loadsamoney

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pages: 193 words: 47,808

The Flat White Economy by Douglas McWilliams

"Robert Solow", access to a mobile phone, banking crisis, Big bang: deregulation of the City of London, bonus culture, Boris Johnson, Chuck Templeton: OpenTable:, cleantech, cloud computing, computer age, correlation coefficient, Edward Glaeser, en.wikipedia.org, Erik Brynjolfsson, eurozone crisis, George Gilder, hiring and firing, income inequality, informal economy, Kickstarter, knowledge economy, loadsamoney, low skilled workers, mass immigration, Metcalfe’s law, Network effects, new economy, offshore financial centre, Pareto efficiency, Peter Thiel, Productivity paradox, Robert Metcalfe, Silicon Valley, smart cities, special economic zone, Steve Jobs, working-age population, zero-sum game

The lifestyle trickled down from the traders to the people who serviced their requirements. Stories abounded of supporters of London football clubs waving their wage packets at visiting Liverpool supporters, chanting “Bet you’re on the dole!”. Shops, bars, restaurants and other service providers in London benefitted financially but suffered morally from the mega-bonus culture that infiltrated London in those days. People think of the heyday of the “loadsamoney” culture being the 1980s. But the financial merry-go-round in the city didn’t actually come to a shuddering halt until the great financial crisis of 2007/08. Bonuses continued to rise and London’s economy, driven by financial services, grew much faster than the rest of the UK. Culturally, the noise of “spend, spend, spend” grew quieter – the wealth had started to age and a degree of discretion had emerged – but London’s disproportionate wealth continued to accumulate.

The rise of the flat white economy has been associated with a different lifestyle. The bicycle has replaced the Porsche, skinny jeans have replaced suits and, of course, flat white coffee has replaced champagne. Champagne sales are down a quarter since their peak in 2007. Now there are 3.2 million cups of coffee sold in London every day, an increase of more than 50% since 2007. Twenty years ago the tone for London living was set by the ‘Loadsamoney’ style of the rich bankers of the 1980s and 1990s. But it was extravagant, elitist and generally failed the test of good taste. Those working in financial services earned much more than they knew how to spend and had a very boyish nouveau riche view of how to spend their money. Although they set a tone, driven by their massive spending power, the lifestyle itself was expensive and not easily copied.

East London is now one of the world’s desirable shopping locations with quirky boutiques selling unusual clothing and other items. The Boxpark on Bethnal Green Road in Shoreditch, for example, is according to the Daily Mail the world’s first ‘pop-up mall’, featuring fashionable stores and bars with a design picking up on the unique atmosphere of urban lifestyle, fashion, art and design in this now trendy area. And it is much easier to copy the trends set by the Flat Whiters than the ‘Loadsamoney’ types from financial services in the 1980s and 1990s – their spending patterns are affordable. The only difficulty is in keeping up with the trends. Flat Whiters know that they can’t price their styles out of the market so to keep ahead their styles have to keep changing. Coffee Shops And of course the most characteristic service businesses in the Flat White Economy are the coffee shops.


pages: 572 words: 94,002

Reset: How to Restart Your Life and Get F.U. Money: The Unconventional Early Retirement Plan for Midlife Careerists Who Want to Be Happy by David Sawyer

Airbnb, Albert Einstein, asset allocation, beat the dealer, bitcoin, Cal Newport, cloud computing, cognitive dissonance, crowdsourcing, cryptocurrency, David Attenborough, David Heinemeier Hansson, Desert Island Discs, diversification, diversified portfolio, Edward Thorp, Elon Musk, financial independence, follow your passion, gig economy, hiring and firing, index card, index fund, invention of the wheel, knowledge worker, loadsamoney, low skilled workers, Mahatma Gandhi, Mark Zuckerberg, meta analysis, meta-analysis, mortgage debt, passive income, passive investing, Paul Samuelson, pension reform, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, Silicon Valley, Skype, smart meter, Snapchat, stakhanovite, Steve Jobs, Tim Cook: Apple, Vanguard fund, Y Combinator

