Richard Nixon once said that Republican presidential hopefuls should head to the right in the primaries and tack like mad back to the centre for the general election. The current field of eight Republican aspirants is certainly fulfilling the first half of Nixon’s dictum.

Most of the contenders, including the former Speaker Newt Gingrich and the Minnesota lawmaker, Michelle Bachmann, are trying to appeal to the Tea Party’s pure ancestral faith. Their core message is: slash taxes; cut spending; scrap regulations; and sack Ben Bernanke, the chairman of the Fed.

In one of the debates Ms Bachmann suggested that a single cent on the dollar in taxes amounted to federal theft. Ron Paul, the Texas congressman, continues his crusade to shut down virtually any role for the federal government. And Rick Santorum promises zero taxes on manufacturing.