Daily Update: Waiting for the Miracle to Come Edition

It's been odd observing the relative economic tranquility around the world. We half expected total collapse in South America and more signs of difficulty in certain Asian economies, but reality has proven otherwise. That is good for the world, and both good and bad for the United States. When you suffer, and the world does not, that "world" might begin to conclude that they don't need you, or don't need to listen to you. Being ignored or discounted is not America's default psychology, and the adjustment might be rough going for traditional thinkers.

In this year of populism run amok, with politicians and citizens enraged at various forces they pretend not to understand, or don't understand, we can hardly engage the world in a fashion that would benefit our own interests. We are still upset over losing manufacturing and jobs to overseas lands, not truly reflecting on the fact that every developed nation will face similar situations, and to the extent that people in China and India begin to have real incomes--and that process has begun--it offers a lot more opportunity than if the world were just shut down into several regional fiefdoms. We wonder if people are looking ahead.

Certainly certain institutions have that foresight. HSBC, the massive bank that has always spread itself across Europe and Asia, has decided to base its chief executive in Hong Kong in an acknowledgement of the importance of that region. We always believe that a nation's major corporations should leave ultimate authority in the home region. But, we also feel like smart businesses will make sure that their top personnel is focused on where opportunity can be had. HSBC is doing its part to stay attuned to opportunity.

The increasing shift in economic power from the west to the east was demonstrated yesterday when HSBC announced it was moving its chief executive Michael Geoghegan from London to Hong Kong.

The decision by the UK's biggest bank and largest company to move its chief executive to Asia comes at time when the traditional G7 power base is being overtaken by the wider group of nations in the G20, reflecting the growth in emerging markets such as China and India.

(UK Guardian)

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Norway's massive sovereign fund, font of oil revenue, continues to do well. A while back there were worries about falling oil income and declining stock shares, but the managers of the fund did not panic, using the opportunity of low prices to buy more assets.

Recent rises are the result of Slyngstad buying $175bn (£107.5bn) worth of equities when world markets crashed earlier this year, following the Norwegian government's decision to increase the share of equities in the fund from 40% to 60%.

(UK Guardian)

It would be awesome to see an American fund like this, but dedicated to healthcare or some other problem but what works so well in Norway would face political propaganda problems here. Namely, it would be referred to as socialist. Never you mind the number of programs in the United States that are some variation on socialism anyway. Any innovations in terms of how stuff is financed in this country would face unspeakable slander, which is why reforming healthcare now is such a never ending battle. We lack the foresight of Norwegians, who are saving money, growing money, and thinking about future generations while at the same time solving present day problems.

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And now, for those awake and alive, some music to take you into the week. The great Leonard Cohen had his first concert in Israel in more than twenty years. The sold out event was being used as a forum to promote reconciliation between Israelis and Palestinians. That battle is not ending any time soon, but the concept of forgiveness is important.

Baby, I've been waiting,
I've been waiting
Night and day
I didn't see the time,
I waited half my life away
There were lots of invitations
And I know you sent me some,
But I was waiting
For the miracle,
For the miracle to come

I know you really loved me
but, you see,
my hands were tied
I know it must have hurt you,
it must have hurt your pride
to have to stand
beneath my window
with your bugle
and your drum,
and me I'm up there waiting
for the miracle,
for the miracle to come

Ah I don't believe you'd like it,
You wouldn't like it here
There ain't no entertainment
and the judgements are severe
The Maestro says it's Mozart
but it sounds like bubble gum
when you're waiting
for the miracle,
for the miracle to come

Waiting for the miracle
There's nothing left to do
I haven't been this happy
since the end of World War II

Nothing left to do
when you know
that you've been taken
Nothing left to do
when you're begging for a crumb
Nothing left to do
when you've got to go on waiting
waiting for the miracle to come

I dreamed about you, baby
It was just the other night
Most of you was naked
Ah but some of you was light
The sands of time were falling
from your fingers and your thumb,
and you were waiting
for the miracle,
for the miracle to come

Ah baby, let's get married,
We've been alone too long
Let's be alone together
Let's see if we're that strong
Yeah let's do something crazy,
Something absolutely wrong
While we're waiting
For the miracle,
for the miracle to come

Nothing left to do ...

When you've fallen
on the highway
and you're lying
in the rain,
and they ask you
how you're doing
of course you'll say
you can't complain --
If you're squeezed
for information,
that's when you've got to
play it dumb:
You just say
you're out there waiting
for the miracle,
for the miracle to come

Sometimes I wonder if I am sitting about waiting for the miracle to come, or if anything short of a miracle, the miracle, is compromise.