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Monday, October 20, 2008

The Naked Economy at the Bitter End

Dear Ivor

Had a fairly quiet weekend, Robin has been busy with a vat of chip oil in the garage, I fear the worse!! Asked about the Chopper and he is quite happy for you to borrow it whilst you look for alternative wheels and you never know yours may turn up somewhere. Can’t understand why anyone would’ve wanted that old fold up bike anyway, unless for a museum piece! Have had a look on the internet and folding bikes have had somewhat of a revival, found this site called Bike Friday, they even do folding tandems, and wait for it a triple traveller, now there’s an idea?

Was a bit touch and go when the manager of the Nag’s Head thought he remembered you as the lad who ‘borrowed’ the stuffed pheasant from off the bar some 10 years ago! Still he seemed quite convinced of your claim of a doppelganger running amok in your tank top in the 90’s, although I felt that you stretched it a bit too far when you tried to convince him that you were the much better looking one! Apart from that the evening was quite productive; we have firmed up our management positions and come up with some passable slogans, although Aunty Gladys does have a bit more work to do on her prototype hoodie. Still it’s keeping her off the blog!

Am still a little perplexed as to how the banking crisis has occurred, I know that after an impromptu spending spree I have feigned surprise, and may I say convincingly, to Robin over the size of the credit card bill and it is easy to lose track of the odd few pounds here and there, but I cannot believe that a few million or billion, not to mention trillion, of debt building up went unnoticed. After a little browse around did come up with some information and interestingly enough people did notice, the late Tony Dye, who died in March this year, forecasted this crisis as early as 1996 and was ridiculed by the City and the press. It reminded me of the Emperor’s New Clothes, however it’s taken a long time for the fellow onlookers to realise the bankers have "nothing on!" Also Professor Richard Dale, Emeritus (which I think means retired!) Professor of International Banking in the University of Southampton's School of Management, published a book in 1993 forecasting a meltdown in the banking industry, these are two amongst others. Don’t worry I haven’t purchased the book for you for your birthday! This got me thinking, when we are voted in we could set up an online economists forum, “The Naked Economy” (worked for Jamie) direct to no. 10 giving us general thoughts on the economy, in brief of course. Would need a moderator for it, what do you think of Evan Davis, although he does seem a little busy at the moment? In which case perhaps Tim Harford, the FT "Undercover Economist" would be prepared to take up the gauntlet, he seems to have a good sense of humour and that would definitely come in handy?

Did we say where we were going to meet on Wednesday, quite fancy The Bitter End, haven’t been there for ages?

Poll xx

PS With your interest in Ieeks thought you might want to know that sales of turnips have apparently rocketed in the past 12 months, do you think now is the time to diversify?

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