Category Archives: Uncategorized

NO EXIT: a forthcoming liquidity trap?

It may be easy to get in, but like the appropriately named Hotel California hard to leave. “Relax, ” said the night man, “We are programmed to receiveYou can check out any time you like, but you can never leave” When bulls try to escape pursued by bears, they may find themselves like the guestsContinue reading “NO EXIT: a forthcoming liquidity trap?”

Europe capitulates to China.

At the EU-China summit in July 2025 President Costa made the following remarks: “We are committed to deepening our bilateral partnership and pursuing constructive and stable relations, anchored in respect for the rules-based international order, balanced engagement and reciprocity.” The truth is that the writing was on the wall long before this, at the timeContinue reading “Europe capitulates to China.”

Are Non-executive directors completely useless

What’s the point of non-executive directors? The idea that non-executive directors (NEDs) are a useful addition to the way that companies are managed or governed has grown from small beginnings to become a massive industry in its own right. There are dozens of websites and programmes to help aspiring NEDs to find roles; and toContinue reading “Are Non-executive directors completely useless”

Snakes and Ladders in the housing market

The housing market in Britain is like a game of Snakes and Ladders. If you are not lucky enough or have sufficient resources to be able to get on the ‘housing ladder’ you will most likely end up sliding down a snake that may lead you at the end to homelessness. The story goes likeContinue reading “Snakes and Ladders in the housing market”

Asset manager alert. Compliance with consumer duty

The Potemkin village solution The satirical tone of this post is not intended to minimise the importance of ethical behaviour in the fund management industry. It simply illustrates the difficulty of applying vague moral standards to a generally honest and proper industry. The effect of this is to impose additional costs on the majority ofContinue reading “Asset manager alert. Compliance with consumer duty”

The housing market is in a mess

Obsession with home ownership is a negative economic influence. Financial markets should be prepared for radical change. Britain’s housing market is in a mess. Britain’s obsession with home ownership is a principal part of the reason for low growth and social and generational division. The structure of the market drives prices up making ownership increasinglyContinue reading “The housing market is in a mess”

Are non-executive directors more useful than a bidet?

As the saying goes “A non-executive director is like a bidet. It’s pretty expensive, takes up a lot of space in the bathroom, and no one knows what it is really for”. Development and the ‘feel good’ factor The organisation Promotion of Non-executive Directors (PRO-NED) 1982 was a result of financial scandals like the GuinnessContinue reading “Are non-executive directors more useful than a bidet?”