Showing posts with label blogosphere. Show all posts
Showing posts with label blogosphere. Show all posts

Saturday, 27 November 2010

Saturday, 10 July 2010

Blogus interruptus

Regular readers will have noticed that there has been an hiatus in this blog.
Sometimes life takes over in unexpected ways. Amongst other stuff, being without internet at home for 6 weeks has been quite traumatic. Let’s hope I never have to go through this again.

Much has been happening since my last entry.

-         a new UK coalition government
-         FC Barcelona has won the League title
-         AVUI has been bought by El Punt on the cheap with the support of PSOE-PSC with the aim of toning down its editorial policy and ultimately get rid of the title. Shame because AVUI and its Diàleg pages were an oasis of free-thinking and competing viewpoints, from PP and Ciudadanos to ERC and Reagrupament. 
-    I visited by family and friends in Catalonia and enjoyed a visit to the city of Zaragoza.
-         The Labour Party is Glasgow has found itself mired in corruption allegations and scandals. To call this lot the Labour mafia as I and many other people do is really an understatement.
-         The Spanish Constitutional Court has issued a ruling against the new Catalan Estatut (devolution framework) that was approved by the Spanish Parliament, the Catalan Parliament and the people of Catalonia in a referendum. This ruling destroys the consensus of 1979 and attacks the most fundamental tenets of social cohesion in Catalonia.
-         The Spanish PM has said that the process of devolution (“desarrollo autonómico”) for Catalonia has been closed.
-         Spain is going to play in the FIFA World Cup final for the first time ever. My 20/1 bet placed a few weeks ago now looks extremely good value.
-         A few so-called “neutral” bloggers have come out of the closet with regards to the whole Spain vs Catalonia debate.

Normal services will resume soon. I am trying to recover usernames, passwords, etc, and get my thoughts together on a few issues.

Thursday, 25 February 2010

Rotten to the core

A lot has been, is being and will be written about the state of Spanish banks and the Spanish economy.  One of the reasons I do not write more regularly about economics, finance and investments is that there are plenty of very smart and intelligent people already doing so, not least Catalonia-based Edward Hugh. The other reason is because I work in the damned sector (asset management) that bears a great deal of responsibility for the boom, the bust and subsequent economic mess we are all involved with.


A few months ago, I tried to reply to a post in The Badrash about the banking crisis but I think it was far too long...  I was cleaning up my hard drive when I came across the text I had written at the time. So this is a bit of a recycled text from Q4 2009 but still valid nevertheless:



Any published investment research uses ramping to some extent. Everybody talks their own book and it is just a matter of degree how unsubtle some people are. Let’s ignore the xenophobic PIGS slur nonsense and focus on the numbers.

Ramping or not, the banks are not recognising loan losses. That much is clear. 
Whether they are insolvent or not is not the point anymore –the government is always there so it does not really matter unless you are a shareholder or a junior debt-holder. Retail depositors will be fully protected, which is the main thing these days, and rightly so.

This story has been brewing for a few months now, so let’s recap: (taken from FT AlphaVille)

February 2009: FT publishes warning piece on the grandstanding of Spanish banks and the “miracle” of dynamic capital provisions.

April 2009: BdE governor issues infamous list of cajas at risk.


May 2009 (a week later): Moody’s Ratings division issues release announcing it would review ratings for 36 Spanish institutions.

June 2009: Moody’s Ratings division issues ratings downgrade update/

Questions start to arise about the ability of cédulas to pay out.

During the summer, rumours start to spread in the web about the financial strength of Spanish banks and all kind of wild predictions are made. It all kicks off at the end of August.

18 August 2008:
Expansion publishes famous article about 1 in 5 mortgages at risk of being in arrears or default:

This is picked up by Edward Hugh in the Fistful of Euros blog:

21 August 2009
Variant Research (affiliated with a UK hedge fund) issues gloomy report.

25 August 2009: Felix Salmon at Reuters publishes article on Spanish banks.

2 September 2009
Iberian Equities (Madrid-based) takes patriotic exemption at Variant’s research and issues counter-report.

