First of all I live in London, I put down my roots here because of work. Commuting from the outside towns into the city takes a long time. People only tend to do that when they don’t have to come in every day or getting their kids into a good school is important for them.
Secondly it is an area distinct from the rest of the UK, this is partly down to history and the current economic reality. It is distinct in terms of population make-up and economic opportunity. London has a culture that is distinct from the rest of the UK, partly due to its population make-up. Over 30 percent of the city’s inhabitants were born in another country. From music to fashion, its like a different country:
As one women’s clothing retailer once said on a news interview ‘The further north you go; the more skin you see’.
The weekend is a huge thing outside the city. By comparison, it isn’t the big deal in London. The reason was that there were things you could enjoy every night of the week.
You can get a good cup of coffee
The city was using cashless payments way before it became universal elsewhere in the country
The line has extended into politics. London opposed Brexit. London, like other major cities it is one of the last holdouts of Labour party support in the 2019 UK general election
London posts often appear in other categories, as it fulfils multiple categories.
If there are London subjects that you think would fit with this blog, feel free to let me know by leaving a comment in the ‘Get in touch’ section of this blog here.
The YouTube algorithm can take you into odd places, so it was with me and the London Watch. The watch collecting community is a global connected bunch of super passionate and and seriously nerdy people. It’s not the kind of stuff I would generally have bothered with. Watch collectors, particularly at the premium to luxury end of the scale have have started to talk about London (and by the implication, the rest of the UK) as hive of crime.
Watch community YouTubers often do a wrist check to show what timepiece they have on. Usually you will see a luxury or cult timepiece. But I have started to notice a few videos talking about the presenters empty wrist as a London Watch. You can see it on this live stream by Paul Thorpe just after the 9-minute mark. He was doing the video from right by the Oxford Circus shopping area in Central London.
The implication being that only going watchless or wearing a plain looking Casio is the right ‘watch to wear’ in Central London.
Crime tsunami
A random walk through Google News yielded these examples:
In February 2022 Saul Murray was drugged and stabbed to death for his watch collection. East London trio convicted after man’s ‘horrific’ death | Hackney Gazette – describes how they befriended him to gain access to his home, drugged him so they could search the apartment and then stabbed him and left him to bleed out
It took seven years for YouTube celebrity Yianni to talk about having his watch taken in a violent robbery that occurred back in 2016
My list of robberies isn’t exhaustive, but the constant drip, drip, drip of this news helped drive the idea of the London Watch.
Staggering scale
In October 2022, a luxury auction house ran a public safety campaign advising watch collectors to leave their pieces at home after they were alarmed by the Metropolitan Police’s own crime numbers. This came after the police tried and failed to assure Londoners and tourists over the summer. In April and May 2022, there was a 60 percent increase in high value watch robberies just in Central London with a 100 having been reported and investigated by the Metropolitan Police.
Watch crime has been happening in European tourist spots as well such as Barcelona and Paris, but the UK seems to be particularly blighted. London based watch crime has even attracted the attention of US watch collector hobbyist site Hodinkee who featured it heavily in an article on the international view.
Between January and July 2021 there were 377 reported watch thefts, according to the Met Police compared to 621 in the same period during 2022.
Police have attempted to stop some incidentsin progress, but the scale of the problem seems to be beyond their current capability and capacity.
Possible contributing factors
Rich opportunity. London is an international city and hosts high net worth individuals from different countries all year round. Many choose to make it their home
Luxury watches get a good return for the thieves. Apparently a watch will net the thief half its face value when fenced. By comparison diamond or gold jewellery will fetch roughly 10 percent of its value. I was surprised by this as all high end watches have a traceable serial number, which would make it harder to pass on. Many are apparently stolen and shipped out of the country, though some end up for sale online
Thieves have very little chance of getting caught. The amount of incidents that are happening versus the amount of successful police investigations means that both watch and phone thefts are a low risk, lucrative option for thieves. Despite London have a large amount of CCTV systems, only a small percentage of the crimes are solved. Finally the police are under-resourced for the scale of the task they face
The high level of violence involved is troubling and reason for it isn’t immediately apparent.
