Facebook & the Pope's visit

There has been a great deal of froth about that pope fellow hasn't there? Personally, despite being the kind of "aggressive atheist" that the Pope's advisers are worried about, I think far too much of it has been anti-religious and anti-catholic rather than anti-pope.

(Note - I mean anti-pope, not antipope!)

Just look down your facebook newsfeed, and I'm sure there will be at least a couple of people spouting bile about the Pope's visit. Just to cheer you all up, here's the best linking of Facebook & the pope I've seen:



I've tried to be moderate - but to be fair I had a pretty snarky facebook status for Hu Jintao & King Abdullah ibn Abdul Aziz too and b.) I'm fairly sure my (anti-pope rather than anti catholic) FB status is something that even if Herr Ratzinger saw, he's probably say something like, "ACH, JAH, ZE ENGLANDER IS GANZ CORREKT! ACHTUNG! ACHTUNG! SPITFEUER!!!"

Well, maybe not the last bit.

For a more erudite critique of the Pope's visit, I'd refer you to Hobbes' Leviathan:

.. from the time that the Bishop of Rome had gotten to be acknowledged for bishop universal, by pretence of succession to St. Peter, their whole hierarchy, or kingdom of darkness, may be compared not unfitly to the kingdom of fairies; that is, to the old wives' fables in England concerning ghosts and spirits, and the feats they play in the night. And if a man consider the original of this great ecclesiastical dominion, he will easily perceive that the papacy is no other than the ghost of the deceased Roman Empire, sitting crowned upon the grave thereof: for so did the papacy start up on a sudden out of the ruins of that heathen power.

The language also which they use, both in the churches and in their public acts, being Latin, which is not commonly used by any nation now in the world, what is it but the ghost of the old Roman language?

The fairies in what nation soever they converse have but one universal king, which some poets of ours call King Oberon; but the Scripture calls Beelzebub, prince of demons. The ecclesiastics likewise, in whose dominions soever they be found, acknowledge but one universal king, the Pope.

The ecclesiastics are spiritual men and ghostly fathers. The fairies are spirits and ghosts. Fairies and ghosts inhabit darkness, solitudes, and graves. The ecclesiastics walk in obscurity of doctrine, in monasteries, churches, and churchyards.

The ecclesiastics have their cathedral churches, which, in what town soever they be erected, by virtue of holy water, and certain charms called exorcisms, have the power to make those towns, cities, that is to say, seats of empire. The fairies also have their enchanted castles, and certain gigantic ghosts, that domineer over the regions round about them.

The fairies are not to be seized on, and brought to answer for the hurt they do. So also the ecclesiastics vanish away from the tribunals of civil justice.

The ecclesiastics take from young men the use of reason, by certain charms compounded of metaphysics, and miracles, and traditions, and abused Scripture, whereby they are good for nothing else but to execute what they command them. The fairies likewise are said to take young children out of their cradles, and to change them into natural fools, which common people do therefore call elves, and are apt to mischief.

In what shop or operatory the fairies make their enchantment, the old wives have not determined. But the operatories of the clergy are well enough known to be the universities, that received their discipline from authority pontifical.

When the fairies are displeased with anybody, they are said to send their elves to pinch them. The ecclesiastics, when they are displeased with any civil state, make also their elves, that is, superstitious, enchanted subjects, to pinch their princes, by preaching sedition; or one prince, enchanted with promises, to pinch another.

The fairies marry not; but there be amongst them incubi that have copulation with flesh and blood. The priests also marry not.

The ecclesiastics take the cream of the land, by donations of ignorant men that stand in awe of them, and by tithes: so also it is in the fable of fairies, that they enter into the dairies, and feast upon the cream, which they skim from the milk.

What kind of money is current in the kingdom of fairies is not recorded in the story. But the ecclesiastics in their receipts accept of the same money that we do; though when they are to make any payment, it is in canonizations, indulgences, and masses.

To this and such like resemblances between the papacy and the kingdom of fairies may be added this, that as the fairies have no existence but in the fancies of ignorant people, rising from the traditions of old wives or old poets: so the spiritual power of the Pope (without the bounds of his own civil dominion) consisteth only in the fear that seduced people stand in of their excommunications, upon hearing of false miracles, false traditions, and false interpretations of the Scripture.

It was not therefore a very difficult matter for Henry the Eighth by his exorcism; nor for Queen Elizabeth by hers, to cast them out. But who knows that this spirit of Rome, now gone out, and walking by missions through the dry places of China, Japan, and the Indies, that yield him little fruit, may not return; or rather, an assembly of spirits worse than he enter and inhabit this clean-swept house, and make the end thereof worse than the beginning? For it is not the Roman clergy only that pretends the kingdom of God to be of this world, and thereby to have a power therein, distinct from that of the civil state. And this is all I had a design to say, concerning the doctrine of the POLITICS. Which, when I have reviewed, I shall willingly expose it to the censure of my country.


The above is of course courtesy of eminent materialist philosopher Will Jones Thomas Hobbes.

See you all for the resumption of normal service on Friday!

The Financial Crisis 2 - now in 3d!

In many ways we've learned nothing from this financial crisis - or indeed from any previous one. As a victim of Bernie Madoff, I was particularly enraged to see loathsome sleazy two bit fraudster Azil Nadir crawl out from under his Cypriot rock last week.



Above: A sleazy old pervert.

The above Pervert (Asil Nadir) was a major player in the City in the 1980s and early 1990s. He took a small east London textile firm called Polly Peck, and through a series of takeovers and canny deals he turned it into a serious conglomerate. It owned a slice of the Del Monte fruit canning brand, a majority stake in Japanese electronics company Sansui, and also owned companies making colour televisions and Betamax video recorders.

