IS AMERICA SUCCEEDING?

10 April 2023

Looking at the facts, three things emerge. One is that America has started a large number of wars, especially noticeable post USSR when America was actually at its safest! You know, Vietnam, Afghanistan, Iraq...plenty more...now Ukraine

And its come off worst in all of them. It takes on little guys, still it loses.

A second thing is, look at the polls from home, the domestic audience doesn't want all this loss of blood and treasure. It wants American leadership, of course, but not this constant flexing of the military.

And thirdly, outside Europe and the Anglo Saxon world, the rest of humanity, maybe three quarters of the world population, are totally fed up with all this trouble and strife. They want peace, diplomatic resolutions, trade and balanced economies. You know, the kind of set up where you can take care of friends and family and look forward to the future. America is very unpopular abroad and fast losing influence, even at home all this propaganda is wearing thin.

And fourthly (ok four), this bad and bloody behavior of America all it does is to incite other nations and non-state groups to copy in response.

Why not just try to do more good and less harm?

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ARE RUSSIAN AND UKRAINIAN PEOPLE OF COMMON STOCK? WHY IS RUSSIA EASTERN ORTHODOX?

10 April 2023

Are Russian and Ukrainian people of common stock as Putin alleges?

Why is Russia Eastern Orthodox?

I found the answers in an airport book - here is what it says.

THE SLAVS AND MAGYARS

The Slavs were a broad group of peoples (whose history and origin are largely undocumented) who spoke a variety of Slavic languages of Indo-European descent.

Also known as the Antes or Venethi (among numerous other names), they migrated westward during the great migrations of the fifth and sixth centuries AD, settling in the regions of the Baltic, the Elbe, the Rhine (laying siege to Constantinople in AD 540), the Adriatic and the Black Sea. Thereafter, they established various Slavic states, to include the first Bulgarian Empire in AD 681 where the Slavic language of Bulgarian was spoken. The missionary activities of Byzantium (namely by the brothers St Cyril and St Methodius, who are credited with having invented the earliest Slavic alphabet) led to the southern Slavs joining the Eastern Church in the ninth century.

The eastern Slavs occupied the river valleys of the Black Sea and the hills near Kiev, and their early settlements and towns formed the basis of future Russia. In the ninth century, the Vikings sailed up the long Russian rivers to conquer the eastern Slavs, selling some of them as slaves to the south (the name Slav eventually became synonymous with 'slave'). The Nordic and pagan influence of the Vikings continued for another century, although relations between Byzantium and Kiev strengthened steadily throughout the tenth century, culminating in AD 987 when the Russian prince Vladimir finally accepted Orthodox Christianity for himself and the Russian people (a turning point in Russian history and culture).

Another Eastern European people known as the Magyars who had in the ninth century settled in Hungary and Romania (from the area of the River Volga in Russia) advanced into central and Western Europe just as it was being plagued by Viking raids. In AD 955 they were finally defeated by the German king, Otto I, at the Battle of Lechfeld. Otto in turn conquered the lands from the Rhine to far beyond the Elbe (and overwhelming, also, the Slavs who lived there).

THE GREAT SCHISM

Increasing theological and political differences between the Byzantine Eastern Churches and the Western Roman Church led to a final and permanent separation between the two in 1054, a watershed in Church history known as the Great Schism (or East-West Schism).

The estrangement between Constantinople and Rome had been brewing ever since the division of the Roman Empire into east and west and the transfer of the capital from Rome to Constantinople in the fourth century. Constantinople's increasing power and its pre eminence as the battleground between Islam and Christianity threatened the position of the Roman Church. And yet, unlike its Western counterpart, the Eastern Church was increasingly rocked by violent theological dispute amongst its patriarchates.

The cultural and linguistic differences of the east and west - Eastern theology had its roots in Greek philosopy whereas Western theology was based on Roman law -  increasingly led to a different understanding of Christian doctrine, most notably over papal primacy and the procession of the Holy Spirit from the Father and Son (the Roman Church incorporating the Son into their creed).

Matters came to a head in 1054 when Pope Leo IX and Patriarch of Constantinople Michael Cerularius suppressed Greek and Latin in their respective domains. This led to the two Churches, through their official representatives, excommunicating and denouncing each other. Constantinople later became known as the Eastern Orthodox Church; the Western Church as the Roman Catholic Church, and the rift between the two has never been healed (although in recent years dialogue has been reopened, with the excommunications revoked by both Churches in 1965).

