The parliamentary ratification took no notice of public opinion. The Labour Government rejected an amendment to the Lisbon Treaty Bill which would have called for a referendum. The Government’s majority in the House of Commons was 63, on a vote of 311 to 248.
March 7th, 2008 | William Rees-Mogg | 3 comments | ContinuedArchive for William Rees-Mogg
Leading political editor William Rees-Mogg is former editor-in-chief for The Times and a member of the House of Lords. He has been credited with accurately forecasting glasnost and the fall of the Berlin Wall – as well as the 1987 crash. His political commentary appears in The Times every Monday. His financial insights can only be found in the Fleet Street Letter, the UK's longest-running investment newsletter.
The 2008 Presidential Election Has Developed into Charges and Counter-Charges of Corruption
It is depressing that the American election has developed into charges and counter-charges of corruption. Senator Obama has been attacked for historic property deals. Senator McCain has been attacked for his relations with a lobbyist.
February 28th, 2008 | William Rees-Mogg | 2 comments | Continued
Europe is About to Suffer an Outbreak of Obamamania
There has been an extraordinary shift in the age group which dominates political life, in Europe as well as the United States. Those of us who are older than the baby boomers, saw them take over from our generation and now see our children’s generation taking over from them.
February 25th, 2008 | William Rees-Mogg | 6 comments | Continued
Gold is Not Perfect
A short note on gold, sent to us from our old friend Lord Rees-Mogg:
“In 1908, good farmland in England was worth about 45 pounds per acre. Similar land would now be worth about 4,500 pounds an acre… On that basis, land has risen by about 100 times… over the last century.
“We can be more [...]
McCain vs. Obama, a Battle of Major Political Figures in the Presidential Election
If the Presidential election is finally a contest between the two Senators, McCain and Obama, it will at least be a contest of major political figures. I would myself vote for Senator McCain, because he has the experience, and the proven character, to fill the role of Commander-in-Chief.
February 15th, 2008 | William Rees-Mogg | 7 comments | Continued
South African Power Crisis Anxieties Cause Gold Price Increases
In January 2007, the gold price was around $600 an ounce; at the end of January 2008, the gold price touched a new peak of $929 an ounce. That is a rise of 50 per cent in twelve months. The rapidity of the rise invites the question whether it can be sustained. [...]
February 1st, 2008 | William Rees-Mogg | 1 comment | Continued
Cycles of the Economy
I cannot remember such a flurry of interest in cyclical trading theories since the aftermath of the panic of 1987. They used to come by airmail, usually well argued, and now they come by Email often in a more abbreviated form, and repeated to countless other correspondents. If one were old-fashioned, one would [...]
January 25th, 2008 | William Rees-Mogg | 3 comments | Continued
Purchasing Power of Paper Money Declines, Gold Price Climbs
All paper money has historically proved defective in terms of one of the classic functions of money. Nineteenth century economists such as William Stanley Jerons - a great economist by any test - taught that money ought to act as a “store of value”. There is no fiduciary issue which has survived the period since [...]
January 18th, 2008 | William Rees-Mogg | 1 comment | Continued
Prudent Bankers are Still Concerned to Strengthen Their Balance Sheets
Anyone who has had to reconstruct a balance sheet knows what a depressing experience it can be. Normally, the starting point has been a pattern of risk which seemed prudent at the time it was incurred, but has been overtaken by events. The result is that reserves have been drawn down, and [...]
December 20th, 2007 | William Rees-Mogg | 2 comments | Continued
U.S. Extradition Laws Create Anxiety in U.K.
There are now a number of issues of extradition and procedure on which there is potential conflict between American and non-American law. The extradition issue has caused considerable anxiety among United Kingdom businessmen, who have been alarmed by the case of the so-called Nat West Three and other high profile business cases.
After 9/11, there [...]
