Just flicking on the BBC's News Channel, there was SNP leader Alex Salmond launching the White Paper for a referendum next year on Scottish independence. Salmond is an accomplished performer and politely did not draw attention to one benefit of independence, which would be not having to put up with Gordon Brown and Alistair Darling plying their trade in England. Salmond commented that the current arrangement was suitable for the 18th Century but not the 21st Century. It would be interesting if independence could resolve the problems of Scotland's fragile economy and its dependence on English subsidies. Salmond said that money wasted on a replacement for Trident could be spent on hospitals, education etc but he did not address the problem of public sector jobs being relocated to England even if they were nasty defence
ones.
The Scottish opposition parties are anti-independence while opinion polls also show a majority against. However, Salmond does have a vision and he has done exceptionally well to get to this position.
Monday, 30 November 2009
Wednesday, 25 November 2009
Today's gold price reaches $1,180.50 an ounce.
I suppose this does not worry the UK's prime minister Gordon Brown, who as chancellor
ordered the Bank of England to dispose of half of its gold reserves at around the
new millennium. The proceeds were invested in currencies such as the euro, which has gone up but not as much as the gold price, which was trading at around $252 an ounce
then.
The gold price is telling us that quite a few people are 1) worried about the paper money issued by the countries such as the US and the US or 2) worried about the geopolitical situation (Iran/Pakistan) or a combination of both. Although physical gold does not pay interest and there are storage costs, it benefits from factors such as the huge jewellery demand in India (portability). However, U.S retail customers must be a bit miffed that HSBC wants them to move their physical gold holdings from its vaults in New York so that the global bank can serve its institutional clients.
I remember in the old days that gold mining companies had quaint names such as Val Reefs but might suffer from their South African connections. I have also read about the hedging tactics of Barrick, which affected the gold price. Maybe it is the time for Gordon Brown to shore up the country's international reserves with a bit of gold buying copying the example of India. This country has been buying from the IMF at
top prices.
ordered the Bank of England to dispose of half of its gold reserves at around the
new millennium. The proceeds were invested in currencies such as the euro, which has gone up but not as much as the gold price, which was trading at around $252 an ounce
then.
The gold price is telling us that quite a few people are 1) worried about the paper money issued by the countries such as the US and the US or 2) worried about the geopolitical situation (Iran/Pakistan) or a combination of both. Although physical gold does not pay interest and there are storage costs, it benefits from factors such as the huge jewellery demand in India (portability). However, U.S retail customers must be a bit miffed that HSBC wants them to move their physical gold holdings from its vaults in New York so that the global bank can serve its institutional clients.
I remember in the old days that gold mining companies had quaint names such as Val Reefs but might suffer from their South African connections. I have also read about the hedging tactics of Barrick, which affected the gold price. Maybe it is the time for Gordon Brown to shore up the country's international reserves with a bit of gold buying copying the example of India. This country has been buying from the IMF at
top prices.
Monday, 23 November 2009
Do we have the contingency funds for Cumbrian bridges?
The UK seems to have the contingency funds to fight in Iraq and Afghanistan but do
we have the money for Cumbrian bridges? The scenes of Workington and Cockermouth were
horrendous and flood damage is becoming a big problem for us. We have not helped ourselves by building on flood plains and by piecemeal investment on flood defences.
We have to accept that Cockermouth was in the government's view a one-in-a thousand year event following the heaviest recorded rainfall in England. However, the authorities seem to be behind the curve in this area.
The insurance companies estimate claims of £100m while the new bridges will cost quite a bit.
On the news today the clean-up of Cockermouth's Main Street looked amazing after so much debris. This followed people working through the night. It looks like more of this effort will be required to put the town back on its feet.
we have the money for Cumbrian bridges? The scenes of Workington and Cockermouth were
horrendous and flood damage is becoming a big problem for us. We have not helped ourselves by building on flood plains and by piecemeal investment on flood defences.
We have to accept that Cockermouth was in the government's view a one-in-a thousand year event following the heaviest recorded rainfall in England. However, the authorities seem to be behind the curve in this area.
