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2018-12-10

The majority of the biggest global stock are already in bear-market territory.

 Of companies in the MSCI World Index -- a gauge of developed-market firms -- 52 percent are down by more than 20 percent from their 52-week high

Bloomberg 10 December 2018

2018-12-07

Bara 18,6 procent skulle rösta för att ersätta kronan av euron

68 procent uppger att de skulle rösta nej. 

SvD 7 december 2018



Annie Johansson (hon har senare bytt namn till Lööf) ångrar ett politiskt beslut: 

att hon röstade nej till att byta krona mot euro 2003. 


I slutet av nästa mandatperiod hoppas hon att svenskarna, på nytt, ska få säga sitt i EMU-frågan.


– Fler och fler är ju positiva till EU och EMU.

It Doesn’t Matter Who Replaces Merkel. Germany Is Broken.

Ms. Merkel, for all her power and influence, is just one politician. Germany’s new political crisis runs much deeper. It stems from an economic system that has resulted in stagnant wages and insecure jobs. 

The erosion of Germany’s postwar  — a strong welfare state, full-time employment, the opportunity to move up in the world — has created a populace open to messages and movements previously banished to the fringes.

NYT 7 December 2018

2018-12-05

Tino Sanandaji: Sveriges statsskuld är förhållandevis låg, men den privata skuldsättningen i Sverige är desto större.

Hushållens skuldkvot är rekordhög och företagen har lånat ännu större belopp. 

Varför lånar vi så mycket? Vilka risker är det som byggs upp? Författaren och forskaren Tino Sanandaji har skrivit boken Tio tusen miljarder – skuldkalaset och den förträngda baksmällan. Han samtalar med PJ Anders Linder.

Inspelat den 19 oktober 2018.

2018-12-02

Det var nog en och annan gammal löntagarfondsmotståndare som höjde på ögonbrynen vid läsandet av SvD i morse. Villy Bergström och löntagarfonderna.

Minnesord kallades det. Ett mycket selektivt minne, dock.

-- Jag vet inte hur Villy Bergström skulle ha känt om han vetat om att han fått minnesord över sig tryckta av Svenska Dagbladets ledarsida.

- Dagens arbetarrörelse har mycket att vara stolta över, och mycket att lära, av Villy Bergström.

Benjamin Katzeff Silberstein SvD 2 december 2018

Ur min första löntagarfondsartikel, 1974, i Svensk Linje:

Villy Bergström (VB) har skisserat förutsättningarna för branschfonderna och dessas konstruktion på i korthet följande sätt. Enligt VB skulle en lösning efter de linjer som han drar upp skapa förutsättning både för ekonomisk tillväxt och en genomgripande demokratisering av det ekonomiska livet - kort sagt en smidig övergång till en demokratisk socialism. 

Han säger att demokratiseringen från två håll blir den kniptångsmanöver, vars skänklar är löntagarnas krav att bli hörda och näringslivets kapitalbehov, som till slut avskaffar kapitalismen i Sverige.


- Trots allt luddigt tal om motsatsen lever vi alltjämt i nationalstatens århundrade. En svensk socialists första plikt är att arbeta för socialistiska lösningar i Sverige. 

- Finns det något som vi kan lära av Stalin är det hans tes om nödvändigheten av socialism i ett land.




2018-11-30

Carl Tham om Tyskland och socialdemokratin

Den dramatiska nedgången för SPD började med Gerhard Schröder och hans så kallade Harzreformer 2003, ett i grunden nyliberalt reformpaket för låglönemarknader och kraftig begränsning av arbetslöshetsförsäkringen


SPD är nu nere på omkring 15 procent i opinionsundersökningar och medlemmarna är ursinniga och villrådiga. 

Den tyska socialdemokratins öde är en del av ett europeiskt drama. Det tycks som om socialdemokratins tid runnit ut. 

Carl Tham Dagens Arena 29 november 2018

2018-11-27

Moderaterna och Alliansen kommer att söka parlamentariskt stöd hos Miljöpartiet. Det sade Fredrik Reinfeldt


Det sade Fredrik Reinfeldt i sitt segertal i natt då han mötte 650 jublande partikamrater 2010.


Efter valet 2010 hade Alliansen inte längre egen majoritet

Migrationsuppgörelsen mellan Alliansen och Miljöpartiet 2011  Wikipedia

Market tolerance for public debt is lower in a monetary union, as has become apparent since 2010.