3 September 2009
Variant Research replies to Iberian Equities counter-report.

11-21 September 2009
Edward Hugh publishes various articles about Spain:

9 September 2009
UBS publishes research on Spanish banks.

14 September 2009
Credit Suisse issues less gloomy report on Spanish banks.

15 September 2009
S&P issues report on expected credit losses.

5 October 2009
They are even talking about it in Australia.
13 October 2009
Moody’s issues updated report on Spanish banks.

15 October 2009
Nomura issues research report on Spanish banks. Nice graphs.

So, Spanish banks are fucked, and it is only the political will of the ECB that there have not been in Spain more bank failures like Northern Rock, B&B, etc.
Dynamic capital provisions, prudent lending standards, all well and good and thanks to this it is not worse. An airbag would not save you from a 200 Km/h crash, and the same applies to dynamic loan provisions in Spain.

Let’s stop and think for a second:

Is it possible that Spanish banks are somehow immune and unaffected to the biggest property bubble in modern history and still with an inventory of c3m properties unsold?


So that is what I compiled and wrote around mid-October 2009. 
Since then, a few things have happened. 

 9 Dec 2009: S&P places Spain sovereign debt outlook on negative watch. Edward Hugh expands and explains. But check this older post for a back-to-basics explanation and background on the whole fiasco.


3 Feb 2010: BBVA presented results in Q1 2010 and people started asking questions [again] about NPL (non-performing loans), or mortgages in arrears/default to you and me. 
BBVA.



17 Feb 2010: JP Morgan issues a report on regulatory reform and capital requirements of the banking sector, looking at dynamic provisions, one of the idiosyncratic features of the Bank of the Spain regulation of the banking sector. This report vindicates something I wrote many months ago in someone else's blog and at work in 2008:  "..dynamic provisioning or not, Spanish banks are toast. Would you be saved by an airbag if you were driving at 200Km/h?". 

18 Feb 2010: Credit Suisse publishes a research note on Spanish banks. Top read. 

 And of course we have the whole sovereign debt crisis in Greece and moving westwards across the Mediterranean (and Ireland) into what the europhobe and ignorant anglo-saxon media have termed the PIGS. 

So let's recap:

1) The banks get themselves into a mess of their own and end up insolvent or bankrupt.

2) Sovereign states (ie: taxpayers) come to the rescue of the banking and wider financial sector and inject billions of euro/pounds/dollars into the financial system. 

3) Now the financial sector turns their attention to the fiscal position of sovereign states and demand that spending be curbed or taxes raised to reduce debt. 

4) Politicians across the western world get ready to cut public sector investment (that's schools, hospitals, police, transport, and so on) and/or  lower corporate taxes to attract foreign investment and encourage growth


And then when people complain about this rotten state of affairs, they are labelled populist and that banker-bashing is childish. 


If I was a teacher/policeman/nurse/bus driver/social services officer about to lose my job because of the demands of the very people that got bailed out by the taxpaying public I would feel nothing but hatred for any manager/front office dumb-ass working in the financial sector who is still defending the indefensible against any logic.


There is no other "industry" in the world of business that can get away with deception, duplicity, theft, tax avoidance and an absolute disregard for the wider common good in such a massive scale as the self-serving, socially useless banking and investment sector. 


And what can be done about this? 
Nothing, absolutely nothing because our politicians are all in the pockets of the financial sector. It is all very depressing.

Monday, 8 February 2010

The more the merrier

I am glad to report that I have recently discovered a couple of English-language blogs about Catalan/Spanish politics:

Catalonia Direct
Catalonia Info

and an updated entry from George@BCN. Keep it up, superb writing.

These new additions to the English language Catosphere, each with its own perspective, will serve to counter the pseudo-historic revisionism, the pack of lies and bullshit, and the Catalanophobe resentment of Spanish nationalism (past and present) apologist Kalebeul.

