The Evil Diaries: “King Canute and the Channel 4 News”

Clearly, the Chinese authorities have taken leave of their senses. King Canute demonstrated to his Court that resisting the tide is a mug’s game (he is commonly of course decried as having sought in front of his Court to control the tide) the Chinese government has taken hard cash to stem the inevitable downdraft caused by the punters getting out. The figures are truly staggering. And the result must be markedy reduced consumer confidence. It’ll spread across the world.

Closer to home, the Greek government ministers are really enjoying themselves. They know that, being communist, they will never have the EU in charge. They have hitherto only pretended that they will just so that they can get the money (which they regard as stolen from the workers in the first place). Now the money is no longer forthcoming and the end game is a parade of smiles to counter earnest protestations from the Europhiles. The end result must be bearish generally particularly including the Euro.

Chairman Mellon, who, I freely admit, is a master of index and currency trading, keeps sending me helpful advices as to when to short the Euro. I have not got his patience in observing limits but I am still making good money. Goodness knows what the chairman is making.

*****

For some reason I have failed to maintain my short in Foxtons (FOXT). But, given that it is now 215p, it is not too late to open a position.

*****

From Institutional Advisers of Vancouver comes unequivocal advice – it is offered as a widows and orphans short – to get out of Wells Fargo (NYSE:WFC). It closed last night at $56.25. IA scent a rapidly deteriorating credit market.

*****

Finally, any sensible fellow must welcome a pasting from Channel 4 News. Last night they tried to get at George Osborne on the grounds that his family’s firm, with which he has nothing whatsoever to do, Osborne Little, had sold a south London building site to an offshore concern which went on to profit by the site’s development. Had it been shown that Osborne and Little benefited it could just conceivably be criticised – although as it happens I think not even if it had been shown. But no such disclosure emerged. Meanwhile Channel 4 wheeled on an ignoramus, posing as scholar, offering an incorrect view of tax law. Channel 4 are not just filling the time available: they seriously imagine that they are contributing to the great debate. It’s one thing to be a socialist, it is quite another to be a complete bloody fool.