Search This Blog

Thursday 23 February 2012

Einstein RIP - Your hunch about the speed of light is still true

Faster-than-light neutrinos could be down to bad wiring

What might have been the biggest physics story of the past century may instead be down to a faulty connection.

In September 2011, the Opera experiment reported it had seen particles called neutrinos evidently travelling faster than the speed of light.

The team has now found two problems that may have affected their test in opposing ways: one in its timing gear and one in an optical fibre connection.

More tests from May will determine just how they affect measured speeds.

The Opera collaboration (an acronym for Oscillation Project with Emulsion-Racking Apparatus) was initially started to study the tiny particles as they travelled through 730km of rock between a particle accelerator at the European Organisation for Nuclear Research (Cern) in Switzerland and the Gran Sasso underground laboratory in Italy.

Its goal was to quantify how often the neutrinos change from one type to another on the journey.
But during the course of the experiments the team found that the neutrinos showed up 60 billionths of a second faster than light would have done over the same distance - a result that runs counter to a century's worth of theoretical and experimental physics.

The team submitted the surprising result to the scientific community in an effort to confirm or refute it, and several other experiments around the world are currently working to replicate the result.
A repeat of the experiment by the Opera team will now address whether the issues they have found affect the ultimate neutrino speed they measure.

The two problems the team has identified would have opposing effects on the apparent speed.
On the one hand, the team said there is a problem in the "oscillator" that provides a ticking clock to the experiment in the intervals between the synchronisations of GPS equipment.

This is used to provide start and stop times for the measurement as well as precise distance information.

That problem would increase the measured time of the neutrinos' flight, in turn reducing the surprising faster-than-light effect.

But the team also said they found a problem in the optical fibre connection between the GPS signal and the experiment's main clock.

In contrast, the team said that effect would increase the neutrinos' apparent speed.

Only repeats of the experiments by Opera and other teams will put the matter to rest.

"These latest developments show how hard the OPERA team is working to understand the results," said Dave Wark, a particle physicist from the Rutherford Appleton Laboratory in the UK and committee member of Japan's principal neutrino facility T2K.

"Just as it would have been unwise to jump to the conclusion that the initial results were the result of an anomaly, it would be unwise to make any assumptions now. It is the nature of science that theories have to be tested, re-tested and then tested again".

In a statement, the Opera collaboration said: "While continuing our investigations, in order to unambiguously quantify the effect on the observed result, the collaboration is looking forward to performing a new measurement of the neutrino velocity as soon as a new bunched beam will be available in 2012."

Meanwhile, the Borexino and Icarus experiments, also at Gran Sasso, the Minos experiment based at the US Fermilab, and Japan's T2K facility are all working on their own neutrino speed measurements, with results expected in the next few months.

It's time to start talking to the City


A radical reform of the financial sector can only be achieved if we know what kind of capitalism we want

Last week I delivered a lecture on my latest book to about 150 people from the financial industry at the London Stock Exchange. The event was not organised or endorsed by the LSE itself, but the venue was quite poignant for me, given that a few months ago I did the same thing on the other side of the barricade, so to speak, at the Occupy London Stock Exchange movement.

At the exchange I made two proposals I knew may not be popular with the audience. My first was that we need to completely change the way we run our corporations, especially in the UK and the US. I started from the observation that financial deregulation since the 1980s has greatly increased the power of shareholders by expanding the options open to them, both geographically and in terms of product choice. Such deregulation was particularly advanced in Britain and America, making them the homes of "shareholder capitalism".

With greater abilities to move around, shareholders have begun to adopt increasingly short time horizons. As Prem Sikka wrote in the Guardian in December 2011, the average shareholding period in UK firms fell from about five years in the mid-1960s to 7.5 months in 2007. The figure for UK banks had fallen to three months by 2008 (although it is up to about two years now).
In order to satisfy impatient shareholders, managers have maximised short-term profits by squeezing other "stakeholders", such as workers and suppliers, and by minimising investments, whose costs are immediate but whose returns are remote. Such strategy does long-term damages by demoralising workers, lowering supplier qualities, and making equipment outmoded. But the managers do not care because their pay is linked to short-term equity prices, whose maximisation is what short term-oriented shareholders want.

That is not all. An increasing proportion of profits are distributed to shareholders through dividends and share buybacks (firms buying their own shares to prop up their prices). According to William Lazonick – a leading authority on this issue – between 2001 and 2010, top UK firms (86 companies that are included in the S&P Europe 350 index) distributed 88% of their profits to shareholders in dividends (62%) and share buybacks (26%).

