What is the right price?

Can you have a differentiating monopoly where depending on your wealth and your admiration of the shrine, you're priced differently.

I often wonder about this.

Can the locals, compete with the international tourism, or do they just carry on.

The Basque people are both friendly and extremely hard working. They appreciate being appreciated with smiles, kindness and cash. It's not always just cash but if the others are missing they move on happily. They can spot people they want to serve. They went to "Good, good, nah school." They blank tourists they don't like the look of. Guess what it works very well. They moved on while the toyrists moan "I was waiting ages and I shouted three times it's me next."

Those who are served feel equally vindicated. Smiling being patient and saying "Eskerrik Asko" (or perhaps read the room and say 'Gracias') will serve you well. Reading the napkins will always serve you well. The Basque people don't all speak Basque. Read the tea leaves, or the napkins. If they say Eskerrik Asko, it's not a gimmick, just Ask Eric ask him. Or as my impersonation of Bobby Bluebell goes Esk Erik Asko. It brings tears to my eyes and often to the victim.

How derivatives changed economies

It's hardly rocket science but whenever I explain to pals about the economy I use anecdotes.

My croupier pal the other day wanted to understand passive trackers and it was easy. I said you know the gamblers who walk around the tables and see who's winning and backs their box. 

He said "yeah but their streaks always end".

I said "past performance is no guide......." And we laughed.

Simple concepts like the law of diminishing returns.

I explained to a window cleaning pal about what would happen if you cleaned a window 10 times. Pointless, exactly. At worst "it would be clean enough to eat your dinner off it",after the 2nd or 3rd time. If it's still dirty you've the wrong tools he laughed.

The croupier asked me why is there no investment in actual things? Why is all the money getting loaded up on funds tracking funds.

I replied are you asking me why SSE or National Grid can announce massive rights issues and they get swallowed so easily by the markets. Why government can borrow so much when they clearly have no assets. Have governments got themselves into more debt than households did in the Thatcher, Major, Blair 1980/90's. I laughed and said you'll need more than AI and a few economists.

Debt has always had its uses. If it's occasionally used for desperation purposes it's fine. If it's always used for whims it's a disaster.

Thatcher used it to batter the unions. It worked a treat, she battered them senseless.

Blair used it to keep funding the rich.

During the banking crisis Brown borrowed more to give to the bankers to pump prime the economy.

He wasn't smart enough to realise their self interest had brought the economy to its knees. It would not change it's nature.

Santa Claus was indeed SATAN with claws.

He could've increased our debt by pump priming the economy via the removal of the lower rate of tax and strategically make tax start at £35,000, a level which at the time is when people started saving instead of spending. He didn't.

Have governments improved.

Has lettuce improved.

I don't think so.

The level of capital invested and the amount of end assets is at an unrealistic gearing ratio, just ask the croupier.