It’s rare for the world to worry about Italy. But Sunday’s referendum has the global Establishment on the edge of its seat. The worst case scenario — from the Establishment point of view — is the vote going against the government, causing the Prime Minister to resign and be replaced by an anti-euro, anti-EU party […]
Two short months ago it was generally expected that US interest rates would rise for the balance of the year — a move made possible by steady economic growth and general global stability. Here’s a representative piece of reporting from early April: WSJ Survey: Most Economists Expect Next Fed Rate Increase in June Most private […]
Now the real fun begins. Last night Britons voted to leave the European Union, sending shock waves around the world — though not directly or immediately threatening the concept of European integration. But what comes next emphatically does. Emboldened by the Brits, nationalist parties across the Continent are gearing up for exit votes of their […]
Watch Brexit, the Movie, to understand why Britain might just leave the EU — and why other members should leave as well. Meanwhile, the Saudis are apparently out of money, the bricks and mortar retailers are out of customers and Wall Street bankers are looking at mass unemployment. Brutal times for obsolete institutions!
In Niall Ferguson’s Civilization: The West and the Rest, he presents a list of institutional arrangements that turned a bunch of ignorant, “malodorous” Europeans into the world’s dominant culture in the space of a couple of centuries. One of those institutional arrangements was property rights. That is, when something is yours it’s yours, not the king’s or […]