Rogue states never turn out to be quite the pariahs they are deemed. They are only able to cause, or at least threaten to cause, mayhem because they enjoy the covert support - usually by means of technology transfers - of one or more major powers within the charmed circle of global 'good guys'.

There are too few rich and too few profits.

Remember, George, this is no time to go wobbly.

It pays to know the enemy - not least because at some time you may have the opportunity to turn him into a friend.

Adam Smith's 'invisible hand' is not above sudden, disturbing, movements. Since its inception, capitalism has known slumps and recessions, bubble and froth; no one has yet dis-invented the business cycle, and probably no one will; and what Schumpeter famously called the 'gales of creative destruction' still roar mightily from time to time. To lament these things is ultimately to lament the bracing blast of freedom itself.

I am much nearer to creating one nation than Labour will ever be. Socialism is two nations. The privileged rulers, and everyone else. And it always gets to that. What I am desperately trying to do is create one nation with everyone being a man of property, or having the opportunity to be a man of property.

Never flinch. Make up your own mind and do it.