Currency update - September 23, 2011
Sep 23rd 2011, 9:10 am
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Currency update - September 23, 2011
Cavalry
- A bad week
- Hopefully a better weekend
Many years ago, Jona Lewie caught our attention with an amusing ditty called ‘Don’t Stop the Cavalry’. Looking at this week’s financial markets, it may be time for a re-release entitled ‘Please Please Send in the Cavalry’.
David Cameron almost gave the game away yesterday with his reference to looking down the barrel of a gun, and a release from the G20 acknowledging the need to do something (big) urgently means that at the end of this awful week we are likely to see a relief rally. Whether it carries on into next week depends on our politicians. Can they move beyond words? Is there some way of making quantitative easing more productive? Can they solve the problem of reducing spending in the public sector whilst at the same time achieving lift-off in the private sector? Is it time to give Keynes a rest and employ a little Hayek? Who would be a politician?
On a point of optimism, we are about to enjoy a brief ‘Indian summer’ so let’s hope that this coincides with a political miracle. Send in the cavalry (not the clowns).
A great weekend to one and all.
- A bad week
- Hopefully a better weekend
Many years ago, Jona Lewie caught our attention with an amusing ditty called ‘Don’t Stop the Cavalry’. Looking at this week’s financial markets, it may be time for a re-release entitled ‘Please Please Send in the Cavalry’.
David Cameron almost gave the game away yesterday with his reference to looking down the barrel of a gun, and a release from the G20 acknowledging the need to do something (big) urgently means that at the end of this awful week we are likely to see a relief rally. Whether it carries on into next week depends on our politicians. Can they move beyond words? Is there some way of making quantitative easing more productive? Can they solve the problem of reducing spending in the public sector whilst at the same time achieving lift-off in the private sector? Is it time to give Keynes a rest and employ a little Hayek? Who would be a politician?
On a point of optimism, we are about to enjoy a brief ‘Indian summer’ so let’s hope that this coincides with a political miracle. Send in the cavalry (not the clowns).
A great weekend to one and all.
