Weekly Review 7
Dear <<First Name>>,
Well this was the week when the British Chancellor of the Exchequer announced a plan for the government to lend money to business directly in a sort of state bond contract that comes straight out of one of Stalin’s five year plans - only without the prospect of an optimal variant. Meanwhile, just about everybody who isn’t deranged or working for the EU (yes, those are people who inhabit separate Venn diagrams sarcastic reader at the back of the room!) agrees that Greece is going to default. Incidentally, I was out happily channeling my inner Fox News pundit on RT News once again this week - watch here.
Meanwhile, nobody could miss the tragic death of Steve Jobs, a real talent who helped shape the technology industry in a fashion unlike anybody else. Really sad, says the man typing on his gorgeous MacBook Pro.
Elsewhere, the UK did its best to destroy public finances by launching more QE while the Eurozone was stlll in existence by the time this went to press but let’s not worry ourselves about that being a statement we’ll repeat frequently in the future. If Frank Sinatra were an economist would he be singing “Doobie Doobie Doomsday” I wonder.
Meanwhile, lest you missed it, I am uber-bullish and excited at the prospects for data as I mentioned in IPO this week...
Elsewhere, some new ventures and plans are being hatched which will be fun. This week I am looking forward to some travels and appearing at the Liquidnet client forum in London which, as always, promises to be great fun.
Quotes of the week
"Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma — which is living with the results of other people's thinking. Don't let the noise of others' opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary."
- Steve Jobs
“Markets did not create the euro, politicians did. And they made a thoroughly bad job of it. Now they blame the markets for spotting their shoddy workmanship.”
- Roger Bootle
"Our internal investigation indicates that risk and operational systems did detect unauthorised or unexplained activity but this was not sufficiently investigated nor was appropriate action taken to ensure existing controls were enforced. This is simply not acceptable"
- Sergio Ermotti, interim chief executive of UBS, responds to the first findings from the bank's preliminary investigation into their recent rogue trading debacle.
Articles of the Week:
In a week where even Spiegel began reckoning the Euro may not be an inclusive cohesive entity for long, there wasn’t a lot ot read that didn’t reiterate a lot we already have covered.
However, here are a few gems:
1) Guido Fawkes on George Osborne’s scheme to spend government money on lending to companies:
2) Greek Bailout Shenanigans explained in a moderately smug sarcastic fashion (for those who have missed the news or been spending the past six months dead for tax reasons or something):
3) A British MP who might actually be a capitalist within the Conservative group (clearly he is not in government as Dave and his hippy friends have no idea of freedom for markets or anything much else it seems) complains about the latest fiasco of UK QE:
4) Spiked Magazine is the brilliant purveyor of great wisdom and alternative viewpoints to the rather tedious linear norm. This is a magnificent article discussing the folly of Malthusian delusions, a topic where I am a keen supporter of progress and growth:
5) A first for this review, two articles by the same writer, Brendan O’Neill the editor of Spiked (I also quoted him in “The Gathering Storm” by the way, this time blogging with a magnificent piece outlining some foibles (or peccadilloes) of the “Occupy Wall Street” demonstrators:
Cartoon of the Week
Well Matt was unbeatable as ever in the (UK) Daily Telegraph but actually I opted for a parody this week instead. Here is the New York Times fashion pages with the must read article as noted by Spiked Magazine on “What to wear to a Protest.” Unintentionally hilarious:
Video of the Week
Dylan Grice, Global Strategist at Societe Generale and indeed a contributor of note to The Gathering Storm, discusses the implied put against innovation that is investing in commodities - fascinating stuff, as I have to say are all Dylan’s analyses:
Have a good week, as always it’s been a pleasure talking at you,