Update 19/02/2010:
I have added a few blogs to my blogroll and to the list of blogs I follow. Great stuff out there but there are some people that could do a bit better....

Friday, 23 October 2009

Wikileaks closed down?

I am trying to access WikiLeaks but it is not working.



Anyone out there is able to connect to http://wikileaks.org or http://www.wikileaks.org


Yesterday, The Guardian had an editorial in praise of it…. could this be the death-knell for Wikileaks?



If I do a PING, it comes up with this result:


Update: 1900h: well, I don't know what happen but Wikileaks.org was down for about 2-4 hours between 2-5pm at least. It is now up and running. I am going to check up if I have any neighbours, currently or in the immediate future, in the BNP.


Wednesday, 20 May 2009

Campaign struggling to start...

Well, the campaign to stop shaking hands with the less-than-honourable members has not made the impact I was hoping for… never mind.

I honestly think it would be a historical event if it were to catch on and spread all over the UK ahead of the European election on 20 June.

Any way, if you have a blog and want to spread the word, perhaps it is not too late.

http://trenator.blogspot.com/2009/05/dont-shake-hands-campaign.html

I have posted in The Independent, The Guardian, even it that Guido Fawkes blog (apologies Tom & Graeme, I thought this could get traction that way...) and other blogs but nothing is happening.

BBC censorship of Speaker's criticism

Sometimes I cannot help thinking that the BBC’s reputation for objectivity, neutrality and high journalistic standards is more a myth than reality. Particularly when it comes to criticism of the Scottish Labour party. In Spain everyone if full of how great the BBC is and how it should be a model for all public broadcasters. I used to agree. Now, after living in the UK for over 10 years, I am not sure. Myth, perception and reality intermingle.

Yesterday, I posted the below text in the Blether with Brian blog.
To my amazement, it has been removed as it apparently breaks the house rules on defamation.

Can anyone let me know what is in this post that is defamatory?

I have posted it again with a toned-down version, let’s see if it makes the cut…


========================
Brian,

The Speaker of the House is not a mere class rep.
The Speaker is supposed to lead.

If the less-than-honourable members have been up to no good, it is the Speaker’s job to tick them off.

Michael Martin was an awful speaker: inarticulate, mumbling, discourteous and with a tendency to gag people down. Nothing to do with class or background or accent: all to do with competence.

Michael Martin committed far too many errors to deserve any sympathy:

1) He was the main force behind the push for exemption from the FoI Act. He wanted the expenses system to be kept secret and wasted thousands of our tax money on legal fees.

2) When it was clear that this was going to come out, instead of saying sorry, instead of showing contrition or remorse, he calls in the Police to investigate the leak.

3) When a couple of backbenchers raise the issue, he shuts them down in the most childish and discourteous manner. (Hoey)

4) When another backbencher raises the issue of the no-confidence motion, again the mumbles, fumbles and shows why he should have never been the Speaker in the first place.

All this after having had a number of years to do something about this mess.
So, you understand that most of us have no sympathy for the shop steward that became one of them. Good riddance.

======================

Monday, 18 May 2009

Don’t shake hands campaign

Since the extent of the expenses scandal became clear, I have been flabbergasted at the dishonesty and the lack of morality of the vast majority of MPs.

Today, I propose that the public takes a stance.

I know I am a total nobody in the blogosphere but I think this is worth trying. If you can spread the message, perhaps it will catch on and set a global trend. With the European Elections campaign in June fast approaching, the least-than-honourable Members will be out and about campaigning to get our vote. Before we give them our vote, we should give them a piece of our mind.

What I am suggesting is that elected politicians are given the cold shoulder by the voting public.
I advocate that we should not shake hands with them, let alone let them kiss our babies for that arranged photo-opportunity.

Before we do such a thing, we are entitled to ask:

“Do you have a clear conscience with regards to your expenses claim?”

Alright, the answer is obvious: many of them do not seem to have a conscience; but still we should ask this and other questions. For example:
“Have you claimed for any personal items such as furniture, luxury
carpets, garden maintenance, pool cleaning, TVs, pet food, etc?”

