Last Tuesday the Wall Street Journal published an op-ed by my friend Gary Shilling and Richard LeFrak. They offer a simple solution for the housing crisis: give foreigners who will come to the US and buy a home resident status, green cards).

Children didn’t make up Santa. Parents did. Santa may be generous. But naughty kids get nothing but coal. Santa is a ruthless administrator of justice. This is not a kid’s fantasy. But it is a parental one.

Inflation finally appears to be making a comeback in Japan. Excluding food, it rose to an annual rate of 1.2% in March, a ten-year high, while consumer prices excluding food and energy rose by 0.1% year-on-year, the first positive number since 1998.