[77] “almost any how”: “Quote by Friedrich Nietzsche: “He who has a why to live for can bear...” toreset.me/77. [78] “mundane, and laborious”: “The Compound Effect: Amazon.co.uk: Perseus: 9781593157241: Books.” toreset.me/78, p. 63. [79] “to choose one’s own way”: “Man’s Search For Meaning: The classic tribute to hope... – Amazon UK.” toreset.me/79, p. 75. [80] “loadsamoney!”: “Loadsamoney – Wikipedia.” toreset.me/80. Loadsamoney was a character created my English comedian Harry Enfield. I remember him on Ben Elton’s Friday Night Live show. The idea was that Loadsamoney had loads of money, and wasn’t shy telling you about it. Enfield’s alter ego came to symbolise the excesses of 1980s Britain. [81] “small daily increments”: “Daily Rituals: How Great Minds Make Time, Find Inspiration, and Get...” toreset.me/81, p. xvi. [82] What Matters to You: “What Matters to Me” – a new vital sign | Jason Leitch... – YouTube.” 29 Jun. 2016, toreset.me/82

Start with the vision In common with most midlife professionals, my vision, my dream, is all to do with early retirement. I call it financial independence, “getting F.U. Money”. That’s enough money to live off forever, so if someone asks me to do something I don’t want to do, you guessed it, I can say: “Fuck you.” (F.U. Money is nothing to do with a man wearing a tracksuit top and snow wash jeans plucking a wodge of bank notes from his back pocket, waving them in your face, and shouting “loadsamoney[80]!”) But that vision, though vivid, is not strong enough. My true vision is my wife, Rachel, and me, sitting in one of those white towns in Andalusia, in the hills. It’s an Airbnb: we’ve been there for two months now. We’re in comfy chairs on the roof terrace, reading; her David Nicholls’s latest novel, me Crime and Punishment. There’s a glass of red nearby. As the sky turns crimson, we look at each other and smile.


pages: 613 words: 151,140

No Such Thing as Society by Andy McSmith

anti-communist, Ayatollah Khomeini, Berlin Wall, Big bang: deregulation of the City of London, Bob Geldof, Boris Johnson, British Empire, Brixton riot, call centre, cuban missile crisis, Etonian, F. W. de Klerk, Farzad Bazoft, feminist movement, fixed income, Francis Fukuyama: the end of history, friendly fire, full employment, glass ceiling, God and Mammon, greed is good, illegal immigration, index card, John Bercow, Kickstarter, liberal capitalism, light touch regulation, Live Aid, loadsamoney, long peace, means of production, Mikhail Gorbachev, mortgage debt, mutually assured destruction, negative equity, Neil Kinnock, Nelson Mandela, North Sea oil, Northern Rock, old-boy network, popular capitalism, Right to Buy, Ronald Reagan, Rubik’s Cube, Sloane Ranger, South Sea Bubble, spread of share-ownership, strikebreaker, The Chicago School, union organizing, upwardly mobile, urban decay, Winter of Discontent, young professional

Her lengthy memoirs have nothing to say on Africa, Third World aid, Live Aid or Bob Geldof, subjects that just did not interest her. CHAPTER 10 LOADSAMONEY The act that defined the second half of the 1980s was Harry Enfield’s routine, performed on Channel 4’s Friday Night Live in 1988, as an anonymous plasterer boasting about his money. He had so much that the cash machine jumped out of the wall and legged it down the pavement in a vain attempt to prevent him drawing any more. This creation was inspired by seeing the behaviour of Tottenham fans near his flat, waving £10 notes at supporters of clubs from the unemployment-stricken north. Enfield’s act was so popular that he made a spin-off record that was featured on Top of the Pops, and ‘loadsamoney’ became the catchphrase of the year. Neil Kinnock adopted it. Enfield, a Labour supporter, did not mind that, but he did not like it when the Sun took it up as a celebration of Thatcherism, using ‘£oadsamoney’ to plug its Lotto and Bingo games.

