Please just carry on and go about your day-to-day business as usual…
‘Nothing to worry about here – everything is just fine and under control!’
UK pound closes in on a six month low
According to the latest data, 1.00 GBP is equal to 1.22 USD
This means that one British pound can buy 1.22 U.S. dollars at the current market rate. The exchange rate fluctuates depending on various factors such as supply and demand, interest rates, inflation, trade balance, and political stability.
Weak against U.S. dollar
The British pound has been weakening against the U.S. dollar since the Brexit referendum in 2016, when the UK voted to leave the European Union. The uncertainty and instability caused by the Brexit process have reduced the confidence and attractiveness of the British currency in the global market. The U.S. dollar, on the other hand, has been strengthening due to its status as a safe haven and a reserve currency in times of crisis.
In September 2022 the pound fell to its lowest level against the U.S. dollar
- Excessive government spending and tax cuts that undermined confidence in the UK economy.
- Price caps and record high inflation that eroded the purchasing power of the pound.
- The strength of the dollar as a safe haven currency amid global uncertainty.
- The prospect of a new Scottish independence referendum that increased political risk.
- The impact of the Covid pandemic and the Russia-Ukraine conflict on supply chains and trade.
Artwork of GBP
September 2022
The pound reached $1.0327 at one point in late September 2022, its lowest since Britain went decimal in 1971. It also fell more than 1% against the euro to about 86.80p, its lowest level since May 2020.
Today, 22nd Septmber 2023
The current exchange rate of 1.22 USD per GBP is near the lowest point in the last 30 and 90 days, which was 1.2383 USD per GBP.
The highest point in the same period was 1.3128 USD per GBP. The average exchange rate in the last 30 days was 1.2563 USD per GBP, and in the last 90 days was 1.2721 USD per GB pound.
Pound Sterling from 2012 – 2023
Introducing the UK magic message government lectern
‘Have you noticed everytime the government needs to persuade the public that their ‘message’ is so super important – they roll out the magic message lectern”.
Other important messages
And this…
And this one…
The latest government slogan… ‘LONG-TERM DECISIONS FOR A BRIGHTER FUTURE’
Let’s roll out the advertisements to persuade the UK public the government knows best… again.
They convinced me!
Not!
It’s a joke!
The UK government is trying to peruade the public that the recent Sunak climate rollback decision is a good thing… ‘LONG-TERM DECISIONS FOR A BRIGHTER FUTURE’
Who are the kidding?
‘Time is a game played beautifully by children’.
Heraclitus
Heraclitus was an ancient Greek pre-Socratic philosopher from the city of Ephesus, which was then part of the Persian Empire. Little is known of Heraclitus’s life. He wrote a single work, only fragments of which have survived.
Cathie Wood and Ark Invest company STOCK WATCH
Tech’ investor and disruptor
Cathie Wood is an American investor and the founder, CEO and CIO of ARK Invest, an investment management firm that focuses on disruptive innovation. She is known for her bullish views on Tesla, DeepMind, and many other AI companies.
DeepMind and Tesla
Cathie Wood is a fan of DeepMind, an artificial intelligence research lab acquired by Google in 2014 and founded in 2010. She reportedly says it is ‘one of the best AI companies in the world’ and that the ‘AI revolution’ will ‘change everything’.
She also says that Tesla is the ‘biggest AI opportunity in the world’ today. She believes that Tesla has a huge advantage in data collection and innovation, and that it has just started its growth potential.
Additionally, Cathie Wood has been betting on other AI stocks, such as C3.ai, UiPath, Exact Sciences, and Upstart. She thinks these companies have strong prospects in various fields, such as cloud computing, automation, healthcare, and lending.
British-American AI DeepMind
DeepMind is a British-American artificial intelligence research lab that is a subsidiary of Google. It was founded in 2010 and acquired by Google in 2014. DeepMind is known for creating neural network models that can learn how to play video games, solve complex problems, and mimic human intelligence. Some of its famous products are AlphaGo, AlphaZero, AlphaFold, and Flamingo.
Mission
DeepMind’s mission is to ‘solve intelligence and use it to make the world a better place‘. It has been involved in various fields, such as healthcare, climate change, computer systems, and board games.
DeepMind also collaborates with Google Cloud to enhance its solutions for customers
NOTE: Always do your own research!