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"WE ARE LIVING IN YOUR FUTURE"

10 April 2023

                          Artist's vision for St Persburg

    

Doing a catch-up on the effects of Western companies quitting Russia.

IKEA quit Russia six months ago and the existing Russian management simply took over the business and have renamed it, but this time prices are lower and the profits stay in Russia. Sweden's loss, they are ideology-bound.

Similarly, before the SMO, the biggest car producer in Russia was Renault. Well now same story: it's been taken over by local management and the supply chains for parts and assemblies from the West have been replaced by supply chains from China. China now has a big interest in the Russian Motor Industry and as we know is already the dominant player in the future Electric Vehicle.

After an initial rise in inflation and anxiety, especially for those living near the border, now things in Russia have quietened down and the war is not the dominant subject of conversation.

Inflation is back under control, interest rates have fallen back to 7.5% (they initially shot up to 20%), Swift has gone but it's been replaced so transfers are no problem. Efficient management of interest rates in service to the money supply, inflation and FX rates by the Russian Central Bank.

Russia is the world's number one agricultural producer, but the West has been cut out of its markets... 

...we can conclude that sanctions have failed and indeed backfired  Sanctions were the west's one chance to hammer the Russian economy and they were wasted on this pointless war over a piece of land called Ukraine that is not of any strategic value to America. 

The result is that sanctions will be well nigh impossible to make work against the real potential enemy which is China : victim economies now know what to expect and have re-jigged themselves to mitigate the effects of sanctions and to conserve their capital which may be stored in western economies. I imagine central banks and corporations are quitting the Eurodollar.

Same for energy, with India just signing a long-term oil deal for price security.

Same for commodities: cut out.

And the eu's Von delayan goes to Moscow to threaten and warn Putin. How smart is that?

The Russian government's economic plan apparently sees Russia as an industrial and construction(*) powerhouse, with the share of GDP from these sectors going from a third to a half ... which sounds like China's plan too.

The West's pivot to Asia should have been an economic success for us, but was not properly managed. Europe's share of world GDP has been shrinking and de-dollarisation is underway. The sanctions were a great success for Russia it seems. Now there is a new Iron Curtain containing and shuttering the West, and the West's (America's) pivot has military objectives to dominate, rather than cooperate. Compare this with China: China is mainly interested in money and its objectives rely on the success of its Belt and Road strategy.

When Russians visiting London or Paris or New York return home to Moscow or St Petersburg, they are relieved to be back in a situation of personal security and technological advance (and it's the same for expats who have quit America and Europe, everything in EurAsia is convenient and automated) and cleanliness on the streets, and much lower levels of stress than life in Western capital cities these days. 

Those Russians who remember the Soviet Union and have travelled, think that the EU today resembles the Soviet Union of Yesteryear.

There's one Russian commentator quoted as saying "we live in your future"... he means if we in Europe are that lucky! But really what he means is that the West is no longer a model for Russians. Just thinking about beautiful Russian women: these women are no longer interested in talking to "American boy".

So anyway visitors are surprised to find how well organised is Russia, and Moscow and St Petersburg in particular. And Russians are not much interested in the American way of life anymore.

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MACRON VISITS BEIJING

9 April 2023

Alexander Mercouris, international affairs analyst, again comments on Macron's visit to Beijing:

Macron's visit to China is covered by Mercouris

https://youtu.be/sOrX1uYrXDE   Offset 32'

https://youtu.be/BJTv9ktHCcA   Offset 45'26"

Ref video 2 and backgrounds trip to Beijing.

Macron brought interesting  gifts: 

a French photographer’s pictures of mid-20th-century China,

a blue Sèvres porcelain vase decorated with golden fish.

So this recalls the early trade - before the "century of humiliation" - in decorative arts, though it may also remind us of where the West's knowledge of porcelain and silk making came from (was stolen from...hurumppph).

These gifts are about Paris, world flagship of luxury retail, about China's re-opening, about the Paris Summer Olympics 2024. 

Macron came on a commercial mission, "inking" (as they say) many deals for aircraft, cosmetics, financial products, and pork ( maybe I miss-remember, but I seem to recall that Russia is now the largest hog exporter in the world, so well done Macron).

So that's interesting as instead of diversifying France's economic interests *away* from China, he's defying Washington and looking to build them up. 

