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.