Last month there was rejoicing that Joshua Reynolds’s ‘Portrait of Omai’ had been saved for this country at a cost of £50 million. My hat was in the air with everyone else’s. But much less attention has been given to another artwork that is in need of rescuing, one of far greater national and artistic
When can a famine taste pretty good? The answer is when you are eating the cattle which have just died of thirst. And that’s where we are today in the investment market. The famine is a lack of income — cash held in a completely safe bank, or in short-term government securities, earns almost nothing.
Three years ago, on an Ignatian retreat in Wales, two of the staff were taken ill — a priest and a kitchen maid, Maria. At Eucharist, we were given regular updates on the progress of the priest, but radio silence when it came to Maria. Inwardly furious, I raged at the inequality: ‘Who will look
Does the banker deserve his bonus? Of course he doesn’t, but the problem is that the wrong sort of people point it out. The envious and the angry combine at shaking their fists at the super-wealthy; the politicians rehearse the arguments more in sorrow than anger. The rich are impervious to criticism from the unlucky
Now that businessmen from Kazakhstan to California speak a single language, it’s perhaps not surprising that we endured a Babel of borrowing over the past ten years. And like all towers which reach too high, it fell — and great was the fall of it. So great, in fact, that the financial world was overwhelmed.
There is a lot of borrowing around these days. How can we judge this? Last year, total securities issuance came in at $11.5 trillion, about 25 per cent of world GDP according to IMF estimates. This statistic is every bit as batty — and as true — as the tabloid headline in 1989 that the
