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“The pre-war empire had been sufficiently informal and sufficiently cheap for Parliament to claim authority over it without having to concern itself too much about what this authority entailed. The post-war empire necessitated a much greater investment in administrative machinery and military force. This build-up of control had to be paid for, either by British taxpayers or by their colonists.”

“In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in a marketable security the gain or loss associated with the various outcomes is not totally inherent in the underlying business; it also depends on the price paid, which is established by the marketplace. The view that risk is dependent on both the nature of investments and on their market price is very different from that described by beta.”

“Furthermore, the situation in the North Caucasus is rather unstable. Mutual relations and the cooperation between [Vladimir] Putin and [Ramzan] Kadyrov, the high price that has been paid to buy the loyalty of the local elite through an enormous tribute of multibillion[-ruble] investments, all this cannot be an arrangement for good.”

“In a capitalist system, there's a principle that if you invest, especially in a long-term risky investment, if something comes out of it, you're supposed to get the profit. It doesn't happen in our system. The taxpayer paid for it and gets nothing - assumes all of the risk, gets zero. The money goes into the pockets of Bill Gates and Steve Jobs, who are ripping off decades of work in the public sector.”