Thieves seem to use social media research and spotters to find their mark. Many of these spotters work as staff in restaurants, hotels, bars and night clubs frequented by the rich.
Luxury sales will be impacted, this looks like the likely reason that auction houses are actively warning people in London about the risk and how to mitigate it through public information campaigns
Tourists are less likely to spend money in hospitality if they feel that some of the staff might be setting them up to be robbed
Tourists and business travellers are less likely to come to London, if they feel that the risk of violent crime is disproportionate
For the time being, be sensible and stay safe out there by wearing a London Watch.
Patriotic Alternative wasn’t a name familiar to me when I first heard about them instigating a riot in Liverpool on Saturday night. It doesn’t take that much to create a ruckus in some of the poorer areas of Liverpool.
I wasn’t particularly surprised by the burnt out police van; it sounds like a Merseyside Saturday night that went a bit out of control. That’s as Liverpudlian as a fried breakfast served in a ‘bin lid’ – a large white bun or bap large enough to contain bacon, sausage, a fried egg or two and brown sauce.
But there were aspects that did surprise me and all signs point to Patriotic Alternative. It’s a multi-cultural city, everyone has relatives abroad whether its extended Irish family, West Indians or deep connections within the Chinese diaspora. Which is why I was surprised that Patriotic Alternative managed to stir up so much trouble against an asylum hotel in the Knowsley area of Liverpool.
The city does have a certain degree of prejudice; primarily sectarianism. Its one of the few areas in England that has a marching season rather like Northern Ireland with an Orange Order parade held annual in Southport back when I lived up there. But Knowsley was something else. Patriotic Alternative managed to do something that I never thought was possible in cities like Liverpool or Bristol.
So reading about the event and the role of Patriotic Alternative in Dazed was an eye opener. It portrayed a city that I no longer recognised. Patriotic Alternative apparently organised the protest on a Telegram channel. What Dazed claim happened is that mainstream political statements and mainstream media coverage created an environment ripe for trouble makers like Patriotic Alternative.
According to Hope Not Hate, Patriotic Alternative shared members with prescribed far right organisation National Action. For an organisation that has a couple of hundred core members Patriotic Alternative has an outsized footprint. This footprint seems to be driven by the Patriotic Alternative Telegram channel with some 5,000 followers
Consumers in the 1970s on the changing nature of growing old, unfortunately attitudes and biases haven’t improved in the last 50 years.
Economics
US chip packaging firm Amkor closes its Shanghai plant for a week amid global market downturn | South China Morning Post – this is signalling a recession, as was AP shipments to Chinese smartphone brands stay in decline in 1Q23, says DIGITIMES Research – Fourth-quarter 2022 smartphone application processor (AP) shipments to China-based smartphone vendors amounted to 137 million units, plunging 24% from the prior quarter and 20.3% from the prior year, and will continue to experience a double-digit decline in the first quarter of 2023, according to figures from DIGITIMES Research’s latest report covering smartphone AP shipments. Because of shrinking demand and high smartphone inventory at the channel in both China and emerging markets, AP shipments to China-based smartphone vendors had already experienced on-year declines for five consecutive quarters
How China Fell In Love With Cheap Wine | Sixth Tone – reminds me of my time working on the Bordeaux wine marketing board as an account at the agency I worked for in Hong Kong. The work was focused on mainland China and promoted Bordeaux as a lifestyle brand for wine consumption rather than just gift giving
Massachusetts Democratic organ donation proposal sounds like prisoner organ harvesting. | Slate – Democratic state representatives Carlos González and Judith García introduced legislation that would allow incarcerated people to go home early—if they “donated” their organs. Specifically, the bill would “allow eligible incarcerated individuals to gain not less than 60 and not more than 365-day reduction in the length of their committed sentence” if they “donated bone marrow or organ(s).” Gonzalez argued that the bill was a step towards advancing racial equity in health care and making it easier for people of color to obtain transplants.
