Quite the most astonishing story today is of a hedge fund in New York. Or rather, a Ponzi scheme masquerading as a hedge fund. $50 billion has gone missing. Yes, $50 billion.
A bit of background on that fund. No one could work out how they were making money....and of course now we learn that they weren't making any.
The fund had $17 billion under management....from fewer than 25 investors!
So the new boss is the same as the old boss or, neo-feudalism meets the old sort.
The essential argument for spending over tax cuts as a fiscal boost is the size of the multiplier. It turns out that this might favour tax cuts over spending rises.
More on how the Government rigs those public consultations.
And finally, the things you have to say to sell bonds these days.