“How many times have you flipped your home since becoming an MP?”

“How much have you claimed under the expense system?”

Just look them in the eye and watch their face.

If they are not elected yet, then we should be asking what expenses they are intending to claim on. I personally think that travel and mortgage interest should be enough for anybody on a £63k salary -nearly three times the national average before perks.

Then, after listening to their answer, and remembering at all times that they are highly skilled at lying and deceit, we will decide whether we want to shake hands or hand them over our precious baby to be kissed.

Be wise.

Sunday, 21 December 2008

The New Capitalism -by the BBC

Over the last year or so, there is one man that has become a source of pain for some in the financial services sector. Some journalists don’t like him either. It is Robert Peston, BBC Business Editor. [blog]

His idiosyncratic style and general slow delivery (plus mumbling and fumbling and humming) irritates many. Others are irritated by his “attacks” on the financial services sector and the markets. The right-wing blogosphere attack him for being a "leftie" and the mouthpiece of the Labour government. Or so they claim. Stockbrokers and investment managers despise him because he “brings the market down”. I thought the markets were "efficient"?
The FT journos call him Pestowire, or Peston RNS, a reference to the Regulatory News Service used for the public dissemination of financial markets announcements.

It is difficult to convey to anyone living outside the UK how pervasive Mr Peston’s presence in the BBC has become. Since his reports on the debacle of Northern Rock, and the collapse of the banking system and consequent recession, his presence is the main feature of the 6pm and 10pm news bulletins every single day. I remember one day he even broadcast from the garden in his house.

Recently, he has published a short essay with the title “The New Capitalism”. [PDF]
They are summarised in these two videos. [link]

Personally, I don’t have any issues with his reporting. And when someone’s argument is over style, or personality, you know that people are on a loser. So I haven’t got much sympathy for those who blame Peston for anything. The world, or the stock markets, would not be any different, had Robert Peston not reported on the stories we all know about now. Shooting the messenger is not the answer to this problem, and it shows how inward-looking and shamelessly self-preserving the financial services sector (I refuse to use the word ‘industry’) has become: denial has become the modus operandi in the face of an unpleasant reality.

I do have a bit of an issue with this essay though. Not much with the content than with it having the logo of the BBC as an endorsement. So is this the BBC’s vision of capitalism post-credit crunch or Peston’s? It may be trivial and I might be over-analysing, but the presentation of this essay is not clear, and as a license fee payer I object the way in which has been delivered.

I have no issue with Peston’s book “Who rules Britain”. It may read more like a series of articles and it lacks a cohesive argument, a central thesis that it is presented to the reader. But overall, it provides a few examples of how the City and big businesses work, and how tax avoidance, sorry tax efficiency, has been encouraged by the Labour government.

But reading his essay on the new capitalism taking shape, I could not help but wondering about some of the statements and claims made:


“Arguably the global economic crisis will turn out to be more significant for us
and other developed economies than the collapse of communism.”
Well, I disagree completely. The collapse of communism left millions of people in the world, including Europe, ideologically orphan. Suddenly, there was no alternative to capitalism in its various forms. Communism, the egalitarian, collectivist alternative had failed. We went from two competing systems to one. Now we are going from an imperfect system to another one.

I agree 100% on the debt binge ('credit expansion' to be technical about it) as the key cause of the present crisis.

Some of the language is quite emotive:
“To put it in crude terms, for much of the past decade, millions of Chinese
slaved away on near subsistence wages and still managed to save, both as a
nation (China swanks £1,400bn in foreign exchange reserves) and as individuals.
And to a large extent they were working to improve our living standards, because
they made more and more of the stuff we wanted at cheaper and cheaper prices.”

