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The real Goldfinger: the London banker who broke the world • The Guardian
Oliver Bullough:
<p>when Britain and France attempted to regain control of the Suez canal in 1956, a disapproving Washington froze their access to dollars and doomed the venture. These were not the actions of a neutral arbiter. Britain at the time was staggering from one crisis to another. In 1957, it raised interest rates and stopped banks using sterling to finance trade in an attempt to keep the pound strong (this was the “currency crisis and the high bank rate” that Smithers told Bond about).

City banks, which could no longer use sterling in the way they were accustomed, began to use dollars instead, and they obtained those dollars from the Soviet Union, which was keeping them in London and Paris so as to avoid becoming vulnerable to American pressure. This turned out to be a profitable thing to do. In the US, there were limits on how much interest banks could charge on dollar loans – but not so in London.

This market – the bankers called the dollars “eurodollars” – gave a bit of life to the City of London in the late 1950s, but not much. The big bond issues were still taking place in New York, a fact which annoyed many bankers in London. After all, many of the companies borrowing the money were European, yet it was American banks that were earning the fat commissions.

One banker in particular was not prepared to tolerate this: Siegmund Warburg. Warburg was an outsider in the cosy world of the City. For one thing, he was German. For another, he hadn’t given up on the idea that a City banker’s job was to hustle for business. In 1962, Warburg learned from a friend at the World Bank that some $3bn was circulating outside the US – sloshing around and ready to be put to use. Warburg had been a banker in Germany in the 1920s and remembered arranging bond deals in foreign currencies. Why couldn’t his bankers do something similar again?</p>


An absorbing long read about how we've got into this fine mess.
uk  finance  banking  history 
10 days ago by charlesarthur
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- Wat heb ik die fysieke ESC toets gemist, eigenlijk die hele rij fysieke toetsen. De touchbar blijf vooral onaange…
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10 days ago by stijndm
Amazon, Airbnb, and Asos are all investing in this one simple design i
Service design has been one of the greatest disruptive forces in our lives over the past 20 years. Everything from how we shop for food to how we move around cities to how we interact with government has been transformed to put the customer’s experience first. via Pocket
pocket 
10 days ago by jburkunk
How WhatsApp Destroyed A Village
In July, residents of a rural Indian town saw rumors of child kidnappers on WhatsApp. Then they beat five strangers to death. Hours after a mob of villagers beat five strangers to death over a rumor on WhatsApp, nobody wanted to clean up the blood: There was just too much of it. via Pocket
pocket 
10 days ago by jburkunk
Twitter
Stel u voor dat er in Antwerpen een historisch compromis komt tussen Groen en N-VA. Als voorsmaakje voor de Vlaamse…
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10 days ago by gelerobbie
MIRROR WORLDS: Or the Day Software Puts the Universe in a Shoebox - How It Will Happen and What It Will Mean: Amazon.co.uk: GELERNTER: 9780195079067: Books
MIRROR WORLDS: Or the Day Software Puts the Universe in a Shoebox - How It Will Happen and What It Will Mean New Ed Edition
shopping 
10 days ago by dancall
Twitter
One of the few conferences I've attended in recent years - really enjoyed it last year.
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10 days ago by dhilton
『ファイナルファンタジー・クリスタルクロニクル リマスター』が2019年に発売決定【PSLineUp】 - ファミ通.com
『ファイナルファンタジー・クリスタルクロニクル リマスター』が2019年に発売決定【PSLineUp】
PSLineUp  from twitter_favs
10 days ago by richardy
Twitter
『ファイナルファンタジー・クリスタルクロニクル リマスター』が2019年に発売決定【PSLineUp】
PSLineUp  from twitter_favs
10 days ago by richardy
VeganCoin e le altre, l'avanzata delle criptovalute etiche
Che sia ora di pensare a delle Valute Etiche? Il mercato sembra pronto e i primi (timidi) tentativi sono in atto.
ethics  crypto 
10 days ago by mgpf
Twitter
Peak of the season, alright.
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10 days ago by jaredwsmith
U.S. Senator Bans Funding for Beerbots That Don’t Exist - IEEE Spectrum
The issue here is that Senator Flake is conflating a student demonstration of how research could potentially be applied (delivering beer) with the fundamental objective of the research (in this case, multi-robot planning under uncertainty). Senator Flake also does not make any reference to what the objective of the research actually was: solving real-world logistics challenges. Instead, he seems to think that MIT was using government funding to develop a commercial robotic bartender, and his solution is to amend the DoD budget to prevent something that wasn’t even happening in the first place, from happening again
science  beerbot  'baggers 
10 days ago by yorksranter
Twitter
Our own ⁦⁩ presenting the Next Generation Repositories at
ukcorr2018  NGR  kmi_ou  from twitter_favs
10 days ago by aarontay
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Ihr müsst mal ein Bett aufbauen und euch fehlt eine zweite Person?

