I felt frustrated over the past three years at what appeared to me to be the shallow and Westminster-obsessed coverage of the Brexit saga by the media. Here was a crisis like no other in recent British history that was shaking the bedrock of society and government alike, but the reporting and commentary on it were More

In Dostoevsky’s Demons, liberal academic Stepan Trofimovich says before dying: “I’ve been lying all my life. Even when I was telling the truth …. The worst of it is that I believe myself when I lie. The most difficult thing in life is to live and not lie.” More

Debts that can’t be paid, won’t be. That point inevitably arrives on the liabilities side of the economy’s balance sheet.

But what of the asset side? One person’s debt is a creditor’s claim for payment. This is defined as “savings,” even though banks simply create credit endogenously on their own computers without needing any prior savings. When debts can’t be paid and debtors default, what happens to these creditors? More