A copy of the British Library Cataloguing in Publication Data is available from the British Library ISBN: 978-1-84901-009-2 Printed and bound in the EU 1 3 5 7 9 10 8 6 4 2 To Nick who was twelve weeks and five days old when the 1980s ended CONTENTS Acknowledgements Introduction: The Decade of Greed and Live Aid Chapter 1: A Lady Not for Turning Chapter 2: Sisters Are Doin’ It for Themselves Chapter 3: Protest and Survive Chapter 4: Diana and the New Romantics Chapter 5: Inglan is a Bitch Chapter 6: Islands in the Fog Chapter 7: Darling, We’re the Young Ones Chapter 8: We Work the Black Seam Chapter 9: Feed the World Chapter 10: Loadsamoney Chapter 11: Fleet Street is Unwell Chapter 12: The Bomb and the Ballot Chapter 13: Do You Really Want to Hurt Me? Chapter 14: Like a Ghost Town Chapter 15: Heralds of Free Enterprise Chapter 16: The Hand of God Chapter 17: Stand Down, Margaret Epilogue ACKNOWLEDGEMENTS There are numerous people I should thank for help and information, including Sue Dearie, Nigel Farage, Andy Grice, Adrian Hamilton, Lucy Hodges, Richards Ingrams, James Manning, Amol Rajan, Simon Redfern, John Rentoul, Steve Richards, Belinda Salt, Kim Sengupta, Ben Summerskill, Peter Tatchell, Francis Wheen, the compilers of the excellent Margaret Thatcher Foundation website, my agent Andrew Gordon and publisher Andreas Campomar.

In the USA, the 1980s is known as the ‘decade of greed’ because of the way light regulation and tax changes allowed money to pour into the bank accounts of those who were already wealthy, creating a culture in which the corrupt investor Ivan Boesky told an audience in California that ‘you can be greedy and still feel good about yourself’.7 There was a similar phenomenon in 1980s Britain, though the phrase used to sum it up was not coined by an investor but by a satirical stand-up comic, Harry Enfield. It was the ‘loadsamoney’ culture. Salaries were rising, and the higher tax rates had fallen and fallen for those who were paid enough to be affected; the generous cuts came at the start of the decade, but the biggest of all was in 1988, when the top rate went down from 60p to 40p, which put up the disposable income of the well-off by up to one-fifth overnight. It was one of those rare cases when London led the way, and Washington followed.


pages: 457 words: 143,967

The Bank That Lived a Little: Barclays in the Age of the Very Free Market by Philip Augar

activist fund / activist shareholder / activist investor, Asian financial crisis, asset-backed security, bank run, banking crisis, Big bang: deregulation of the City of London, Bonfire of the Vanities, bonus culture, break the buck, call centre, collateralized debt obligation, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, family office, financial deregulation, financial innovation, fixed income, high net worth, hiring and firing, index card, index fund, interest rate derivative, light touch regulation, loadsamoney, Long Term Capital Management, Martin Wolf, money market fund, moral hazard, Nick Leeson, Northern Rock, offshore financial centre, old-boy network, out of africa, prediction markets, quantitative easing, Ronald Reagan, shareholder value, short selling, Sloane Ranger, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, too big to fail, wikimedia commons, yield curve

Lord Camoys (Rex Shutterstock) 3. 54 Lombard Street, 1906 (Historic England) 4. 54 Lombard Street, 1980s (Associated Newspapers/Rex Shutterstock) 5. 54 Lombard Street, 2000 (John Sturrock/Alamy) 6. 1 Churchill Place (Jacob Carter/Rex Shutterstock) 7. 41–43 Brook Street (Openoffices.com) 8. Sir Timothy Bevan (The Times/News Licensing/Tim Bishop) 9. John Quinton (Trevor Humphries/Rex Shuttestock) 10. BZW Trading Floor (Mike Abrahams/Alamy) 11. Harry Enfield as Loadsamoney (ITV/Rex Shutterstock) 12. Andrew Buxton and Martin Taylor (UPP/TopFoto) 13. Matthew Barrett and Sir Peter Middleton (Sean Dempsey/PA Images) 14. New York Racquet and Tennis Club (BeyondMyKen/Wikimedia Commons) 15. Bob Diamond playing golf (Getty Images) 16. Carol Vorderman advertises FirstPlus (The Advertising Archives) 17. John Varley and Rijkman Groenink (EPA/Rex Shutterstock) 18. Gordon Brown on holiday (Darren Staples/PA Images) 19.

Buying and selling, working hard and playing hard, looking after number one replaced old-fashioned attitudes such as loyalty, commitment and community. In pre-Thatcher, pre-Big Bang Britain, it was poor form to speak openly about money; after Big Bang, it was exactly what everyone was talking about. In 1988 the comedian Harry Enfield’s first words as a plasterer on the topical satire show Friday Night Live were: ‘Look at that! Look at my wad! I’ve got loadsamoney.’ The phrase promptly entered the national lexicon.7 It was exciting, racy and looked very glamorous. But after a promising first year, Big Bang stopped working for the firms that were trying to take advantage of it. Lower charges encouraged investors to deal more but the increase in trading volume was not enough to compensate for the reduction in commission on each share traded, nor was market making the profitable business the new firms hoped it would be.

