Paying people to dig up holes in the physical and cultural infrastructure of Iraq and Afghanistan

I was thinking about war and prosperity and the many odd relationships between economics and power, between power and destruction and between destruction and war.

I recently met someone who had been to Iraq, having been there before Saddam Hussein was in power and while Saddam Hussein was in power. He was well placed to comment on the effects of the war in Iraq which Mr Blair has said has proved a net benefit to the Iraqi people. Continue reading

Will we return to the gold standard?

In the small resort town of Bretton Woods in New Hampshire at the Mount Washington Hotel in 1944 the foundation of today’s monetary system was laid down. The free Allied Nations of the Second World War formed the International Monetary Fund and the World Bank and agreed to make their currencies freely interchangeable backed by gold deposits at the US Treasury. Continue reading