Buiter on the Dubai default

I don’t see what the big deal is...If you earn a risk premium during good times, you should not moan when the borrower defaults from time to time when the going gets tough.

The debt of the Dubai World Group and of Nakheel was not Dubai sovereign debt or sovereign-guaranteed debt. The only way a bail out by the Dubai sovereign of the debt holders of Dubai World and Nakheel would enhance the sovereign’s reputation would be by enhancing its reputation as a sucker.

Fortunately, property companies don’t fall into the systemically important category. Their collapse is painful for their shareholders, creditors and, if the local labour markets are weak, their employees. They are not, however, systemically important. There collapse will not threaten the delicate fabric of financial intermediation. They are fit to fail. Creditors beware.

Adam Kirsch on Engels

Many of Engels' lurid details and damning statistics come from official reports like Edwin Chadwick's "Report on the Sanitary Conditions of the Labouring Population of Great Britain", which was commissioned by a Whig government and published under a Tory one. Indeed, while Engels insists that the workers cannot hope for redress from a bourgeois-aristocratic Parliament, he can't help but note that "although the middle classes at the moment are the main - indeed the only - power in Parliament, nevertheless the last session (1844) was in effect a continuous debate on working-class conditions. All this suggests that fare from being obdurate, England's ruling class were taking action - slowly and as yet inadequately - to solve the problems caused by the industrial revolution. These problems were, it is useful to remember, totally unprecedented, not just in English but in human history. The sudden eruption of vast polluted slums in the North of England baffled both the institutions of government and the prevailing theories of economics and society.

Hilary Mantel on Keith Thomas' The Ends of Life

Warfare was an aristocratic business, and young men trained for nothing else: then along came firearms, which made any low-class fool into a killing machine.

Hilary Mantel on starsuckers

We live in a society basted in self-regard, our moralists tell us: fat and dozy on the lion's share of the world's resources, polluting the seas and burning fossil fuels, we gaze in loving torpor at our own reflection, and the gnat-bite of recession barely disturbs our narcissistic trance. More than any generation before us, we command the resources for self-realisation - a "life well lived", as Keith Thomas puts it. But do we want to be artists, philosophers, pioneers of the natural sciences? No: we want to be celebrities. We dream of instant, global fame. We expect it to enrich us, gratify us, but are less concerned that it outlast us. Once, priorities were different.