The insurance companies estimate claims of £100m while the new bridges will cost quite a bit.
On the news today the clean-up of Cockermouth's Main Street looked amazing after so much debris. This followed people working through the night. It looks like more of this effort will be required to put the town back on its feet.
Wednesday, 11 November 2009
Poor old Gordon Brown really gets sucked in Afghan mess.
Until recently UK Prime Minister Gordon Brown virtually ignored the Afghan campaign.
He was not too worried about the lack of helicopters or his inability to appoint a defence secretary, who would stay the course. Brown is much happier talking about Africa or reforming the world financial system. He is not a "war leader", few politicians are but his own lack of conviction about the campaign is proving
fatal.
If we are there to defend the security of the United Kingdom, then why are we not attacking Pakistan where most of the terrorist plots come from? Brown had a chance to pull out when he took over from Tony Blair. He would have won domestic plaudits and would have obviously upset the Americans. However, Brown could have gone for an early general election before the voters got to know what he was like.
A withdrawal might have even made it easier for the U.S to pull back. Wars put incredible strains on public finances especially if countries do not want to raise taxes to pay for them. There is also a terrible price to be paid in lost lives. Currently, there is talk of retreating from the northern part of Helmand province. This does not really square with claims from the UK government and military that we are making progress. Attempts to build liberal democracies in Pakistan and Afghanistan are probably insane.
He was not too worried about the lack of helicopters or his inability to appoint a defence secretary, who would stay the course. Brown is much happier talking about Africa or reforming the world financial system. He is not a "war leader", few politicians are but his own lack of conviction about the campaign is proving
fatal.
If we are there to defend the security of the United Kingdom, then why are we not attacking Pakistan where most of the terrorist plots come from? Brown had a chance to pull out when he took over from Tony Blair. He would have won domestic plaudits and would have obviously upset the Americans. However, Brown could have gone for an early general election before the voters got to know what he was like.
A withdrawal might have even made it easier for the U.S to pull back. Wars put incredible strains on public finances especially if countries do not want to raise taxes to pay for them. There is also a terrible price to be paid in lost lives. Currently, there is talk of retreating from the northern part of Helmand province. This does not really square with claims from the UK government and military that we are making progress. Attempts to build liberal democracies in Pakistan and Afghanistan are probably insane.
Wednesday, 4 November 2009
Quite a few UK government policies are not working!
I suppose my views are influenced by the Daily Telegraph but I can't help get the sense that quite a few UK government policies are not working. The tragic deaths of five British soldiers at a checkpoint in Afghanistan yesterday does not seem to be help in any progress towards our objectives there. Any unilateral withdrawal would be difficult since we would experience extraordinary U.S pressure but I think it would be worthwhile. We are not going to settle down for a thirty to forty year
conflict. Prime Minister Gordon Brown says the presence of British troops protects the UK from terrorist attacks but we still have to pay for increased surveillance etc anyway.
The UK educational system seems to be collapsing. Apparently, two out of every five children, who leave primary school, are unable to read and write. Secondary schools are declining according to international surveys. Universities want to charge more in fees for less tuition. We have got Ed Balls and Lord Peter Mandelson presiding over this situation, so I would not expect any improvement.
Home Office secretary Alan Johnson has got himself in a pickle over drugs classification. He does not seem up to a challenge on alcohol misuse, which appears to have led to a rise in unprovoked attacks on people.
conflict. Prime Minister Gordon Brown says the presence of British troops protects the UK from terrorist attacks but we still have to pay for increased surveillance etc anyway.
The UK educational system seems to be collapsing. Apparently, two out of every five children, who leave primary school, are unable to read and write. Secondary schools are declining according to international surveys. Universities want to charge more in fees for less tuition. We have got Ed Balls and Lord Peter Mandelson presiding over this situation, so I would not expect any improvement.
Home Office secretary Alan Johnson has got himself in a pickle over drugs classification. He does not seem up to a challenge on alcohol misuse, which appears to have led to a rise in unprovoked attacks on people.
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