During the same period, top US companies (459 of those in the S&P 500) paid out an even greater proportion to shareholders: 94% (40% in dividends and 54% in buybacks). The figure used to be just over 50% in the early 80s (about 50% in dividends and less than 5% in buybacks).

The resulting depletion in retained profit, traditionally the biggest source of corporate investments, has dramatically undermined these corporations' abilities to invest, further weakening their long-term competitiveness. Therefore, I concluded, unless we significantly restrict the freedom of movement for shareholders, through financial reregulation, and reward managers according to more long term-oriented performance measures than share prices, companies will continue to be managed in a way that undermines their own viability and weakens the national economy in the long run.

My second proposal was that, in order to improve the stability of our financial system, we need to radically simplify it. I argued that financial deregulation in the last 30 years led to the proliferation of complex financial derivatives. This has created a financial system whose complexity has far outstripped our ability to control it, as dramatically demonstrated by the 2008 financial crisis.
Drawing on the works of Herbert Simon, the 1978 Nobel economics laureate and a founding father of the study of artificial intelligence, I pointed out that often the crucial constraint on good decision-making is not the lack of information but our limited mental capability, or what Simon called "bounded rationality". Given our bounded rationality, I asserted, the only way to increase the stability of our financial system is to make it simpler. And the most important action to take is to restrict, or even ban, complex and risky financial instruments through the financial world equivalent of the drugs approval procedure.

The reactions of my audience were rather surprising. Not only did nobody challenge my proposals, but many agreed with me. Yes, they said, "quarterly capitalism" has been destructive. True, they related, we've seen too many derivative products that few people understood. And, yes, many of those products have been socially harmful.

It seems that, as it is wrong to label the Occupy movement as anti-capitalist, it is misleading to characterise the financial industry as being in denial about the need for reform. I am not naive enough to think that the people who came to my lecture are typical of the financial industry. However, a surprisingly large number of them acknowledged the problems of short-termism and excessive complexity that their industry has generated to the detriment of the rest of the economy – and ultimately to its own detriment, as the financial industry cannot thrive alone.

The rest of us need to have a closer dialogue with reform-minded people in the financial industry. They are the ones who can generate greater political acceptance of reforms among their colleagues and who can also help us devise technically competent reform proposals. After all, without a degree of "changes from within", no reform can be truly durable.

Monday 20 February 2012

Immigration Song


Immigration Song

by Giffenman

Its immigration say the Tories
The cause of all our worries
So lets shut the door
Keep the peril from our shore
And the BNP can make our curries

The fault may lie with the bankers
Managers, footballers and rich wankers
Yet its the always the brownman
yellowman and other bogeyman
Who will be showered with hard conkers

So lets shut the door
Keep the peril from our shore
And the BNP can make our curries


Why does the UK government struggle to reach its net migration target?

Figures show net migration is at a record high. To understand why, we must break it down into its main components
Home Office break-up plans finalised
Statistics out this week show that 250,000 more people came to the UK than left in the 12 months to June 2011. Photograph: Clara Molden/PA
"Net migration" – total immigration, including both foreign and returning British nationals, who are intending to come for a year or more, minus total emigration – is the metric which ministers have chosen for their overall target.
They have pledged to cut it "from hundreds of thousands to tens of thousands" by 2015. But the latest statistics out this week show net migration remaining at a record high: in the 12 months to last June, 250,000 more people came to the UK than left. In other words, in its first 15 months, the government made no progress towards its target.
Why is cutting net migration so difficult? To answer this question, we need to break it down into its main components.

Emigration

This may seem like a surprising place to start, but – contrary to the narrative of anti-immigration campaigners, and Conservative ministers – it is emigration not immigration that has driven recent changes in net migration, with immigration remaining stable since 2004. One of the government's problems is that emigration remains low by recent standards.
This week's figures show a small rise in emigration of UK nationals, up 12% to 143,000, but this is offset by a fall in emigration of foreign nationals. Fewer people seem to want to leave the UK for work-related reasons during a time of global economic downturn, and retirement and "lifestyle" emigration by British nationals – highly dependent on UK house prices and pensions – remains lower than before the financial crisis.
The government plans to make it harder for working migrants to stay longer than five years, and for overseas students to stay on and work after graduation: these changes should mean that in future years, more foreign nationals will start returning home, but are unlikely to make enough of a difference to help the government hit its target.

