Fintag's Newsletter

Why bother? © fintag

News comments:
So the UK's debt just keeps on going up (bbc). These are depressing times as they are for most of the citizens in the West. Apart from Canada. And Norway.

Next year I shall not bother earning anything just to annoy those people who live off the public sector. A private sector GBP is worth so much more than a Public Sector GBP.

BoE © fintag

News comments:
Pre Lehmans, the Bank of England used to ensure interest rates exceeded inflation. Now it prints money as well as controlling interest rates, and the Bank of England is all over the place. Help we don't want a recession! Help we want banks to lend again! Help we don't want deflation! Help we don't want inflation! Help we don't want to keep writing that stupid letter to the Chancellor every month! Help we don't want to be independent any more ...!

The Bank of England is trying to put out the fire of inflation with petrol (QE) and leaving the watering can well away (interest rates).

Today's shorts:
Bank of England loses its trousers (telegraph)

Today's longs:
Bank of England says Big Is Best (bloomberg)

Gossip:
Bank of England to be nationalised.

London Eating and Drinking 2011 © fintag

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That makes me feel warm inside.

For those having a month off, enjoy your holiday. For the rest of you, work hard.

GBP Snowman © fintag

News comments:
So the UK has the coldest ever December for 100 years (dailymail). This pattern is being repeated all over the world and all those conveniently correlated global warming statistics are looking more pathetic than ever before.

I mean we have been on the planet for 250,000 years as humans. We have verified temperature statistics for about 100 years. So how we can extrapolate from this small statistical sample we are being warmed up? It wasn't that long ago when Wine was produced in Scotland and the river Thames was used for Holiday on Ice? I like the new theories that we are third generation human and the others disappeared without trace. But that is dull.

Here are some new theories:

Today's shorts:
Bobby Diamonds teeth color is correlated to the number of unemployed FSA staff Theory (bloomberg)
Ireland to be turned into a large sheep field by 2012 Theory (reuters)
Santander is a really safe bank Theory (telegraph)

Today's longs:
Print Money and the S&P; Goes Up Theory (bloomberg)
Yahoo is run by a mad woman Theory (RIP delicious) (washington post)

Gossip:
Julian Assange is a doppelganger.

Spain ABC © fintag

News comments:
So we have some interesting conundrums coming up.

Spain: Soon to be downgraded. As bond spreads increase, so does the chance of a bail out. (wallstreetjournal)

Germany: But Germany isn't interested in bailing anyone out. (bloomberg). Germany wants to topple the USA.

France: Very concerned about being downgraded and could happen before Spain. (citywire)

USA: As reported in the FT, the USA will soon be downgraded. (profi-forex)

Upshot? US will ban Credit Rating Agencies.