Rising risk premia undermine the expansionary effect of fiscal deficits even during recessions.

The Eurozone economy’s Coming Downturn
Project  Syndicate 27 November 2018

Lucrezia Reichlin, a former director of research at the European Central Bank, is Professor of Economics at the London Business School.

Putin, Krim och salamin

Låt inte Putin hyvla den ukrainska salamin
Linda Nordlund Expressen

Ryssland kokar grodor och skär salami


De borgerliga grodorna är inte lustiga att se

2018-11-23

The legacy of the great crash of 2008

Banks bailed out to the tune of £500bn; 

the bankers responsible punished only in the court of public opinion; 

the imbalance between risk and sky-high rewards barely addressed by boards and shareholders.


FT editor Lionel Barber 23 November 2018

Greece Is Scrambling to Save Its Banks — Again

Non-performing exposures constitute almost half of Greek banks’ assets.

Most of their regulatory capital consists of deferred tax claims against the battered Greek sovereign.

2018-11-19

European Banks Are Taking Lending Risks Like It's 2007, ECB Says

“We’re seeing more and more banks take risks that, back in 2008 and 2009, they said they’d never do again,” said Korbinian Ibel, a director general at the ECB’s banking supervision arm.

“They argue that everyone else is doing it, so how can they avoid it? That sounds a lot like 2007.”

https://www.bloomberg.com/news/articles/2018-11-19/european-banks-are-taking-lending-risks-like-it-s-2007-ecb-says?srnd=premium-europe

The End of the Euro Is Closer Than You Think

The most plausible solution to the latest impasse appears to be “Italexit”— Italy’s secession from the euro zone. 


Europe has always been a disunited continent, with broad ethnic, cultural, linguistic, political, and economic divides. 

Given these disparities, the imposition of a single currency on a population that now totals 340 million people arguably has been doomed from the start.


Avi Tiomkin Barron's Nov. 16, 2018



Italy’s Threat to the Euro
Desmond Lachman, America Enterprise Institute, November 18, 2018

Italy, the Eurozone’s third largest economy, is coming under increased market pressure fueled by doubts about the country’s economic outlook and the sustainability of its public finances. 

2018-11-14

In the 2007 crash, declines in house prices cut household net worth by $7tn (50 per cent of GDP),

 and 

the amount of money homeowners pulled out of their homes through equity loans dropped by an amazing 14 per cent of disposable household income. 

The resulting damage to consumption explained the onset of recession in 2008. 


Gavyn Davies FT 11 November 11, 2018


Liquidity is an elusive quality at the best of times. In a bear market it can disappear in a moment.

Rest assured that not all of today’s trading strategies are predicated on that reality.

To return to Mr Minsky, the big question around the instability hypothesis now turns on the behaviour of the central banks.

John Plender FT 13 November 2018

2018-11-13

It was not Lehman itself that held together the global financial system,

but an implied guarantee that said “Global banks cannot be allowed to fail”. 

Frances Coppola - September 15, 2018

To my 19-year-old son, World War I — which ended 100 years ago yesterday — is as remote an event as the Congress of Berlin was to me when I was his age.

Here are 10 things I would like all my children to understand about what happened to their great-grandfather’s generation.

1. The war was not “for Civilisation,” as claimed on John Ferguson’s Victory Medal. It was a war for predominance between the six great European empires — the British, the French, and the Russian against the German, the Austrian, and the Ottoman — that broke out because all their leaders miscalculated ...

Niall  Ferguson Boston Globe  NOVEMBER 12, 2018

2018-11-10

But like Mises said – it’s not the boom that matters (from lowering rates). It’s the bust that will follow (from raising rates).

As a firm believer in the Austrian Business Cycle Theory – first drafted by Ludwig Von Mises in early 1900’s – I believe that artificially moving interest rates away from the markets natural rate is opening Pandora’s box.

Sure – lowering rates across the yield curve is good for stimulating the economy.  And like John Maynard Keynes explained, it’s a good tool for ‘papering over’ a slowdown – a quick fix.

But like Mises said – it’s not the boom that matters (from lowering rates). It’s the bust that will follow (from raising rates).

Suddenly and artificially raising short-term rates – which the Fed does when they hike – disrupts the current equilibrium.

