Supershekel

Most Israelis would agree that this week saw their country’s politics plunge to a new nadir in terms of morality and behavioural standards. Indeed, opinions polls confirm that an overwhelming majority want to see Ehud Olmert leave office immediately and feel no need to find out if there is sufficient evidence to indict him, let alone find him guilty of […]

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The Battle of Moscow

This year’s European Champions League Cup Final, played in Moscow on Wednesday night between Manchester United and Chelsea, was a genuine drama extending through full time into extra time and on to the agonising penalty shoot-out. Along the way, there was some excellent football, mostly from Chelsea, but that was the team that ended up losing – to the chagrin […]

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Simply stated

“Simply stated, the bright new financial system – for all its talented participants, for all its rich rewards – has failed the test of the market place.” Paul Volcker, April 8 2008. There you have it. In one sentence, the man who really was the greatest central banker of our times, and probably of all time, summed up the whole […]

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Lesson from London

Funny place, London. For a start, you have to choose between being a litter-bug or a human garbage can (sorry, make that ‘rubbish receptacle’). On the main streets and in even the big railway stations – not to mention throughout the London Underground – there are no trashcans available. The result, needless to say, is that most people leave their […]

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Another trap is sprung

The ‘Global Agenda’ column for February 22 was entitled ‘The Trap is Sprung’ and was devoted to the jump in US inflation. Its starting point was the policy of the Fed, the US central bank,  to cut interest rates sharply in an effort to stimulate economy activity (i.e. avoid recession), although inflationary forces were actually strengthening. Since loose monetary policy […]

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