All socio-political phenomena in the U.K. come laden with the baggage of a class-based theory or two attached to them. In the case of gay Tories, there is one particularly silly variant of the category, which asserts that gayness is bred in public schools and thus fits with Conservatism like hand in glove.

Someday we'll look back on this moment and plow into a parked car.

My instinct is to assume that we consumers are an inconsistent bunch. We like competition if it delivers low prices, but grumble if it delivers the bad news that prices need to go up.

When a population saves a lot, the funds are invested outside the country as well as inside. If the Japanese invest in the United States, it pushes their exchange rate down and makes their manufacturing more competitive.

The new industries are brainy industries and so-called knowledge workers tend to like to be near other people who are the same. Think of the City of Hollywood. People cluster. This means you have winning regions, such as London and Cambridge, and losing regions. The people who want to be top lawyers in Sunderland are hoovered up by London.