US debt

I'm not too sure about this Liam Halligan argument (my bolding).

The dollar fell particularly sharply last week, though, as traders were reminded of the patently obvious – that the White House actually wants the dollar to fall. US Treasury officials have lately taken to staring into the TV cameras, puffing out their chests, then stating: "We are committed to a strong dollar." That's nonsense, of course, because a weaker currency boosts US exports and lowers the value of America's external debt.

Surely if you're debt is denominated in foreign currencies a weaker local currency increases the value of your debt in your own currency, and if it is denominated in your own currency (as is the case with almost all of the US's foreign debt) it makes no difference? I think perhaps he is thinking of inflation. I suppose it decreases that value for (say) the Japanese in yen terms, so perhaps they will care less about getting it repaid? Or is there something I've missed?

The pound in your pocket hasn't devalued

When Harold Wilson said something like that it was obviously a lie. I've commented a few times on the somewhat bizarre return of the 'devaluationists' in economic commentary, led by Ambrose Evans Pritchard, who I seems to believe that every country in the world can, and should, devalue at the same time.

But anyway, the point of this piece was I just bought four bottles of Champagne from the local off-licence for £40. So perhaps Wilson was right after all as its pretty good stuff.

update: Ooh, my head. Bloody Alistair Darling.

David Horowitz, of all people, emails me:

Is America losing its mind?

Letters of condolence

I don't really want to post on this as it's a pretty wretched subject, but I see now the newspaper in question has got the bereaved mother taping private conversations (a breach I believe of civil law if it's made public..) four of the top five coments on their own website are suggesting the story is dragging on to long.

It appears what they are after to show more respect is to get a secretary to type out the letters in future and borrow Donald Rumsfeld's signature machine.

The sloppiness of Henry Porter's research makes one despair of the Sunday Times

Here.

Are eurosceptics unrealistic in their expectations?

If Dan Hannan matures from his present rather aloof juvenile lead mode to be a plausible, and warm, leader then that might be possible in the next 10 years. 

Yes, I think they might be. 

Hannan

Do you think he has mistaken a 'referendum' for Clearasil? Isn't it really weird language to use?

"This Conservative is for a referendum: a proper, deep-cleansing referendum that will settle whether our country remains subordinate, or becomes self-governing".

Government and private imbalances

Martin Wolf makes the case (again, but I suppose he's hoping one day it will stick) that government deficits have been caused by private surpluses. Incidentally on this analysis you can see why Germany might have had a terrible jolt at the start of the economic crisis but one that hasn't been felt so much inside the country as you might think.

News and opinion

It's interesting to see that the Daily Telegraph has scrapped the idea that news should be unbiased and is now editorialising in news articles. I know newspapers always do this to some extent but it's still a bit surprising to see how far the D.T has gone. Headline today:

Lisbon Treaty: more of Britain's powers surrendered to Brussels

This is on the web version, Private Eye noted this week that the Daily Mail now has different headlines and (perhaps) story angles on its website than the print version - think this is a risky business.

Lisbon

The Lisbon Treaty has now been ratified by all signatories, and although it is not yet law it appears the Eurocrats have taken no time in imposing their will on our once proud country. Nosemonkey is liveblogging it, but highlights are:

The EU flag has been raised over the Houses of Parliament



Buckingham Palace has been nuked by a European Air Force



Winston Churchill's statue is - well it appears only to have been half done - being replaced by Jean Monnet's.

The EU = China 1989

This appears to be Daniel Hannan's latest point.

On the referendum (a bad idea although one I think the pro-treaty faction would win) I don't really understand the issue about Cameron breaking his 'cast-iron' guarantee of a referendum. He's been hinting that he wouldn't hold one if it had been ratified since the day he made the pledge. I think the worst that can be said was that he was too cowardly to admit explicitly that it was only if it hadn't already been ratified, and has avoided making a policy because of an eagerness that something might turn up. A ditherer, but that's no bad thing.