Democracy In Action Special : EI Weekend 3039
After Kamala last week, votes from Tunisia to Venezuela, tales of bribery, ISIS cashflow & a chaser of next gen crazy rich Asians.
Exchange Invest is a unique information resource combining the day’s stories in a newsletter for investors in exchanges/financial markets infrastructure.
Exchange Invest was founded by former exchange CEO and author of the first bestselling book of fintech (“Capital Market Revolution!” FT 1999) Patrick Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.
On this day in 1961, the UK applied for membership of the European Common Market.
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MACRO THOUGHTS
The most famous scene in the magnificent movie Downfall has spawned a lot of memes but this week a co-conspirator emailed this gem: Hitler gets a margin call.
(I love the “have they ever tried using Kitco or the Perth Mint?” — hilarious trolling).
Which rather fitted in elegantly with the post (or not quite so post?) carry trade malarkey while the BOJ took a few hours before it crumbled, citing the fact Japanese monetary policy is supplicant to the almighty dollar.
Here we are 39 years on, will there be a 2025 Plaza Accord which helps prop up the weak Yen and other currencies? #AskingForAFriend.
Meanwhile “Cynthia Arnson, a distinguished fellow at the Wilson Center, a Washington think tank. “The problem is, the country is in a death spiral and there’s no chance the economy will be able to recover without the legitimacy that comes from a fair election.””
…That was not a forward look to election outcomes later in the year but rather a reflection on the Venezuelan Presidential election where the electoral commission could be closer than ever to a first Man Booker prize. Speaking of which: more later.
IN BIGWORLD
From Exchange Invest 2036: August 7th:
50 years ago shortly after 0700 on August 7th 1974, Philippe Petit stepped out from the roof of the World Trade Center’s South Tower and onto a one-inch thick cable, stretching 140 feet across to the North Tower.
The audacious walk was the stuff of ‘elf’n’safety nightmares, even for the 1970’s it was rather edgy. Petit made 8 crossings between the Twin Towers with a balancing pole and a drop of 1360 feet.
He then stepped off the wire (it was shot across with a bow & arrow) and was promptly arrested.
In a delicious twist to the story, he was released without charge provided he gave a free show in Central Park for local children.
EXCHANGE INVEST WEEKLY PODCAST
The White Heat Of ICE Reigns Supreme,
As CBOE Has A Problem Keeping Up With Leaders Like ICE & NASDAQ, Judging From Their Recent Results.
The Exchange Invest Weekly Podcast 257
BITCARNAGE
Dog Bite Delays Jail
Ryan Salame will have an additional 45 days at liberty prior to beginning his sentence due to medical complications following a dog bite. Judge Grants Ex-FTX Exec’s Request To Postpone Reporting To Prison (Cointelegraph).
If you enjoyed this excerpt you may be interested to know that you can read Bitcarnage every day in Exchange Invest.
Alternatively, if you want to follow Bitcarnage — the daily update on happenings in the world of crypto and digital assets, then you can find Bitcarnage as a standalone on Substack.
OF INTEREST
As always, a review of interesting reading to provoke thoughts and consideration… Not sure we agree with much of it….but it’s thought-provoking!
AP Review Of Venezuela Opposition-Provided Vote Tallies Casts Doubt On Government’s Election Results
NBC4 WCMH-TV
Venezuela’s Opposition Trounced Maduro, Election Receipts Show
MSN
Where Venezuela Goes From Here
TIME
Venezuela Security Forces Swoop On Activists As Repression Worsens
BBC
PLY: In essence, the opposition may have had almost 75% support such was their (brutally repressed) success against former bus driver Maduro who has managed to shrink the Venezuelan economy by 75% under his authoritarian disaster of a Presidency.
Tunisian Presidential Candidates Complain Of Restrictions And Intimidation
Reuters
PLY: Let it not be forgotten that in abject frustration, Tunisian Mohamed Bouazizi set himself on fire with fatal repercussions in frustration at the Tunisian blob on December 17th 2010. No progress has been made but then again the resulting “Arab Spring” became a huge political debate as opposed to its humble origins, a cri de coeur by an entrepreneurial merchant stifled by a state which places its jackboot before commerce.
How Islamic State Makes Money
The Spectator
One In Four People In Malta Know Someone Who Took Or Accepted A Bribe
Times of Malta
“95% believe there is widespread corruption in Malta — up from 92% in 2023.”
Crazy Rich Asians: The Next Generation — And The Struggle To Make A Success Of Succession
South China Morning Post
Books worth reading:
FINANCE BOOK OF THE WEEK
“Forecasting Financial Markets: The Psychology of Successful Investing” by Tony Plummer provides the most readable book in the technical analysis canon with interesting discussion of cycles, patterns of economic and financial activity, and how to use cycles as a forecasting tool.
Get the book here.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
Suggestions welcome if you would like to nominate a book for us to cover!
Our next Book of the week will be unveiled Saturday in the EI Weekend Edition.
& don’t forget if you want all the news on the bourse business sent daily to your Inbox subscribe to Exchange Invest — via Exchange Invest.com — it’s only $375 per annum to join “The Exchange of Information.
CAPITAL MARKET REVOLUTION
First published in 1999, “Capital Market Revolution!” offered a clear, concise roadmap for navigating the financial revolution fueled by technology. And 25 years later, as the world of fintech continues to evolve, the core principles laid out in the book remain surprisingly sharp
This new edition was produced to celebrate PLY ringing the NYSE Closing Bell July 5th, 2024. There are several new sections of PLY pith to add 10,000 more words of context and the original book which is remarkably prescient and elegantly dated all at once! It’s only $9.99 on Kindle, a fraction of the original price in 1999 to encourage revolutionaries with any budget!
Get the book here.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
LAST WORD
…If you want to stay abreast of the world of exchanges then please Subscribe to our Daily Newsletter — free 7-day trial.
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You can also check out the “Reflections From Young’s Pyramid”, it illustrates the relative value of exchanges around the world.
Or the “ICE Cost of Borrowing 2020–2022” An Interest Rate Comparison, which illustrates the end of the funny money era of QE and how interest rates have already had a major lurch up from their previous region of zero to, even negative, levels.
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