"An open letter from Frederick Forsyth to Merkel in the UK's Daily Express is going the rounds. Forsyth explains that Cameron's line in the sand over The City is as vital to Britain as the car industry is to Germany or its farmers to France. A seductive but dangerous counter-opinion suggests that The City should be cut down to size, graduates forced to become engineers, high rollers taxed till the pips squeak etc. The thinking is naive. A reading of history teaches that finance has always been a morally hazardous occupation and has inevitably attracted scumbags. The cure for this is not to tax or socially engineer it (see what happened to the Soviets) but to regulate it properly. Adam Smith explained why comparative, or competitive, advantage has moral as well as practical merit and should be encouraged. The City is nothing if not competitive and Smith's Invisible Hand -the market- is already reaping grimly (listen to the media's daily count of those leaving The City, perhaps forever). All men of good will must wish that these refugees find occupations best matching their skills and ambitions, for those will be the ones that best serve them, their families and -now also with its begging hand out- The Wealth of Nations."

David Fuller's view Well said.