Have fun getting poor

Published: Tue 22 November 2022
Updated: Tue 22 November 2022
By steve

In Markets.

date 19 May 2022

19 May


There was continued risk-off behaviour. Equity markets failed to bounce. Bonds were mainly higher (yields lower), Brazil being an exception, but then just flat. The dollar is falling back, the Euro up 1.1%, to $1.05: maybe we will not see parity after all.

The fall in the dollar helped crypto and commodities. The Philadephia Fed had some poor readings on its manufacturing business survey, here.




The crypto scam. Ben Hunt, of Epsilon Theory fame, talks about crypto. He concludes it’s a scam, but interestingly links in Animal Farm (possibly my favourite political book of all time) and Bill Clinton and Tony Blair, as well as Matt Levine (my new hero) and Sam Bankman-Friend (boo!). Anyway, you gotta read it, but I wanted to talk about Blair and Clinton.

I don’t know much about Clinton, but I do know a bit about Blair. The latter is famously technophobic. He can’t use a keyboard, and had never sent an email until after he’d left office as UK PM. He told the world that if we didn’t spend a fortune on new software planes would drop out of the skies on 1 Jan 2000 because they would be crippled by the Y2K bug (yeah, remember that?). Oh, he also said that Saddam had WMD.

Anyway, the guy has form, and it’s not good form, for seeing the future, especially in the tech space. But, well, he’s a favourite of the Davos crowd, and he craves attention, especially from a hip crowd so I guess he thought “why not?” I’m sure the fee was lucrative too. Anyway, now Clinton and Blair are shilling crypto, the end must, surely, be near. “Have fun getting poor!” as the crypto-Ponzis used to (almost) say.


Today this site hit a total of 666 posts. Not even the neighbour of the beast.

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