Palisade Research  via Zerohedge 11/09/2018  



2018-11-09

No. 303 (Polish) Fighter Squadron

https://www.iwm.org.uk/history/the-polish-pilots-who-flew-in-the-battle-of-britain



Battle of Britain 303 

After the war, the Polish pilots felt their country had been betrayed to Soviet communism. And they were not included in victory celebrations in Britain, nor in war films celebrating RAF heroism. 

Other Polish contributions to the war effort - such as vital work in the cracking of the German Enigma code - went similarly unacknowledged.

https://www.bbc.com/news/stories-45516556


A Fifth of China’s Homes Are Empty. That’s 50 Million Apartments

Xi has said homes are for living in, not for speculation.

Bloomberg News 8 november 2018

Investors start to fret about ballooning US public debt

The CBO calculates that servicing costs will triple in size to nearly $1tn by 2028

Gillian Tett FT 8 November 2018

2018-11-05

SvD har tittat närmare på de fem värst drabbade länderna som utlöste den europeiska skuldkrisen.

Grekland,  Italien, Spanien, Irland,  Portugal.



US government deficit will be approximately $1.4 trillion per year for the next five years

zombie companies
Excessive leverage may light the fuse, but the real problems are deeper.
US government deficit will be (drumroll, please) approximately $1.4 trillion per year for the next five years, 

which will mean $29 trillion total debt by 2024. 

And that’s without a recession. 


“If you insist on policies that condemn whole populations to a combination of permanent stagnation and humiliation, you will soon have to deal... with anti-Europeanist xenophobes

Just over three years ago, when I was negotiating on behalf of Greece with the German government to end the combination of unsustainable loans and hyper-austerity that are still crushing my country, I warned my interlocutors at a Eurogroup meeting of eurozone finance ministers:

“If you insist on policies that condemn whole populations to a combination of permanent stagnation and humiliation, you will soon have to deal not with Europeanist leftists like us but, instead, with anti-Europeanist xenophobes who see it as their vocation to disintegrate the European Union.”


YANIS VAROUFAKIS Project Syndicate May 29, 2018 

If only we economists had spoken up sooner

The moral of the story is that if only we economists had spoken up sooner, been more convincing on the issues where we were right, and recognized where we were wrong, 
the situation today would be considerably better.


J. Bradford DeLong Project Syndicate 1 November 2018

2018-11-03

Greenhouse gases are increasingly disrupting the jet stream, a powerful river of winds that steers weather systems in the Northern Hemisphere.

The findings suggest that summers like 2018, when the jet stream drove extreme weather on an unprecedented scale across the Northern Hemisphere, will be 50 percent more frequent by the end of the century if emissions of carbon dioxide and other climate pollutants from industry, agriculture and the burning of fossil fuels continue at a high rate.

https://insideclimatenews.org/news/31102018/jet-stream-climate-change-study-extreme-weather-arctic-amplification-temperature


Stocks just a sideshow to the real drama of bond markets

Banking’s diminished role in lending has enormous, still under-appreciated implications

Robin Wiggglesworth FT 2 November 2018


James Bigglesworth, DSO, DFC, MC

2018-11-02

IMF The Global Economic Recovery 10 Years

Lasting Effects: The Global Economic Recovery 10 Years After the Crisis,,

Junk Bond Bubble in Six Images

Trump's Iran squeeze threatens $150 oil and a world recession

US trade deficit increases more than expected in September and is now up 10% for 2018


The shortfall rose to $54 billion for the month, and reflective of a 10.1 percent increase year to date



The goods deficit stood at $76.3 billion, the highest on record on a seasonally adjusted basis.

Exports increased to $212.6 billion, a $3.1 billion gain from August, 

while imports rose $3.8 billion to $266.6 billion.

2018-10-31

2018-10-30

IBM’s move for Red Hat: Open-source

The true lesson of IBM’s move for Red Hat: Open-source has truly arrived


International Business Machines Corp.’s hefty $34 billion deal to buy Red Hat Inc. is the biggest proof yet that the 20-year-old movement of free and open software can lead to a real revenue-generating business, thanks to new advances in technology.