Three and a half miles east and 156 metres high: the modern Barclays, at 1 Churchill Place, Canary Wharf. 7. The Barclays townhouse: 43 Brook Street, Mayfair. 8. Last of the old school: Sir Timothy Bevan, chairman 1981–7. 9. The first non-family chairman of modern times: Sir John Quinton, chairman 1987–92. 10. The BZW dealing room, Ebgate House, c. 1990. Bob Diamond called it the worst environment for a trading floor he had ever seen. 11. Harry Enfield, Friday Night Live, 1988: the Loadsamoney ethic of late 1980s Britain. 12. Country cheese and metropolitan chalk: Andrew Buxton, chief executive 1992–3, chairman 1993–9, and Martin Taylor, chief executive 1994–8. 13. Charisma and guile, formidably combined: Matt Barrett, chief executive 1999–2004, chairman 2004–6, and Sir Peter Middleton, chief executive 1998–9, chairman 1999–2004. 14. Breakfast with Bob: the New York Racquet and Tennis Club, 370 Park Avenue. 15.


pages: 98 words: 27,201

Are Chief Executives Overpaid? by Deborah Hargreaves

banking crisis, Big bang: deregulation of the City of London, bonus culture, business climate, corporate governance, Donald Trump, G4S, Jeff Bezos, loadsamoney, Mark Zuckerberg, Martin Wolf, performance metric, principal–agent problem, profit maximization, Ronald Reagan, shareholder value, Snapchat, trade liberalization, trickle-down economics, wealth creators

Then an influential article by Chicago economists in the Harvard Business Review in the early 1990s stated that executive pay should be used to align chief executives’ interests with what shareholders really cared about – i.e. share prices. This is when the idea of paying executives in company stock or in instruments that could be cashed in for shares began to be developed. Money-making becomes sexy This academic work was being done against the backdrop of the ‘loadsamoney’ culture of the 1980s, which heralded an era of self-gratification and the pursuit of material goods. This happened on both sides of the Atlantic with the economic boom ushered in by the Margaret Thatcher–Ronald Reagan reforms. Blatant money-making became culturally acceptable – even desirable – and the new mindset started to colonize the business world. Mrs Thatcher and President Reagan swept aside many of the constraints on business and liberalized the economy in a celebration of corporate success.


pages: 487 words: 132,252

The Fry Chronicles: An Autobiography by Stephen Fry

Alistair Cooke, back-to-the-land, Desert Island Discs, Etonian, Isaac Newton, Live Aid, loadsamoney, pre–internet, Ronald Reagan, Saturday Night Live, Sloane Ranger, South China Sea, The Wisdom of Crowds, University of East Anglia, Winter of Discontent

, became the catchphrase of the show until Harry and Paul, tiring of the very successful Stavros, devised a new character for Harry to play. They came up with a loud-mouthed Sarf London plasterer who fanned his wad of dosh at the audience and shouted ‘Loadsamoney!’ with gleeful, exultant braggadocio. He seemed to symbolize the second act of the Thatcher play, an era of materialism, greed and contempt for those left behind. As with Johnny Speight and Warren Mitchell’s Alf Garnett, much of the audience seemed either to be deaf to or chose to disregard Paul and Harry’s satirical intent, raising Loadsamoney to almost folk-heroic status. Ben, Harry, Hugh and I fell into the habit of winding down, after the recordings, in a Covent Garden club called the Zanzibar, usually bringing with us the guest comedians or musicians of the week.


pages: 872 words: 259,208

A History of Modern Britain by Andrew Marr

air freight, Albert Einstein, anti-communist, battle of ideas, Beeching cuts, Big bang: deregulation of the City of London, Bob Geldof, Bretton Woods, British Empire, Brixton riot, clean water, collective bargaining, computer age, congestion charging, cuban missile crisis, deindustrialization, Etonian, falling living standards, fear of failure, Fellow of the Royal Society, financial independence, floating exchange rates, full employment, housing crisis, illegal immigration, Kickstarter, liberal capitalism, Live Aid, loadsamoney, market design, mass immigration, means of production, Mikhail Gorbachev, millennium bug, Neil Kinnock, Nelson Mandela, new economy, North Sea oil, Northern Rock, offshore financial centre, open borders, out of africa, Parkinson's law, Piper Alpha, Red Clydeside, reserve currency, Right to Buy, road to serfdom, Ronald Reagan, Silicon Valley, strikebreaker, upwardly mobile, Winter of Discontent, working poor, Yom Kippur War

