Tim Worstall

Tech, banks, gold & precious metals, natural resources
Tim Worstall
Tech, banks, gold & precious metals, natural resources
Contributor since: 2011
I flat out disagree that monetisation is necessary and I doubt very much that it will happen. What I do expect to happen is that as interest rates rise then the Fed will slowly stop replacing the QE bonds as they mature. This would be, in effect, unwinding QE itself. They'll do it over a few years but that's what I think they will do.
One more thing to note, 1% of the global wealthiest are not really a small group. OK, obviously, they're only 1% of the global population, but it's not an exclusive group. Any North American middle class guy who has paid off the mortgage and got a decent pension lined up would qualify. A cop, fireman, teacher, in their 50s, would likely to in that 1%.
Baltic Dry Index measures a different segment of the shipping market. Grain, ore, coal and so on. It's large bulk dry cargoes, not containers, which is what is being discussed here.
Sadly, at least as far as I know, no. A furnace to make sapphire boules is very different from one to make silicon ingot. The knowledge of how to do either is applicable, the actual equipment not so much.
BTW, I was so candid, at the time, but in another place.....
But that is profits over a 4 month period....
Eh? I said that if they were found out to have dodged taxes then they might have to pay back €20 million or so. They have been found to have dodged taxes. They might have to pay €20 million or so. How is this me getting it wrong?
Well, Henry Ford would say no such thing actually. His $5 a day move was about training and recruitment costs, nothing to do with his employees being able to buy his cars. Because even if every one of his workers bought a new car from him every year he would have lost $2.5 million a year from the wage rise.
Paying your own workers more so they buy more from you simply doesn't work. Cannot work in fact. It's akin to pulling yourself up by your bootstraps.
But it's not Starbucks who have done something wrong. The allegation is that the Dutch government did something wrong.
Oh sure, entirely happy for the idea to be thought of as explaining "one hedge fund strategy" not all hedge funds.
Indeed, it's probably stronger if you think of "all hedge funds" as being those capitalists looking for the excess profits and the one or three that find a way being the ones who get the rest of the pack chasing them down and eradicating those excess profits once that pack hears about the method/trading strategy.
It's both a micro and a macro pehnomenon if you like. Works with whole industries, within industries, same thing.
As a Brit and Englishman, might I just correct you here?
"Scotland is part of Great Britain, aka, the United Kingdom. A geographic distinction. But when we say someone is British, it implies they are English, i.e., from England. Its about giving credit where credit is due."
It's the other way around. We can be English, Welsh or Scots, but all are British. To state that someone is British is not to state or imply that they are English, rather, that they are English, Welsh or Scots.
What has caused all sorts of trouble over the decades is that some of those in Northern Ireland would like to be considered British and others in Northern Ireland would not.
And, just to clear this up once and for all: England is England, England plus Wales is Britain, Britain plus Scotland is Great Britain, the UK is the United Kingdom of Great Britain and Northern Ireland and the whole kit and caboodle, the UK plus Eire plus Isle of Man etc is the British Isles.
And while I'm here writing a comment almost longer than the original piece: William Wallace was minor nobility, not a commoner. Admittedly, among medieval Scots, not a huge distinction, but one they made at the time.
Finally: the best bit of Adam Smith trivia I know is that he once employed James Watt to come and fix the Glasgow University steam engine.