I wonder if in that opinion huh milieu there’s a bit of a desperate search for even more edgy takes given the way the overall take-a-sphere is going.
‘The view from the column is ever distant’ PhD in Indeterminacy via modern American poetics. Commenter, writer, photographer, poet. Photos and artwork https://www.instagram.com/davidhaywardwriter?igsh=OW5jNWtwZzhvbml5&utm_source=qr
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I wonder if in that opinion huh milieu there’s a bit of a desperate search for even more edgy takes given the way the overall take-a-sphere is going.
And also it’s not exactly a tremendous surprise given the structural changes (positive and negative) and also I think just the prevailing gloom. It’s a bit like being mystified why investors are a bit sceptical about very long dated UK investments…
Relatedly people should I think be looking quite closely at any convergence between UK and French adjusted spread given the latter is having a legit political crisis.
Also it would be extremely helpful for the nice people at the FT to show a graph of the relative performance of Gilts vs others on a like for like basis - asset swapped, currency adjusted etc. That picture is a bit different I think. cc @tobyn.bsky.social
There is I think. I also note here that large sections of the British establishment seem to think the UK state has failed / is failing and that prevailing sentiment is not obviously a good sign for UK asset prices.* * Yes I think it’s overdone
My hunch (which underlies some of the points) is a lack of credibility in the effectiveness / consistency etc of UK policy making, stretching back (at least) to the Brexit referendum, the Johnson government…and then Truss…Starmer et al now appearing to fail + Reform polling reinforces the narrative…
Thanks for this. Funnily enough I was thinking of you the other day for something I was writing - no thoughts except through language…
Perfect. Thanks very much. This is making me think I should track French vs UK swap spreads and worry about any convergence (the wrong way) - on the basis France has a legit political crisis.
Oh I see so if we don’t worry about the exchange rate for the moment French swap rates are higher than UK swap rates - ie French swap spreads are more negative?
Hmpf I need to to a worked example for myself
But less negative than the UK?
That must be very stressful / frustrating for the comms people - ie having to try to come up with messaging without clear guidance.
(I imagine French swap spreads are much higher than the UK)
That I think answers my question though I still find it difficult to get my head round negative swap spreads!
I am finding it baffling that with all these comms specialists with their storied resumes no one can seem to put together this not very complicated message
Thanks very much
Out of curiosity do you have this on an asset swapped basis?
How much of that particular uplift is a result of the increase in the linker principal being treated as an interest cost?
Making spaghetti carbonara tonight and I thought I’d
Thank you!
What are the characters? I’d be most interested in how these particular characters actually work.
That is *extremely* well put!
When are you coming back to Paris?!!
Really something to be said for having no expressed opinion on very very many subjects.
This is very specific but in previous lives the correct designation of the Oxford MA
Very cruel xxxxxxx
I’m really trying here. The most bizarre aspect of this is she hasn’t realised by this point of her career / life that this particular story is completely untenable.
Ah same here post original echo chamber gate
I don’t think she thinks she’s making it up. I do think she’s completely misunderstood whatever happened. Resume hmmm inflation isn’t exactly unknown but most people figure out very quickly it doesn’t work.
Off for open mic at the magnificent Au Chat Noir* * pint of lager is €4
A glorious example that truly the most important social media motivator is being ‘right’.
It is bizarre and by not pushing back hard they’re providing a form if implicit permission. Which is beyond daft on every level.
No that was an appreciative hmmmmmmm
Hmmmmmmmmmm
It is extremely easy to get a letter from a US university saying something like *yes we’d love to have you if you do wxyz*.
Even if one imagines that somehow this involves direct artistic appropriation, one way or another all of the work that a human artist would have been ‘trained on’ would have somehow been paid for (via book purchases or libraries or museums etc etc).
The exhibition was packed out
In a house in Normandy where he composed literally hundreds of pictures
A nice biographical comment that he visited France in 2018…and just stayed…
The work across multiple panels is nothing short of genius - for me the stand out picture is an American landscape composed entirely of small photographs of its details.
…And his extraordinary work ethic - he works all the time.
