More cost, less value

ONE hundred years ago, my grandfather, Callaghan McCarthy, wrote a book called The Causes of Poverty, the main theme of which was that the high cost of products, rather than absence of cash, was the problem.

His analysis pointed to the number of people who add to cost without adding to value.

Now it seems the European Central Bank, which has been powerless and clueless to avert the present catastrophe, is going to form another level of overseers. Lord protect us.