The exceptions were the Labour government of 1945, which developed a Welfare State even if it did not achieve the social transformation it wanted, and Margaret Thatcher’s first two administrations, which addressed the British crisis head-on. Both set templates for what followed. But even these two counter-examples are not completely clear. Post-war Labour ran out of popularity and momentum within a couple of years, while Mrs Thatcher’s vision of a remoralized, hard-working nation of savers and strong families was hardly what the partying, divided, ‘loadsamoney’, easy credit, big-hair eighties delivered. What follows is a story of the failure of political elites. Often the famous political names, those faces familiar from a thousand cartoons and newsreels, seem to me like buzzing flywheels with broken teeth, failing to move the huge and complex structures of daily life. If that was all, it would be a depressing tale. But it is not. Opening markets, well-educated and busy people, a relatively uncorrupt and law-abiding national tradition, and an optimistic relish for the new technologies and experiences offered by twentieth-century life all make the British experience generally better than political history alone would suggest.

For politics, the freeing of the City gave Margaret Thatcher and her ministers an entirely loyal and secure base of rich, articulate supporters who helped see her through some rough times. Rothschilds and other banks would spread the get-rich-quick prospect to millions of people in Britain through the privatization issues and the country would, for a time, come closer to the share-owning democracy Thatcher dreamed of. But all this came at a price – the crude and swaggering ‘loadsamoney’ years satirized by the comedian Harry Enfield and the culture of excess and conspicuous display that would percolate from the City through London, then the Home Counties, then much of southern England. For one generally sympathetic observer of the City in the mid-eighties it was worryingly infected with hype: ‘Febrile, driven by greed, pushing back the boundaries of acceptable behaviour, this was a brief, intense phase that in some ways was a rerun of the late 1920s, this time with added attitude.’14 Sid Gets Lucky: the Privatization Years There is a popular belief that the Thatcher governments never really intended to privatize very much, and that they stumbled upon an easy way of raising cash by selling off assets almost by accident.

Books about the fate of the earth concerned themselves with nuclear weapons. Culturally, the country was as fixated by imported American television as it would continue to be: Baywatch and The Simpsons were popular new imports. And the national self-mocking strand of comedy which would be such a mark of the next fifteen years was well established, with Harry Enfield’s Wayne and Waynetta Slob joining his ‘Loadsamoney’ attacks on the big-bucks Thatcher years, Spitting Image puppetry at its most gleefully venomous, and the arrival of a new quiz show, Have I Got News For You. This heralded a time when interest in ideology and serious policy issues was being replaced by politics as entertainment, a stage on which humorists and hacks could prove themselves wittier than elected parliamentarians. Unsurprisingly, this would not result in a better-run country.


pages: 419 words: 119,476

Posh Boys: How English Public Schools Ruin Britain by Robert Verkaik

accounting loophole / creative accounting, Alistair Cooke, banking crisis, Berlin Wall, Boris Johnson, British Empire, Brixton riot, Dominic Cummings, Donald Trump, Etonian, G4S, gender pay gap, God and Mammon, income inequality, Khartoum Gordon, Kickstarter, knowledge economy, Livingstone, I presume, loadsamoney, mega-rich, Neil Kinnock, offshore financial centre, old-boy network, place-making, plutocrats, Plutocrats, Robert Gordon, Robert Mercer, school vouchers, The Bell Curve by Richard Herrnstein and Charles Murray, trade route, traveling salesman, unpaid internship

Eighty per cent of these students went on to attend university, with 15.6 per cent ending up at an elite institution like Oxford or Cambridge. By 2012, four out of ten assisted-place pupils were earning £90,000 a year or more and even those who didn’t go to university were in solidly middle-class occupations with a good income. Tellingly, more than half went on to send their own children to public schools.30 But even in the supposedly classless ‘loadsamoney’ 1980s the scheme had its critics. John Rae, the Westminster headmaster and leading light of the public school movement, spoke out against it: ‘You do not deal with a famine by sending a few lucky children to lunch at the Ritz.’ Yet into the 1980s the pendulum had swung so far away from reform of public schools that Margaret Thatcher even countenanced outright privatisation of the state education system.