Work migration and the immigration 'cap'

Despite the rhetoric, the only kind of immigration which is actually "capped" is one sub-category of working migrants, those from outside the EU, and excluding those on "intra-company transfers", and certain other exceptions. This covers 20,000 out of total immigration of just under 600,000 – around 3%.

Students

Overseas students are the largest category of migrants coming for a year or more, around 240,000. The government intends to reduce this number, and believes its policies are already starting to have an effect: the number of student visas fell by 4% in 2011. But it will be challenging to reduce the numbers enough to help meet the overall target.
The Department for Business, Innovation and Skills has lobbied internally against more severe restrictions on student visas, concerned about the impact on higher education finances (given the cuts in central government funding) and about the UK's position in this lucrative global market, one of the few areas of potential growth and export revenue over the coming years.

Family

Immigration on the "family route" has been falling over recent years, but ministers need it to fall faster if they are to hit their target. They are planning to introduce a minimum income requirement, which could disqualify around half of the roughly 50,000 who currently come to the UK on this route. But if this goes ahead, it is highly likely that this policy will be challenged in the courts.

European Union migration

The slight fall in the number of work visas granted to foreign nationals from outside the EU (down 7%) appears to be more than offset by an increase in the number of eastern Europeans coming to the UK to work, with eastern Europe continuing to contribute around 50,000 to the overall net migration figure.
The government cannot control migration to and from the EU, and trends here are hard to predict, but if the performance and prospects of the UK economy decline relative to those EU countries which are crucial to migration, such as Poland, this could reduce net migration, as fewer Poles arrive and more return home; however, there could still be more immigration from other struggling economies like Greece.
Overall, the government finds itself in the perverse position that its best chance of hitting its net migration target is if the UK experiences a prolonged economic downturn. If instead, as we all hope, we start returning to growth late this year or early next, ministers will face a more difficult set of choices. The risk is that the net migration target will force them to attempt more drastic reductions in work and especially student migration, simply because those are the easiest categories to control, and despite the fact that they are also the most economically beneficial categories, and the kind of immigration which surveys suggest the public are least bothered about.

India's elite is blinded by a cultish belief in progress

Rather than emulate US swagger, my home country should learn a lesson from America's current jobs crisis
india
Prosperity for some: a man cycles past offices near New Delhi. Photograph: Manpreet Romana/AFP/Getty Images
 
From 2007 to 2009, during the process of gathering material for a non-fiction book on India, I often found myself exposed to the aspirations of its upper and middle classes. These people were part of the 150 or 200 million who had done very well materially from the economic changes of the past two decades, and as a group they believed firmly in India as a superpower on a path of infinite growth.

The people I met ranged from extremely wealthy businessmen, part of a super-elite, to the salaried middle classes. When I encountered them as individuals, usually in extended sessions, they often showed themselves capable of nuance and even outright contradiction, from the government official who expressed understanding for ultra-left guerrillas fighting the government and mining corporations in central India to the waitress at an upscale Delhi restaurant who wished, despite her apparent upward mobility, to have her mother's less affluent but stable life as a provincial schoolteacher.

But what was apparent in my long conversations with individuals was hardly ever true in the aggregate. In the public discourse produced by the upper and middle classes in India – in newspapers and talk shows, in tweets and television soaps, in the comments that flood websites should anyone dare make a dissenting note – such contradictions vanish, replaced by an uncomplicated, almost cultish faith in India as a success story. In this version of contemporary India, the material wealth of the upper and middle classes can only keep on increasing. The comfortable will get rich, the rich get richer. As for the poor living on 50 cents a day (perhaps as much as 77% of the entire population, according to one government report), they might see their lot improve. If not, they have only their lack of ability, effort and merit to blame.

In fact, when a series of scandals exploded in 2010, the elite response involved fixating on the corruption of government and politicians. It is true that both government officials and politicians were involved in the scandals, which included the shoddy construction of buildings for the Commonwealth Games and the irregularities involved in auctioning off the mobile phone spectrum that may have cost the public exchequer $39bn. But although corporations and the media were quite complicit in such corruption, as evident from the last of the 2010 scandals, which involved the income tax department's wiretaps on a British-Indian corporate lobbyist called Niira Radia, their role vanished in the anti-corruption movement led by Anna Hazare last year.

Along with the corporations and the media, India's middle and upper classes were particularly eager supporters of Hazare, a former soldier and social reformer whose primary demand was for the creation of a Jan Lokpal, a tribunal that would have policing powers over the government and legislature. When rallying behind Hazare, elite Indians did not raise questions about inequality, in the way their country lags behind other poor countries in many social indicators, including the child mortality rate, underweight children and female youth literacy, or how large sections of the population from Kashmiris in the north to tribal people in the central Indian state of Chhattisgarh feel the state as nothing but an oppressive presence.

