Expanding the Legacy
Expanding the Legacy
Turkeys do not usually vote for Christmas. Still, some people seem genuinely surprised and dismayed by the species’ instinct for self-preservation. Azerbaijan derives more than ninety percent of its export earnings from the sale of oil and natural gas. Each day, the country pumps about 750,000 barrels of oil and dumps 650,000 of them on the global market, bringing in close to $20 billion annually. In November, Azerbaijan is to host COP29, the annual gathering of some forty thousand jet-setting government officials, NGO delegates, and assorted camp followers such as staff, guests, reporters, and ‘parties overflow’, i.e. the merely curious who are allowed to nose around the conference premises as long as they do not partake in the proceedings.
The US Federal Reserve celebrated the death of inflation with a bold interest rate cut. As the Federal Open Market Committee mulled its next move during a highly-anticipated meeting yesterday, its twelve members just hoped, and perhaps even prayed (this is, after all, America), that the reports of inflation’s death are not ‘greatly exaggerated’. The benchmark federal fund rate receded to five percent.
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.
He lapped up life daringly, mastered the art of rebellion, and looked far beyond the horizon to find adventure and clam his restless soul. Just before the implacable woke crowd could ‘cancel’ him, biographer Sue Prideaux snatched Paul Gauguin from its claws. The French postimpressionist painter seemed ripe for the picking: the perfect candidate to be knocked off his pedestal, thrown from his perch, and relegated to the scrapheap of art history. It was not for a lack of trying that the über politically correct posse failed in its pursuit.
To placate its critics, the German government has temporarily reasserted control over the country’s borders. The measure is meant to stem the flow of immigrants entering the country to submit unfounded asylum claims. As of tomorrow, checks will take place on incoming traffic by roving border patrols.
The Republican campaign for the presidency is being shredded by an epic catfight between Trump groupies vying for the love and attention of their idol. Get the popcorn! Also: Kamala Harris Takes Advice from Chinese Sage and American Cheapskates Fail to Pay Up for Defence of Ukraine.
The two-state solution being touted as the be-all end-all of the most intractable of long-running conflicts sounds eminently sensible but is also tainted by a high degree of wishful thinking and, as it were, detached from reality. A two-state solution would be akin to having a neighbour determined to take over your home and expel you from the neighbourhood, using whatever violent means at his disposal.
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.
A new survey from press agency Reuters found that 87% of Americans are concerned about a rise in political violence. Over two-thirds of respondents fear an outburst of violence following the November 5 presidential election. A significant majority also deplores the lack of civility in public discourse. Yet, in a quirk of the American character hard to explain, slightly under half of the US electorate is apparently willing, if not eager, to dispatch a man to the White House who has redefined incivility and made it into his personal brand. To call Donald Trump uncouth is a gross, if not monumental, understatement.
An untold number of debt relief initiatives have failed to help developing countries carry their financial burden. The schemes, well-meaning in nature, follow a predetermined script: the debtor nation promises reforms, the implementation of sound governance practices, and fiscal prudence. However, once creditors and debtors have reached an amicable agreement, the script goes awry. Promises are instantly forgotten and reform plans put on ice. Apart from perhaps a few cosmetic touch ups, governance remains as dismal as before.
Successive conservative governments squandered upwards of £700 million ($900 million) on an ill-advised plan to deport failed asylum seekers to Central Africa for processing and resettlement. The scheme, promptly cancelled by the new Labour government, saw just four people leave the UK for Rwanda. They did so voluntarily and were handed £3,000 in cash to help fund their new life in Africa. On Monday, Home Secretary Yvette Cooper informed Parliament that the deportation plan had cost much more than previously thought: “It’s the most shocking waste of taxpayers’ money I’ve ever seen,” she told lawmakers. Mrs Cooper also revealed that her predecessor failed to properly inform Parliament of the policy’s total costs which according to Home Office numbers could have ballooned to £10 billion over the next six years.
When trouble arises, throwing money at it usually works wonderfully well. The problem is, of course, that the number of troubles invariably exceeds the volume of ready cash available. During the Corona Pandemic, Spanish Prime Minister Pedro Sánchez made a surprise suggestion to revisit an old and almost forgotten financial instrument - the ‘consol’ (consolidated stock or consolidated annuities). A consol is equivalent to a perpetual bond. By definition, consols are not redeemable unless the issuer agrees; they merely pay interest and do so perpetually.
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...
How to unscramble eggs. That is the question (and task) facing UK Prime Minister Keith Starmer as he meets his country’s neighbours tomorrow for a one-day summit of European leaders. The informal gathering in Blenheim, birthplace of Winston Churchill, takes place under the aegis of the European Political Community (EPC), an initiative launched by President Emanuel Macron of France in 2022, following the Russian invasion of Ukraine. More than fifty heads of state and governments are expected to attend.
In a dog-eat-dog world, small states are often seen as mere appetisers. Even mid-sized ones, such as Ukraine, may feature on the menu of larger neighbours. Armen Sarkissian, a former prime minister and president of Armenia and a theoretical physicist of considerable standing, has a vested interest in the well being of smaller countries. He argues that nations such as his own have been treated as ‘disposable’ throughout much of history or, at best, as an appendix to larger sovereign entities in the vicinity.
Mr Anderson ventures that Nvidia could well attain a market cap of $50 trillion in a decade. Though admitting that his forecast is on the optimistic side, Mr Anderson does present some numbers to back up his claim.