Munchau is absolutely right that the reason that Germany and China run trade surpluses is that they implement policies that surpress consumption (or, to put it another way, they encourage saving). An… (View Post)

You should get your eyes tested. (View Post)

He was a Director of an investment trust that I used to manage, and I spent a lot of time with him over the years. We couldn't have been more different: I was always looking for the exciting, sh… (View Post)

I think that's in the invisibles category. (View Post)

Oh indeed: The real Trump Derangement Sydrome, it turns out, was thinking that he wouldn't act in a batshit crazy way. (View Post)