Those supporting the Hazare movement seemed unconcerned with such things, instead focusing on government corruption as all that stood between their present wellbeing and future prosperity. If only the corrupt state would step aside in certain areas – obviously not Kashmir, Chhattisgarh or the north-east – the Indian elites could prosper even further.

The Hazare movement has since petered out, but its central idea, of the unique meritoriousness of the middle and upper classes of India, remains. It is an illusion, and it reminds me of the illusion among the middle and upper classes of another society, and that is the US. I live and teach in New York, where I've seen among my students (mostly white, just as elites in India tend to be mostly upper caste) and in the Occupy Wall Street movement an elite that has suddenly been forced to examine its notions of unique meritoriousness and endless prosperity.

The lack of jobs in the US, something that earlier affected only those in manufacturing and the service industry, and therefore had an impact mostly on inner city African Americans, poor immigrants and rural whites, has now worked its way into the lives of the middle and upper classes, towards even people with expensive college degrees.

In the conversations I've had with members of this American middle class, I've been privy to another reality behind their seemingly affluent facades. I teach writing, and so I've read, with surprise, about a student whose past consisted of private school education, a large suburban house, well-paid professional parents, and global travel, but whose parents are now unemployed, their large house caught up in endless mortgage payments, and where, along with attending classes, it is equally important for this student to scrounge for a subway card and food. It's not just the young who are afflicted, either. On New Year's Eve, an old friend of mine showed me around the house he'd fixed up painstakingly over the years. He now plans to sell it off because, in spite of having a steady job, he can no longer keep up with the mortgage payments.

It's painful to see people struggling with such hopelessness. Yet I can't help but note that it's allowed a significant portion of Americans to shed their shell of complacency, their belief that they must continue to prosper because they are deserving and that the world of the marketplace will always deal them a fair hand. In India, the elites shout themselves hoarse about emulating America – in its wealth, its swaggering confidence, its Hummers and parking lots – even as that America ceases to exist. Even in the land of manifest destiny, destiny has run into its limits, and it seems only a matter of time before the same turns out to be true for India's privileged classes.

Friday 17 February 2012

My Weltanschhaung - 17/02/2012

I am glad to read that the Vatican has at last been forced to cough up some taxes from the income it generates. Though I was shocked that they were exempt from taxes this far.

I am surprised that David Cameron will offer Scots more devolved power if they vote No in the forthcoming referendum. I thought why not devolve more powers before the referendum and therefore give yourself a better chance to win the referendum?

It has taken the energy watchdog so long to realise that energy companies are profiteering. But what have they done - issued a warning, 'Cut prices or else...'.

It now appears that tax avoiding pay deals maybe rife in Whitehall. It appears that 4000 bureaucrats' pay deals will be reviewed.

Thursday 16 February 2012

EU closer to India trade deal


By Bari Bates in Asia Times Online

BRUSSELS - Behind closed doors, a trade deal affecting a fifth of the world's population has been quietly in the works for years. But while details of the free trade agreement (FTA) between the European Union and India remain ambiguous to the general public, concerns continue to mount over the effects such a deal could have on an unsuspecting third party: the affordable drug market of the developing world.

Negotiations have been underway for five years, with details on issues such as India's generic drug market sending delegates from both the EU and India through multiple rounds of deliberations in the hopes of settling on an FTA that would be "mutually beneficial and sustainable", especially given Europe's current economic climate.

Finally, the five-year ordeal seems to be moving toward a conclusion, according to the European External Action service. The latest EU-India summit took place on February 10 and was hailed by Jose Manuel Durao Barroso, president of the European Commission, as a "significant step forward".

The European Union is already India's primary trade partner and largest source of foreign direct investment (FDI), according to Barroso.

EU-India trade doubled to more than 67.9 billion euros (US$89.5 billion) in 2010 from 28.6 billion euros in 2003, while EU investment has tripled to three billion euros since 2003.

Barroso says the final agreement will be reached this autumn and, if passed, would signal the implementation of the world's largest trade agreement in the world, opening the doors for research and innovation, job creation, and countless business opportunities.

But some experts and activists are fiercely opposed to the deal, which they say will stunt the availability of affordable medicine in the developing world.

