Archive for category money

Helen Blofield leaves her worldly possessions to road paver who cared for her… cutting her globe-trotting granddaughter out | Mail Online

Life imitates art:

A former airline executive has been cut out of her grandmother’s will because she left everything to a former neighbour who helped her during her final years, a court has heard.

via Helen Blofield leaves her worldly possessions to road paver who cared for her… cutting her globe-trotting granddaughter out | Mail Online.

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How the Ben Bernank will save the America and the world

Latest update:   3,269,368 views as of 2010.12.5.11:32 (JST)
ROFLMAO. The Xtranormal computerized voices only make it funnier – they seem to have a comic sense of timing. If you are eating or drinking, cover your keyboard and screen with clear plastic. You might also want to put on an apron. Then you’ll want to bang your head against a wall, but remember – medical expenses just went up thanks to change we can believe in.

I first saw this video a few hours ago. It had around 15,000 views. Now, 8 hours later, when I posted it, it had 46,780. How long will it take to get it to 2 trillion? Or even just a measly 600 billion?

Update: 182,031 (@ 2010.11.14.21:17)

Upperdater: 2,032,554 @ 2010.11.20.16:28 JST)

Update: 2,707,943   (2010.11.25.11:22 JST)

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So, with all these bailouts, the fiscal crisis must be licked, no?

Gary North (subscribers only), an economist and historian, pointed out that the bailouts have not worked. This is not just his opinion, but the opinion of the American public 

Nearly two-thirds of Americans do not believe the $787 billion stimulus package the president passed last year has helped create jobs, according to a new Pew Research Center poll.

and of American  business economists:

In latest quarterly survey by the National Association for Business Economics, the index that measures employment showed job growth for the first time in two years — but a majority of respondents felt the fiscal stimulus had no impact.

Gordon T. Long opines on how the EU was bullied into a $1 trillion banking bonanza:

Most people take more than two days to buy a car, but the frightened EU officials were pressured into reacting before the Asian markets opened Sunday evening. This is eerily the same scenario we saw on the eve of the US $700B TARP ratification, the Bear Stearns takeover, Fannie /Freddie Conservatorship, AIG Bailout etc..  A coincidence – Yeh right!  How was this pressure applied?  Who has such power? Who won and who lost?

 It’s all part of a grand plan to shift risk to the innocent, says Gordon. is a useful source of this and similar articles, and for keeping track of the prices of precious metals in various currencies.

The Debt Ladder

Book Notes – Liar’s Poker

Michael Lewis, freshly graduated with a Master’s degree in economics from LSU, got a job working for investment bank Salomon Brothers in 1984 (how he got the job is a story to itself; as encouragement to read this witty book, I’ll just tell you it involves the late Queen Mother). Salomon Brothers expanded and created branch offices in Tokyo and London, giving Lewis an opportunity for some cross-cultural comparisons. He wrote about them in Liar’s Poker:

When Gutfreund appeared in any American branch office, the employees put on a show. They affected a casual confidence. Although their stomachs churned and their pants moistened, young Americans jested with the wandering Gutfreund. They said nothing terribly adventuresome, you understand. Jokes about the latest bond issue were in. Jokes about Gutfreund’s wife were out. As long as the ground rules were properly observed, Gutfreund gave it right back.

When Gutfreund visited the Tokyo office, the Japanese employees bowed their heads at their desks and worked the phones furiously, as if playing charades and assigned to communicate: Men At Work… No young Japanese peered skyward to chat with cherubic Gutfreund-san. An American friend of mine happened to be in the Tokyo office on one of Gutfreund’s visits and was taken aside by the boss for a discussion. When my friend returned to the trading floor, he recalls, “All the Japanese were staring at me as if I had just had a personal conversation with God and He had made me a saint.”

In London, Gutfreund was treated, quite simply, like a gauche American tourist. It would only have confirmed many people’s opinion of him if he had turned up wearing psychedelic Bermuda shorts and a T-shirt with a camera round his neck. People laughed behind his back, especially as the firm spiraled into decline. (p. 181-2, paperback edition).

Zemanta (below) points to an article titled, Lewie Ranieri wants to fix the mortgage mess ( If you’ve read Liar’s Poker, you’ll think (after you’ve picked yourself off the floor) that this is like Nero offering to “fix” Rome.

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$700 billion is nothing


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Sub-prime and financial meltdown explained

A highly respectable and knowledgable British invesment banker is interviewed by another highly respectable British interviewer to give you the basics of the recent upheavals in the financial markets. Short, sweet, brilliantly funny.

Hat-tip to Tim Ferriss for the video. Ferriss, author of the phenomenal book The Four-Hour Workweek, uses this video to head the start of a series of blog posts about investing, based on his recent experiments and experiences.

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