Step out of the dark, step into the light

Just when you thought you had reached the final frontier!

I consider myself to be reasonably “au-fait” with modern technologies even though I am one for clinging to what I know.

For example, when I was a trader, I was completely attached to Reuters as a purveyor of market news, information and pricing and never really got to grips when Bloomberg came along, always telling myself that it didn’t really work in my specialist market.

Now, of course, since I advocate the total linkage between every market, I realize that was lazy and naive.

I have always believed that each of us has a technology limit. A point at which we are no longer able to “take in” the latest ideas, methods or gadgets.

My Grandmother always stood up to change the channel on the TV manually since her technology limit was remote controls. My mother nearly burned her house down on several occasions. Her technology limit was microwave ovens and now, my mother-in law- with mobile phones? Forget it.

The point of all this? Blockchain and Bitcoin. Finally, yesterday I managed to find a Youtube Ted Talk that told me about Blockchain and EUREKA! I get it. I can re-join the human race!  

I may even be able to sound knowledgeable about Bitcoin and Ethereum next, but give me time!

When no comment really means advance guidance.

Anyone who reads this blog regularly will know I have a little “man-crush” on Mario Draghi. What he achieved is, in my view, incredible. The landscape for Central Bankers is constantly changing yet he manages to deal with issues as they arise looking neither left or right or back or forward. I can’t imagine him having the luxury of taking years to find out about Blockchain and crypto-currencies.

He follows a simple premise; that monetary policy for the Eurozone only works if it is applicable to the whole region; Good for some, bad for others but consistent for everyone.

The Germans howled about a weak Euro fearing inflation. The Italians now complain about a strong Euro damaging exports.

The German (always Germans!) economy was starting to look like overheating so calls were made for an end to accommodative monetary policy. Ultra-low rates are the only thing that helped Greece to even consider a recovery.

Sr. Draghi spoke at the Jackson Hole Central Bankers Symposium on Friday. It was imagined that he would try to “talk down” the Euro, following its 12% rise against the dollar this year. He said nothing and the test of 1.2000 was confirmed. It only reached 1.1940 but the course is set.

Germany, you have a stronger currency and inflation is falling. Italy, it’s your turn to “get on with it”.

Brexit, once just a slogan, now a disaster!

Do they still hang traitors in Britain?  

It makes no difference if you are a leaver or remainer, or even just British, Brexit is a disaster.

UKIP saw an opportunity which in Politics is often all it takes. Cameron was worried about his support at home and his relationship with Messrs Tusk and Juncker so took a chance. It went spectacularly wrong and ended a dying political career. I see he has even taken up smoking again. May as well commit suicide literally as well as figuratively.

But what has been left behind? A Government that believes in one thing but is committed to another. An opposition whose members predominantly believe in one thing but the party is committed to supporting the opposite view. In short, a disaster.

Maybe that nice Monsieur Barnier would let us forget the whole thing. Or maybe another referendum should be held. I conducted a survey among my Linkedin followers this week regarding Brexit. I was surprised by the number of respondents who would change their vote if they could. The clear majority of those were leave voters!