Downside

Cash is king again

Interest rates on two-year certificates of deposit have just cracked 3%

 U.S. stocks are at historically elevated levels when compared to, say, the size of the national economy, or the corporate earnings of the past decade

https://www.marketwatch.com/story/cash-is-king-again-but-is-that-also-a-sign-of-an-impending-recession-2018-10-29

2018-10-29

Europe Is Too Exposed to Italy to Let It Go


French and German banks have more than $400 billion at stake and would lose big  if the country left the currency union.


When Greece’s fiscal mismanagement triggered a crisis in 2010, French and German banks were holding about $115 billion in various Greek investments


Bloomberg 29 October 2018

NASDAQ 100 was recently up nearly 220%

 NASDAQ 100 was recently up nearly 220% in inflation-adjusted terms since the pre-crisis peak in 2007 compared to a mere 2.2% gain in industrial production over the same 11 year period.
We are talking apples-to-apples here: Constant dollar stock prices versus real physical output; and also from the prior peak, not the March 2009 stock market bottom.



Paul Volcker is the greatest man I have known.


He is endowed to the highest degree with what the Romans called virtus (virtue): moral courage, integrity, sagacity, prudence and devotion to the service of country.

Review by Martin Wolf FT 29 October 2018

2018-10-28

At the end of the day, those with the power to set and enforce EU fiscal and monetary rules know full well that the eurozone could not survive a Greek-style crisis in Italy.

It is their responsibility in the months ahead to make sure it doesn’t come to that.

Jim O'Neill Project Syndicate 17 October 2018

Quantitative easing is winding down fast. Net QE peaked an annual rate of $2 trillion in 2016. It will be negative by the end of this year.

Last week, I received a poignant invitation: Paul Volcker, the legendary former chairman of the US Federal Reserve, asked me to visit his apartment to discuss his legacy.

Mr Volcker is publishing his memoir. The release of Keeping At It was initially scheduled for late November but the publisher has rushed the date forward to October because the former Fed chair is ill. 

So the towering figure of finance wanted to share some thoughts — and warnings — to current and future policymakers, politicians, voters and investors.


Italy The short history of the eurozone has taught us that resistance is futile.

The main instrument of coercion in the eurozone is not its fiscal rules, but the power of the European Central Bank to withdraw funding from national banks.

This is not a discretionary power, but one that is automatically triggered once a country‘s sovereign debt loses investment grade status.

Nils-Eric Sandberg om Åke Ortmark

Hans bästa bok hette Ja-sägarna - Medlöpare och nickedockor kring Gyllenhammar, Karl XII, Kreuger och andra furstar.

Jag föreslog honom att komplettera med en bok om nej-sägarna - den skulle ha blivit betydligt tunnare.

Nils-Eric Sandberg SvD 28 oktober 2018

Läs om boken här





Turn off the liquidity taps and the ability to believe the impossible evaporates

When money is constantly cheap and available everything seems straightforward. 

Markets go up whatever happens, leaving investors free to tell any story they like about why. 


It is easy to believe that tech companies with profits in the low millions are worth many billions. 


Or, as one fund manager told me last month, that traditional equity valuation methods are no longer the point


Merryn Somerset Webb FT 26 October 2018

2018-10-27

“Alternative economists are doom and gloomers that have been wrong for 10 years, but a broken clock is still right twice a day…”

I find this disinfo argument somewhat hilarious because of the extraordinary level of dishonesty inherent in it, but I also find it revealing in a way.



Third Quarter GDP 3.5%, Much Weaker Than it Looks: Inventory Adjustment 2.07%

Martin Wolf: Inaction over climate change is shameful


That is no longer because it is technically impossible. It is because it is politically painful. 

We are instead set on running an irreversible bet on our ability to manage the consequences of a far bigger rise even than 2C. 

The scale of the uncertainty is an argument for action, not inaction. 

Nobody really knows what risks humanity will ultimately find it has run by continuing on its present course. But we do know that our descendants are quite likely to end up on a different planet, with no way back to our own. 

The bet that our descendants will then cope might be correct. But it might also be disastrously wrong. 

The sane choice must surely be to preserve the planet we have.

Martin Wolf FT 23 October 2018


2018-10-18

Soon the casino gamblers will be shocked

With new borrowings of $1.2 trillion by the US Treasury and $600 billion of existing bond sales by the Fed during FY 2019, you have $1.8 trillion of homeless debt slamming hard upon the scales of supply and demand.

