Friday's US data seemed, like a well balanced budget, to have a little bit for everyone in it. A generally poor set of dissectible underlying components that can keep the bears happy and a stunning headline unemployment rate for the bulls. Not much surprise then that the result was muted with a gentle drift lower.
To TMM, looking at things through cleared heads. it feels as though it's the rest of the market that has the hangover this morning rather than them. Asia traded a dull session and Europe has failed to do much better. News flow is light, scare stories sparce and it's all pretty quiet. Apart from that naughty little beast that got us into the this mess in the first place, the Italian BTPs, which whilst the bears are studiously ignoring it, have put in a stellar performance today with the 10yr yield now lower than those peaks back in August, pre the latest "this is it" meltdown.
TMM know that the BTP market is effectively bust and dead but a ghostly resurrection to the current levels does at least warrant a bit of "Price is News". But No. Chat wires have studiously avoided it. The market appears to still be in a large African river. Overall it still feels as though model accounts are behind last weeks moves and will be playing catch up in an environment of no news, so we are happy to stay pat in our "up creep" til Dec 9th play. Askoxy and Merkels little show of ssolidarity hasnt really gioven uis antthing new apart from telling us that they are in agreement, but no solutionzzzzzz. It all sounds very like Brian Clough's method for dealing with players who disagree - "We talk about it for twenty minutes and then we decide I was right"
So what else is there? Well to TMM it would appear that if you want the world to take your country's finances seriously then you need one of the following to be in place. a) a massive surplus (the proof's in the numbers right?) - b) Bad numbers but a track record of at least owning up to the fact and trying to do something about it (UK) - or c) Bad numbers with a track record so bad that the only way to instil confidence is to kick out the incumbents and install a specialist government of people trained in the necessary fields to solve the problem. A Technocracy.
Now TMM have always been aware that the barrier to installing a technocracy is that it is "not democratic". Which is normally correct. But the debate surrounding the implementation of technocracies sounds similar to a debate TMM was recently having over patient care. If told by a doctor "Well you have been diagnosed with a "X" nasty disease/ cancer. How would you like us to progress?" TMM's natural answer would be "What are you asking me for? I'm not the one with years of experience and training in the field and I don't think my objectives are any different from anyone else's in my position (cure me or make sure it doesn't hurt) so perhaps I could hand the whole process to you?" Ah no. It doesn't work like that. We all have choices these days too many perhaps, as we have to train ourselves in new fields to be able to choose wisely (energy usage, phone contracts, transport connections, schools, nutrition, pension plans, you name it). The alternative is to stick our finger randomly on the choice menu and hope for the best. Either way, the provider has abdicated the responsibility through choice to us.
As such TMM are hugely FOR technocracies as a means of solving serious grown-up painful issues as we feel that a group of people who are the most qualified to solve them will do better than a group of people professionally trained solely for politics, elected from a tiny choice of main parties, by a population with practically zero collective clue themselves. But to make sure we aren't accused of destroying democracy, TMM have an idea. On the base of every voting form should be a box marked "The Technocracy". They don't canvas, they don't spout rhetoric, they don't rip expense accounts, they just DO. It hasn't done Belgium any harm, Greece is off the radar now they have one, Italy's hopes are with one and in TMM's eyes US and UK could really do with one.
To TMM, looking at things through cleared heads. it feels as though it's the rest of the market that has the hangover this morning rather than them. Asia traded a dull session and Europe has failed to do much better. News flow is light, scare stories sparce and it's all pretty quiet. Apart from that naughty little beast that got us into the this mess in the first place, the Italian BTPs, which whilst the bears are studiously ignoring it, have put in a stellar performance today with the 10yr yield now lower than those peaks back in August, pre the latest "this is it" meltdown.
TMM know that the BTP market is effectively bust and dead but a ghostly resurrection to the current levels does at least warrant a bit of "Price is News". But No. Chat wires have studiously avoided it. The market appears to still be in a large African river. Overall it still feels as though model accounts are behind last weeks moves and will be playing catch up in an environment of no news, so we are happy to stay pat in our "up creep" til Dec 9th play. Askoxy and Merkels little show of ssolidarity hasnt really gioven uis antthing new apart from telling us that they are in agreement, but no solutionzzzzzz. It all sounds very like Brian Clough's method for dealing with players who disagree - "We talk about it for twenty minutes and then we decide I was right"
So what else is there? Well to TMM it would appear that if you want the world to take your country's finances seriously then you need one of the following to be in place. a) a massive surplus (the proof's in the numbers right?) - b) Bad numbers but a track record of at least owning up to the fact and trying to do something about it (UK) - or c) Bad numbers with a track record so bad that the only way to instil confidence is to kick out the incumbents and install a specialist government of people trained in the necessary fields to solve the problem. A Technocracy.
