“I believe in an America where millions of Americans believe in an America that’s the America millions of Americans believe in. That’s the America I love.”
- US Presidential Candidate Mitt Romney.
Never try to teach a pig to sing, advised Robert Heinlein. It wastes your time and it [...]
Brazil bank strike
Central bank staff are striking for a 23% pay deal to keep pace with inflation, even though one of the institution’s key roles is to curb inflation.
- FT News Briefing.
The Chinese apparently have a saying: a man [...]
“The genius of our ruling class is that it has kept a majority of the people from ever questioning the inequity of a system where most people drudge along, paying heavy taxes for which they get nothing in return.”
- The late Gore Vidal.
“It’s a mess, ain’t it, [...]
Very little has definitively changed during the course of the financial crisis and where there has been evidence of change, very little of it seems to have been positive. Governments appear to believe that a problem of overmuch indebtedness can be resolved by the creation of more debt. Which is why [...]
Why, for example, do we need a central bank at all? A typical if feeble answer is that we need a lender of last resort. To which the answer is: why? Why do we need a government-appointed entity to support banks that get in over their heads? A typical answer is [...]
“It was when Nick Clegg joined the campaign against Bob Diamond that I started to feel a sliver of sympathy for the now former-boss of Barclays. Not very much sympathy, mind. Just a tiny bit. But put yourself in Bob Diamond’s hand-made crocodile-skin loafers for a moment. You build a business [...]
“There’s enough bang in there to send us all to Jesus.”
- Anonymous commentator on the nature of JP Morgan’s Chief Investment Office credit exposure.
The most important attribute of any investment is the price you first pay for it. An attractive valuation can ultimately transform even the lousiest [...]
“Working at my desk today was somewhat surreal. Global risk markets were closing out a dreadful week. Newswires were full of disconcerting articles – J.P. Morgan, Greece, Spain, Italy, China, etc. Meanwhile, CNBC was in the midst of blanket coverage of the Facebook initial public offering. Mark Zuckerberg rang the bell to open NASDAQ [...]
“James and I both have Range Rovers for running around, but he’s also got a black Lamborghini and a black Rolls-Royce, and I’ve a white Ferrari and a white Rolls-Royce…I’m bored with designers like Dolce & Gabanna. I hate it when you know what label a person’s wearing – it doesn’t [...]
“The sea’s freezing. A man won’t last long in that. We’ve drawn a bad hand this time.”
“I’ve never been a good loser. I intend to get into a boat.”
- Conversation between two card-players on The Titanic, from Eric Ambler’s screenplay, “A Night To Remember‟.
The Titanic centenary [...]