Banks aren’t lending money to businesses or people, but don’t worry Karl-Theodor zu Guttenberg, quit your moaning Alistair Darling, banks are doing SOMETHING to help out the common folk. They are getting into the supertanker business. Citigroup has booked two supertankers. Barclays has booked one supertanker, according to Reuters today. It’s a way for them to serve their commodity-trading clients, whofor some time have been taking advantage of contango — future oil prices that exceed present ones — by stockpiling cheap oil on the water while demand is low and selling it to the thirsty world in the future.
As the villified securitization market continues its sulk and the FT wonders if it wasn’t such an awful thing, after all, Deus Ex Macchiatto ponders whether there’s a tradeoff between financial instability and growth.
Libya invested $500 million in Allen Stanford’s fund. So perhaps Italy shouldn’t be so keen on its status as Libya’s next big investment.
On climate change: “Winston Churchill aroused this nation in heroic fashion to save civilisation in World War Two. We have everything we need except political will, but political will is a renewable resource. says Al Gore.
“I am ready to meet my Maker,” Winston Churchill famously said, “though whether the Maker is ready for the ordeal of greeting me is another matter.” I should think the Good Lord met the great British war leader with great equanimity. It’s what he’ll make of Jacko that worries me. (Daily Mirror)
Another victim of the U.K.’s expenses scandal: “Harry Cohen, who says he is the most professional MP his constituents have ever had, including Winston Churchill, will go at the next general election.” (The Times, London)