Sechs volle Aktenordner erfüllen…
Servicetweet  from twitter
10 days ago by tmmd
Twitter
内田真礼が劣等種のオタク君たちには絶対に見せない雌の顔をスポーツ選手の前でモロ出ししてる写真、控えめに言って最高すぎる
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10 days ago by carios
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To help all of the new out there, has compiled a list of some of the best tools you…
webmasters  SEO  from twitter
10 days ago by mandigital
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We know our planet is feeling a ‘under the weather’ how does it impact our health? Air pollution linked to coal pow…
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10 days ago by mgifford
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Aux États-Unis***
Parce que bon, en France, voilà quoi. AYA Nakamura aurait déjà dû être en couv' de plusieurs mag…
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10 days ago by Beaver909
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RT : Today is - I talked about things that might possibly help if you’re struggling with your…
WorldSuicidePreventionDay  from twitter
10 days ago by petemc
Twitter
Gift for anniversary day Natural Aqua Chalcedony Blue Gemstone fair SilverRingUS pic.twitter.com/6pwvq7l8Nl

— Riyogems (@Riyogems) September 10, 2018
IFTTT  Twitter 
10 days ago by riyogems
South Africa: City to Lower Water Restrictions and Tariffs to Level 5 from 1 October 2018 - allAfrica.com
South Africa:Cape Town to Lower Water Restrictions, Tariffs to Level 5 September 10, 2018 at 05:47AM https://ift.tt/2x2sHCO [City of Cape Town] Cape Town - Cape Town's dam levels are nearing 70% of storage capacity due to good rainfall at the beginning of winter and the phenomenal conservation efforts of Capetonians Water restrictions and the associated tariffs are thus to be conservatively lowered in the interim to Level 5 from 1 October 2018 This will bring tariff relief of between 26,6% and 70% per kilolitre of water depending on the usage and tariff category The water usage target will be increased from 50 litres to 70 litres per person per day and via AllAfrica News: Water and Sanitation https://ift.tt/2P46ATW
iftt  All  Feeds  Active  EVC  AllAfrica.com 
10 days ago by leconeyc
Twitter
Gift for anniversary day Natural Aqua Chalcedony Blue Gemstone fair SilverRingUS https://t.co/qkTPhrJlw8 pic.twitter.com/ZGpIRKarQN

— Riyogems (@Riyogems) September 10, 2018
IFTTT  Twitter 
10 days ago by riyogems
South Africa: Guptas Siphoned R100 Million-Plus From China Loan, Evidence Shows - allAfrica.com
South Africa:Guptas Siphoned R100 Million-Plus From China Loan, Evidence Shows September 10, 2018 at 05:53AM https://ift.tt/2N0UL4l [Daily Maverick] In July 2018, President Cyril Ramaphosa announced that Eskom had secured a $2.5-billion loan from a Chinese state bank. The last time this bank lent money to one of our state-owned entities, the Guptas got rich. via AllAfrica News: External Relations https://ift.tt/2wi8Job
iftt  All  Feeds  Active  EVC  AllAfrica.com 
10 days ago by leconeyc
Twitter
Ik heb de nieuwe MacBook Pro met keyboard en touchbar een paar weken een eerlijke kans gegeven door enkel de ingebo…
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10 days ago by stijndm
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RT : My new project the Elastic System launches today on the anniversary of the death of pioneering C19th T…
librarian  from twitter
10 days ago by miaridge
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There are pre war houses in the small Ghetto in the following streets, walicow, krochmalna,ogrodowa, Gryzbowska, Łu…
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10 days ago by ninthart
Twitter
This pic is where the graffiti was, and where they took their picture - tourist guides love sensationalising places…
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10 days ago by ninthart
no fakmed - Un site d'information sur les pratiques médicales
fakemed-O-métre
Classement des facultés de médecine françaises en fonction de leur porosité aux pseudo-sciences :
dom  médecine 
10 days ago by EllenH
Twitter
Right. Like, I'm basically treating 2019 as if I need to assume that the UK will be completely non-…
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10 days ago by DRMacIver
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Fortunately I had an old usb keyboard. Just drying out the knackered one an…
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10 days ago by ninthart
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RT : Come work with me at —we're looking for a Data Executive to support the Developing Data Unit and hel…
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10 days ago by dhilton
Many major airports are near sea level. A disaster in Japan shows what can go wrong • The New York Times
Hiroko Tabuchi:
<p>Kansai airport, which serves the bustling cities of Osaka, Kyoto and Kobe and handled almost 28 million travelers last year, faces an additional predicament. A feat of modern engineering, Kansai sits on an island three miles offshore that was built over the course of a decade from two mountains’ worth of gravel and sand. The airport, which opened in 1994, was built in Osaka Bay partly to minimize noise problems but also to avoid the violent protests over land rights that are the legacy of older airports in Japan, like Narita, which serves Tokyo.

Signs of trouble came early. Engineers had expected the island to sink, on average, less than a foot a year over 50 years after the start of construction as the seabed settled under the airport’s weight. But the island sank more than 30 feet in its first seven years and has continued to descend, now losing 43 feet in elevation at the last measurement.

At that rate, at least one of the airport’s two runways will slip under the waves completely by 2058, according to dire predictions made in a 2015 paper by Gholamreza Mesri, a civil engineering professor at the University of Illinois at Urbana-Champaign, and J.R. Funk, a geotechnical engineer. And with sea levels rising because of climate change, Professor Mesri added, the airport could be underwater even sooner. “You won’t have an airport, you’ll have a lake,” he said.</p>


The pictures of the inundated Kansai airport - with sea walls built to withstand record storm surges, which were then overwhelmed by a new record surge - is stunning. Climate change fights back.
climate  airports 
10 days ago by charlesarthur
Twitter
But yes generically agreed that for the more international conferences, Brexit is going to make the…
from twitter
10 days ago by DRMacIver
Five Books
The best books on everything
books 
10 days ago by Tiberiade
Why the world is full of buttons that don't work
According to Langer, placebo buttons have a net positive effect on our lives, because they give us the illusion of control -- and something to do in situations where the alternative would be doing nothing (which explains why people press the elevator call button when it's already lit).
design  psychology 
10 days ago by terry
Twitter
From this morning's talk at Smashing Conf in Freiburg
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10 days ago by craigmod
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