Tuesday, January 6, 2015

You Eat The Cake You Bake

Disclaimer: I hate cake.

Lately I realized that I have been writing quite a few pieces highlighting important (in my opinion) economic news around the world. The reason why I share these topics is because I think that these issues highlight some serious problems and there are some lessons to be learnt.

A stupid man never learns from his mistakes.
A smart man learns from his mistakes.
A wise man learns from others' mistakes.

From Bad Debt Countries, we can learn that just as there are bad companies run by lousy CEOs, there are bad countries run by shitty governments. Countries should not be exempt from the level of scrutiny and critique that we normally reserve for stock picking since they are so much more than just a place we invest money in. We actually live here.

From Mario Draghi Economic Fallacies, we can learn that you need sound knowledge to devise and execute a successful plan. Unfortunately, Mario went to the Elite School of Central Bankers, which is why inflation is awesome and price discovery is bad. Also, monetizing debt is awesome. A great foundation for a great economy, right? Not.

From Thomas Picketty's Double Standard, we can learn that shit you say can haunt you forever. If you make money selling your book to a million people (unlike me that write for free), then you are going to held accountable for every sentence in that book. We can also learn that if you do double standards, people will think you're a dick.

Anyway, the epitome of all these 3 lessons combined is about an article I read on ZH:

These economists are OUTRAGED that their crappy government has forced onto them (Lesson #1) a stupid policy based on bullshit (Lesson #2) that they came up with (Lesson #3a), which is why I think they are all dicks (Lesson #3b). Oh wow. Much shock.

College economists have a lovely prefix to their profession which are generally well-respected by most people. Banking economist? Booo. Academic economists? Yay! But the truth is that many academic economists are snakes' oil salesmen, worse than the Gushcloud influencers. They make Yilin look like an angel (I mean, she's already very cute, but I'm referring to the innocence aspect here). If you can't be bothered to watch the "Inside Job", maybe you can try YouTube-ing some of the clips when they talked to John Campbell from Harvard or Frederick Mishkin from Columbia. I guarantee, it will make you feel like vomiting in your mouth.

Perhaps studying and passing my CFA Level 1 actually taught me some sense of ethics, but I do think that you should eat the cake that you bake. I am not shy that as an affiliate I pimp off BullionStar. This is because I am also a customer and I really do think that they are the best. I have absolutely no qualms to pack up and move my business elsewhere if there is a better alternative. I banked with DBS for more than 20 years, and I closed my bank accounts with them simply because OCBC is objectively much better. Even if there was a super cute relationship manager in a bikini, that can't stop me. I'm a financial prostitute. It's nothing personal, it's just good business.

I know most of these things have absolutely nothing to do with the casual Singaporean, but I just need to get all this ranting out of my system. I swear, I really can't do double standards.

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