Indeed on top of that list above, he also sold nuclear power stations and a water desalination plant - this vd goes into Russo-Sino realities - not so much that Russia is the junior in the relationship as we are told but more of Russia's weaknesses with regard to the much smaller geographically, but much bigger in wealth and population, China:

https://youtu.be/Iibs7buNwxQ

As to Intl Relns, he came to Beijing to sell, also asking for Chinese help with Russia and Ukraine not really threatening. He said he is “convinced that China has a major role to play in building peace”.

Compare with that horror-show von de Leyden, threatening China if it thinks to provide military equipment "directly or indirectly" to Russia, because “arming the aggressor would be against international law [joking right?] and it would significantly harm our relationship.”

With 3/4 of the world linking up commercially and soon militarily, was this was very wise of the EU "Chancellor"? Or should she like Macron have been there to promote national and European interests? Has she not had enough of American bullying and Europe's shameful dependence?

So to answer your question, the Chinese leader will be pleased to have met Macron, he'll be glad to have something to ship the other way up his belt and road there's got to be some exports from Europe surely, and he'll welcome Macron's independent Gaullian line.

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THE FUTURE OF RUSSO-SINO RELATIONS

9 April 2023

This video, below, goes into Russo-Sino realities - not so much that Russia is the junior in the relationship as we are told but more of Russia's weaknesses with regard to the much smaller geographically, but much bigger in wealth and population, China:

https://youtu.be/Iibs7buNwxQ

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EUROPEAN LEADERS VISIT THE COURT OF XI JINPING

7 April 2023

Q: That sounds like Macron. What will the Chinese make of Macron?

A: A bit bumptious, but basically OK.

Macron brought interesting  gifts: 

-a French photographer’s pictures of mid-20th-century China,

-a blue Sèvres porcelain vase decorated with golden fish.

So this recalls the early trade - before the "century of humiliation" - in decorative arts, though it may also remind us of where the West's knowledge of porcelain and silk- making came from (was stolen from...hurumppph).

These gifts are about Paris, world flagship of luxury retail, about China's re-opening, about the Paris Summer Olympics 2024. 

Macron came on a commercial mission, "inking" (as they say) many deals for aircraft, cosmetics, financial products, and pork ( maybe I miss-remember, but I seem to recall that Russia is now the largest hog exporter in the world).

So that's interesting as instead of diversifying France's economic interests *away* from China, he's defying Washington and looking to build them up. 

Indeed on top of that list above, he also sold nuclear power stations and a water desalination plant - this vd goes into Russo-Sino realities - not so much that Russia is the junior in the relationship as we are told but more of Russia's weaknesses with regard to the much smaller geographically, but much bigger in wealth and population, China:

https://youtu.be/Iibs7buNwxQ

As to Intl Relns, he came to Beijing to sell, also asking for Chinese help with Russia and Ukraine not really threatening. He said he is “convinced that China has a major role to play in building peace”.

Compare with that horror-show von de Leyden, threatening China if it thinks to provide military equipment "directly or indirectly" to Russia, because “arming the aggressor would be against international law [joking right?] and it would significantly harm our relationship.”

With 3/4 of the non-Western world linking up commercially and soon militarily, was this was very wise of the EU "Chancellor"? Or should she like Macron have been there to promote national and EU interests? Has she not had enough of American bullying and Europe's baby-like dependence on America?

So to answer the question, the Chinese leader will be pleased to have met Macron, he'll be glad to have something to ship the other way up his belt and road - there's got to be some exports from Europe surely - and he'll welcome Macron's independent Gaullian and commercial objectives.

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UKRAINE WAR 101

1 April 1023

To understand this war, it is necessary to get behind the propaganda.

The guy from St Petersburg that I recently met in the plane does not like having the tanks and nukes of the North American Terrorist Organisation (NATO) pushed further East since the end of the cold war, certainly since 2014, till now they are planted on Moscow's front lawn and pointing at the Kremlin.

He, like Putin, does not trust America. Would you, if the facts in these three vids, below, are to be believed.

