TINA

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24 years since a recession in Oz

(I rarely look at the price of gold these-days, but I had a look today)

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Good advice from Martin Wolf –

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Richard is now available on his own blog … Only the POM

Go and crash around his comment-section (I already have~!)

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The reason I am highlighting the shocking shit over at the Guardian … is that, if they can’t do it … who can~?

If you wear fake fur, you are dressing up as an animal killer

These `liberal types` are/were the only bulwark against Free-Market-Capitalists (as `the left` is dead).

There is a good chance the future is going to arise anyway, but it seems these Liberals are ducking-out by trying to be as irrelevant as possible.

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Izzie
Computer says NO! United edition

United now shifts to removing passengers from the flight non-voluntarily. To determine who gets removed from the aircraft, United runs a customer value algorithm. This algorithm calculates the value of each passenger based on frequent flyer status, the price of the ticket, connecting flights, etc. The customers with the lowest value to United are flagged for removal from the flight (it wasn’t a random selection).

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Any comment~?

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TI
Uber’s Top Secret “Hell” Program Exploited Lyft’s Vulnerability

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Comment on Izzie’s article
Some striking admissions about repo markets from the BIS

Banks favor repo because it’s incredibly cheap. Look at the chart above – how many places can you find funding at 0.5%? Banks could go to the markets for more stable funding through bonds or commercial paper, but they’d be paying much higher rates.

As usual, there is the official story, in this case about the cost of capital for banks and availability of short-term financing and so forth – and then there is the real story, which is that the big banks love leverage because it increases profits, and repo has been one of the cheapest sources of leverage for a long time now, and they’re not happy about the fact that it’s become less available, since that puts pressure on profits, particularly for securities dealers who routinely repo inventory for quick cheap financing.

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How would you describe this article in the Guardian~?

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Resurrection #2

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What should he do with his inheritance~?

1. He should do what Tolstoy tells him to do.

2. He should do what `his conscience` tells him to do.

Then he had looked on his spirit as the I; now it was his healthy strong animal I that he looked upon as himself.
And all this terrible change had come about because he had ceased to believe himself and had taken to believing others. This he had done because it was too difficult to live believing one’s self; believing one’s self, one had to decide every question not in favour of one’s own animal life, which is always seeking for easy gratifications, but almost in every case against it. Believing others there was nothing to decide; everything had been decided already, and decided always in favour of the animal I and against the spiritual. Nor was this all. Believing in his own self he was always exposing himself to the censure of those around him; believing others he had their approval. So, when Nekhludoff had talked of the serious matters of life, of God, truth, riches, and poverty, all round him thought it out of place and even rather funny, and his mother and aunts called him, with kindly irony, notre cher philosophe. But when he read novels, told improper anecdotes, went to see funny vaudevilles in the French theatre and gaily repeated the jokes, everybody admired and encouraged him. When he considered it right to limit his needs, wore an old overcoat, took no wine, everybody thought it strange and looked upon it as a kind of showing off; but when he spent large sums on hunting, or on furnishing a peculiar and luxurious study for himself, everybody admired his taste and gave him expensive presents to encourage his hobby. While he kept pure and meant to remain so till he married his friends prayed for his health, and even his mother was not grieved but rather pleased when she found out that he had become a real man and had gained over some French woman from his friend. (As to the episode with Katusha, the princess could not without horror think that he might possibly have married her.) In the same way, when Nekhludoff came of age, and gave the small estate he had inherited from his father to the peasants because he considered the holding of private property in land wrong, this step filled his mother and relations with dismay and served as an excuse for making fun of him to all his relatives. He was continually told that these peasants, after they had received the land, got no richer, but, on the contrary, poorer, having opened three public-houses and left off doing any work. But when Nekhludoff entered the Guards and spent and gambled away so much with his aristocratic companions that Elena Ivanovna, his mother, had to draw on her capital, she was hardly pained, considering it quite natural and even good that wild oats should be sown at an early age and in good company, as her son was doing. At first Nekhludoff struggled, but all that he had considered good while he had faith in himself was considered bad by others, and what he had considered evil was looked upon as good by those among whom he lived, and the struggle grew too hard. And at last Nekhludoff gave in, i.e., left off believing himself and began believing others. At first this giving up of faith in himself was unpleasant, but it did not long continue to be so. At that time he acquired the habit of smoking, and drinking wine, and soon got over this unpleasant feeling and even felt great relief.

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Resurrection

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`Resurrection` by Leo Tolstoy.

Nekhlyudov (a nobleman) has to make a number of choices.

One is –

Ten years earlier, he gave away his inheritance (from his father) to the peasants that worked the land.

Now, he has inherited, from his mother, much bigger estates.
He has subsequently developed `expensive tastes` (fitting to his position.
What is he to do with his inheritance~?

He lives well in Moscow.
He is up for marrying a very refined bit of totty.
He speaks, with reasonable accents … English, French and German.
He is an upstanding member of the ruling-class.

What is he to do with his inheritance~?

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LIBOR

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Frances does the world a service

Libor and the Bank

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Guardian tries to do the same

BBC to air recording that implicates Bank of England in Libor scandal

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The banks and the government have an interesting relationship

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