'Hands off our medicine'
These concerns aren't new; the issue has been on the radars of several organizations for years, with growing concerns over how the trade agreement is being reached and what it means for organizations who work to supply low-cost medicines to those in need.

As the FTA has evolved, certain measures such as data exclusivity have been taken off the table, though other potentially harmful provisions remain.

Initial opposition to the trade deal centered on issues of intellectual property rights and market access for large European businesses, with the not-for-profit group Corporate Europe Observatory (CEO) at the helm with a petition to halt the trade agreement altogether. The petition had the signatures of over 100 organizations as of December 2010, just prior to the 11th EU-India summit.

One of CEO's biggest concerns is that new trade rules could stall the distribution of generic drugs, thus keeping patented medicine prices high and increasing the overall cost of healthcare for households. According to Oxfam International, generic competition lowers medicine prices by 90-99%.

Most significantly, generic competition in India has lowered prices for first line antiretroviral drugs to US$100 per year for a single patient, down from $10,000 just 10 years ago for the same treatment.

Doctors Without Borders (known in French as Medecins Sans Frontieres, or MSF), an independent international medical humanitarian organization that delivers emergency aid, has also been steering opposition to the FTA's impact on generic drugs.

The organizations's campaign called for Europe to keep its "hands off our medicine" and issued a statement outlining risks associated with the widening net of enforcement provisions, which have serious implications for the availability of medicines.

If certain enforcement provisions related to intellectual property are included in the FTA, they could give large pharmaceutical companies the right to sue not only generic drug manufacturers but also generic drug suppliers and customers, MSF said.

Such measures could deter treatment providers from buying or supplying generic drugs, leaving the far more expensive brand drugs as the only option for people in desperate need.

The organization rallied in New Delhi on February 10 along with HIV-positive community members to call attention to the remaining provisions in the FTA that put the generic drug market in serious jeopardy.

Nearly 2,000 people strong, the protests included remarks from MSF president Unni Karunakara, who said, "We have watched too many people die in places where we work because the medicines they need are too expensive. We cannot allow this trade deal to shut down the pharmacy of the developing world."

Given that Europe posits itself as a world leader in development aid, the potential hypocrisy of the situation isn't lost: if these provisions are, in fact, included in the FTA, the EU stands to undermine its own large-scale aid efforts by limiting access to life-saving medications.

Besides the petition, CEO also launched legal action against the European Commission early last year, claiming that corporate lobby groups were given privileged access to information on the EU-India trade talks.

The organization alleged that 17 documents were released to industrial players but withheld from CEO because it would "undermine the EU's international relations".

CEO requested the documents in order to monitor the trade deal, which the organization believes leans much heavily towards the interests of large corporations at the expense of trade unions, non-governmental organizations and small enterprises.

CEO's Pia Eberhardt said that she expects a hearing within the first half of this year, though no formal date has been set. From that point, it will take roughly six additional months to reach a conclusion. But while the case circles the justice system, the FTA could slip through the cracks.

The callous cruelty of the EU is destroying Greece

Peter Oborne in The Telegraph

For all of my adult life, support for the European Union has been seen as the mark of a civilised, reasonable and above all compassionate politician. It has guaranteed him or her access to leader columns, TV studios, lavish expense accounts and overseas trips.
The reason for this special treatment is that the British establishment has tended to view the EU as perhaps a little incompetent and corrupt, but certainly benign and generally a force for good in a troubled world. This attitude is becoming harder and harder to sustain, as this partnership of nations is suddenly starting to look very nasty indeed: a brutal oppressor that is scornful of democracy, national identity and the livelihoods of ordinary people.

The turning point may have come this week with the latest intervention by Brussels: bureaucrats are threatening to bankrupt an entire country unless opposition parties promise to support the EU-backed austerity plan.

Let’s put the Greek problem in its proper perspective. Britain’s Great Depression in the Thirties has become part of our national myth. It was the era of soup kitchens, mass unemployment and the Jarrow March, immortalised in George Orwell’s wonderful novels and still remembered in Labour Party rhetoric.

Yet the fall in national output during the Depression – from peak to trough – was never more than 10 per cent. In Greece, gross domestic product is already down about 13 per cent since 2008, and according to experts is likely to fall a further 7 per cent by the end of this year. In other words, by this Christmas, Greece’s depression will have been twice as deep as the infamous economic catastrophe that struck Britain 80 years ago.

Yet all the evidence suggests that the European elite could not give a damn. Earlier this week Olli Rehn, the EU’s top economist, warned of “devastating consequences” if Greece defaults. The context of his comments suggests, however, that he was thinking just as much of the devastating consequences that would flow for the rest of Europe, rather than for the Greeks themselves.