That this fiscal eruption is not even in today's Wall Street narrative and the QT is completely ignored tells you all you need to know. 

Soon the casino gamblers will be shocked, blathering that another purported comet from outer space caused interest rates to soar, notwithstanding disappointing "growth".

Moreover, once the bond market Armageddon gets cranking, it will way overshoot to the high side (above 4% or even 5% on the 10-year).

Thereupon, carry trade speculators will be forced to dump their bonds, triggering massive mutual fund redemptions and the violent unwinding of Wall Street hatched bespoke trades.

David Stockman 17 October 2018


2018-10-16

FDR’s attempts to revive the economy are viewed as a failure in light of the devastating second depression that occurred in 1937-38.

Instead, the Great Depression finally ended with the explosive growth of military expenditures starting in mid-1940. 

Capitalism in America: A History, by Alan Greenspan and Adrian Wooldridge


FT 16 October 2018

2018-10-14

Inflationsmålet. Inflation targeting.

Nackdelarna överväger dock. 

Bubblor riskerar att uppstå på tillgångsmarknaderna genom den rikliga tillgången på billiga pengar. Obalanser skapas i ekonomin. Den privata skulduppbyggnaden drivs på. Handlingsutrymmet vid en framtida kris krymper. 

Historien har lärt oss att finansiella kriser kan få förödande effekter på ett lands ekonomi.

Anders Palmér, tidigare prognoschef på finansdepartementet och chefstrateg på Första AP-fonden, SvD 14 oktober 2018


There is no time like the present to adopt a monetary target better suited to a world of low interest rates.

The Economist 11 October 2018


Ambrose, Wolf och Johan Schück om inflationsmålet

2018-10-10

Sverige kan inte räkna med någon hjälp alls nästa gång en kris slår till.

Krisen drabbade inte minst svenska banker som lånar det mesta av sina pengar på kreditmarknaden i stället för från vanliga sparare – pengar som de sedan lånar ut till exempelvis bolånetagare.

Varningen kommer från vice riksbankschef Cecilia Skingsley, SvD 10 oktober 2018


Cecilia Skingsley: Den 23 september 1992 blev läget akut.

2018-10-07

Lars Tobisson om Sverigdemokraterna


Taktiken att bekämpa SD genom att isolera dem har inte visat sig särskilt framgångsrik. Trots vad som avslöjats om SD:s ursprung har över en miljon väljare gett dem sina röster.

De har gjort det av en enda anledning. Beträffande invandrings- och integrationspolitiken hade de gamla partierna fel och SD rätt. 

Det visade sig helt enkelt inte möjligt för lilla Sverige att ta emot alla förföljda och nödlidande människor i världen. Invandringen måste regleras.

När de etablerade partierna försummade att lyssna på väljarna och deras – som det ansågs – inskränkta och främlingsfientliga åsikter på detta område, öppnades en möjlighet för ett populistiskt parti att ta sig in i riksdagen. 

De gamla partiernas försök att låtsas som om nykomlingen inte fanns där har snarast motverkat sitt syfte.

Det vore klädsamt om övriga partier erkände sin felbedömning och sin medverkan till att SD kommit in i riksdagen. Om det inte vore för invandringspolitiken, skulle de inte varit där i dag.  

Lars Tobisson.SvD 6 oktober 2018






2018-10-06

Vi förstod inte att östeuropéer skulle betrakta Bryssel som ett nytt Moskva.

Misstaget är förmodligen ett av det förra seklets största. 

Sedan den hegemoniala kommunismen bröt samman handlar här all politik om nationalism. 

EU verkar leda till samma förlust av nationell suveränitet som under det stora kommunistiska imperiet, ett mästrande översitteri, till en hierarkisk ordning som tränger ut den egna nationalstaten i periferin och i betydelselöshet. 

Vi begrep det inte. Och det har visat sig vara ett fatalt misstag, förmodligen ett av det förra seklets allra största.

Inte heller insåg vi att östeuropéerna redan hade ett projekt som de arbetat intensivt på i mer än ett sekel: den egna, suveräna nationalstaten.










2018-10-05

When I was the Supreme Allied Commander of NATO several years ago, my wife and I would occasionally visit Cologne, Germany

The region is notable for a variety of historical reasons, but especially as the heart of the ancient Holy Roman Empire. 

