10 tips for living, by Ben Bernanke

Fed Chairman gives Princeton graduation speech.

Ben Bernanke spoke at Princeton’s graduation ceremony on Sunday, giving former students some surprisingly specific advice, including how to find a spouse and not to pay too much attention to economics.

"I am sure that, from this lectern, any number of distinguished spiritual leaders have ruminated on the lessons of the Ten Commandments", he began. "I don't have that kind of confidence, and, anyway, coveting your neighbor's ox or donkey is not the problem it used to be, so I thought I would use my few minutes today to make Ten Suggestions, or maybe just Ten Observations, about the world and your lives after Princeton." His speech can be read in full here, but here are some of the key points:

1. Scottish accents are incomprehensible, and don't plan too much:

"The poet Robert Burns once said something about the best-laid plans of mice and men ganging aft agley, whatever "agley" means."

2. Happiness is hard:

"If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction."

3. Cleverness is luck:

"A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement, and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate--these are the folks who reap the largest rewards."

4. Effort deserves respect:

"I think most of us would agree that people who have, say, little formal schooling but labor honestly and diligently to help feed, clothe, and educate their families are deserving of greater respect -- and help, if necessary -- than many people who are superficially more successful. They're more fun to have a beer with, too. That's all that I know about sociology."

5) It's probably a mistake, not an evil plan:

"If you think that the bad or indifferent results that too often come out of Washington are due to base motives and bad intentions, you are giving politicians and policymakers way too much credit for being effective. Honest error in the face of complex and possibly intractable problems is a far more important source of bad results than are bad motives."

6) Economics is only really useful when fighting other economics:

"...careful economic analysis does have one important benefit, which is that it can help kill ideas that are completely logically inconsistent or wildly at variance with the data."

7) Money isn't everything, as long as you have it:

"If you are part of the lucky minority with the ability to choose, remember that money is a means, not an end."

8) Everyone fails/wears uniform:

"Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn't dirty, you haven't been in the game."

9) Physical beauty is actually much more important than we've been lead to think:

"Remember that physical beauty is evolution's way of assuring us that the other person doesn't have too many intestinal parasites."

10) I know you don't like your parents, but..

"A time will come when you will want your own grown-up, busy, hyper-successful children to call you. Also, remember who paid your tuition to Princeton."

 
 
 
Ben Bernanke. Photograph: Getty Images
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Meet the MPs who still think they have a chance of defeating Brexit

A crossparty group of MPs believe they have a right to vote Brexit down in the House of Commons. 

The decision on 23 June was final. With the ballots cast, the nation’s voters started the conveyor belt that would take the United Kingdom in only one direction - Brexit. It was independence day, or Brexitpocalypse, depending on your point of view.

But some MPs think differently. A growing handful of of crossparty MPs who backed Remain are now saying they will vote against Brexit if offered the chance. 

With Article 50 yet to be triggered, they still have an opportunity to influence what happens next. But the decision also raises questions about democracy. What is an MP’s role at this point of national crisis? To respect the will of the majority? Or to fight for their individual constituents?

David Lammy, the Labour MP for Tottenham (pictured), has led the charge for a second vote on Brexit.

He points out the referendum was “advisory, non-binding”, and argues it should be up to Parliament to make the final decision

In a series of tweets, he said:  “Our Parliament is sovereign and must approve any Brexit.

“My position is clear. I will never vote for Brexit or to invoke Article 50. On behalf of my constituents and the young people of this country I will not do it. Three quarters of my constituents voted to Remain, and I will continue to stand up for them.”

Lammy isn’t the only one to invoke the will of his constituents. Another Labour MP, Catherine West, represents Hornsey and Wood Green. In Haringey, the overlapping local authority, three quarters of voters chose to Remain. 

West tweeted: “I stand with them on this issue and I will vote against Brexit in Parliament.”

Daniel Zeichner, the Labour MP for the Europhile island of Cambridge, has also pledged to vote Remain. Geraint Davies, a Welsh Labour MP and Jonathan Edwards, from Welsh nationalist party Plaid Cymru, have submitted a formal notice to Parliament demanding a second referendum "on the terms of leaving the EU". 

Perhaps it is not surprising English and Welsh MPs are taking such a stubborn view. Short of following Scotland’s example and demanding London’s independence, they have few other options.

But the MPs’ resistance also brings up a thorny political question. A majoritarian vote is only one part of democracy after all. Constituency MPs and minority protections are also part of the mix. 

There may also be an argument that responsible MPs should act in voters’ best interests - even if that is against the wishes of the voters themselves. 

Speaking in the House of Commons, Tory grandee Ken Clarke noted MPs were yet to actually hear the details of what Brexit Britain would look like. 

He asked the Prime Minister:

“Does my right hon. Friend agree that we still have a parliamentary democracy and it would be the duty of each Member of Parliament to judge each measure in the light of what each man and woman regards as the national interest, and not to take broad guidance from a plebiscite which has produced a small majority on a broad question after a bad-tempered and ill-informed debate?”

It is not a straightforward democratic case. But with two parties divided, a 300-year-old union in jeopardy and the peace process in Northern Ireland under pressure, MPs might be tempted to put the patriot’s argument first.