The Evil Diaries: Julian Assange, Jeremy Corbyn and World Acceptance

Today’s that glorious day when wise grouse resolve to keep their heads down.

It must be the figure 12. For instance, the bill so far for keeping Julian Assange holed up in the Ecuadorean Embassy is a trifling £12m. I bet that those who live in the immediate neighbourhood must be hugely grateful for this squandering of taxpayer cash. For it has meant a constant supply of police with nothing to do save ensure security in the environs.

*****

Simon Danczuk, MP for Rotherham, reckons that 25% of those who have joined his local Labour Party are in fact demonstrably nothing to do with that party. If so, there is the clear suggestion that this forthcoming election is bound to give an unsatisfactory result since, leaving aside the madness of Jeremy Corbyn, there must be the residual problem that he cannot have any authority if in fact there is a reasonable and serious doubt as to his electoral support.

It is certainly interesting to note that Peter Kellner of YouGov is insistent that polling shows Jeremy Corbyn to be so far ahead that it is almost impossible to imagine his failing to emerge as the winner. If so the odds should be perhaps 1.1 rather than the current 1.45. The fact that it is the latter suggests that there are serious forces afoot to start this election all over again.

*****

There is something missing about this great milk price debate. A representative of smaller farmers said that they could not compete with “factory” farms. But it was not clear whether these “factories” were in, say, Poland or wherever. It’s hard to see how a small producer in this country would fail to compete if properly run and only facing British competition.

As always, the cost of land is an important factor to take into account when assessing any agricultural investment in Britain since a lot of buyers of such land are merely engaged in a joke whereby they get rid of their spare cash. So the test is whether a British producer, were it charged a market rent for land, can make a profit. It is not clear – although I bet it is for those who are losing money non-stop right now.

The idea that Britain should be reliant for milk supply on EU farms simply because they are in the EU is risible: and I wouldn’t mind betting that HMG has made this blunder.

*****

I sold EUR/USD at 1.11. Nothing over this Greek “settlement” seems sustainable and final to me. And, if I am right, the Euro will again come under pressure. I hesitate to claim any certainty as to when.

*****

World Acceptance (WRLD) sluiced down $20 to $30 last night. They are in serious trouble in that it is alleged by people who ought to know that they are so seriously in breach of the law that they are unrefinancable. This scam has been going on for many many years beyond the point when I reckoned the US government had to step in. However, it is reassuring to learn that what one understands to be the law will be applied.

*****

Finally, Lord Jenkins, known to many as Woy, was Chancellor of the Exchequer from 1967 to 1970 and would of course have referred to Estate Duty. I have here included the modern equivalent. He remarked that “Inheritance Tax is a voluntary tax paid by those who distrust their heirs more than they dislike the Inland Revenue.”

As it happens, I was a clerk in PwC’s tax department in 1968 (I think I have the year right) when the then Labour Government introduced an unearned or invest income surcharge such that the effective rate of tax was 130%. The moment this was announced in the Budget speech the calls came one after the other to cancel dividends. But the tax was based on dividends paid in the preceding tax year which rather inhibited the would be avoiders. Such is life. Looking on the bright side Jeremy Corbyn were he in a prime ministerial role would announce his intention to be that stupid well in advance of anything being done. Every crowd has a silver lining.