Nearby Aachen is the burial site of Emperor Charlemagne, who died in AD 814 and is famously known as the Father of Europe for having helped stop Islamic invasions well over a millennium ago. 

James Stavridis Bloomberg 5 October 2018

Holy Roman Empire

The reason Martin believes the market is headed for a significant decline is the divergences between the few large-cap stocks that are rising (and thereby propelling the market averages higher) and the vast majority of other stocks that are not.

Get ready for an 8% to 13% stock market correction.


That is the forecast of Hayes Martin, president of Market Extremes, an investment consulting firm that focuses on major market turning points.


Olof Ehrenkrona ny kolumnist hos SvD Ledare

– 1991 anställdes jag som planeringschef i Statsrådsberedningen – regeringen Bildt. 

Det var dramatiska år av intensiv omvandling i och utanför Sverige och samtidigt en djup global ekonomisk kris.


Olof Ehrenkrona ny kolumnist hos SvD Ledare



Stockman: The mother of all yield shocks

We are making our way across Europe today just as the mother of all yield shocks we have been warning about begins to have its way with the clueless boys and girls and robo-machines in the casino. 

The US dollar bond pits alone will soon be shocked with $1.8 trillion of homeless government debt as the US Treasury issues $1.2 trillion of new paper and the Fed dumps $600 billion of old debt during the fiscal year that incepted three days ago.

David Stockman, October 4th, 2018

Martin Wolf: It is legitimate to believe the EU has over-reached. On monetary union, I agree.


It is legitimate to believe the EU has under-reached. On defence, I also agree. 

But it is illegitimate for a sane person to despise the EU’s goals or hope that it will collapse into chaos.


Martin Wolf 4 October 2018

2018-10-04

Dow drops 250 points as 10-year US yield hits its highest level in 7 years


Thursday's moves come after the Dow hit a record high. The Dow, along with the S&P 500 and Nasdaq, initially moved higher as investors first cheered the strong economic data released Wednesday.

https://www.cnbc.com/2018/10/04/us-markets-rising-rates-economic-data-and-politics-in-focus.html

It’s ten years since the fall of Lehman Brothers.

Do you remember yesterday? 

It’s ten years since the fall of Lehman Brothers. 


Frances Coppola - September 15, 2018

Bo Södersten, gift Friggebo, om löntagarfonderna

Ett genomförande av den arbetarstyrda ekonomin fordrar långtgående reformer, bl a måste den nuvarande kapitalägarklassen pensioneras och produktionsmedlen socialiseras.

Finns det något som vi kan lära av Stalin är det hans tes om nödvändigheten av socialism i ett land.

Under resten av 70-talet och 80-talet är den enda realistiska linjen att arbeta för socialism i ett land, Sverige. Den dominerande uppgiften är att genomföra reformer som steg för steg kan föra oss mot arbetarstyre, jämlikhet och genuint folkligt inflytande.

Jag är övertygad om att det ekonomiska system som byggt upp i Jugoslavien i form av arbetarstyrda företag tillhör en av vårt århundrades mest betydelsefulla sociala innovationer.

Socialdemokratin har inte förlorat regeringsmakten. Inget tyder heller på att den kommer att göra det.

Bo Södersten, gift Friggebo,  i "Den svenska sköldpaddan" 1975. Rabén & Sjögren

Glöm aldrig 4 oktober.

Glöm aldrig 4 oktober. Att vi var en hårsmån från utplånat fritt privat näringsliv och glöm aldrig att socialister aldrig slutar vilja förstöra och härska över företagare.

Och TACK tack tack alla ni som var med i kampanjen mot löntagarfonderna 

Ni räddade oss. Ni räddade Sverige.
För det är vi er evigt tacksamma.

Rebecca Weidmo Uvell Facebook 4 oktober 2018

Rebecca Weidmo Uvell 


The ECB has bought €2.5tn of eurozone debt securities under a QE programme that is set to stop at the end of this year.


The central bank’s monthly purchases halve to €15bn of bonds in October.



FT 4 October 2018

Finance, the media and a catastrophic breakdown in trust


Two days after Lehman Brothers declared bankruptcy, in September 2008, I went on an anxious walk to my local bank branch. 


Working in New York, I had recently sold my flat in London and a large sum had just landed in my account at Citibank — far more than the insured limit, which at that point was $100,000.


John Authers FT 4 October 2018