A Tad Stalinist – John McDonnell Insists Ex-Lehman Staff Can’t Have An Anniversary Party

We’ve always known that John McDonnell has more than a touch of the authoritarian about him. But this is merging into a full blown Stalinism here, as he insists – no, insists I tell ya’ – that the ex-staff of Lehman’s can’t meet up for drinkies on the tenth anniversary. Because disgusting failure of capitalism and reasons apparently.

That people in a free country can meet up for a drink for whatever reason they damn well want seems not to have impinged upon McDonnell’s thoughts.…

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Turkey’s Proof That Speculation Is A Zero Sum Game

A useful little proof from the current Turkish shenannigans that speculation, as speculation itself, is a zero sum game. Whatever is made by one participant on one side of the ledger is lost by another over on the other side of that same bet. At which point we can have two views about it all, something basically harmless that we should leave alone or perhaps something wasteful as it has no use and thus something we should limit or ban.…

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An Interesting Thought – Has Elon Musk Breached Securities Laws By Making Tesla Announcements On Twitter?

There’s at least an arguable case that Elon Musk has breached securities laws by announcing various Tesla plans and ideas upon Twitter.

One final note that makes me chuckle. Elon made his big announcement on Twitter. He has also blocked a lot of people on Twitter–including me in 2013 or 2014. Well, selective disclosure of public information–giving it to some people earlier than others–violates Reg FD (“Regulation Fair Disclosure”). So by (a) blocking me (and many others) on , and (b) running his big brain waves through, Twitter, Elon might have committed other securities violations.

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Euribor Is Not The European Union’s Equivalent Of Anything

Two blokes who tried to fiddle Euribor have been sentenced to substantial jail terms.

Good.

The more impersonal markets are – and there’s little quite as impersonal as a futures and swaps market – the more trust in the basics of the system is important. People who breach that shouldn’t be punished because they’re bad ‘uns. Or not solely at least. Nor because they make a bit of money on the side. Especially as those who lose out will be other traders in the same market most of whom are trying to do the same thing.…

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At Least Erdogan’s Son In Law – Turkey’s New Finance Minister – Has Run A Real Business

It’s possible to view Turkey as retreating – advancing if you prefer – to something like the power and economic status it had as the Ottoman Empire. The point being back then that just everything depended upon the Sultan. Sure, sometimes it was the Vizier who had the real power, but the legal status was that the entire thing belonged to said Sultan. State employees were in fact slaves – quite literally in law – of said Sultan.…

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THE METROPOLITANS — Episode Thirteen

A saga of everyday life in the Big L and a wry look at contemporary culture

By Tony Carden

 

Episode Thirteen

 

Dancy moved across the conference room to take a seat where he could see the screen on the wall. Rocco smiled at him as he sat down. ‘Good ta see yah, boy.’

‘How’s Zug?’

‘You know Switzerland. It’s not like London. Great chocolate but no making noises on a Sunday morning.’ He laughed.…

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THE METROPOLITANS — Episode 9

A saga of everyday life in the Big L and a wry look at contemporary culture

By Tony Carden

Episode Nine

 

‘Well, frankly, it could’ve been better.’

‘Now, now, Mary, don’t go getting all emotional.’

‘Des, I’m not emotional. You get emotional, remember? That time your business nearly went bust. I seem to recall you were screaming…’

‘Not screaming. Shouting. I was shouting at the bloody accountant. Besides you weren’t there.’ No, I wasn’t; and who’s fault was that?

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There’s An Obvious Answer To Fractional Reserve Banking – It’s A Useful Fraud

It’s entirely true that fractional reserve banking is a fraud, a Ponzi, it’s simply outrageous how credit, or wide money, is created. Murray Rothbard was entirely correct:

In The Mystery of Banking (1983), the anarcho-capitalist economist Murray Rothbard called fractional reserve banking “a shell game, a Ponzi scheme, a fraud in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by the receipts.”

Nowt wrong with that statement.

That is not, however, the end of it.…

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That’ll Kill The Next Financial Crisis – City To Spend No More Than £50 On Lunch

It is indeed true that we can make a case for prudential regulation of the financial markets. In theory we can at least. The bigger question, the one that all too rarely gets asked, is whether the prudential financial regulation we do get is worth having. The answer there isn’t so clear. Or, if I’m allowed to descend into opinion, it’s obvious that it isn’t.

Take this:

Big financial institutions including Blackstone and Jupiter Asset Management have set strict caps on client lunches in the latest sign that the days of the City’s famously lavish wining and dining could be coming to an end.

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