I'll tell you what's happening, it's time for another session of Macro Confessions and I welcome back the boundless wit and curiosity of @writes_sweeney
It's been an epic adventure as I've travelled back from St Barts to the mania which is London and something which looks and feels a lot like the flu.
I immediately fell asleep on the puddle hopper that connects to Saint Martin 
I then needed to cross the island fast. I arrived at the wrong airport and traffic is a disaster. SO hopped on the back of a super fast motorbike with butt cheeks clenched
And then the sleeping pills really kicked in and for a moment I feared I was boarding the wrong flight
But all worked out in the end and I woke-up safely in Paris; hey, thought I was going to London..?
This week's show is pure nonsense and indulgence. Make of it what you will. We examine my relationship with Crispin Odey back in the day, my vexation at seeing music business valuations explode to the upside this year
I tried to buy EMI back in 2005 when valuations where perhaps just 5% of today's levels. And of course it's A Blue Christmas, and we are channelling Elvis as we pick over this week's big currency gyrations from the Turkish lira.
Turkey, a country of 85 million inhabitants but a GDP equal to Berkshire Hathaway or 3x Elon Musks or < 25% of the present mkt cap of Apple. Let’s have morbid fun. Today's FT says Turkish deposits are 1.1 trn lira. GDP at end of last year was $720bn or a generous 9.5 trn lira
So deposits are only 12% gdp which is really small as the lira really is not « our power » Turks hold a third of their money in gold. Funny no one cites their BTC holdings... They can also choose to keep they savings in $ bank accounts
But the Argentina experience at the turn of this century suggests this is useless - they’ll seize whatever you've got - CDs, cassettes, vinyl, if they can steal it they will. Paranoïa and fear are really your only protection…
Remember what I was saying last week. Practice identifying change rather than mastering daily chores cause the fake system is gonna smash and when it does...
...oh boy, you're gonna need to un-logic your thinking to survive and prosper. Apples and Turkey ?? Merry Christmas one and all...
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