Derek Evans Thoughts

So S&P have downgraded the US's AAA debt grading. Big news given the overall depressive state of their economy and it is and been that way for a long time. Finally the excessive consumptive nature of that country is there to be bitten yet again I say. The US has been saved at least twice in recent times. Firstly by Japan, which in turn led to the reduction in Japanese consumption as outflows of funds led to what has become the Japanese economic problem. It has never recovered and that is why even with interest rates at virtual zero the exchange rate is having to be manipulated by the Central Bank because of its strength which seems to have no logic to it. The second more recent time was basically by the European banking system which was the precursor to the crisis of 2007-8. Greenspan was involved that time and laughed mocking the Europeans for being so dull and stupid, as the losses increased beyond the banks means to hold the financing. So here we are again. Debt ceilings bei...

Found this on Euronews website and have tweeted it as well. This is the extent of protectionism that maybe we thought was ending at least in what we consider the developed capitalistic world. Well there you go. When the going gets tough the Italians seem to be called foul. But then is the authority of what we Brits also despise, the precedence of European Union law above national edicts and a requirement to come into line, going to prevent this. Somehow I doubt this. But consider this. If the UK took the same view at least of its companies that it considers strategic, would it allow foreign ownership of say Cadbury's, and American CEOs at places such as Barclays. Oh and naturally when the US considers its company's it has certainly blocked takeovers by Chinese companies of US businesses so do not think that in reality the US is nearly as open as we are because that is not the case. Whether you like him or loath him, Murdoch had to become a US resident and committed to that co...