It is naive to say the Chinese slaved away on near subsistence wages. Living standards in industrialized areas of China have risen in a way that was unthinkable a few years ago. If they were “slave” wages, then they could not save as much as they do. Agreed, the wages are low compared to Western standards, but wage differentials should not be measured in absolute terms, otherwise workers everywhere except western Europe are too slaving away. I could even concede that most factory workers in China are on relatively low wages, a byproduct of the excess supply of labour, but average Chinese wages are by no means “slave”. Also, and more importantly, the Chinese were not working to improve our standards or toiling for our prosperity: they were working to improve theirs, like any sensible nation does.
It would be more appropriate to say that we were outsourcing work to China so that we could buy goods at cheaper prices and keep inflation down.

I agree that the savings imbalances and the current account deficits in the UK and US (and also Spain) are unsustainable and that our low inflation in the last few years is the result of excess savings from emerging economies being recycled into UK, US and Euro-area debt.

And I also agree with the culpability. All of us to a certain extent for being addicted to compsumption, but mainly our financial institutions for having failed to protect the interests of their shareholders, creditors and customers, and our governments and regulators for having failed to take the appropriate regulatory (disclosure, capital requirements) and political (current account deficits, allowing outsourcing to countries with unacceptable working conditions, supporting asset inflation) decisions to prevent this crisis from happening.

But Mr Peston forgets to mention the issue of taxation and the use of low-tax jurisdictions by companies and business leaders, and how this Labour government has done nothing to stop it.
He also forgets to mention the use of off-balance sheet vehicles by banks. The Labour government and the FSA did nothing to prevent it. And he does not mention that this goverment has overseen tax changes that favour the megarich and private equity at the expense of middle class earners.

But Peston also forgets to mention the concessions China, India and others will extract from keeping buying our public debt. Just now China, if they wanted to, could bring Western economies to its knees simply by refusing to buy our low-interest, low yield government debt. But the Chinese will not do that. They will keep buying US and UK debt and will extract political concessions from the West.

What these concessions will be is difficult to predict. But I am going to venture a couple of possible scenarios:

Institutional reform: the Chinese and India will demand that international institutions are reformed and the US veto is abolished at the IMF and the World Bank.

Taiwan: Slowly, Tibet has become off-limits for the West. And next it will be Taiwan. If I were Taiwanese I would be crapping myself. Over the next few years we will see how China, slowly but surely, will gain gradual sovereignty over Taiwan as a condition for keeping Western capitalism ticking over. And this way, Mao’s dream of a unified China under one leader and one party will be accomplished.

But will the US accept that they no longer have the monopoly of power in world finance? Will they (we) accept to be humiliated once again over Tibet and Taiwan? Maybe not, since Western governments will be unable to control the press and public opinion as efficiently as the Chinese. So we are heading for a political and economic stalemate of unpredictable consequences.

There is one way out of this problem without the Chinese becoming the new superpower and gaining power over Taiwan: inflation. If the West is unwilling to make so many concessions, China, India, Gulf states and others will demand that US and UK government debt pays a higher rate of interest than it does now. That is something our governemtns can do very well, and technically is called "an increase of the money supply", or as my dad says, "printing more money". This however will fuel inflation in the US and UK and Euro-area which could have a devastating effect on employment and business investment -unless proteccionist measures are adopted to protect "national" industries. But then, protectionism itself keeps inflation high; there is no easy solution.

So over the next few years our political leaders will have to make very “tough” (don’t they love to use the word?) choices.

Do they accept that a new world order is emerging and that there are political prices to pay? Or will they postpone or delay this restructuring of world finance and political power by implementing inflationary policies that will reduce the nominal amounts of national debt but fuel domestic inflation?

In crude terms, the question is: will our (Western) politicians give up the world power mechanisms they have built up over the last few decades?

I know what my answer is. What is yours?

Monday, 15 December 2008

Slightly above Turkey



Someone asked me the other day how Spanish democracy compares to other European states given its troubled history. I have a reply ready for these situations: “slightly above Turkey”.

We had another couple of examples this week.

First, there is one person who is going to be judged on a political charge: refusing to participate in the Spanish electoral process.

