T&B rides again!
We are living in exceedingly interesting times, and T&B has recently enjoyed a role as spectator to the ambient madness. That said, the plethora of truly clueless commentary in the media has spurred us once again to put fingers to the keyboard. Be it the culpable dishonesty of the British press or the apparent death-wish of the European political leadership – fiddling as Athens burns – the existence of intelligent life on earth desperately requires supporting evidence.
One of the most terrifying features of the current crisis has to be seeing Mrs. Merkel blithering about her steadfast refusal to “bow to the diktats of financial markets” – analogous to a farmer refusing to bow to the imperatives of the weather. It is perhaps brave, even noble, but equally, it is totally insane… the hurricane cares not who bows before it, who stands fast – it uproots trees and swamps buildings, it will not be denied.
We are finalizing the present note at the brilliant VTB Capital conference – where we got to ask a few questions of a man we continue to view as Russia’s saviour – Vladimir Putin, as well as attending a breakfast with Alexei Kudrin, someone we would still expect to see in the prime-ministerial office sometime in the coming two years. Rather than rewriting the present note, we will issue a special Russia report, hopefully early next week. For now, we would like to urge all of our readers to open up accounts with VTB Capital!
We return to watching our Bloomberg screens with rapt attention, and much fear and trembling. One tends to forget the extreme fragility of the hugely complex financial system which underlies our current prosperity and the decades of peace enjoyed by the developed countries. Watching the European policy makers, T&B gets the feeling of watching happy children, delightedly tossing about a live hand-grenade. This could end badly – mais le pire n’est jamais certain (the worst possible outcome is never certain) and all men live in hope!
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