Expanding the Legacy
Finance Everywhere, But Not a Dollar to Reap
The withdrawal of banks from the high streets and neighbourhood corners is unsurprising. Today, most banks derive no more than three percent of their turnover from ‘traditional’ business operations such as fees and lending depositors’ cash to companies wishing to expand or families looking to buy a home. In 2022, the total assets of the financial sector in the UK amounted to a truly staggering $16.88 trillion - well over five time the aggregate output of the country’s entire economy. Those assets comprise mostly claims on other banks.
Dangerous Stirrings in a Silent Majority
Scenes of wild water bursting the doors of a shop somewhere in Austria. The message/tweet posted on X: “expect more of this, watch climate change in action.” Social media is awash with alarmists, attributing all the world’s weather phenomena to global warming, often accompanied by a rallying cry for immediate remedial action. Don’t eat meat; don’t use fossil fuel; shun airplanes; shower less; install solar panels; turn down the heating or cooling - an apparently endless stream of commandments assail the average citizen.
A Critique of Pure Drivel
Dear AI Bot, You recently assembled a list of seven tips for copywriters who want to improve their skills. The post on LinkedIn mentions that you received assistance from the ‘LinkedIn-community’. I assume said community comprises expert copywriters who may wonder why you decided to insert that rather silly hyphen. Has nobody bothered to explain the rules governing the use of that punctuation mark. I guess not.
Battlefield Ingenuity Gives Ukraine a Defensive Edge
The detection of incoming aircraft by sound has long been considered imprecise and impractical. That is, until Ukrainian nerds looked at the ancient technology and saw an opportunity to match it to artificial intelligence. A number of startups have now developed acoustic systems that can successfully detect incoming drones, missiles, and aircraft, and determine their heading, allowing defenders to either neutralise the threat or run for shelter.
Trump’s Wonderful Week Marks EU Misery
Whilst former US president Donald Trump – need we remind all and sundry that the man is a convicted felon? – had an excellent week, Europe suffered a funk of sorts as the likelihood of a Trump 2.0 administration seemed all but inevitable. Undoubtedly, Trump supporters, fans, and idolisers enjoyed...
Brave New World 2.0
Brave New World is a series of shorter articles – mini-essays often slightly contrarian – that was started in the aftermath of the Corona Pandemic as the world tried to make sense of what just happened and adjust to a new normal. Whilst the effects of the pandemic have since...
Shakespearean Politics: A Mad King, Court Jesters, and Dark Forces
As a rule, nations outlive their leaders. Ask the King of Denmark. Nations learn to move on (‘it outlives me when I’m gone’)*. So too will the United States, although the country may no longer be recognisable as a beacon of freedom, the arsenal of democracy, or, indeed, a place where ‘huddled masses’ may find refuge and opportunity.
WEF 2022: The World Is No Longer Flat
This week, a colourful cabal of cognoscenti gathered in Davos to offer diverse takes on the world’s most pressing issues. With climate change, war, pestilence, and a host of lesser plagues assailing the global village, there is no dearth of troubles nor a shortage of talking heads to address them. During a luncheon of the World Economic Forum’s International Business Council on Wednesday, Citigroup CEO Jane Fraser helpfully quipped that we all need to be mindful of the three Rs: Russia, Recession, and Rates.
The Tragic Triumph of Hope Over Experience: Great Power Folly
Wars of conquest seldom end well for the would-be conqueror even if waged against a weaker neighbour. Somehow, those to be subjugated always seem to find unity in a resolve to spoil the plans and designs of the aggressor. Their plight is not dissimilar from the one that motivated colonised people to take on the world’s largest empires – and eject them from their native land.
Crypto Jitters: Unhinged Stablecoins Add Volatility to Unstable Market
The dig is impossible to resist. On Thursday, tether – the world’s biggest ‘stablecoin’ – briefly became untethered from its dollar peg. Tether’s value sank to 95¢ before recovering to 97¢ That may seem a minor oscillation but indicates a bigger issue that does not bode well. Stablecoins are supposed to be, well, stable and fully backed by readily convertible assets. However, of late, the stablecoin universe has witnessed violent price swings and even implosions. TerraUSD (UST) last week crashed rather spectacularly after some minor initial wobbles not unlike those experienced by tether.