Hong Kong
The Hong Kong government must break its habit of relying on property developers | South China Morning Post – the article itself isn’t that interesting, but the author is. Regina Ip would be what the conservative party in the UK would call a big beast. She is a former minister level politician in the pro-China camp. Add to this the fact that despite mainland Chinese companies now outnumber local and foreign firms in Hong Kong and the economy is in decline. I expect Ip’s op-ed to be the tip of an iceberg of a shift in economic drivers that will occur sometime after John Lee leaves office. The clock is ticking on the big five families to diversify their wealth out of Hong Kong and China, following Jardines example to go into Indonesia might be a prudent start
Hong Kong reopens with post-Covid charm offensive | Financial Times – Johannes Hack, president of Hong Kong’s German Chamber of Commerce, who sits on a new task force to promote the city, said a “long-haul” effort to change business perceptions would have to go beyond plane ticket giveaways. “If you have relocated corporate functions to another place, half a year later you are probably not going to reverse the whole thing,” he said. “People who have moved to Singapore with their teen kids, there is no way they are going to do that again . . . They are not going to come back.” – feeds into the ‘its just another city in China now’ narrative
UK universities starting to lose allure for Chinese | News | The Times – well that’s screwed the Ponzi scheme that universities have engaged in via over-priced student accommodation real estate investments for reasons that aren’t exactly clear given their ownership structure and charters
Japanese fashion magazine Popteen ends physical version, switches to web installments instead – move to online only and moving away from monthly updates. Popteen ended its physical publishing as of February 1, 2023, with the February 2023 edition (released on December 28, 2022) being its last. web-based articles will be released on the first and the 15th of every month, known as “Popteen media”, and full editions of the fashion magazine will be updated a few times annually. The main reason for switching to the web edition was to make the magazine more accessible to middle and high-school students, who may not receive an allowance or be able to work part-time to afford physical copies of Popteen
Great video on microchip counterfeiting and recycling. The Japanese are doing some of the best work authenticating chips. Also if its bad for US defence contractors, just imagine how bad it will be for the sanctioned Russian defence sector.
Seeing for the Sightless – Luo, 26, suffers from congenital cataracts and is pursuing a degree in acupuncture and massage therapy at a college in Beijing. He needs help on the scales as there is no voice assistant function at the training center. On a mobile app called Be My Eyes (BME), he sends out a video call. Pointing his phone camera at the scales, he asks, “Hello, can you read the number for me, please?” A volunteer on the other end tells him, “91 kg.” Luo says thanks and hangs up. Usually, these exchanges only last a few seconds. Being tech savvy, Luo wrote a program back in high school to help the visually impaired memorize English vocabulary, something he himself struggled with. The app would randomly pick a word from a list he composed and he would spell it out after hearing the word. BME, developed by Hans Jørgen Wiberg, a visually impaired man from Denmark, drew Luo’s attention as soon as the Android version was available in China in 2017. Currently, there are 445,000 visually impaired users from all over the world and more than six million volunteers on BME.
Style
Adidas Tumbles as Losses From Its Kanye West Venture Pile Up – The New York Times – interesting how badly Ivy Park is doing and this on their business in China: Adidas in China: a brand seeking its redemption – In the second half of 2022, Adidas CEO Kasper Rorsted estimated losses of revenue of more than 35% in the Chinese market. He declared that such a violent drop was caused by some mistakes. For instance, the struggle of keeping up with the local brands, the failed recovery after the zero-covid policy, and the scandal of Xinjiang cotton.After the winter Olympics, the trend of Guochao, or the “national trend”, started to develop. More young Chinese consumers prefer buying local brands rather than western sportswear brands. In August 2022, the local firm, Anta, overtook Nike and became the biggest sportswear brand in China with a revenue of more than USD3.79 billion. Li-Ning, another Chinese firm, also registered revenue of USD1.76 billion against Adidas’ USD1.72 billion, pushing the German brand out of the podium. The zero-Covid policy has been a big problem for Adidas. In 2022, the company had to deal with closed shops and rising costs. In particular, the general lockdown which paralyzed China for the last few years resulted in the desegregation of the complex system of supply chains built up by the German brand. The disrupted supply chains cost Adidas a loss of USD427 million in the first quarter of 2022.