Marc Belzunces refused to participate in the administrative process of crossing people off a voters’ roll and spend a full working day in an electoral polling station. He objected on the grounds of conscience: he does not believe he is obliged to participate in a Spanish electoral process performing administrative functions. He refused to attend on election day.
Fair enough, you might think, can they find somebody else?
Not so simple. He is now being prosecuted by the Spanish Prosecution Service (Fiscalía).
They are pressing charges against him. A political crime in the European Union.
Oh, it just happens that the person in question is a pro-independence Catalan. Does this change anything? Yes, it does. Every election, dozens of people across Spain refuse to participate for whatever reason in the administrative process of setting up the ballot papers, counting the votes, updating the voters’ list, etc. I have not heard of any high-profile prosecution. Yet, we can expect the Spanish judiciary to ensure this (Catalan) man is fined and punished accordingly. And a wee reminder to others who may be thinking about doing the same. [Avui, VilaWeb, El Periódico, La Vanguardia, Racó Català]

Another example of the Spanish state dogmatic approach to its own brand of nationalism is in the banning of a TV advert. Yes, you are reading this correctly: a TV advert in favour of official recognition of the Catalan football teams has been banned by a Spanish court. [Avui, VilaWeb, La Vanguardia, TVC]

Why? I heard you ask.
Because of the following slogan: “Una nació, una selecció” (One nation, one team).
Oh yes, the judge also said that children were used, but I have not seen any of the political adverts from either the PSOE or PP being banned because they featured children. Since when it is banned to use children for TV adverts?

I link the video below so everybody can watch what the Spanish judiciary have banned. I don’t see anything in this TV advert that warrants a banning order, but then I am not a Spanish judge:







This is just another example of how Spanish nationalism pursues its objectives by using the law, Spanish law, to ban, prohibit, punish anything and anybody that might question their proto-Francoist idea of national sovereignity and integrity. Sure, nobody gets killed these days, beatings in prision cells are rare, but the same policy objective is implemented under the façade of democracy. Spanish democracy, just above Turkey and its infamous Article 301.




Wednesday, 10 December 2008

The Best of the Rest: financial crisis

During the last few weeks, I also thought about writing a series of articles about the (financial) mess we are in, and how banks and financial markets participants are irrational, irresponsible and self-serving institutions that need to be closely monitored and regulated by competent agencies, independent of governmental interference.
(Trust me, I work in the industry and I don’t take any pleasure in writing this).

But then I read a few articles and I thought there was no point in writing about something when more qualified and intelligent people have explained the issues much better than I could ever hope to do:

(By the way, I don’t mean the latest Pestowire, more on that one another day…)

In reverse chronological order:
Nouriel Roubini: on what’s coming: Bloomberg video (let’s not ignore the Bloomberg journalist quest for a “number”… and how even a man of the intelligence of Roubini falls for it like a schoolboy), and FT article. And another essay published earlier in the year.
John Kay: Or how governments “passive” ownership of banks is just storing trouble. [Link]

A conversation between Martin Wolf and John Kay on the regulation of global finance.

But most of all, I do miss the regular macro analysis of Stephen Roach at Morgan Stanley GEF.
He may have been early in his calls (tech boom, asset bubbles, current account deficit, subprime), but he was right: macro imbalances sooner or later give way to correction and because of leverage and behavioural issues, corrections in our time are more violent and unsettling than in the past.

The problem is that when your firm earns revenue by trading volatility and hyping up the market, it is very difficult to keep writing about things as you see them. What I mean is that it is an impossible situation when you have the chief economist writing articles explaining we are getting into a big mess, and your sales desks churning structured products like there is no tomorrow.

Very few people know if he was pushed or if he jumped but having Stephen Roach in China as Chairman is like having Messi playing in the reserves for FC Barcelona. I always thought that his realist bear commentary irritated his bosses and colleagues as much as his skilful if somewhat verbose writings.

The real tragedy of banking and financial markets is how talented, educated people with intellectual curiosity have been replaced with money chasing mathematicians, PhDs in astrophysics and the like whose world vision is narrower than a snake’s arsehole.

