I became a serious flâneuse (a female flâneur) when I fell madly, passionately, obsessively in love — with a street, the half-mile Rue des Martyrs in my Paris neighborhood. I was swept away by its spirit, feeling giddy when I strolled up and down the street at random hours of the day or night. I embraced its rhythm, which began at 6 a.m. when street sweepers opened valves that sent rivers of water downhill along the gutters, and ended well after midnight with the closing of the bars and the cross-dresser cabaret.
Author: Edouard Chazal
The Smartest Economist You’ve Never Heard Of
A great portrait on a man, I ought to say, I only knew by name rather than by its accomplishments and work at the IMF.
In a profession in which reputations are made by mastering subjects that have become increasingly narrow and technical, the variety of topics Blanchard has studied and written about is extraordinary. Indeed, it is because of that breadth that Blanchard acknowledges he is unlikely to win a Nobel Prize. “I did not fundamentally change our view about anything,” he said, wistfully but with no sign of regret. “I tried to provide useful insights on many things rather than obsessing about one.”
FIFA’s Blatter Under Pressure
Visa, McDonald’s, and Coca Cola, among the biggest sponsors of the FIFA World Cup, have called on Sepp Blatter, the head of soccer’s governing body, to resign immediately.
Here’s McDonald’s statement:
The events of recent weeks have continued to diminish the reputation of FIFA and public confidence in its leadership. We believe it would be in the best interest of the game for FIFA President Sepp Blatter to step down immediately so that the reform process can proceed with the credibility that is needed.
Coca Cola said:
For the benefit of the game, The Coca-Cola Company is calling for FIFA President Joseph Blatter to step down immediately so that a credible and sustainable reform process can begin in earnest. Every day that passes, the image and reputation of FIFA continues to tarnish. FIFA needs comprehensive and urgent reform, and that can only be accomplished through a truly independent approach.
Visa added:
We believe no meaningful reform can be made under FIFA’s existing leadership. And given the events of last week, it’s clear it would be in the best interests of FIFA and the sport for Sepp Blatter to step down immediately.
The Art Market: Impact of Weakening Chinese Economy
Inevitably, all conversations in China turned to its weakening economy and whether this would affect the art market. Dealers tended to be upbeat though, according to collector Qiao Zhibing, the market has slackened: “Before the slowdown, buyers would have ‘definitely want’ and ‘maybe’ pieces and buy both; now they only buy the ‘definite’ ones,” he said. However, he added: “The rising middle class is interested in art and will buy to decorate their homes, and this will grow the market here”.
Big buyers will still be focused on ultra high-end paintings (the big uptrend of 2015 was mainly driven by a few unprecedented sales), while less prominent buyers might have a closer look into photographs as soon as the Chinese turmoil eases. Prices will certainly surpass previous tops when buyers will be more educated about the inner value of photography: cheaper and timeless, while less complex than modern art.
I’m wondering if the average price of paintings will be sustained in the coming years : Will there be as many impressive lots ? Will this lack of liquidity in the high-end inflates lower, fairly priced works ? Will there finally be a move into photographs ?
The fact that prices may at least stay flat, or fall in a context of moderate economic growth would not be unsurprising but it is the sign that prices in the market will move closer to home, at a less inherently speculative level.
Wall Street Banks Admit They Rigged CDS Prices Too
Here is a system that ultimately allows banks to control the pricing for the instruments they use to bet against securities that they themselves create. This is just part and parcel of a never-ending paper wealth creation machine which generates billions in fiat money profits without creating anything in the way of tangible value and before it’s all over, this financialization of the US economy will likely end up bringing the world to its knees unless someone, somewhere puts a stop to the madness.
Is there anything left to be manipulated ?
Abnormal Capitalist 