SMIC expects 10-12% revenue drop in 1Q23 | DigiTimes – China-based pure-play foundry Semiconductor Manufacturing International (SMIC) expects to post a revenue decline of 10-12% sequentially in the first quarter of 2023, with gross margin falling further to 19-21%.
MotherDuck: Big Data is Dead – Jordan Tigani spent ten years working on Google BigQuery, during which time he was surprised to learn that the median data storage size for regular customers was much less than 100GB. In this piece he argues that genuine Big Data solutions are relevant to a tiny fraction of companies, and there’s way more value in solving problems for everyone else. I’ve been talking about Datasette as a tool for solving “small data” problems for a while
China is no longer a good thing on your CV, part of this is down to ‘Brand China’. You are likely to be viewed negatively by peers and even family members at home. From the Chinese perspective, foreigners are now viewed with more suspicion and distaste as the government has fermented fear of foreign spies and nationalistic populism. I am sure that the Chinese government would see it as advantageous if locals had these jobs instead. A position in China might be a rear-guard action now while the future of the corporation that you work for will now be elsewhere in Southeast Asia
There are better opportunities elsewhere in South East Asia such as Singapore, Vietnam or even Indonesia. A lack of travel to China opened up the eyes of foreign c-suite members who have spent a good deal of time looking elsewhere. Even businesses like Apple are looking at their supply chain options
China is more expensive to live in. Costs had been shooting up in the years running up to COVID-19 and haven’t got any cheaper
Accessing timely, good quality healthcare is an issue
Effective tax has risen a lot. You will have to pay into local pensions that you will never be able to use. So you are paying more tax and living in a much more expensive country
The Chinese visa system is much more hassle filled
China’s preference for hostage diplomacy
International schools have to follow a Chinese curriculum due to changes in regulations. If you value your child’s education, you will no longer want them to go to school there
The businesses that made life more tolerable in China have been disappearing. I won’t list off the range of bars in restaurants, but also access to English language books, formerly through stores like The Book Worm in Beijing. The eco-system of businesses that supported expats living in China is rapidly disappearing even before COVID-19 hit
A progressively stricter and harder to crack version of the ‘Great Firewall’
Periscope films have managed to digitise a treasure trove of content. Back when I worked in an oil company I had to read around to learn how an oil refinery works a macro-level. I wish that I had seen this film How an oil refinery works put together by Shell for an American audience some time in the 1950s.
How an oil refinery works gives you a good understanding of fractional distillation, vacuum distillation and catalytic or ‘cat’ cracking. The three of which still are at the core processes at an oil refinery today. There are additional ancillary steps that happen depending on the oil make up such as desulphurisation or sulphur removal including removal of sulphurous compounds called mercaptans and removal of nitrogen impurities.
The experience of watching How an oil refinery works is far different to reading Modern Petroleum Technology by the Institute of Petroleum, or even this article on Encyclopaedia Britannica – which would have been my first go-to port of call at my local library back then. More on materials related topics here.
Porsche 935 K3 or what my dreams as a 10 year old looked like
As a child my bedroom wall was dominated by a world map from the early 1970s given out by the shipping line Lambert Brothers to a friend of the family who was a dentist who had a side line in cargo brokering at one time. The rest of my wall was given over to Ferrari and Porsche posters. Dominant among which was the Porsche 935. At the time, you could write to companies, claim you were doing a school project and they would send you back a press pack stuffed with black and white print photos. I even had a Burago model car of the same livery as this.
If my parents have kept hold of all this stuff, it would be a worth a small fortune on eBay, but I suspect it all got thrown out over time.
This video is the stuff that my dreams were made of.
Steve Hsu interviewing Dominic Cummings
I have a lot of time for American Taiwanese physicist Steve Hsu, so its surreal hearing him interview Domnic Cummings in his podcast. There is a less bombastic Cummings on show.
