I made the Gongol list!

In at 79.

Though I'll be recommending some worthier sites and so I guess I'm going down - for now.

Shoot the B******s

A piece by the columnist and Nobel-prize winning economist Paul Krugman: http://www.nytimes.com/2009/02/02/opinion/02krugman.html?_r=1&em

To me, it gives a strong argument for temporary state ownership.

Shares: why bother?

The Contrarian Investor raises an issue I've been pondering recently: in today's financial climate, are stocks and shares old hat? They're only a market in what companies are willing to let the public invest.

If I were a rich entrepreneur who'd been smart enough to get into cash a year or two ago, I'd be looking to take my company back into private ownership, or buy another for a suitcaseful. Who wants to be told what to do by shareholders with bees in their bonnets, institutional investors looking to maximise profits like, NOW, and other goons? It's like being in a three-legged race with the fat kid.

Venture capital - is that the place to be?

IN- vs. DE- and an upcoming opportunity

Jesse echoes my hunch: deflation now, inflation soon-ish, with high interest rates for a bit. At that latter point, get your annuity and /or bonds, and benefits as rates subside. A guess, but it's comforting to see wise owls coming to the same conclusion.

You now have our investment gameplan for what is likely to be the rest of Jesse's life.

No, no "Jesse"; live long and prosper.

Number crunching - fractional reserve banking

Supposedly, banks lend 10 times (or more) what they have on deposit. Yet in June last year, it was estimated that total UK consumer borrowing (mortgages, loans and credit cards) stood at £1.444 trillion, and in October savings and deposits reportedly totalled £1.17 trillion - a ratio of c. 1.2 to 1.

By contrast, total U.S. household debt at the beginning of last year was estimated at $14.4 trillion, and in October the Mises Institute reckoned the True Money Supply to be $5.5 trillion, a ratio of around 2.6 to 1.

On the face of it, the American consumer is in twice as dire a state as his British counterpart.

I expect that's an oversimplification - but simplicity is in very short supply. I'd like to understand more, but I can't find reliable, user-friendly data on where all the money and debt is. There's far too much secrecy, complexity and obfuscation in this business.

Gold overpriced?

Gold's price since President Nixon closed the gold window on Aug 15, 1971 has been generally higher than in the era up to then, but still very variable. If we adjust it for inflation as measured by the Consumer Price Index (CPI) in the USA, and take September 1971 as being a "1", the mean and median values since then are of the order of 2.8 - 2.9.

Currently the gold/CPI ratio is about 4, which is somewhat above trend, though nowhere near the spikes of the early 80s. So I'd regard gold's price as a bit high for getting in now, unless you're speculating, which is not my game. But if you got in 9 years ago, well done, and I guess you'll want to hold for some time yet.

British jobs for foreign workers

Wanted:

738 foreign (EEC domiciled) labourers, for casual work in comfortable and extremely well-appointed factory premises. Existing postholders need not apply.

Why has this contract become available?

We are seeking workers who will perform their duties solely for the official remuneration offered, without the payment of additional incentives from third parties, such as "consultancy fees" etc. The management feels that it is important to make a fresh start in order to establish a new working culture, without contamination from previous elements.

Duties

Reading and revising proposed laws. A good command of English is essential; it is therefore expected that applicants will have been educated abroad.

Legal revisions must be conducted solely and entirely on the merits of each case, for the benefit of the nation as a whole, without fear or favour.

Days worked per year / holidays

This varies, but in 2007-2008 the number of days the factory was open was 148.

Hours of work

From the following start times until 10 - 11 p.m., but sometimes later and occasionally throughout the night:

Mondays and Tuesdays from 2.30pm
Wednesdays from 3pm
Thursdays from 11am
some Fridays (10 in 2008 - 2009); on these days, from 10am

On average, 6 hours 46 minutes per session (in 2007-2008).

Thus, hours worked per year = c. 1,002, equivalent to less than 21 weeks at the EU maximum of 48 hours/week.

BUT adjusted for average attendance figures (see below), actual time worked per worker in 2007-2008 was the equivalent of 11 weeks 2 days per year.

Sick leave

N/A. But attendance is voluntary, and average attendance in the last 3 years was c. 54%.

Minimum attendance by the workforce as a whole is 3 workers per shift (30 on days when the product is due to roll off the assembly line).

Job security

Extremely good. Under current terms, workers cannot relinquish their position once appointed, even if they wish to; but they may take indefinite leave of absence without notice or permission. One current worker has stayed away from the workplace since 2001.

Pay

£335.50 per shift, plus other expenses.

Outside employment when not in attendance at the factory is permitted, provided that it has no bearing or influence whatever on the worker's primary duties at Lawmaking plc.

Important note

Applicants must be prepared to endure some initial unpopularity from protectionist malcontents (many apparently disguised as Santa Claus), but may be assured of the full protection of the law.