CHAN AKYA

May 18, 2012

"Do not be very upright in your dealings for you would see by going to the forest that straight trees are cut down while crooked ones are left standing." - Chanakya (350-275 BC)

For more on the original Chanakya, the inventor of skullduggery, click here.

The Blonde Pimpernel

Boris Johnson, the blonde, unruly and newly re-elected mayor of London, may well be the closest thing to a political voice in Europe who is unafraid of stating obvious necessities to cut government spending, roll back Keynesian policies and let the markets do their work. Johnson goes against the European zeitgeist and, should he so choose, has the opportunity to be the modern day Pimpernel.

(May 14, '12)

The crisis tales roll on

Exile on Wall Street by Mike Mayo
Mike Mayo may be the most suitable person to stare down the CEOs of the world's top banks. As he points out in one of four books by various others reviewed here, the global financial crisis "didn't occur because of something that banks did. No, it was the natural consequence of the way banks are, even today."

(Apr 25, '12)

Central banking as sport

The European Central Bank, failing in its role of protecting banking stability, has opted to be the eurozone's gambler of last resort. The low-quality capital it is dishing out to banks has become the tofu foundation on which global risk assets rest - but American onlookers have nothing to feel smug about.

(Apr 13, '12)

Bonfire of the old

As young people in Western societies struggle to find jobs, increasing numbers of older folk require looking after while government debts mean there is less cash to go round. Britain's response is to have pensioners pay to cover for a lower tax on the rich - lighting the match for the bonfire of the old.

(Mar 23, '12)

Bonds lack maturity

It is obvious to the average five-year old that a default has taken place in Greece. No less obvious - yet largely ignored so far - is that the levels at which government bonds issued by rich countries currently trade just do not reflect reality.

(Mar 16, '12)

The jaded Omaha sage

Warren Buffett, richer (surely) than Croesus, and an American hero, advises holding on to soft-drink shares rather than gold. Two decades from now, economists and finance students may ponder the madness of times that made a man like him the world's foremost investing genius.

(Feb 28, '12)

Debt, cash and bonfires

As a deal on Greek's debt is reached - or perhaps not - debt frenzy has caught on in Europe, with a billion in bail-out money available for every outstretched hand. No one wants to listen to the Germans speaking sense, but the Hungarians, demonstrating the likely consequences, have found a new way to keep warm.

(Feb 10, '12)

The Pied Piper of Humbug

A gaggle of comic and self-righteous critiques of the evils of capitalism led us on a merry dance over the past week. We've heard the tune before, but the piper's credibility is at stake in the absence of viable institutions to police fast-changing markets.

(Jan 27, '12)

Draghi: Europe's master of illusion

Belief in the markets, and the breathtaking bravado of new European Central Bank president Mario Draghi, may already have saved the euro - just two months into the job - thanks to the impressive illusion of stability his handouts have created.

(Jan 20, '12)

Year of Dali

This year has been fraught with surprises, not so much on the scale of "how did that happen?", but more "why couldn't they escape that?". Whether in the travails of humanity in the face of natural disasters such as earthquakes and floods, or the goings-on among financial assets and politicians, surrealism has more than crept to the surface - it has usurped the entire proceedings.

(Dec 21, '11)

The trick to flying

As Europe's leaders try to muddle through to a resolution of their debt crisis and the United States does no better on fixing its budget deficit, it is possible to consider the most likely outcomes. Most involve the word "decline", and even then they carry a strong whiff of wishful thinking.

(Nov 23, '11)

Financial fascism

Europe's leaders, in their treatment of Greek wishes for an austerity referendum, have brought back the era of fascism as they contend with the financial contradictions that the euro project has become. The elite of Europe are choosing to perpetuate the euro's existence at the expense of the people.

(Nov 07, '11)

The men without qualities

Robert Musil, novelist and mathematician, lived through more than one financial crisis, but also at a time when "leaders" were leaders. His great work, The Man Without Qualities, grimly presages the present batch of senior European politicians as they scratch around for a way out of the eurozone debt crisis. Their latest patched together "rescue" raises the question: "Hello, anyone home?"

(Oct 28, '11)

The two sides of Pax Americana

President Barack Obama's Iraq announcement marks the beginning of the end of Pax Americana. By retreating from the Middle East in the midst of what could be politely called a stalemate, the US may be relinquishing its position as the only country in the world that actually bothers to hunt down those who hurt or kill its citizens.

(Oct 24, '11)

Who needs banks?

The global financial system is sailing straight past its sell-by date as confidence implodes within the sector. The main function of banks to take deposits and make payments has already been under pressure for a while; and things can only get only worse from here.

(Sep 21, '11)

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The Blonde Pimpernel

The crisis tales roll on

Central banking as sport

Bonfire of the old

Bonds lack maturity

The jaded Omaha sage

Debt, cash and bonfires

The Pied Piper of Humbug

Draghi: Europe's master of illusion

Year of Dali

The trick to flying

Financial fascism

The men without qualities

The two sides of Pax Americana

Who needs banks?

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