Takuya Nakamura
This week I listened to Takuya Nakamura’s set on The Lot Radio
Visvim’s Toshiyuki Ueno in this film made in partnership with Porsche Japan, as we learn about the fundamental philosophy of ‘monozukuri’, or craftsmanship, behind the storied Japanese brand, as well as Ueno-san’s joy of ownership with long-lasting products.
Ueno’s joy of ownership comes from products that are potential candidates of what I called on this blog ‘heirloom design‘. Something that might develop a patina, but manages to last a lifetime. EDC or everyday carry is a category of products designed around the joy of ownership. Products over engineered and made of easy to service parts, yet are used everyday.
One can see this joy of ownership ethos in Visvim’s own products such as their iconic daypack. These look superficially like the classic Jansport design, but are over built in order ensure the bag outlasts the owner.
The joy of ownership is at odds with many aspects of our modern world. People no longer have digital or music collections. Instead relying on play lists on streaming services to give them the right muzak for whatever they are doing at the time. Online business Rent The Runway does away with the joy of ownership and curation of your look, you no longer need a wardrobe beyond the basics. Luxury brands are now talking about a circular economy play where consumers are encouraged to only enjoy the joy of ownership for a short while and they might then be resold. At the other end, fast fashion from Shein and H&M.
The much prescribed ethos of fast failure, agile methodologies and Facebook’s ‘move fast and break things’ are a world away from the philosophy behind the joy of ownership. This is the reason why Bang & Olufsen is a shadow of its former self, yet a vintage BeoSystem still provides the joy of ownership. More related content to the joy of ownership can be found here.
Xi Jinping shows his strength by muscling women away from power – Nikkei Asia – China’s path toward becoming a modern socialist country, as officials describe their aim, has historically been framed as incorporating gender egalitarianism. “Genuine equality between the sexes can only be realized in the process of the socialist transformation of society as a whole,” Mao Zedong wrote in 1955. By this measure, one would expect the Chinese Communist Party to at least signal that it cares about women’s representation in 2022. But last month’s 20th National Congress of the Chinese Communist Party broke tradition by elevating 24 men and no women to the party’s Politburo, omitting its usual token female for the first time in 25 years. Women took just 11 of 205 seats on the new party Central Committee. Loyalty and utility to the top leader, above qualifications or affirmative action-style standards, are now the major determinants of officials’ prospects for promotion. Party leader Xi Jinping no longer feels any obligation to gesture toward gender equality – what this misses out on is that Mao Zedong’s public and private conduct were in sharp contrast. Mao was an avowed paedophile.
TikTok ‘ghost mall’ indicator of problems with Malaysia’s failed Silicon Valley | South China Morning Post – “It’s the only Malay-Muslim concept mall in Malaysia,” Abdul said, adding that he feels attached to the mall as “there is a brotherhood here.”While the mall didn’t have many customers, I was struck by the lively camaraderie among the staffers working there. Outside the mall, I found a singer performing for a small crowd. A couple meters away stood a unit where a popular Thai restaurant once operated. While it’s listed as operating on Google Reviews, one of Fadzil’s staff told me it has “closed down for good.” The restaurant appeared to once have good reviews online, with diners describing the food as “affordable” and “delicious.” The lot was padlocked and the tinted glass walls obscured what was inside, but my fat zoom lens captured an eerie image of the restaurant’s interior. Kitchen tools were piled in a corner and dozens of bottles of beverages stood packaged together, unused. It looked like a scene that had been quickly and hastily abandoned. – retail is tough at the best of times, but there is also a constant tale in Malaysia of expensive white elephants and failed economic policies once it had been decolonised
Ethics
Filmmaker Andrew Callaghan Says Cable News “Ramped People up” for Jan. 6 – I think that January 6th is much more of a riot than it is an insurrection. And I think that the mainstream media is endlessly focusing on it because it’s, it’s very good eye candy. It makes great news. It makes all conservatives look like absolute morons, and it’s good for selling ads. So it was a terrible thing, but there’s reasons they’re dragging it out, and they’ll continue to drag it out until the next major conservative fuck up like that. I don’t feel, necessarily, that the frontline brainwashed Capitol riot soldier is to blame for what happened. I think it’s the people who push them into action, particularly on the fringe as well. I think mainstream media and social media play a role in ramping up division, but I think it’s people like Alex [Jones] and Enrique [Tarrio] who really are primarily just merchandise salesmen. We have a serious problem with media echo chambers and informational literacy in this country. We have to take it upon ourselves to be more educated and think on a different level. So what’s in it for influencers like them? The “MAGA-sphere” allows for a ridiculous array of hustles and grifts. There’s Forgiato Blow, who built a rap career around the MAGA train. Enrique Tarrio runs the largest right-wing t-shirt shop on the Internet. Alex Jones makes millions of dollars selling brain pills, basically. There’s so many ways to make money in the MAGA world. It’s really appealing for someone trying to get their start as an entrepreneur or a politically active person – probably one of the smarter views that I have read on January 6.