RESEARCH! RESEARCH! RESEARCH!
Spacecraft to return from asteroid mission with precious cargo
NASA mission
Osiris-Rex is a NASA mission that aims to collect and return a sample from asteroid Bennu, which is believed to be a remnant of the early solar system. The mission hopes to learn more about the origins of life on Earth and the potential for asteroid mining in the future.
Osiris-Rex stands for Origins, Spectral Interpretation, Resource Identification, Security-Regolith Explorer. The spacecraft launched in 2016 and arrived at Bennu in 2018. It spent two years mapping and studying the asteroid before successfully collecting a sample of about 300 grams (10.6 ounces) of dust and rocks in October 2020.
Asteroid Bennu
Capsule
The sample capsule is now on its way back to Earth and is expected to land in Utah on September 24, 2023. Scientists are eager to analyze the material and look for clues about how the solar system formed and how organic molecules that are essential for life were delivered to Earth.
Osiris-Rex is also planning an extended mission to visit another near-Earth asteroid called Apophis in 2029. Apophis is considered a potentially hazardous asteroid because it has a small chance of hitting Earth in the future. Osiris-Rex will observe and measure Apophis to improve our understanding of its orbit and characteristics.
Nasa’s Osiris-Rex capsule will come screaming into Earth’s atmosphere on Sunday 24th September 2023 at more than 15 times the speed of a bullet.
It will make a fireball in the sky but a heat shield will protect the craft. Parachutes will then deploy to slow the descent and bring it to a gentle touchdown in Utah’s West Desert.
Bringing with it a special space cargo that may help the human race discover the origin of life.
Sampling an Asteroid
TikTok’s algorithm is failing to provide a safe and positive experience for its users and for society
TikTok is a popular social media app that allows users to create and share short videos. But, it has faced some controversies regarding its algorithm, design, and data protection.
Tiktok has issues
The company was fined $368 million in Europe for failing to protect children’s data. The Irish Data Protection Commission, which oversees TikTok’s activities in the European Union, said that the company had violated the bloc’s signature privacy law.
An investigation by the DPC found that in the latter half of 2020, TikTok’s default settings didn’t do enough to protect children’s accounts.
Anti-social app
TikTok drove online ultra online ‘frenzies’ that encouraged anti-social behaviour to spill over into the real world, a BBC Three investigation revealed.
Ex-employees said that the issue was not being tackled for fear of slowing the growth of the app’s business. These ‘frenzies’ were evidenced by interviews with former staffers, app users and BBC analysis of wider social media data. They included false murder accusations, interference in police investigations, school vandalism, and riots.
Anti-social algorithm
The algorithm and design means people are seeing videos which they wouldn’t normally be recommended – which, in turn, incentivise them to do unusual things in their own videos on the platform.
Former employees likened these frenzies to ‘wildfires’ and described them as ‘dangerous’, especially as the app’s audience can be young and impressionable.
ATM cash deposits go missing at NatWest
NatWest customers reported money missing from their accounts after making a cash deposit. The bank has said an issue with its cash deposit machines has been now resolved
Customers shared their concerns on social media on Thursday 21st September 2023 that recently-deposited cash was not showing up in their account balance.
Early on Friday 22nd September 2023, NatWest said the issue had been resolved and that no-one would be left out of pocket.
Some customers had reported going overdrawn because of the issue and expressed concern they would be charged fees.
In a statement, NatWest said, ‘Cash payments to a small number of accounts have been delayed and the issue is now resolved and customer accounts are being updated’.
It is unclear how many people were affected by the issue.
It is also unclear why this happened.
Surprise! Bank of England hold rates steady at 5.25%
UK interest rates have been left unchanged at 5.25% by the Bank of England (BoE).
The decision comes a day after figures revealed an unexpected slowdown in UK nflation in August 2023.
The Bank had previously raised rates some14 times in a row to tackle inflation, leading to increases in mortgage payments, business loans and consumer borrowing. But it also delivered higher savings rates.
The inflation target for the Bank of England is 2%
The latest move raises the prospect that this cycle of rate increases may have peaked.
‘I have decided to stick with love. Hate is too great a burden to bear’.
Martin Luther King Jr. 1929 – 1968
Martin Luther King Jr. was a civil rights leader and Nobel Peace Prize laureate who advocated for nonviolent resistance against racial oppression in the United States.
