Hello again,
This week’s art: Sketchworks of Gustav Klimt, master of Viennese Secession.
Fed stands firm, BoE goes low. Still, a long descent to go. As UK headline inflation is now 2%, the Bank of England reduces its interest rate for the first time in four years. This follows similar lines to the ECB.
Source: My own graph for once. *ECB: Deposit Facility.
The British Chancellor, Rachel Reeves, declares the new government inherited a 22 billion pound deficit from the Tory government. The last Chancellor, Jeremy Hunt, whom she accuses of lying, has contested this claim. He states that Reeves already saw the book before coming to power, and is now making noise to prepare for higher taxes. Last election, Labour promised not to raise taxes for working people. However, it appears that much of this claimed deficit stems from a 9.4 billion dollar pay rise for public sector workers she had just announced. This kind of trips up her claim.
Half-figure of a Young Woman, 1918.
Controversy with the Smurf fellow at the Olympics. Overwhelming onslaught of criticism by Christian leaders and churches regarding the depiction of Christ’s last supper during the opening ceremony, including various figures in drag. There are some debates about the nature of the reference, some claiming it to be based on another painting. Even, Melenchon, the leading far-left figure, had his own little critique of the show. Nevertheless, the satire might be kind of funny, but it seemed far from appropriate in a dry as bread Olympic opening ceremony in front of the entire world. Though, some poignant lines did come out, including from the philosopher Alain Finkielkraut with Le Fig.
« Dans cette cérémonie d’ouverture des JO, le génie français brillait par son absence »
In this opening ceremony for the Olympics, French genius shone by its absence.
Source: NBC Universal. A feast for the emotions.
Revolut finally a bank. After years of waiting, the digital bank will now have a right to operate as a bank in the UK. Previously, it had its license in Europe via Lithuania, that financial powerhouse. Revolut has over 45 million customers worldwide as of July 2024. 1/6 adults in the UK have an account with Revolut. It is a digital model of a bank that uses low overheads, without any brick-and-mortar institutions, to provide entirely digital banking services, but with an emphasis of innovative features in user experience.
Studie: Brustbild (Rotstift), 1919
Judge Reform in Germany. According to joint plans held out by the parties, the number of judges (16) and the unique term of office of 12 years would be enshrined in the German constitution. Any change would require a two-thirds majority in the parliament, the Bundestag. The proposal claims to protect the court against the far-right and partisan influence. However, it does have the effect of protecting judges in power to the disadvantage of any future government.
EU and Venezuela. Hungary vetoes a statement to condemn the electoral interference that occurred in Venezuela. With 27 nods required to make such a statement, it is hard to be effective. It is one of the persistent obstacles to the EU being effective in foreign policy.
Man embracing woman (circa 1899). Art Gallery of New South Wales