Siegfried Muller’s interview shows the complexity in modern German history. Muller was plied with alcohol and interviewed by East German interviewers who then put together this film (presumably with editing). For Muller, the threat of communism was real. You can read more on Muller here.
The War in Ukraine Highlights European Rifts – Carnegie Endowment for International Peace – Despite the destruction Russia is wreaking on Ukraine, both Chancellor Olaf Scholz and sections of his Social Democratic Party and business lobbies hanker after the status quo ante. Herein lies the second rift. It is linked to EU member states’ varied historical experiences and the resulting threat perceptions. The EU as a peace project was finessed over the years without a voice from the Eastern or Central Europeans. They had to endure living under the dictatorship of the Soviet Union. Today, Western Europe, particularly France and Germany, considers a future European security architecture involving Russia in some form. For the East Europeans, security is about defending themselves against Russia. That is why the latter want Ukraine to win and Russia to be defeated. For them, Russia’s invasion of Ukraine threatens Europe’s stability and security—a threat that would be compounded if Russia were to win
Health
Race is on to develop new generation of weight-loss drugs | Financial Times – this looks like a Viagra like gold rush, on the plus side there is a lot of scientific progress being made. The biggest barriers are socio-cultural in nature. Disclosure, I worked on the global launch of Wegovy – the current category leading treatment
Hong Kong committee can bar foreign lawyers from national security cases: Beijing — Radio Free Asia – “Now the national security committee gets to decide what is and isn’t a matter of national security in all cases, not just national security cases, but in any other court cases and also in all matters of government policy, without being subject to judicial review,” he said. “They could claim that pandemic prevention was a matter of national security, or education,” Yam said. “It’s not just about the judicial system.” “It affects legislation and anything that takes place throughout the entire government system.” – Australian lawyer Kevin Yam points out the weakness that anyone using Hong Kong as a legal jurisdiction in contracts should be concerned about. Is the counter-party connected to the government, in a strategically important sector, government owned or supported by government loans? Do they employ mainland employees who might be affected by the contract. All of this could fall within the national security law. Another take by Hong Kong based legal scholar and former judge Henry Litton: HKU Legal Scholarship Blog: Henry Litton: Red Alert: Hong Kong Judicial Independence Under Existential Threat (Comment on the Admission of Owen KC). Samuel Bickett’s take on things here: Beijing’s New Year’s surprise: awarding itself broad new powers over Hong Kong and NPC Observer: Explainer: NPCSC’s Interpretation of Hong Kong National Security Law over Jimmy Lai’s Foreign Defense Counsel – Beyond the confines of Lai’s case and the specific issue it raised, the [NatSec] Committee’s seemingly broad and unreviewable power to “make [enforceable] judgments and decisions” on whether an issue of national security is involved, regardless of setting, could be cause for concern. It awaits to be seen whether and to what extent it would invoke this newly declared authority to deal with other situations in the future.