Wait, Betamax? The man from delmonte, he say, bad investment.

Still, like shoulderpads, hairspray, and movies with volleyball & fighter jets, it was all very, very impressive in the 1980s.



Above: Some things that looked good in the eighties look less good now.

Shareholders flocked in, quicker than you could say "Asset Bubble". If you bought into Polly Peck early enough, say, in the year Top Gun came out, you could turn a £1,000 investment into £1m - a huge return even by the champagne-soaked Square Mile standards of the day.

But to cash in, you had to know when to sell.

The downturn started when Nadir tried, and failed, to take Polly Peck off the FTSE 100 and back into private ownership. The party was really over when the Serious Fraud Office raided the company that ran his family's financial affairs, called South Audley Management. Six weeks later, the administrators had been called in.

The UK authorities moved with their traditional speed, and it was just three short years later that Nadir was facing the prospect of 66 charges of theft and false accounting involving £34 million. Instead, he hopped on a flight to Paris, and was soon in Northern Cyprus - a territory with which Britain does not have an extradition treaty.

There he has stayed. Until last week.

He's now back.

Prosecution lawyers and Serious Fraud Office (SFO) investigators must now trace 183 witnesses, some of whom may have died since Nadir fled. Zillions of documents have to be recovered. In the meantime, he remains on conditional bail under curfew and, despite his lawyers' objections, electronically tagged.

A £250,000 bail security has been deposited with the City of London magistrates, and he must reside at his £20,000-a-month rented Mayfair home, where he is subject to a midnight to 6am curfew. He must report each week to Chelsea police station, and has already surrendered his Turkish and British passports.

I think this is ludicrous. He should be in a cell. Preferably sharing a bunk with a glue sniffing violent delusional transexual rapist. Well, that's not quite fair. And Michael Barrymore isn't in prison anyway.

But the truth is, we definitely shouldn't be letting Nadir keep his house, and generally lord it up while on remand.

Why?

Because fraud is a rational crime. It's not as though you turn around and steal £36 million through a complicated share swapping scheme in a moment of passion. Deterrence works well on rational criminals - especially ones in it for the money, who understand delayed gratification. If you think, well, "even if I get caught, I may only do seven or eight years in what amounts to a poor quality golf-club", then it's not nearly enough of a penalty to make them think twice.

On top of the deterrence factor, we treat white-collar criminals far too well - we as a society do not extract nearly enough retribution from them. The damage they wreak is enormous. The cost isn't in millions of pounds - it's in marriages broken up, houses lost, suicides, failed businesses, misery for thousands. The societal cost is at least as great as for acts like robbery - and robbery carries a minimum 20 year sentence.

Of course, this kind of white collar crime is going on all the time. No, really.

For example, recently JP Morgan won an award for providing the following service:

The process of rehypothecation allows institutions - in many cases hedge fund clients - to extract greater value from their collateral by reusing this collateral elsewhere in the market, increasing liquidity and reducing collateral costs.

Against this backdrop, JPMorgan's forward-thinking Rehypothecation Program stood out, directly addressing market misgivings regarding the practice while simultaneously allowing the practice to be safely extended to the benefit of clients. Winner of both this year's Chair's Choice and Innovation in Custody and Securities Services, JPMorgan Rehypothecation Program supports the multi-asset class, unlimited re-use of collateral.

Yes, unlimited re-use of collateral. Or, in other words, taking out as many loans as you can on a single asset. Disastrous? Short-Sighted? Of course. Sadly, they are unlikely to land up in jail - and lets face it, even if they do, they can probably evade justice as easily as Azil Nadir probably will.

Some people I know said to me recently that they didn't feel we didn't get enough concessions out of the banks during the financial crisis. To them I say, "don't worry - there'll be another one along in a minute".

Duke of York's (Eton) Mess

I attended a public school called the Duke of York's Royal Military School for a while, back in the 90s. Recently, the Duke's came third from bottom of the school league tables with an average pass rate substantially lower than that of the average state school.

Ahem. So, here's the public schoolboy dessert from a graduate of school whose pupils are very unlikely to ever threaten the global financial order.

Duke of York's Mess




Preparation time: less than 15 mins
Cooking time: As quickly as you can tip it into the glasses.
Serves 6


Ingredients

A big bag of pre-made meringue nests - at least 10 individual nests.
Pint double cream
Vanilla essence
2 heaped tablespoons caster sugar
Punnet of strawberries, sliced
Punnet of Raspberries
1 teaspoon good-quality balsamic vinegar
A half glass of port
Fresh mint leaves

This is a cheating version, but a.) cheating is all part of the public school ethos and b.) this is a super quick dessert

Whip the double cream with the vanilla and 1 tablespoon of your sugar until you have soft peaks. Don’t over-whip it or the cream will go thick and cloddy – you want it to stay light and delicate.

Take half the strawberries and half the raspberries and put them into a bowl with the rest of the sugar and the balsamic vinegar & port. Mash up with a fork.

Serve Eton mess in individual glasses. To assemble it, first, smash up your meringues. I find putting them into a bag and swinging it into a wall a few time produces a nice and suitably random mix, with some shattered to dust, and some almost whole and crispy.

Make SURE you hide the evidence of the pre-bought meringues - real public school guests/girlfriends will look down on you for not having your butler make your own meringues. On an aga.

Fold the vanilla cream and mushed-up fruit together till well mixed, then sprinkle in the rest of the fruit and fold again. Layer your crushed meringues and fruity cream into your serving dish or glasses, then sprinkle with the mint leaves as garnish.

Put everything together right at the last minute so that the meringue won’t go all soft.

Serve while commenting on an article you just read in the Economist on why poor people are poor because they don't work hard enough in Chinese slave-mills.