He is best known for his famous ‘I Have a Dream’ speech, delivered at the March on Washington in 1963, where he called for an end to racism and a vision of a society where people are judged by the content of their character, not the colour of their skin.
Martin Luther King Jr. was assasinated in 1968.
For most of us eating less and taking moderate exercise will help with our general health and weight loss… and then we have DRUGS!!!
Fat profits for the pharmaceutical sector again.
The maker of weight-loss drug ‘Wegovy’ has become Europe’s most valuable company, dethroning the French luxury conglomerate LVMH.
Is there an irony here…? Exploitation of the obese, or a genuine attempt to help? It is used in the fight against diabetes too.
It’s a business after all
Wegovy is a brand name for ‘Semaglutide‘, a prescription medicine used for weight loss in obese or overweight adults with other weight-related medical issues. It works by regulating appetite and reducing calorie intake, leading to weight loss and helping with weight management.
Wegovy was launched in the UK on 4th September 2023 and is available on the NHS as an ‘option‘ for weight management in line with NICE guidance, alongside a reduced-calorie diet and increased physical activity. However, only people with the highest medical need may qualify for the drug, as it is in short supply and its use will be restricted – but celebrities have direct access – do they have the ‘highest medical needs’? Of course they do.
Clinical trials
Wegovy has been shown to be effective in clinical trials, achieving up to a 15% reduction in body weight after one year. It has also been found to reduce the risk of a heart attack or stroke in obese people with cardiovascular disease by 20%.
To get Wegovy on the NHS, eligible adults would need a referral to an NHS specialist weight management service, which would usually be made by a GP. Alternatively, Wegovy can be obtained privately, but it may be expensive and not covered by insurance.
Shares rose after the Danish pharmaceutical giant, Novo Nordisk, launched the popular drug in the UK.
At the close of trading on Monday, 4th September 2023, the company had a stock market valuation of $428bn (£339bn).
The drug is now available on the National Health Service in the UK and also via private outlets.
Obesity treatment
Wegovy is an obesity treatment that is taken once a week which tricks people into thinking that they are already full, so they end up eating less and losing weight.
Famous personalities such as Elon Musk are among the reported users of the drug, which has gained traction in Hollywood and with the public more widely since it was approved by regulators in the US in 2021.
Wegovy and Ozempic – a diabetes treatment with similar effects – have been described as ‘miracle’ drugs. Would that be a ‘miracle for the user or for the pharmaceutical company – or both perhaps?
Experts warn the drug is not a quick fix nor a ‘substitute for a healthy diet and exercise’.
In trials, users often put weight back on after stopping treatment.
‘Supply restriction as production ramps up’
There has been a global shortage of the drug, so only limited is awailable for the NHS in the UK.
The company said it will continue to restrict global supplies as it works to ramp up manufacturing.
While the findings still have to be fully reviewed, experts agreed the results were potentially significant.
Exercise, eat less and take… Wegovy!!
‘The fool doth think he is wise, but the wise man knows himself to be a fool.’
William Shakespeare 1564 – 1616
William Shakespeare was an English playwright, poet and actor. He is widely regarded as the greatest writer in the English language and the world’s pre-eminent dramatist. He is often called England’s national poet and the ‘Bard of Avon’ (or simply ‘the Bard’).
Defintion of the word ‘Bard’.
A bard is a poet, especially one who writes or recites epic or heroic poems. This is the most common and literary meaning of the word.
A bard is also a term for a professional poet-singer or minstrel in ancient Celtic cultures, who was employed by a patron to praise their deeds and ancestors, and to preserve historical and traditional knowledge in verse.
The ‘bards’ were highly respected and influential in Gaelic and Welsh societies, and their poems were often accompanied by musical instruments such as the harp.
U.S. holds interest rates at 5.25% – 5.5%, but expect higher rates for longer
Fed holds steady
The Federal Reserve held interest rates steady in a decision released Wednesday 20th September 2023, while also indicating it still expects one more hike before the end of the year and fewer cuts than previously indicated next year.
That final increase, if realised, would be it for now according to data released at the end of the Fed two-day meeting. If the Fed goes ahead with the move, it would be the twelfth rate hike since policy tightening began in March 2022.
No change priced in
Markets had fully priced in no move at this meeting, which kept the fed funds rate targeted in a range between 5.25%-5.5%, the highest in some 22 years. The rate fixes what banks charge each other for overnight lending but also affects many other forms of consumer debt too.