Three ways Big Tech got it wrong | Financial Times – Most of Big Tech got rich on software, which is easily updatable and basically free to distribute at scale. Such online innovation rightly places a huge premium on “failing fast”: getting a product out quickly, building a following and fixing the bugs later. The same is simply not true for a car, a medicine or even a new flavour of packaged meat. They have to work correctly and meet regulatory standards right off the bat. Production facilities and distribution networks cannot be conjured out of thin air, or easily amended after the fact. In the physical realm, an innovator can see its lead evaporate in the face of competition from rivals with experience in production and distribution. Tesla is discovering this the hard way. Tesla’s share of the US electric vehicle market has dropped below 65 per cent from 79 per cent five years ago. S&P Global Mobility predicts it will fall below 20 per cent by 2025 as other makers bring out electric trucks and cheaper models faster than Tesla can build new factories
A few things on this. I believe that hydrogen will play a far bigger role in the energy mix for transport. These cars are Toyota Mirai vehicles. Secondly, look at how easy it is for the workers to get the fit and finish right on the cars, which says a lot about the precision of their component manufacturers to get to Toyota’s legendary reliable, rattle-free vehicles.
William Davies · The Seductions of Declinism: Stagnation Nation · LRB 4 August 2022 – The claim that everything has been getting worse for decades is a gift to Thatcherites and Brexiters, who promise a dramatic turnaround in the fortunes of the nation, and would like to banish those who talk down Britain’s prospects. Edgerton went to considerable lengths in The Rise and Fall of the British Nation: A 20th-Century History to dispute the claim that the interwar and postwar British economy was a failure, or that it needed ‘reviving’ in the way Thatcher promised. For Edgerton (and the Resolution Foundation appears to agree), Britain’s current economic malaise began under Thatcher, when rent-seeking via the housing market, privatisation and financial ‘innovation’ became the basis of Britain’s economic growth. But even Edgerton would agree that we are now in a very bad way. The poor quality of the Tory leadership candidates and the unseriousness of the debate between them creates the impression of a country that can now only speak to itself in slogans, oaths and insults, and has no capacity to describe or explain its problems. Away from the theatre of the leadership contest, the signs are that Britain’s elites now intend to stake everything on another financial free-for-all. Inexplicably, the Bank of England recently abolished the regulations that impose affordability criteria on the sale of mortgages, meaning that lenders no longer need to check whether borrowers have the capacity to repay if interest rates rise further. A new Financial Services Bill, supported by Sunak and the current chancellor, Nadhim Zahawi, will challenge the power of the Bank of England to regulate financial services, with the aim of releasing the City of London to engage in greater risk-taking. The Brexiters’ ideology, according to which Britain remains restricted by its conformity to EU rules, may have one more hurrah, if it can liberate speculators for another few years before the Ponzi schemes finally collapse
Fake ‘Rothschild’ Was Chased by Russian Organized Crime When She Took Pictures With Trump at Mar-a-Lago – OCCRP – the self-confessed grifter was a Ukrainian immigrant tangled up with Russian organized crime, a joint investigation by the Pittsburgh Post-Gazette and OCCRP has found. OCCRP and the Post-Gazette revealed in August how Yashchyshyn gained access to Mar-a-Lago without any background checks, making at least four trips to the estate in two days. The investigation and an FBI action that same month to retrieve documents from Mar-a-Lago renewed questions about security at the private club that has hosted powerful U.S. and world leaders. Those questions will only grow with the new revelations that the fake Rothschild was being chased by a serious organized crime figure as she mingled with prominent club guests and the ex-president himself.
Singapore redevelopment of its harbour in the early 1980s is fascinating. The area is now a mix of bars, cafes and restaurants. Among the buildings lost was a cinema built and owned by The Shaw Organisation – who were responsible for the post-war boom in kung fu martial arts films and even helped finance Blade Runner. The Shaws came out of a merchant background and were big in pre-war Shanghai as one of the big three film studios. They diversified into amusement parks over a decade before Disney did; though the Shaws were not as single-minded in their focus on ‘family-friendly’ experiences as their US counterpart.
The limits of growth in Singapore, some of these factors feel very Brexity, partly due to neo-liberalism