pages: 505 words: 133,661

Who Owns England?: How We Lost Our Green and Pleasant Land, and How to Take It Back by Guy Shrubsole

back-to-the-land, Beeching cuts, Boris Johnson, Capital in the Twenty-First Century by Thomas Piketty, centre right, congestion charging, deindustrialization, digital map, do-ocracy, Downton Abbey, financial deregulation, fixed income, Goldman Sachs: Vampire Squid, Google Earth, housing crisis, James Dyson, Kickstarter, land reform, land tenure, land value tax, linked data, loadsamoney, mega-rich, mutually assured destruction, new economy, Occupy movement, offshore financial centre, oil shale / tar sands, openstreetmap, place-making, plutocrats, Plutocrats, profit motive, rent-seeking, Right to Buy, Ronald Reagan, sceptred isle, Stewart Brand, the built environment, the map is not the territory, The Wealth of Nations by Adam Smith, trickle-down economics, urban sprawl, web of trust, Yom Kippur War, zero-sum game

The professionalisation of football and ‘crazy wages’ that really took off in the 1990s also created new enclaves of Premier League footballers in places like Alderley Edge in Cheshire and the gated community of St George’s Hill in Surrey. One aspect of the challenge with addressing offshore tax avoidance, the secrecy about who owns what, and the concentration of land and property ownership within an elite, is that so many politicians themselves are now in on the act. At some point between the appearance on TV screens of Harry Enfield’s ‘Loadsamoney’ character and Tony Blair’s embrace of ‘Cool Britannia’, certain members of the British political class grew intensely relaxed about hanging out with the filthy rich. Newly minted stars of Britpop and Young British Artists, from Alex James to Kate Moss and Damian Hirst, started buying up properties in the fashionable Cotswolds in the late 1990s. They were soon joined by media luvvies and politicians.


EuroTragedy: A Drama in Nine Acts by Ashoka Mody

"Robert Solow", Andrei Shleifer, asset-backed security, availability heuristic, bank run, banking crisis, Basel III, Berlin Wall, book scanning, Bretton Woods, call centre, capital controls, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, credit crunch, Daniel Kahneman / Amos Tversky, debt deflation, Donald Trump, eurozone crisis, Fall of the Berlin Wall, financial intermediation, floating exchange rates, forward guidance, George Akerlof, German hyperinflation, global supply chain, global value chain, hiring and firing, Home mortgage interest deduction, income inequality, inflation targeting, Irish property bubble, Isaac Newton, job automation, Johann Wolfgang von Goethe, Johannes Kepler, Kenneth Rogoff, Kickstarter, liberal capitalism, light touch regulation, liquidity trap, loadsamoney, London Interbank Offered Rate, Long Term Capital Management, low-wage service sector, Mikhail Gorbachev, mittelstand, money market fund, moral hazard, mortgage tax deduction, neoliberal agenda, offshore financial centre, oil shock, open borders, pension reform, premature optimization, price stability, purchasing power parity, quantitative easing, rent-seeking, Republic of Letters, Robert Gordon, Robert Shiller, Robert Shiller, short selling, Silicon Valley, The Great Moderation, The Rise and Fall of American Growth, too big to fail, total factor productivity, trade liberalization, transaction costs, urban renewal, working-age population, Yogi Berra

Federal Reserve Bank of New York Economic Policy Review 4, no. 3: 163–​168. Greenspan, Alan. 2002. “Regulation, Innovation, and Wealth Creation.” Speech, Society of Business Economists, London, September 25. http://​ www.federalreserve.gov/​BoardDocs/​Speeches/​2002/​200209252/​default. htm. Greif, Avner, and David Laitin. 2004. “A Theory of Endogenous Institutional Change.” American Political Science Review 98, no. 4: 633–​652. Grey, Stephen. 2000. “Loadsamoney: Once the Friendship of Helmut Kohl and François Mitterrand Was the Symbol of All That Was Best about the New Europe.” Sunday Times, January 30. Grossman, Herschel I., and John B. Van Huyck. 1988. “Sovereign Debt As a Contingent Claim: Excusable Default, Repudiation.” American Economic Review 78, no. 5: 1088–​1097. Guardian. 2017. “The Guardian View on France’s Election: A Win for Macron and Hope,” April 23.