While the no-hike was expected, there was plenty of uncertainty over where the rate-setting Federal Open Market Committee (FOMC), would go from here.
Judging from reports released Wednesday 20th September 2023, the bias appears towards more restrictive policy and a higher-for-longer approach to interest rates.
Is $10000 possible for XRP price? INVEST WATCH
The possibilities of how high the XRP price can go has triggered heated debate among crypto community members over the past week. One particular forecast put the price of the cryptocurrency as high as $10,000 as Ripple advances in the payments sector. However, the validity of this prediction is still heavily debated, leading crypto analysts to weigh in on whether this price point is even possible.
Why The Sudden Bullishness On XRP Price?
Indicators and investors alike turned bullish for the XRP price following Ripple’s partial victory over the United States Securities and Exchange Commission (SEC) in July 2023. The price of the coin had risen over 60% in the days following the ruling as interest soared.
The token’s rally has since slowed down since then, wiping the majority of its gains from the ruling. However, crypto analysts remain bullish. One analyst put the XRP price at $130, while another analyst sees it going as high as $500.
Investors like the coin
XRP’s trading volumes, which have been nearly consistent above $1 billion, also show that investors are heavily attached to the coin. This sustained bullishness is further fueled by Ripple’s exploits in the payments sector, as well as working with various countries on their Central Bank Digital Currencies (CBDCs).
Other sources are more conservative and estimate that XRP price could range from $0.50 to $2.18 by the end of 2023, depending on the outcome of the SEC lawsuit, the development of the Ripple protocol, and the market conditions. Some sources also provide long-term predictions for XRP price based on historical trends.
For example, one source suggests that XRP could reach $14.21 by 2040 and $106.14 by 2050 if it follows Bitcoin’s growth trajectory over the past five years.
What is XRP?
XRP is a cryptocurrency that powers the Ripple network, which is a decentralized platform for cross-border payments. XRP aims to provide fast, cheap, and secure transactions for individuals and institutions around the world.
XRP price predictions are based on various factors, such as the demand and supply of XRP, the adoption and innovation of the Ripple protocol, the regulatory environment, the competition from other cryptocurrencies, and the overall market sentiment.
$10 – $100 range?
According to some sources, XRP price could reach as high as $100-$500 in the next four to seven months, based on the recent ruling that XRP is not a security and the potential growth of Ripple’s partnerships in the payments space. However, this is a very optimistic scenario that assumes a high level of adoption and innovation of the Ripple network.
This is NOT investment advice
However, these predictions are not investment advice and should be taken with a ‘pinch of salt’. The cryptocurrency market is very volatile and unpredictable, and XRP price could be influenced by many factors that are beyond anyone’s control. Therefore, it is advisable to do your own research and analysis before making any financial decisions involving XRP or any other cryptocurrency or any investment.
NOTE: These are not recommendations. Investments may go up or down. Your money is at risk!
This is not advice! Always do your own research!
RESEARCH! RESEARCH! RESEARCH!
25 Countries, Housing One-quarter of the World’s Population, Face Extremely High Water Stress
Water stress measures the amount of available supply a country uses to meet demand, and is expected to worsen as the climate warms.
A quarter of the world’s population is currently exposed to extremely high annual water stress, according to new data from the World Resources Institute (WRI).
New data from WRI’s Aqueduct Water Risk Atlas show that 25 countries – housing one-quarter of the global population – face extremely high water stress each year, regularly using up almost their entire available water supply. And at least 50% of the world’s population – around 4 billion people – live under highly water-stressed conditions for at least one month of the year.
Living with this level of water stress jeopardizes people’s lives, jobs, food and energy security. Water is central to growing crops and raising livestock, producing electricity, maintaining human health, fostering equitable societies and meeting the world’s climate goals.
Without better water management, population growth, economic development and climate change are poised to worsen water stress.
What’s Causing Global Water Stress?
Across the world, demand for water is exceeding what’s available. Globally, demand has more than doubled since 1960.
Increased water demand is often the result of growing populations and industries like irrigated agriculture, livestock, energy production and manufacturing. Meanwhile, lack of investment in water infrastructure, unsustainable water use policies or increased variability due to climate change can all affect the available water supply.