1. A visibly irritated Geoffrey Sachs rehearses the facts one more time.

https://youtu.be/_Fv_nKyF_5g - Geoffrey Sachs

2. A daily commentary on the Ukraine war which is usually structured with an opening comment on the content he will discuss followed by the situation on the battlefronts and then an analysis taken from various articles published in the world's quality press.

https://youtu.be/kqGwdBjEXlY - Mercouris

3. Generally recognized  in The West as the "chief contrarian" and proponent of offensive realism as a International Relations (IR) school of thought

https://youtu.be/_7lTOJXjfCM - Mearsheimer

 

He explained what we knew already - if Ukraine doesn't fight "to the last Ukrainian" (I think it was a member of the Biden administration who created this meme)  they won't get into the EU and even more importantly they will not get any security guarantees, so Kiev having made an enemy of Moscow by bombing East Ukraine ("Novorossiya" - New Russia built by Catherine the Great and Potemkin in the late 18th century, in Ukraine since the dissolution of Soviet Russia), they'll be at the mercy of Russia.

In a war of attrition, it's the first to lose the will to fight or the material with which to fight, who will lose the war; and that's true here unless it goes nuclear and then all bets are off. 

While Putin's objective at the start of the war was to demilitarize Ukraine and denazify, as he called it, the government in Kiev, in the light of experience his objectives now seems to be to eliminate the Ukrainian army as a threat and to keep Ukraine neutral i.e out of NATO and to retain the eastern part of Ukraine, probably down to Odessa and possibly to include Transnistria, as part of the Russian Federation.

Everyone is waiting for this spring offensive when a "rabo de toro de lidia" will be made for consumption by Poland and Russia and there'll be a rump steak for Ukraine.

Maybe if you have the interest, click on Mearsheimer first.

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IN THE BEGINNING THERE WAS WAR

24 March 2023

day!https://www.livingintheair.org/2022/11/eckhart-tolle.html?m=1

There's a book that has just come out which I haven't read and it's entitled " in the beginning there was War"

How true is that! I've been looking at some videos on YouTube about history and all it is is the history of war and Conflict forever, it's been going on since the beginning of time, we've never really had peace ... Pax Romana maybe.

But where does that quote come from? it comes from the New Testament. it's either Genesis or John or both saying that "in the beginning there was the word". The Word.

What does this mean, "the word". So I looked it up and actually it's not just a word, it's a whole huge system of logic and reason. It is translated from the Greek "logos" which goes back to 700 BC.

The idea is that there is a structure and function or purpose to the universe, ok, this is something like Ekke is trying to say, created by God or some supernatural being, or really anything that you think explains the way we are all connected to each other by the logic and rules of the universe.

Now war is completely the opposite as it is chaos and disorder and destruction.

Perhaps it's a bit "manichean" to see things like this - structure and order v. chaos and destruction, true. But even so, who is the evil one, if it isn't America? Evil, dark, full of hate, the destroyer.

Not to say Putin wouldn't be the same if he were top dog, or Xi ... " the scum rises to the top". It is the nature of man, we are not God.

My rant for the day.

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DIRECT LINE INSURANCE

23 March 2023

Price: 143.90

Obvious to most that financial stocks are in trouble becuse their quality balance sheets are getting a clawing from angry interest rate tigers. It is a bit facile to say liabilities don't match assets, yet it is true that long-dated guilts may have to be sold at below par to meet demands from depositors. Would you call this a liquidity issue? Or is it LDI? - Liability-Driven Investment strategy misfired?

I pity the Fed - hugely qualified, high IQs the highest, know their history and have their own massive experience, but cannot manage a multi-factorial world, so many moving parts, always get it wrong.

What did they do? For these regional banks, they will take on these good-quality bonds at par, so at zero cost theses banks can honour withdrawals, no more bank runs.

And yet ...

To continue ... the story so far ... We can now understand the macroeconomics and changing regulations at work in the insurance industry generally, but still there is opaqueness - some analysts advise the clouds will lift September-time. Six month investment strategy then...

The CEO made a special divi payout of 100m, when he should have been building his buffers post covid; and secondly, he thought lowering premiums would take market share enough to keep up his EPS. He was wrong on both counts and he's gone as a result.

DLG has a new advanced-pricing model. Not sure how it works but it is being trialed in car insurance then rolled out to other product segments.

There is a threat to the traditionally-run insurance industry, weighed down with heavy admin costs that come out of the premiums. That threat is a new business model, P2P, from insurance brokerage firms like Bought By Many, Friendsurance, Guevara, InsPeer and PeerCover. These new online Brorkers underwrite their own policies rather going to the Carriers.

