If you spend enough time in policy circles, you will eventually run into the concept of the impossible trinity. A country can have full control of its interest and exchange rates, at the cost of imposing controls on the movement of capital. If it decides it would like to remove these controls, then it must Read More
A Norway+ Brexit would be the worst possible outcome for the United Kingdom.
Theresa May’s speech railing against Parliament brings us to the brink of a no-deal Brexit.
I haven’t been writing as much as I should recently, and I think that’s largely because there’s simply been too much to write about. Every time I get a piece halfway to the finish line, something else drags my attention away. Traditionally, this problem has resolved itself when somebody writes something so monumentally wrongheaded that I Read More
British politicians, I suspect, feel a degree of envy towards their American counterparts. An MP who proceeds along the time-honoured route through Eton and Oxford to the Palace of Westminster will spend most of their lives surrounded by the same sort of people in the same sort of architecture, and eating the same sort of Read More
One of the best known laws of economics is that bad money drives out good. If a country debases its coinage, mixing the gold and silver in new coins with lower value metals, people will hold onto the older and more valuable coins and spend the new ones. The bad money flushes the ‘good’ money Read More