The Lunatics Have Taken over the Asylum

The Lunatics Have Taken over the Asylum By Victor Hill In May I wrote about how the world of the Zero Interest Rate Policy (ZIRP) was one of Alice in Wonderland economics with all kinds of unforeseen consequences over the long term. And last week I discussed how the Bank of England Governor's attempts to lower interest rates after the Brexit shock sent confusing signals to the markets. Today I want to dig a little deeper and to speculate on how Alice in Wonderland economics is likely to get even crazier before sanity is finally restored. (If ever). I have just listened to a BBC R4 documentary entitled How Low Can rates Go? by Martin Wolf, the chief economics commentator at the Financial Times. This has given much food for thought. Now I have to get something off my chest. I regard both the Financial Times and The Economist as mouthpieces for the prevailing economic orthodoxy. You don't have to be a Marxist like Antonio Gramsci to believe that, throughout history, orthodoxy is the ideology of the prevailing elite. Orthodoxy means keeping things the same – even when the consequences are deleterious. Orthodoxy is always biased in favour of the status quo. Orthodoxy is usually about tautological semantics (things are so because they are so…). I could name several writers on the FT whose main task is to restate received wisdom in ever more clichéd ways. The lame arguments with which they fought the REMAIN cause just confirmed my prejudice... Click Here To Read The Full Story The Master Investor Market Report The FTSE 100 closed the day at 6,730.48, an increase of 30.59 points. The FTSE 250 fell 63.96 points to finish at 16,983.46. The FTSE All Share climbed 10.68 points to finish at 3,643.80. The FTSE AIM All Share finished at 740.60, up by 2.33 points. Mobile telecoms outfit Vodafone (VOD) earned revenues of €13.3 billion (£11.7 billion) during the quarter ended 30th June. Organic service revenues grew by 2.2%, outpacing expectations on the back of strong performances in Germany and Spain despite cuts in European roaming charges.  Revenues also rose in Africa, the Middle East and Asia Pacific, but statutory results dropped slightly  due to exchange rate movements as the company changed it's reporting currency. Vodafone shares rose by 4.64% to 235.55p. Download our July issue today! Click HERE to read. Self storage specialist Big Yellow (BYG) has reported that occupancy improved 3 percentage points to 78.5% by the end of its first quarter with revenues up by 10% at £26.4 million. Average net rents per square foot rose to £25.99 during the period. Management said that current performance was satisfactory, but they were uncertain about any future impact from the Brexit vote. The shares climbed 10.45p to 718.50p. AIM-listed miner Acacia Mining (ACA) produced 221,815 ounces of gold during the three months ended 30th June, 19% higher than in the same period of 2015. This improvement was counteracted by a decline in sales prices, but cash costs also fell. Total revenues for the first half of the year were $505 million (£385.7 million). Shares in the company closed the day at 559p, a 7.29% improvement over the open. Monday's news today Petra Diamonds (PDL) will release a trading statement. Quote of the day "Giving money and power to government is like giving whiskey and car keys to teenage boys." - PJ O'Rourke Latest Stories Chart of the Day: Savannah Resources By Zak Mir The shares of mining minnow Savannah Resources have experienced something of a transformation in recent months, helped by the turnaround in the sector as well as internal progress by the company… Click Here To Read The Full Story Something for the Weekend – Working on the BlockChain Gang By Nick Sudbury There are all kinds of products available to help us achieve things beyond our capabilities. From aeroplanes to recreational drugs… Click Here To Read The Full Story The Evil Diaries: FastJet, ARM and Mulberry By Evil Knievil I may be going mad in that the £13m fundraise through new equity at 50p at FastJet (FJET) (with, it must be added, a warrant to subscribe at 30.5p for each share acquired in the placing) is said to be so arranged… Click Here To Read The Full Story How Growth in Global Air Travel Can Lift Your Portfolio By James Faulkner Since the dawn of civilisation humans have been fascinated with the concept of flight. From the legendary flight of Icarus in Ancient Greece and the Renaissance sketches of Leonardo da Vinci, to the Wright Brothers' first successful manned flight in 1903... Click Here To Read The Full Story Chart of the Day: Sirius Petroleum By Zak Mir One of the best things about charting is that there are so many ways of arriving at a conclusion – not just with the price patterns, but with a whole number of indicators… Click Here To Read The Full Story Join the movement on social media: Copyright 2016 Master Investor Ltd, All rights reserved. You are receiving this email because you opted in at our website. If a Daily Bulletin is too frequent, why not opt in to our once weekly mailing list for a round up of the week's news straight to your inbox. Once Weekly Round-Up Our mailing address is: Suite 88, 22 Notting Hill Gate, London W11 3JE Master Investor is a trading name of Master Investor Limited. Material contained within Master Investor Magazine and its website is for general information purposes only and is not intended to be relied upon by individual readers in making (or refraining from making) any specific investment decisions. 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