Water stress, the ratio of water demand to renewable supply, measures the competition over local water resources.
The smaller the gap between supply and demand, the more vulnerable a place is to water shortages. A country facing ‘extreme water stress’ means it is using at least 80% of its available supply, ‘high water stress’ means it is withdrawing 40% of its supply.
Without intervention – such as investment in water infrastructure and better water governance – water stress will continue to get worse, particularly in places with rapidly growing populations and economies.
Which Countries Face the Worst Water Stress?
The data shows that 25 countries are currently exposed to extremely high water stress annually, meaning they use over 80% of their renewable water supply for irrigation, livestock, industry and domestic needs. Even a short-term drought puts these places in danger of running out of water and sometimes prompts governments to shut off the taps. We’ve already seen this scenario play out in many places around the world, such as India, Iran, Mexico, South Africa, and even in England.
The five most water-stressed countries are Bahrain, Cyprus, Kuwait, Lebanon, Oman and Qatar. The water stress in these countries is mostly driven by low supply, paired with demand from domestic, agricultural and industrial use.
The most water-stressed regions are the Middle East and North Africa, where 83% of the population is exposed to extremely high water stress, and South Asia, where 74% is exposed.
The 25 counties currently experiencing extreme water stress annually.
1. Bahrain
2. Cyprus
3. Kuwait
4. Lebanon
5. Oman
6. Qatar
7. United Arab Emirates
8. Saudi Arabia
9. Israel
10. Egypt
11. Libya
12. Yemen
13. Botswana
14. Iran
15. Jordan
16. Chile
17. San Marino
18. Belgium
19. Greece
20. Tunisia
21. Namibia
22. South Africa
23. Iraq
24. India
25. Syria
Water Demand Is Exploding in Africa but Plateauing in Wealthier Nations
The biggest change in water demand between now and 2050 is expected to occur in Sub-Saharan Africa. While most countries in Sub-Saharan Africa are not extremely water-stressed right now, demand is growing faster there than any other region in the world. By 2050, water demand in Sub-Saharan Africa is expected to skyrocket by 163% – 4 times the rate of change compared to Latin America, the second-highest region, which is expected to see a 43% increase in water demand.
Demand has plateaued in wealthier countries in North America and Europe. Investment in water-use efficiency has helped reduce in-country water use in high income countries, but water use and dependencies extend beyond national boundaries, and the water embedded in international trade from lower-middle income countries to high income countries will increasingly contribute to rising water stress in low and lower-middle income countries.
Water Stress Could Disrupt Economies and Agricultural Production
Increasing water stress threatens countries’ economic growth as well as the world’s food security.
According to data from Aqueduct, 31% of global GDP – a whopping $70 trillion – will be exposed to high water stress by 2050, up from $15 trillion (24% of global GDP) in 2010. Just four countries – India, Mexico, Egypt and Turkey – account for over half of the exposed GDP in 2050.
Energy, industrial and agricultural production issues
Water shortages can lead to industrial interruptions, energy outages and agricultural production losses – like those already being seen in India, where a lack of water to cool thermal powerplants between 2017 and 2021 resulted in 8.2 terawatt-hours in lost energy – or enough electricity to power 1.5 million Indian households for five years. Failing to implement better water management policies could result in GDP losses in India, China and Central Asia of 7% to 12%, and 6% in much of Africa by 2050 according to the Global Commission on Adaptation.
Global food security is also at risk. Already, 60% of the world’s irrigated agriculture faces extremely high water stress – particularly sugarcane, wheat, rice and maize. Yet to feed a projected 10 billion people by 2050, the world will need to produce 56% more food calories than it did in 2010 – all while dealing with increasing water stress as well as climate-driven disasters like droughts and floods.
Better Management for a Water-secure Future
It’s good to understand the state of the world’s water supply and demand, but water stress doesn’t necessarily lead to water crisis. For example, places like Singapore and the U.S. city of Las Vegas prove that societies can thrive even under the most water-scarce conditions by employing techniques like removing water-thirsty grass, desalination, and wastewater treatment and reuse.
Solution is NOT expensive
In fact, WRI research shows that solving global water challenges is cheaper than you might think, costing the world about 1% of GDP, or 29 cents per person, per day from 2015 to 2030. What’s missing is the political will and financial backing to make these cost-effective solutions a reality.
