Monday, September 17, 2007

Star crossed lovers

If Shakespeare's Romeo and Juliet were the star crossed lovers, then Eva Longria would have to be the star crossed gnome. (If that doesn't make sense, click on the picture, and "read" the tatoos from left to right.) Now if only Bernanke and Greenspan could make up.

On November 12, 1956, UK's Harold Wilson then the Shadow Chancellor, coined the phrase the "gnomes of Zurich" about the financiers who were successfully speculating against the pound. (Remember also the fight over the Suez Canal and oil interests?) And the term "gnomes" stuck, especially when a currency crisis hit, or when central bankers seemed to be manipulative. With the coming Fed's decision on interest rates and the hammering of the pound after the BoE bailout of North Rock, I'd thought it be appropriate to refresh your memories on the financial lexicon from yesterday with events happening today. So if you hear grumblings about the "gnome" financiers and central bankers; it's just history repeating-again.

Tomorrow some will love Bernanke, and some will hate him, depending on how they're positioned when the Fed plays it's interest rate hand at 2:15. It was Juliet that said, "My only love sprung from my only hate" and stock jockeys should remember what the Friar said to Romeo, "Wisely and slow, they stumble that run fast."

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