So much to admire but what stood out for me is his constant innovation across different media…
Went to the Hockney exhibition for its last day at the Fondation Louis Vuitton. Magnificent work, magnificently curated.
Maybe though I think the ‘sense of crisis’ has very deep and long term roots.
(We are of course on dangerous ground any which way because of the atmosphere of emergency)
Yes and saying ‘acshally there is no crisis’ is not a winning strategy. The point should be not to ‘dispel’ but to ‘outcompete’. It seems to me blindingly obvious that you absolutely cannot (literally cannot) outcompete by adopting the crisis narrative and proximate solution of your main opposition!
The problem here is that once everyone has agreed that there is a crisis then the political competition focuses on finding the source of the crisis and addressing it. And because there is a crisis *any means* are justified to address it. It’s all very Homo Sacer unfortunately.
Have you come across Homo Sacer (Agamben)? That is not a cheery read.
The politics of crisis / emergency. I do think Labour is entirely wrong to be playing into this (because that validates the sense of crisis) but one might wonder why the sense of crisis / emergency is sufficiently pervasive for Reform to find a substantial audience and establishment support.
You can’t see Klingon starships these days because of cloak
One of my goals post-current employer is to get fit, and to that end I’m looking at GPS watches. I used to have a Garmin Forerunner, now lost to the mists of time, and they still look decent but I’d also like to be able to upload GPX for walks - any recommendations? Ta.
If all the scenes could be like this scene we’d be seen
Lovely scene
Japanese omelette style w/ girolles, garlic butter, other nice things
It’s extremely reasonable plus big selection of wines at retail prices with E10 corkage
Yep
One for @jayrayner1.bsky.social
And here we go!
This looks fantastic
nothing burger
Is this good?
Nah low oven
Ooooh
Very slow cook then sear
Just like to announce that the reverse sear steak cooking method really works and is virtually idiot proof with a meat thermometer.
This is obviously completely nuts and anyone with the tiniest littlest grain of commonsense would cancel it.
Appalling that Policy Exchange’s offices were violently attacked last night - just the latest in a lengthy series of such intimidatory attacks targeted at think tanks and campaign groups, doing perfectly legitimate work that is part of our democratic process.
If the difference between a functional government and not is a bank windfall tax then we are in huge trouble!
A non permanent tax? 😃
Bank shares prices doing well is a good thing for the UK! Especially the domestically focused banks.
Higher taxes equals higher cost of capital equals lower lending. That’s just incontrovertible. However! A ‘fix’ here would be to impose the tax and loosen other capital requirements.
I do think that if they do the u turn on the manifesto then someone will have to be seen to pay the political price.
An absolute shambles. Anyone who thinks this is a good idea might wonder whether a 5% fall in Uk bank shares *today* is signalling good news for the economy…
Amen.
We have no idea what, don’t really understand why, but we’ve consulted the opinion polls and something must be done.
< writes column >
If it was me I would quite simply have put in place an immigration policy that everyone thinks is great and has no unfortunate other consequences.
Oooooh
This was my key test for the then new government 😔
I have no idea what this means
It’s not a great piece. Is it extremely British? Not sure about that.
Not at all. Soain does not at all fit in the dark ages framing.
Gorgeous jacket
Sadly it’s the book of ‘apocalypse’ not revelation (apocalypse = unveiling)
Omg it’s national decline What is this!! Arsenal bagged the Greenwich-born midfielder, 27, for £67.5 million — but his strong thigh game sets him apart off the pitch.
I guess we’re better off on the Frankish front with Gregory of Tours for whom (to your point) there’s no English equivalent.
Oh I’m definitely team Krugman
But then again…financial markets pre 2008 / 2009 etc etc
The behavior of the US financial markets especially vs a few months ago does seem peculiar. And I guess we have to accept the possibility that they are correct - ie no crisis in the short term / medium term.
Makes you think (if you needed to) how incredibly well Arteta has done.
Alright alright I’m currently looking at Origen’s commentary on the Book of Revelation for something very obscure
Now that is an interesting thought