If this cost conclusion is accurate – why aren’t we doing it?
Fortnite v-buck refund
Charged for unwanted items in Fortnite?
V-Bucks are the in-game currency of Fortnite, they can be used to buy virtual items such as skins and loot. However, some players have complained that they were charged for unwanted items and that their children made purchases without their knowledge.
As a result, Epic Games, the developer of Fortnite, agreed to pay $245 million to settle a lawsuit with the U.S. Federal Trade Commission (FTC) and offer refunds to eligible customers.
If you want to apply for a refund, you need to visit the FTC’s official website and fill out a form with your claim number or your Epic Account ID.
You qualify for a v-buck refund if…
- You were charged in-game for items you didn’t want between January 2017 and September 2022.
- Your child made charges to your account without your knowledge between January 2017 and November 2018.
- Your account was locked after you complained about wrongful charges.
Deadline
The deadline for claims is January 17, 2024. Alternatively, if you want to return a skin or an item that you bought with V-Bucks within the last 30 days, you can do so by following these steps…
- In Fortnite, go to account and privacy from the settings page or the ‘Customer Support & Refunds’ button below the gear with three lines in the sidebar menu
- Click on Return or cancel purchase
- Find and select the purchase you want to return
Go get you v-bucks back!
Polluting car and climate push back
New car show room
We just don’t have the funds, do we?
UK Prime Minister Rishi Sunak is reportedly planning to water down some of Britain’s climate commitments, saying the country must fight climate change without penalising workers and consumers.
Sunak issued a statement Tuesday in response to a BBC report saying the prime minister is considering extending deadlines for bans on new petrol and diesel cars – currently due in 2030 —- and on new natural-gas home heating.
The news drew dismay from environmental groups, opposition parties and some members of Sunak’s Conservative Party. It broke as senior politicians from the U.K. and around the world gather at the United Nations General Assembly in New York, where Biden and Yellen have placed climate high on the agenda.
Senior Tories who have championed net zero policies are reportedly furious at Sunak’s plans to delay or water down green measures. They warn that the decision will cost the U.K. jobs, inward investment and future economic growth that could have been theirs by committing to the industries of the future.
We won’t save the UK by bankrupting its people – Braverman
Home Secretary Suella Braverman says she backs Rishi Sunak’s expected shift on how the UK gets to net zero carbon emissions.
‘We’re not going to save the country by bankrupting the British people,’ she told BBC Breakfast.
It must be true, I’ve just seen it on the news. Is the UK broke? Is this the real reason for the climate roll-back?
‘We’re not going to save the country by bankrupting the British people’.
I for one am very confused??
Does the UK have the money? Is it a too big-a-burden for the UK tax payer? Can the UK generate enough ‘POWER’ from renewables? The UK needs fossil fuels?
Most of the world still needs fossil fuels!
Are we really ready to switch yet? Renewables and fossil fuels will have to work hand-in-hand for some time yet.
UK inflation in surprise fall, a ‘massive’ drop all of 0.1%
ONS says inflation dropped in August 2023
According to the Office for National Statistics (ONS), the UK’s inflation rate dropped unexpectedly in August 2023 to its lowest level since the start of Russia’s invasion of Ukraine, which led to sharp rises in energy and food costs which were already on the rise due to the pandemic.
The Consumer Prices Index (CPI) rose by 6.7% in the 12 months to August 2023, down from 6.8% in July. The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 6.3% in the 12 months to August 2023, down from 6.4% in July.
The ONS said that the main factors behind the fall in inflation were lower prices for clothing, footwear, and second-hand cars, partly offset by higher prices for transport services and recreational goods.
UK Inflation 1989 – 2023 (ONS data)
The ONS also said that the inflation rate was still high compared with historical levels, and that it expected it to rise further in the coming months due to increases in energy bills and supply chain pressures.
You can find more details and data about the UK inflation and price indices on the ONS website or on the Consumer price inflation, UK: August 2023 time series.
Jeremy says its OK!
Chancellor Jeremy Hunt said the news showed ‘the plan to deal with inflation is working’. Well Jeremy, your comments are encouraging – if you truly believe a 0.1% fall in inflation is ‘working‘. Where were you when the Bank of England lost control of the ‘2% inflation remit’.
Where were you when the excessive ‘uncontrolled’ government borrowing infected the UK’s economy? With all that ‘free’ money sloshing around the system, what did you really expect would happen..?
