Mellon On The Markets: “Mark Carney Should Be Fired – At Once”

Mellon On The Markets: "Mark Carney Should Be Fired – At Once" By Jim Mellon This month, I am composing my column on the train from Edinburgh to London, having just made my thirtieth visit to the Edinburgh Festival. Every year, the Fringe gets bigger and wackier, and every year the ticket prices go up – in fact, quite a lot! This ticket price inflation contributes to a noticeable change in the demographics of the audience – i.e. they are getting older (as am I!). When I first started going, tickets were generally a pound or two, and now they are between ten and fifteen pounds. Young people simply can't afford them, so apart from being denied decent affordable housing and a free education, they are also denied culture. Ah well, there's always drink! And this brings me to the point of this anecdote. Inflation may appear to be low, but if you are a consumer of services, or of housing, or of coffee shop time, or of public transport, you will not find it to be so. Sure, electronic goods and textiles have been falling in price (not any more though!) and this has masked the true rate of inflation, which is much higher than the official stats suggest. This is why Mark Carney should be fired – at once, preferably. I talked about the plague and curse of academic/investment banking central bankers at the Master Investor Show this year, and how they were manipulating economies into long-term stagnation with their ever running printing presses and distortion of the Wicksellian rules on the true rate of interest and allocation of capital… Click Here To Read The Full Story The Master Investor Market Report The FTSE 100 closed the day at 6,820.79, a decrease of 17.26 points. The FTSE 250 sank 83.55 points to finish at 17,847.24. The FTSE All Share dropped 10.40 points to finish at 3,718.31. The FTSE AIM All Share finished at 793.31, up by 0.50 points. Distribution outfit Bunzl (BNZL) increased its pre-tax profits for the six months ended 30th June by 6% to £155.6 million as operating margins grew and it benefited from advantageous currency movements. Revenues also climbed by 10% to £3.44 billion on the back of recent acquisitions and the firm remains committed to a takeover-based expansion strategy, with three new purchases announced this morning worth a combined value of £101 million. Bunzl shares closed the day at 2,418p, down by 2p. Get our August issue while it's hot! Click HERE to read. Components supplier Dewhurst (DWHT) said that trading during the third quarter of the financial year ending 30th September was a continuation of the recovery that was seen in the first half and the recent fall in the value of the pound has also had a positive impact on revenues. As a result of these developments, full-year profits are now expected to be ahead of previous forecasts. The shares shot upwards by 13.15% to 710p.  Shares in AIM-listed estate agency Purplebricks (PURP) climbed 9.75p to 135p after the company announced the formal launch of its Australian business. The company believes its flat fee structure and service offering will attract customers and let it take a slice of Australia's £3.3 billion real estate market. The initial operations will be located in Melbourne and Brisbane, with rollouts in other cities planned for later this year.  Tomorrow's news today  HSS Hire (BSS) will release interim results. Quote of the day "Good questions outrank easy answers."  - Paul Samuelson Latest Stories The Evil Diaries: "Apple Will Pay" By Evil Knievil This Apple (NASDAQ:AAPL)/EU tax ruling is Kafkaesque – especially given that the EU intends that Eire banks the loot where Eire has indicated that it declines. (This is understandable given that Eire thought it had entered into an agreement with Apple.)… Click Here To Read The Full Story Chart of the Day: HSBC By Zak Mir Anyone wondering whether the post-Brexit state of flux might be good for at least some banking stocks need look no further than the internationally focused HSBC and the mega rally of recent weeks… Click Here To Read The Full Story Zak's Weekend Charts Round-Up By Zak Mir FTSE 350 Stocks Antofagasta (ANTO): June Price Channel to 600p While some of the other mining sector giants such as Randgold Resources (RRS) seemed to head for the upper reaches of the stratosphere with relative ease… Click Here To Read The Full Story Something for the Weekend – Britain's Got Telecom By Adrian Kempton-Cumber It amazes me that people here are so absorbed by foreign politics but scarcely seem to engage with domestic politics at all. The Trump campaign is a classic example. I see countless retarded posts by Brits on Facebook saying things like "we've GOT to stop Trump getting elected"... Click Here To Read The Full Story Can Persimmon Build on This Recovery? By Robert Sutherland Smith I last wrote on Persimmon (PSN) shares last month when they were languishing at 1,239p and it struck me that they were looking remarkably good value on the fundamentals. It is always a bit risky calling shares before the actual results but where there is risk there is the potential for reward as well… 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. 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