Art insurers, niche businesses that provide cover for museums, auction houses, private and corporate collections, reckon that they will have to pay out millions of dollars in compensation for lost works a sum well below the true loss, because much of the art in the World Trade Centre was not insured for its full value.

ECONOMIST: Art insurance

The groundings have led to hundreds of cancelled flights, and a loss of revenue for airlines that may yet involve claims against Boeing for compensation.

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It will be better for the US to realise that the principle of compensation is inevitable - and negotiate a limit on Loss and Damage rather than leave the liability unlimited.

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Reducing the number of IRS bureaucrats by 90 percent, from about 100, 000 to 10, 000, for instance, surely would be a net loss to the government since the money saved on IRS compensation would be trivial compared to the loss of tax revenue.

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