@kittysquiddy Charles Goodhart is correct: while these tests may have been superfluous when rates were low and hhs had slack in their budget constraints, now that they will be more binding is exactly the time these tests were introduced for. Will be interesting to see whether banks still test.
While I was naturally hedged for this one, this is nevertheless a remarkable tail event given the history of England-Luxembourg encounters: https://t.co/rQqMuTgD4u
Congratulations to Charles! I can echo the article’s laudatio of Charles’ open door policy and tireless willingness to listen and bounce off ideas and words of wisdom. It is a privilege to have him at FMG🍾
@richgpayne Indeed, they clearly have not spent a minute thinking any of this through. If only they were operating in a country with a deep bench of social scientists who could have devised a fair system and thought ahead.
In case it does not yet exist, can I propose “Zigrand’s Law”: any award-giving body with a restrictive and murky appeals process is itself not confident in the accuracy of its grades, and its awards should thus not be relied on.
Tony Blair - Labour pursued a #brexit policy of comic indecision. The takeover of the #Labour Party, by the far left, turned it into a glorified protest movement with cult trimmings.. & the result has brought shame on us.. & let our country down..
A history lesson for people who think that history doesn't matter:
What's the big deal about railroad tracks?
The US standard railroad gauge (distance between the rails) is 4 feet, 8.5 inches. That's an exceedingly odd number.
Why was that gauge used?
Well, because that's the way