Living off immoral earnings
“The reality.. is that banks.. support a thick layer of second tier executives, as well as legions of pen-pushing, meeting-loving, middle- and back-office workers who are paid multiples of their worth and contribution, especially compared with other industries.” - Financial...
A revolutionary road
“Some investors aren’t confident with what gold is backed by, as compared to something like the US dollar. Investors are comfortable that the US dollar is backed by the US government.” - CTV national news field reporter Bridget Brown. This...
So long, and thanks for all the stress
“Helmut Schlesinger, the Bundesbank president in 1992, was asked why he disliked the precursor of the Euro, which was called the Ecu. He replied, “I have nothing against the Ecu apart from its name – I think it should be...
Liars led by junkies
“In my several decades as a financial and economics commentator – covering banking crises dating back to the early 1970s and the Latin American debt catastrophes of the early 1980s – I have never heard a sitting [Bank of England]...
Liars led by junkies
“In my several decades as a financial and economics commentator – covering banking crises dating back to the early 1970s and the Latin American debt catastrophes of the early 1980s – I have never heard a sitting [Bank of England]...
A new golden age
“The designers of the good ship euro wanted to create the greatest liner of the age. But as everybody now knows, it was fit only for fair-weather sailing, with an anarchic crew and no lifeboat. Its rules of economic seamanship...
Splendid isolation ?
“Clearly, Field Marshal Haig is about to make yet another gargantuan effort to move his drinks cabinet six inches closer to Berlin.” - Captain Blackadder [Rowan Atkinson], from ‘Blackadder Goes Forth’, written by Richard Curtis and Ben Elton. By some...
What we do and why we do it
“We don’t get paid for activity, just for being right. As to how long we will wait, we’ll wait indefinitely.” - Warren Buffett. In treacherous markets, it helps to have some core beliefs. The statement of investment intent most meaningful...
Ciao, il Cavaliere
Something to hang on the toilet wall, Silvio?Related link:Il cavaliere’s career told through Economist covers – Economist
Eurozone crisis porn
For those who get a vicarious thrill from watching the eurozone sovereign debt crisis and imagining how it might end (like you – Ed.) will seriously enjoy Wednesday’s scribblings ...
The end of the long con
“Around 2002, a developing country defaulted on its debt. Following protracted negotiations, agreement was reached that the bad debt would be replaced with a smaller amount of new good debt, with all investors losing around half their original investment. The...