‘I think I might start again!’
Planning complete, time to go ahead and build it. I can add the finshing touches later.
‘All that is gold does not glitter, Not all those who wander are lost; The old that is strong does not wither, Deep roots are not reached by the frost.
From the ashes a fire shall be woken,
A light from the shadows shall spring;
Renewed shall be blade that was broken,
The crownless again shall be king’.
J.R.R. Tolkien 1892 – 1973
John Ronald Reuel Tolkien CBE FRSL was an English writer and philologist. He was the author of the high fantasy works The Hobbit and The Lord of the Rings.
NHS Strike action again, with nearly 8 million waiting in the queue
British Medical Association-organised strike
Consultants and junior doctors in England are holding their first joint strike in the history of the NHS.
Waiting list
The latest data from NHS England, states the number of people waiting to start routine hospital treatment is at a record high of 7.68 million at the end of July 2023. This is up from 7.57 million in June 2023 and the highest since records began in August 2007.
The waiting list has increased by more than 3 million since February 2020, the last full month before the start of the pandemic. The NHS is facing many different challenges due to the impact of Covid-19 on its services, staff and resources. This data suggests that the waiting list was already at 4 million even before the pandemic hit.
The latest strike action is a major factor now contributing to the NHS waiting list. Some reports suggest that over 850,000 routine operations and procedures have been cancelled so far this year, 2023 due to strike action alone.
Factors that may have contributed to the historical rise in the waiting list
- The suspension or reduction of non-urgent care during the peak of the pandemic to free up capacity for Covid-19 patients.
- The ongoing infection prevention and control measures that limit the number of patients that can be treated safely in hospitals.
- The staff shortages and burnout that affect the availability and productivity of the workforce.
- The increased demand for health services as people seek help for conditions that were delayed or worsened by the pandemic.
- Strike action.
The NHS is working hard to tackle the backlog and improve access to care for patients
- Increasing funding and capacity for elcare, such as by opening more operating theatres, expanding community services and using the independent sector.
- Implementing new models of care, such as virtual consultations, digital triage and shared decision making, to reduce unnecessary referrals and appointments.
- Prioritising patients based on clinical urgency and need, rather than waiting time alone, to ensure that those who would benefit most from treatment are seen first.
- Supporting staff wellbeing and retention, such as by offering flexible working, training and development opportunities and mental health support.
What about health education?
Government action
The government has also pledged to invest an extra £36 billion over the next three years to help the NHS recover from the pandemic and reform social care. However, some experts have warned that this may not be enough to address the underlying issues that affect the NHS performance and quality, such as workforce planning, public health funding and health inequalities.
How did it get so bad?
Lack of money or management failures? It has to one of these two. Throwing funds at an already badly managed ‘business’ will just amplify the problem allowing even more waste. And as the ‘system’ tackles the problem, more and more people will needlessly continue to suffer.
Fix our health service by fixing the people first!
‘The journey of a thousand miles begins with one step’. Lao Tzu
Lao Tzu (also spelled Laozi or Lao-Tze) was a semi-legendary ancient Chinese philosopher who is credited with writing the Tao Te Ching, a classic of Chinese philosophical-religious literature.
Chinese Legend
According to legend, Lao Tzu met Confucius, the founder of Confucianism, and impressed him with his wisdom. He also tried to teach people the way of the Tao, but found them unwilling to listen. He then decided to leave civilization and retire into seclusion. Before he departed, he wrote down his teachings in the Tao Te Ching at the request of a border guard. Some Taoist sects believe that he then became an immortal.
Culture influence
Lao Tzu’s influence on Chinese culture is immense. He is regarded as the ancestor of the Tang dynasty (618-907 CE), one of the most prosperous and powerful periods in Chinese history. He is also revered as a deity in religious Taoism and Chinese folk religion, under the name Laojun, one of the ‘Three Pure Ones’.
His teachings have inspired many other philosophers, poets, artists, and leaders throughout history and across the world.
Shares vs Covid19 stock chart
As the pandemic hit world economies, share prices plunged. But as the ‘fear’ lifted so too did the share prices.
Instacart 75% plunge in valuation
Venture firms take a hit
Sequoia Capital and Andreessen Horowitz, two of Silicon Valley’s most high-profile venture firms, are poised to take a massive hit on their investments in grocery delivery company Instacart, a deal that closed in 2021 as tech stocks were soaring.
