciated. Suppose the communist system of the USSR had triumphed and that, one by one, European states had applied to join that Union, and were then invited to join the Warsaw Pact. [...]
How Alex Salmond is ignoring the real risks of Scottish independence February 24, 2014 WHETHER it is best for Ukraine to split, or the UK to join the emerging Single European State, or Catalonia to leave Spain, or Scotland to leave the UK are not fundamentally economic questions. Rather, they are bound up with constitutional issues, issues of identity, and the question of with whom one wants to share [...]