Ode to Mandy

Full marks for the report from Bloomberg on Mandy's strange world of textile quotas.

The European Union, which has often managed to produce massive surpluses of commodities such as wine and butter, has now created a shortage of clothing.

The EU is at least a good reminder of why state planning doesn't work.

Who's responsible? The clothing shortfall can be pinned on EU Trade Commissioner Peter Mandelson. He presents himself as a friend of free trade, yet he's turned out to be completely the opposite. Mandelson is taking Europe back into the last century, not forward into the new one.

A Great New Slogan for Europe. Europe back into the last century, not forward into the new one Finishing with a flourish:

Meanwhile, the EU has managed to conspire to create a continent where we have far too much wine, and not enough trousers. That may be a recipe for a good party -- but is hardly a formula for a successful, growing economy.