Billionaires

Life among the world’s biggest risk-takers

The Italian actuary Bruno de Finetti, writing in 1931, was explicit: ‘Probability does not exist.’ Probability, it’s true, is simply the measure of an observer’s uncertainty; and in The Art of Uncertainty, the British statistician David Spiegelhalter explains how this extraordinary and much-derided science has evolved to the point where it is even able to say useful things about why matters have turned out the way they have, based purely on present evidence. Spiegelhalter was a member of the Statistical Expert Group of the 2018 UK Infected Blood Inquiry, and you know his book’s a winner the moment he tells you that between 650 and 3,320 people nationwide died from

Stop attacking billionaires

The $5.79 trillion budget plan Joe Biden submitted to Congress yesterday was more notable for what it didn’t include, rather than what it did. There were no line items on the environment or education – key pillars of his ‘Build Back Better’ agenda – but it did call for a new minimum tax requiring ‘billionaires’ to pay at least 20 per cent of their income in taxes, including on the gains on investments that have not been sold. This will, apparently, reduce the government deficit by $360 billion over the next decade. The President is in a tight spot. Since the turn of the year, his approval ratings have fallen