A Sad Anniversary
This weekend we will be thinking of the many victims of those horrible events of a decade ago where many thousands of innocents were murdered during the vile terrorist attacks of September 11th. All victims and their families are in our thoughts.
The Week In Review
Well that was the week where we got on with the new normal process of pondering just how long the Euro crisis would last and wondering if anybody had actually considered saving it without bankrupting the entire continent (apart from Lee and I, it appears they mostly haven’t).
Elsewhere, I found some fascinating articles this week, from which I have selected five which I think are must reads, they revolve around finance and exchanges with some handy backrgound information to boot. First, however, the week in quotations:
“I’m not an optimist. The size of the shocks, particularly those from the euro area, depend on whether and what kind of mistakes are made by the euro-area governments, the European Central Bank and the European Commission. Poland is better prepared for market turmoil than it was in 2009 and is “on track” to trim its budget deficit to 3 percent of gross domestic product next year.”
Polish Finance Minister Jacek Rostowski
“To the ordinary person in the street, the idea that we can rescue ourselves from a crisis caused by excessive borrowing by borrowing even more must seem mad. In this respect they are possessed of far more common sense than those who are currently advocating just such a course of action and purport to be our leaders… The first step in rectifying this situation should be to make a clear and unambiguous statement about the actual debt the UK is carrying.”
Tullett Prebon CEO Terry Smith
"They all do it in the political world. They get horny from politics, from power. And he had unbelievable charms. He is really charming. He's fun, he's great, he's a sweet guy - as long as you're not a woman. That's the problem."
Karl Lagerfeld, on his friend Dominique Strauss-Kahn
“It’s reported that Gaddaffi sold more than a fifth of Libya’s gold reserves during his cling to power. Does anyone know of any other mad, delusionial and unelected leader with a history of selling a nations gold? The Col. at least got a good price.”
- comment banter on www.order-order.com
"I think like every great politician you have to have some wilderness years. Nelson Mandela had them."
- Lembit Opik staking his claim to becoming an even smaller footnote in British political history after losing the nomination as Liberal Democrat candidate for Mayor of London.
a> A selection of some excellent longer articles you may have missed this week begins with a rather eye-opening tale of the people who profited from the tragedy of September 11:
b> For those perplexed by German politics, this is a good article outlining what pitfalls lie ahead as Angela Merkel tries to push the current Euro rescue legislation through parliament:
C> Warren Mosler shares my passion for fast cars (he has built some remarkable machines) while I always find his economic insights fascinating, here is his version of the speech President Obama ought to have delivered the other evening:
d> Why the Stimulus Failed...aka my government spent a trillion dollars and I didn’t even get a lousy T shirt:
e> Understanding how the public sector can change and why the unions need to be stopped now, there are some fascinating statistics here which can doubtless apply to government sectors everywhere:
IPO This Week
Discussed the finely balanced world of poisoned chalices.
Video of the Week
And finally, here is my virtually instant reaction discussion of the German Constitutional Court verdict on Germany’s bailout stance as broadcast by the good folks of RT News at the very top of the bulletin, I hasten to add:
As ever it has been a pleasure talking at you - oh and feedback and suggestions are always welcome!
Have a good weekend,