Quote of the day


. . . Markets are not about increasing individual profits but about allocating scarce resources. They do so best when property rights are clearly defined. And then they effectively deal with those environmental problems that the pontiff can only preach about.

As a Catholic economist, reading this papal drivel masquerading as an encyclical is both embarrassing and infuriating. Thank God Catholics are free to disagree with this personal position of the Pope. –  Oliver Hartwich

White smoke


The Telegraph’s live coverage of the papal conclave is showing crowds cheering as white smoke and ringing bells signal a new pope has been elected.

He is yet to appear on the balcony.

Argentinian Cardinal Jorge Mario Bergoglio has been elected as the new pope.

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