Hot News Trends: We won’t recover until there are no suckers left

Arabs used to be suckered into buying stakes in Western banks. Now the lure of football has them hooked. “Dr Al-Fahim – just 31 and already a billionaire, reportedly – sailed through a fit-and-proper test and can now complete the £60m [purchase of Portsmouth football team].” ( via FT).

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Of course, no one’s idiotic enough anymore to blow $20,000 on a Louis Vuitton bag just because it’s a limited edition and, well, gorgeous. But Hermes leather bags, on the other hand: are their surprisingly consistent sales a sign of rationality, of people buying quality at the right price? There is a baseline desire for luxury. As Coco Chanel said, or one of her ghostwriting poets said, Luxury is a necessity that begins where necessity ends. We don’t want to be reduced to buying ONLY essentials.

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