With Europe behind it, Greece is being pushed into further peril

There is not the remotest prospect of that Athens can raise the money set out in the bailout terms, even with the enforced sale of national assets

Keynes never existed. The General Theory of Employment, Interest and Money was never written. Economic history ended on the day Franklin Roosevelt replaced Herbert Hoover as president of the United States.

That’s the gist of the deal that keeps Greece in the euro, an agreement that will deepen the country’s recession, makes its debt position less sustainable and virtually guarantees that its problems come bubbling back to the surface before too long.

At the insistence of Berlin, this sort of flexibility is not going to be open to Greece. Angela Merkel and Wolfgang Schäuble, her finance minister, have got everything they were seeking before Alexis Tsipras called the Greek referendum – and more. Continue reading

Britain’s struggles in nuclear race

The Trident report that is about to be unveiled is just the latest twist in what has been a long saga of Britain’s efforts to become and remain a member of the exclusive nuclear weapons club.

For much of the Cold War, the aim of successive British governments was to have a capability that mirrored in quality, if not in size, the arsenals of the superpowers.

The first stumbling block was the shock US decision to halt nuclear co-operation with Britain at the end of World War II. From being partners in the fabled Manhattan Project, Britain was left initially largely to its own (nuclear) devices. Continue reading