Selling Out the Future For the Sake of the Present…
Zak Vora, July 7th, 2010
07/07/10
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Change since 05/07/10
The lack of a Daily so early in the week could well be put down to being stuck with a Health & Safety officer yesterday, answering pointless questions. Having agreed to take onboard a work placement student over the summer for just a week I recently got called by the local borough council to be informed our offices needed to be inspected before they could allow a student (a 17 year old), onto the premises as they could be at risk. Given that we aren’t a building sight the last time I checked, and the student was put forward by my aunt, (who asked me to help out with the placement), I felt a little miffed that we then had to be vetted, (although judging by some of my colleagues that’s a valid concern). Sure enough someone came round to the office, checked off a list of idiotic questions and inspected the appropriate insurances to satisfy some bureaucratic requirement.
Meanwhile the government announced that it’s slashing spending on education in an effort to reduce the UK’s budget deficit. Over 700 schools alone that had been earmarked for significant refurbishment due to their dilapidated state will now at best have patch-up jobs done to them to keep them standing. So on the one hand it’s ok to waste tax-payers resources to go around inspecting offices for the protection of children’s interests but at the same time it’s not a problem if the roof falls in on them at their school.
People often ask how the East has managed to power ahead and take the lead whilst leaving the West in their wake; maybe because they’ve been investing in the future, the next generation, making sure that their education is not left wanting. Meanwhile it would seem, in the UK at least, the future is being sacrificed in an effort to meet the targets of the present. And just in case you thought the answer was private education, sadly the queues at their doors have been long for quite a while, packed with parents desperate to provide a decent education to their children, those queues will only get longer.
Anyhow away from the woes of the British education system the RBA did as expected and kept rates unchanged yesterday at 4.50%. Futures, however, managed to rally beforehand and the intended short position in the AUD 3yr Bond at 95.52 was triggered. The accompanying statement with the announcement was less dovish than thought, quashing hopes of a cut in rates anytime soon, and as a result futures fell back. The stop loss on the trade is 95.59 and the take profit target 95.30. As ever we wait to see where the whims of the market take us with that.
Have a good day…
This entry was posted
on Wednesday, July 7th, 2010 at 5:39 pm and is filed under Blog, Featured.