In its latest IPO prospectus update, Instacart said it plans to sell shares at $28 – $30 a share, valuing the company at around $10 billion at the top of the range. That’s more than 75% below where Sequoia and Andreessen invested in early 2021. At that time, Instacart sold shares at $125 a pop valuing Instacart at $39 billion.
Valuation plunge
The reason for the valuation collapse is that the U.S. economy reopened after the pandemic, then inflation spiked and the Federal Reserve started raising interest rates, which were stuck near to zero throughout the Covid pandemic.
Borrowed money suddenly became expensive again, and quickly too. Tech’ companies in early stages of development, need access to research and development finance – interest rate increases restricted investment.
Then consumers started shopping again on foot, and with capital costs increasing, investors began demanding that companies find a strong path to profitability.
IPO
Instacart is trying to crack open an IPO market that’s been closed for venture-backed companies for nearly two years, so it won’t be easy. However, the ARM IPO recently may re-adjust that view.
‘The further a society drifts from truth the more it will hate those who speak it.’
George Orwell 1903 – 1950
George Orwell 1903 – 1950. This quote is ‘attributed’ to George Orwell, a British writer and journalist who is best known for his novels 1984 and Animal Farm. But this quote is most likely NOT an Orwell one – eventhough it is widely accepted as his.
It is most likely that Orwell never wrote or spoke these words, even though they have a broadly Orwellian dystopian feel to them. It would appear that this quote was first written by a conservative writer in 2009, but has been almost universally misattributed to Orwell in the intervening 12 years.
The earliest record found found and apparently the original, was descovered in a column by the conservative writer Selwyn Duke, written in 2009.
So, who is Selwyn Duke?
Selwyn Duke is a conservative writer and commentator who has published articles on various topics such as politics, culture, religion, and science.
Duke is known for his traditionalist and sometimes controversial views on issues such as immigration, feminism, transgenderism, and vote fraud. He has written for several online and print outlets, such as The Hill, The American Conservative, WorldNetDaily, and American Thinker.
He also has a personal website where he posts his opinions and media appearances, and is active on X.
Selwyn Duke should not to be confused with George Orwell, a British author who wrote novels such as 1984 and Animal Farm. A quote that is often misattributed to Orwell actually originated from a 2009 opinion piece by Duke
Bank of England hits all-time confidence low
Confidence in Bank of England (BoE) is a measure of how much the public trusts the central bank to control inflation, set interest rates and maintain economic stability.
According to the latest Inflation ‘Attitudes Survey‘ conducted by the Bank of England in August 2023, confidence in Bank of England has plummeted to an all-time low.
Survey
The survey found that only 19% of the respondents were satisfied with the way the Bank of England was doing its job to set interest rates to control inflation, while 40% were dissatisfied. The net satisfaction rate was -21%, which is the lowest since the survey began in 1999.
2% inflation please
The main reason for the low confidence is the high inflation rate that has been persisting in the UK for more than a year. Inflation reached a peak of 11.1% in December 2022, and was still at 6.8% in July 2023, well above the Bank of England’s target of 2%. The Bank of England has raised interest rates 14 times since the end of 2021, from 0.1% to 5.25%, to try to bring inflation down, but this has also increased the cost of borrowing and living for many households and businesses.
Slow
Some critics have argued that the Bank of England (BoE) acted too slowly and too cautiously to raise interest rates when inflation was rising, while others have warned that raising rates too high and too fast could harm the economic recovery from the Covid-19 pandemic.
The public’s expectations of future inflation are also high, with a median answer of 2.9% for inflation in five years’ time, almost one percentage point higher than the Bank’s target.
Credibility
Confidence in Bank of England (BoE) is important because it affects how people behave in terms of spending, saving, investing, and borrowing.
Loss of faith
If people lose faith in the central bank’s ability to control inflation and maintain economic stability, they may act in ways that could worsen the situation, such as hoarding money, demanding higher wages, or taking on more debt.
Therefore, it is crucial for the Bank of England to communicate clearly and effectively with the public about its policies and actions, and to restore trust and confidence in its role as an independent and credible institution.
It is also useful to take notice of early warning signs, such as the economic red alert posed by inflation after the pandemic recovery started.