Do you want to find out how we got into this mess? Then read a few articles by Mr Roach back in the day.

Policy errors – How politicians are no help, May 2007. Shortly after this article, he was dispatched to Asia. Whether you are in an autocratic regime, in a communist dictatorship or in a free market two-party democracy, it is not wise to wind up politicians and embarrass your bosses.
Asset bubbles must burst – January 2007. For some reason, I cannot find this one in the GEF site with the original date of early January. I wonder why some articles are removed and others remain…
Original Sin – April 2005
The Asset Economy – all time favourite, sadly removed from the Morgan Stanley GEF website, June 2004. When I read this article for the first time, I finally got it.

This article by Roach (The Asset Economy) is the one that explains the origin of this crisis. Politicians and their central bankers saw fit to support asset prices as a means to increase disposable income. One asset bubble led to another until there are hardly any assets left to bubble up.
Now it’s payback time.

Sunday, 13 January 2008

The more the merrier

First, a Happy New Year to all readers.

I have to apologise because I have not been posting much recently. In fact, I have been rather busy the last few months. My parents came over for Hogmanay, and today my gorgeous girlfriend and I put down a reserve payment towards the purchase of our new home.

Over the last few weeks I have not posted much, but I have discovered a handful of blogs in English about Catalan/Spanish politics.

http://soscatalonia.blogspot.com/ - does not post very regularly but it explains the issues clearly and in a combative language.

http://independentcatalonia.blogspot.com/ - an excellent list of reasons why Catalonia will be better off as an independent state rather than being part of Spain.

http://georgebcn.blogspot.com/ - a new blogger, George blogs from Barcelona in English and also in Catalan.

http://aclearcutcase.blogspot.com/ - also a new blogger, Josep has many other blogs in Catalan, available from his profile page.

http://waytoownstate.blogspot.com/ - also a new blogger in English, Xavier Mir has been an active participant in the Catalan blogosphere (Catosphere) for many years.

Then, we have Ian Llorens’ revamped blog: http://catalonianpolitician.blogspot.com/ -probably the best blog in English about Catalonia.

We still have the reliable The Badrash, Although Tom probably is very much on my left, metaphorically speaking, I do enjoy his posts and lateral thinking.

Mathew Tree is another Englishman who has made Catalonia his home. He even publishes books in Catalan.

Finally, Ramon Tremosa is a Professor of Economics at the Universitat de Barcelona. He has some publications in English in his personal page. I very much like his paper on the fiscal deficit in Catalonia and how it affects growth and economic development.


All in all, everyone of the above blogs helps to internationalise the issue of Catalan independence and explain why remaining part of Spain will result in economic, cultural and political decline for Catalonia.

There are many voices in Catalonia, native and adopted Catalans, who are determined not to be silenced by the rhetoric of the Spanish State. Against those failed expats who have not adapted to Catalonia, refusing to accept Catalan culture and language as a mainstream component of life in Catalonia, and adopting the language of anti-Catalan Spanish Nationalists, people like Tom, George or Matthew provide us with positive examples of integration.

If I have missed any other blogs, please let me know and I will add them to the post.

For those who borrow from Libertad Digital: enjoy the list above!

Saturday, 2 June 2007

Blogus interruptus: common sense is so scarce

Sadly, Ian has decided to discontinue his excellent blog. It is a pity for there are not many people with the ability to put a point of view across in such a concise and smart manner. I am often slightly jealous of Ian’s posts, thinking to myself: “I wish I had written that”.

Whatever the reasons, best of luck Ian.

Then, I notice that another top blogger, Curious Hamster, seems to have stopped posting too, but with no previous warning. It is slightly concerning. Not sure whether it is a voluntary or involuntary hiatus. Another loss for the blogosphere, for Curious Hamster’s blog was a pleasure to read. He always provided a different viewpoint and his posts contained informative links to check his quotes and references.

It is a pity that people with so much to say, and who talk so much sense, are so scarce.