The problem is that until now, there has been a fundamental conflict of interests between the insurers, with their massive reserves sufficient to cover the worst of rainy days, and the insured, protected by heavy regulation but always interested in bending their claims.

Plus, to repeat, the premiums that are held against a rainy day are invested in low risk government bonds, but as we have seen this low risk turns out to be illusory in a fast-rising interest rate environment; and in any case the coupons are not enough to keep up with with inflation in repair costs, nor the rising numbers of claims.

But what if you could accurately segment the customers by risk profile - I imagine this part of the new advanced-pricing software - but also by social affiliation (friends, family, colleagues, clubs...), then pool the premiums in a transparent way and offer discounts to pool memebers, giving them an incentive to good behaviour? This is what we call a network effect.

Further, investors in the business, who provide the capital reserve, could now invest in any of the groups, and an organisation such as Uvamo would cover any claims that exceeded the total amount in the pool.

This would mean the insurers and the insured are one and the same group. The whole business to be managed on line by AI algos. Still a dream? See how a new outfit, 'Lemonade' (finding sweet solutions to sour problems) is a new organisation challenging the way that insurance companies work "with a peer-to-peer business model fueled by self-serve technology."

DLG interim results August seem too early to bring good news.

But a new CEO can bring clarity over the summer on the regulatory front (releasing insurance funds for equity investment?) and recalibrate DLG's new pricing model to support P2P insurance.

If this happens, we can expect sector-performance for next March's results and probably a great deal more.

With a poor view on the Fundamentals, I cling to a Technical trading analysis that suggests buy mid 140s, sell mid-180s, over next six months, for a 25% SP gain

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THE MANUFACTURE OF CONSENT

20 March 2023

You might ask why the media sensors the truth about the war in Ukraine and you might ask how the truth is censored. This article mainly explores the second question. 

As to the Why the truth is censored, we live in an information age and this is a war by information, or by defamation. If you consider all the sacrifices the public has made in order for the West to win this war, then it is necessary to keep them on board, at the expense of the truth, because otherwise the West's political system will begin to lose support and legigimacy, the power of the people can cause its collapse.

Very interesting discussion developing on points made in an earlier piece here.

https://youtu.be/73G_4pPmNf0

This is an exploration of exactly how "consent is manufactured", to use Chomsky's words. 

Until now we have been able to see quite easily the power of conformity and group think at work feeding us a diet of the same propaganda every day in support of NATO and the West.

And we can also imagine that if you take a dissenting line, as a journalist, your job might be under threat - I think but don't know for sure, that most journalists are freelance writers.

But in this video there are other more subtle explanations... like for example 'access': that if you don't tow the line you won't have access for yourself and your pieces in the public eye and in the eye of business and politicians. The more you conform, the more access you get and the more work and attention comes your way.

Also, how it is not just at an individual level, but it works more globally, there are cogs within cogs, so that media groups form part of an industry and the profits, the revenues, to keep a news organisation going, depend on their towing government and MoD lines ie keeping the propaganda flowing.

There is another point. It is interesting operationally to observe how the government or the Ministry of Defence feed a line to the media; which then writes it up in their morning news or op-ed; and then the next day the government is able to cite this op-ed saying look we are not the only ones who think this...

There is what Katrina in the video called 'seduction', which is where you, as a journo, are positively drawn in  because to be included is to be on the inside, amongst the rich famous and powerful, and being in this company flatters your ego, you are associated with powerful and well-known figures, your ego gets a boost.

There's also that a journalist doesn't have to fight too hard for his place in the sun if he is or she is writing pieces that conform, it's just plain easier and safer to run with the herd.

And then for the anecdote, there's the story of the contrarian Scott Ritter who was saying time and again that there were no weapons of mass destruction in Iraq... Of course I'd forgotten that story and here is Scott Ritter making news today, exposing the lies of government and mainstream Media.

It's true as well that if you go out on a limb against your country you are accused of being unpatriotic anti-american treasonous even.

The analysis of how consent is obtained also takes us into questioning the value of our democracy whether we really live in a free and democratic society where we can express our own opinions in or is it that war limits are freedom of thought and speech.

Furthermore in a democracy the leadership is accountable to the people and yet how is it that despite all these lies and despite the absolute disasters of all the wars from Panama to Yugoslavia to Afghanistan to Iraq to Libya and Syria; and now to Ukraine in spite of all these disasters absolutely no one has been held accountable.

