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economics

29.03.2004

voting with the feet as, increasingly, borders open

Iindividual power is steadily increasing as governments become forced to compete for productive citizens.

net emigration of british citizens (PDF)

1997 59,800
1998 22,700
1999 22,800
2000 57,000
2001 53,000
2002 91,000

House prices have risen considerably in all areas of the States, fuelled by record-low interest rates on mortgages. Despite these increases, British buyers are still shocked at how much their equity buys. Ryan says: 'A client of mine just sold his two-bedroom flat in Enfield, north London, and purchased a three-bedroom, two-bathroom detached home in Minneapolis with a chunk of money left over.”

Niall Ferguson on the European Union:
the end of the process of European integration1

“My estimation [.....] is that the train is still running, but there ain't no gravy anymore. And as that reality gradually dawns, the process of European integration, which I believe has depended from its very inception on German gravy, is bound to come to a halt. Who, after all--who is going to pay for those, and I quote, "maximum enlargement-related commitments," to the 10 new member states which have been capped at 40 billion euros? The general assumption appears still to be that the German taxpayer will pay that money. I see no reason whatsoever why that should be the case. Indeed, the very smallness of the sum that has been agreed illustrates the way the German purse-strings are tightening.

“[ ...] I didn't come here this evening to make a purely economic argument. What I've said I think is in fact a sufficient argument to explain the end of the process of European integration as we have known it up until this point. But I have one last argument to make that is not, in the end, an economic argument at all. ”


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