Now TMM have always been aware that the barrier to installing a technocracy is that it is "not democratic". Which is normally correct. But the debate surrounding the implementation of technocracies sounds similar to a debate TMM was recently having over patient care. If told by a doctor "Well you have been diagnosed with a "X" nasty disease/ cancer. How would you like us to progress?" TMM's natural answer would be "What are you asking me for? I'm not the one with years of experience and training in the field and I don't think my objectives are any different from anyone else's in my position (cure me or make sure it doesn't hurt) so perhaps I could hand the whole process to you?" Ah no. It doesn't work like that. We all have choices these days too many perhaps, as we have to train ourselves in new fields to be able to choose wisely (energy usage, phone contracts, transport connections, schools, nutrition, pension plans, you name it). The alternative is to stick our finger randomly on the choice menu and hope for the best. Either way, the provider has abdicated the responsibility through choice to us.
As such TMM are hugely FOR technocracies as a means of solving serious grown-up painful issues as we feel that a group of people who are the most qualified to solve them will do better than a group of people professionally trained solely for politics, elected from a tiny choice of main parties, by a population with practically zero collective clue themselves. But to make sure we aren't accused of destroying democracy, TMM have an idea. On the base of every voting form should be a box marked "The Technocracy". They don't canvas, they don't spout rhetoric, they don't rip expense accounts, they just DO. It hasn't done Belgium any harm, Greece is off the radar now they have one, Italy's hopes are with one and in TMM's eyes US and UK could really do with one.
11 comments
Click here for commentsTMM could have voted for Herman Cain here in the US but that technocrat decided to abandon his campaign to become a pokemon master instead..
ReplyIndia has done wonders under a technocrat, Dr. Manmohan Singh's leadership(Opened India to FDI since 1992, in different sectors). Everthing was hunkydory until it came to direct competition - FDI in retail. And the outcry is immense! Nobody likes competition(local shopkeeper and the local politicians were going lose their bread-and-butter). And the masses(consumer) havn't a clue what that was about.
Reply".... and I swear by the mud
Replybeneath my feet....
You can't raise a Cain back up
When he's in defeat...."
Is it possible that TMM's No-Comment-O-Meter is flashing again? So soon.....?
Replylooks that way doesn't it SB. Give Asia a session to sell first and then ...?
ReplyReftback is quiet today?
ReplyThe Problem in europe is not that one gets technocratic governments. It is that we converge towards a single technocratic government based in the Brussels/Strasbourg/Frankfurt triangle.
ReplyI am all for technocracy if I can vote with my feet and choose the one I prefer (actually, none of the european fitted me and I ended up living in a Commonwealth nation).
Apple, Microsoft, Google are big technocracies that provide decent products. Yet, I would hate to have my all my IT needs provided by "Ooglesoft" even if it was made of the best engineers of each company.
Closer to your healthcare example, if your NHS physician at some point of the treatment is getting less than stellar results, it is a good thing to be able to travel to France or Poland to (try to) get a cheaper/better treatment.
Charles vote "Technocracies". And if the price to pay for the plural is that some of european countries (including my country of origin) are led by incompetent local technocrats or outright clowns, so be it.
Well yes Anon at 1.03 AM, radio reception is bad when you are in the tank stoking up on USTs and defensives ;).
ReplyI still think that the euro fudge will set up a nice little Santa rally, but I am sitting on the sidelines for now.
Claus
well , thats what drugs do to you.
Replyyou get too hazy to be able to think straight...
MM, what about switzerland?
its the most democratic country on the surface of this planet.
and one of the most prosperous.
when ordinary people feel involved they take responsibility.
when they feel they are beeing had, the say "fuck it" and end up worse off.
drugs will find their way out of your system given some time, and then you can start functioning normally again.
we all need you back to your old self.
50 ave maria plus 50 quids to charity will take care of your bad concious
Japan is widely recognised as effectively a technocracy, run by a bureaucracy which quietly disposes of any politician who stands up to them. It works when times are good, but it creates an awful lot of vested interests in the long run. How many TEPCO senior managers have swapped jobs with counterparts in METI?
ReplyThe result - the most expensive electricity prices in the world and a company that keeps nuclear power plants well past their sell by date. Plus of course a 20 year and counting economic stagnation.
Technocrats with vested interests are just as bad as politicians who are similarly encumbered.
TMM's is ready to go baack..
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