What is astounding and incomprehensible almost is that all the truth about these wars was known at the time but there was no penetration into the public space so descent was relegated to the fringes and even today with the Ukraine war which was debated in the UK parliament a couple of weeks ago absolutely all the party leaders were pushing for more support for Ukraine with the objective of pushing the Russians completely out of Ukraine including the Crimea.

Pretty much everyone these days acknowledges that the Iraq war was a disaster and yet who took us into it if it wasn't Biden and blinken and here they are again and there doesn't appear to be any remorse or apology for these neocon wars,  it's just simply blamed on group think,  individual choices, but it looks very much like there is a structural problem, what you might call C Wright Mills's 'industrial military government complex', it's a story of backscratching and revolving doors.

The thing to grasp is that the most god-awful mistakes were made, but no one has apologised, nothing has been learnt and we carry on making the same mistakes. In fact you could say that the decline of American power, the end of the unipolar moment, began with the war in Iraq.

Why is it we love the dissenters in other countries, but not our own?

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SV BANK - V.2

15 March 2023

SIilicon Valley Bank bought long-dated US treasuries with its customers deposits. This is recommended practise, it should a safe,no-risk investment, no one would expect the US government to default. It bought when interest rates were at historic lows. But the Fed has increased interest rates since then, in order to combat inflation, and the price of these bonds has fallen, taking SVB with it.

1. The trouble is the banks' customers were tech startups with big loans and small revenues.

Then rising loan int charges and many of these still-low-revenue startups had trouble repaying their loans.

So some had to draw cash out of their current account.

The bank didn't have enough current assets to reimburse and so it had to sell some of its bonds ... very safe but long-term government bonds 

But because interest rates have been rising, these Bonds were worth less than par value ie the balance sheet was potentially having liabilities exceed assets.

Once other customers got a whiff of trouble at the bank, that their deposits may not be safe, they wanted to withdraw their money as well.

If so many customers turn up at the bank asking for their money and the bank can't give it to them because it doesn't have it, well then this is called a bank run !!!

I do not understand why SVB hadn't hedged against this risk of default with a Credit Default Swap. 

Normally, when you own a bond, issued by govt or corporate, you can expect to receive regular interest payments - the "coupon" - but there is always the risk the borrower can't make repayments ie defaults. 

A corporate treasurer or anyone owning bonds should insure against this risk - "hedge" against the risk of default - by swapping the risk of default on the expected fixed income stream with another investor, who agrees to reimburse them if the borrower defaults.

These CDS, Credit Default Swaps, contracts would commonly be maintained by regular payments of a premium - much like the regular premiums due on an insurance policy. 

Why wasn't SVB worried about the borrowers who issued the bond (the loan) defaulting? Why didn't SVB buy CDS to offset or swap that risk? They borrowed short, in effect, from their depositors; and invested long in government treasuries; but didn't take out a hedge against a fall in the value of their assets, presumably because they are expected to hold the asset to maturity and thus the par value would be returned.

What they didn't expect was to have to sell these treasuries before maturity in a market where are rising interest rates had reduced the value you of the asset and thus they were forced to crystallise a loss on their balance sheet.

Now, liabilities exceeded assets and SVB became insolvent. There would be a run on the bank because depositors couldn't get their money out and the fed had to take over to reassure markets even though this was only a medium-sized bank.

2. To avoid a bank run and the contagion to other banks, the US Fed (the BFTP) decided to guarantee the value of those government bonds *at Par*, even if the bank had to sell them at below par they would still get full par value from this govt top-up (bailout) 

And this stemmed the tide of customers and prevented a bank run ... in any case, the bank has shut its doors, taken over by the Fed ... it's the shareholders and unsecured Bond holders who will pay pay this time and not the taxpayer like in 2008.

3. Of course, the worry now is there are many companies with government and corporate bonds on their balance sheets 

And because of this problem that risk is being repriced, we can see it in the share price 

For example legal and general LGEN.L is down to 230 GBp. Where its value before was around 260 maybe even 300.

Many big companies have seen their share price fall by five percent today and more.

4. My question is : will the Fed step in to protect the value of corporate bonds as well as government bonds? and will the Bank of England follow suit ?

In which case legal and general for example is an absolute bargain at the moment at 230 GBp.

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