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Archives of “October 13, 2019” day
rssHow Isaac Newton went flat broke chasing a stock bubble
For practitioners of Schadenfreude, seeing high-profile investors losing their shirts is always amusing.
But for the true connoisseur, the finest expression of the art comes when a high-profile investor identifies a bubble, perhaps even makes money out of it, exits in time – and then gets sucked back in only to lose everything in the resultant bust.
An early example is the case of Sir Isaac Newton and the South Sea Company, which was established in the early 18th Century and granted a monopoly on trade in the South Seas in exchange for assuming England’s war debt.
Investors warmed to the appeal of this monopoly and the company’s shares began their rise.
Britain’s most celebrated scientist was not immune to the monetary charms of the South Sea Company, and in early 1720 he profited handsomely from his stake. Having cashed in his chips, he then watched with some perturbation as stock in the company continued to rise.
In the words of Lord Overstone, no warning on earth can save people determined to grow suddenly rich.
Newton went on to repurchase a good deal more South Sea Company shares at more than three times the price of his original stake, and then proceeded to lose £20,000 (which, in 1720, amounted to almost all his life savings).
This prompted him to add, allegedly, that “I can calculate the movement of stars, but not the madness of men.”
Brexit: DUP deputy warns that Boris Johnson’s Brexit deal “cannot work”
Nigel Dodds says UK must stay in full UK customs union
The DUP’s Nigel Dodds has rejected the proposed “double customs” Brexit solution.
“It cannot work,” he said. “Northern Ireland must stay in a full UK customs union, full stop.”
He told Italy’s La Repubblica that he considers mooted proposals unrealistic.
“Northern Ireland must stay in a full UK customs union. PM Johnson knows that,” he said.
This could potentially unwind GBP gains as there are many Conservative MPs who have said they won’t support a Brexit deal unless the DUP is on board.
That said, Dodds said that he is still waiting for more clarity, so the door certainly isn’t shut here.
Read the full story at La Repubblica.
Thought For A Day
‘Phase 1’ of US-China deal was easy, now comes the hard part
Even as the “phase one” trade deal between the U.S. and China averted an escalation of the trade war, the agreement is widely seen as a small-bore pact that focused on relatively easy issues, such as agricultural and currency.
The deal was a product of compromise by two countries eager for a respite amid growing concerns about economic slowdowns. The two nations must tackle structural issues, such as China’s government subsidies, in the next phase of talks, and a real end to the trade war that would eliminate punitive tariffs imposed on each other still remains elusive.
U.S. President Donald Trump was exuberant in announcing the agreement that would ease the pain of the Midwestern farmers that make up the core of his support base.
“The deal I just made with China is, by far, the greatest and biggest ever made for our Great Patriot Farmers in the history of our Country,” Trump tweeted Saturday morning. “In fact, there is a question as to whether or not this much product can be produced? Our farmers will figure it out. Thank you China!”
In contrast, the Chinese side remained subdued. Beijing issued a statement reporting progress in agriculture but did not mention an “agreement.” State television reported the deal, although it downplayed the story. Trump’s about-face in May last year after an agreement to avoid tariffs was not lost on top Chinese officials. (more…)
Typhoon Hagibis makes landfall in Japan, triggering floods
A powerful typhoon made landfall on the Izu Peninsula near Tokyo on Saturday evening, disrupting transportation in the capital region and leaving two people dead. Millions of people in the Tokyo metropolitan area have been advised to evacuate as the storm approaches. Torrential rains caused rivers to flood, and authorities are taking emergency steps to discharge water from several dams to prevent them bursting, at the risk of further flooding.
Typhoon Hagibis is expected to be one of the strongest typhoons Japan has experienced in decades.
In Chiba Prefecture near Tokyo, one man in his fifties died in an overturned car in the early morning. Police are investigating whether it was caused by strong winds due to the typhoon. In the city, several houses have been affected by strong winds and parts of their roof were blown off. Five people, including three minors, have been injured.
In Gunma Prefecture, also near Tokyo, a man who went missing in a landslide was found dead. (more…)