Another official was quoted in the Financial Times as saying that Germany, Finland and the Netherlands are “losing patience” with Greece, with apparently not even a passing thought for the real victims of this increasingly horrific saga. Though the euro-elite seems not to care, life in Greece, the home of European civilisation, has become unbearable.

Perhaps 100,000 businesses have folded, and many more are collapsing. Suicides are sharply up, homicides have reportedly doubled, with tens of thousands being made homeless. Life in the rural areas, which are returning to barter, is bearable. In the towns it is harsh and for minorities – above all the Albanians, who have no rights and have long taken the jobs Greeks did not want – it is terrifying.

This is only the start, however. Matters will get much worse over the coming months, and this social and moral disaster has already started to spread to other southern European countries such as Italy, Portugal and Spain. It is not just families that are suffering – Greek institutions are being torn to shreds. Unlike Britain amid the economic devastation of the Thirties, Greece cannot look back towards centuries of more or less stable parliamentary democracy. It is scarcely a generation since the country emerged from a military dictatorship and, with parts of the country now lawless, sinister forces are once again on the rise. Only last autumn, extremist parties accounted for about 30 per cent of the popular vote. Now the hard Left and hard Right stand at about 50 per cent and surging. It must be said that this disenchantment with democracy has been fanned by the EU’s own meddling, and in particular its imposition of Lucas Papademos as a puppet prime minister.

Late last year I was sharply criticised, and indeed removed from a Newsnight studio by a very chilly producer, after I called Amadeu Altafaj-Tardio, a European Union spokesman, “that idiot from Brussels”. Well-intentioned intermediaries have since gone out of their way to assure me that Mr Altafaj-Tardio is an intelligent and also a charming man. I have no powerful reason to doubt this, and it should furthermore be borne in mind that he is simply the mouthpiece and paid hireling for Mr Rehn, the Economic and Monetary Affairs Commissioner I mentioned earlier.

But looking back at that Newsnight appearance, it is clear that my remarks were far too generous, and I would like to explain myself more fully, and with greater force. Idiocy is, of course, an important part of the problem in Brussels, explaining many of the errors of judgment and basic competence over the past few years. But what is more striking by far is the sheer callousness and inhumanity of EU commissioners such as Mr Rehn, as they preside over a Brussels regime that is in the course of destroying what used to be a proud, famous and reasonably well-functioning country.

In these terrible circumstances, how can the British liberal Left, which claims to place such value on compassion and decency, continue to support the EU? I am old enough to recall their rhetoric when Margaret Thatcher was driving through her monetarist policies as a response to the recession of the early Eighties. Many of the attacks were incredibly personal and vicious. The British prime minister (who, of course, was later to warn so presciently against monetary union) was accused of lacking any kind of compassion or humanity. Yet the loss of economic output during the 1979-82 recession was scarcely 6 per cent, less than a third of the scale of the depression now being suffered by the unfortunate Greeks. Unemployment peaked at 10.8 per cent, just over half of where Greece is now.

The reality is that Margaret Thatcher was an infinitely more compassionate and pragmatic figure than Amadeu Altafaj-Tardio’s boss Olli Rehn and his appalling associates. She would never have destroyed an entire nation on the back of an economic dogma.

One of the basic truths of politics is that the Left is far more oblivious to human suffering than the Right. The Left always speaks the language of compassion, but rarely means it. It favours ends over means. The crushing of Greece, and the bankruptcy of her citizens, is of little consequence if it serves the greater good of monetary union.

Nevertheless, for more than a generation, politicians such as Tony Blair, Peter Mandelson, Nick Clegg and David Miliband have used their sympathy for the aims and aspirations of the European Union as a badge of decency. Now it ties them to a bankruptcy machine that is wiping out jobs, wealth and – potentially – democracy itself.

The presence of the Lib Dems, fervent euro supporters, as part of the Coalition, has become a problem. It can no longer be morally right for Britain to support the European single currency, a catastrophic experiment that is inflicting human devastation on such a scale. Britain has historically stood up for the underdog, but shamefully, George Osborne has steadily lent his support to the eurozone.

Thus far only one British political leader, Ukip’s Nigel Farrage, has had the clarity of purpose to state the obvious – that Greece must be allowed to default and devalue. Leaving all other considerations to one side, humanity alone should press David Cameron into splitting with Brussels and belatedly coming to the rescue of Greece.