Banking System – Lorne Mitchell's Thursday Thoughts

04/12/201504/12/2015

To bomb or not to bomb. That was the question.

The arguments raged for ten hours in the House of Commons. The vote was cast. The MPs agreed by a sizeable majority that it was a good thing to let the Royal Air Force bomb Syria. A few hours later, the Tornado Jets were set loose like the dogs of war.

The rest of the country stood by like a confused onlooker. Whatever your beliefs, whatever your fears, however good your knowledge of the situation: none of those would count. In May, the UK’s democratic system transferred our voting rights for another five years to a bunch of elected MPs to take nearly all decisions on our behalf. We’ll all get a vote on whether or not we want to stay in Europe – but that will be equally confusing too. Just like the Scottish No vote last year.

David Cameron’s timing for the bombing Syria vote was lucky. The Paris atrocities a couple of weeks ago certainly added considerable weight to the case. His party held the line, and increased a narrow Tory majority by doing whipping deals with selected allies and the vote for the “ayes” was further buoyed-up by the schism in the Labour party. So the “ayes” had it and the NATO alliance held together because that’s what allies do. Stick together in hard times.

What other solutions were put forward? What other creative ideas were framed? What other, more effective ways of preventing further bloodshed were considered? What were the real options to stop further escalation the a tit-for-tat of a bomb in a beach resort or another vulnerable European city versus drone attacks and bombing raids on strategic Daesh targets in Syria?

I remember visiting Beirut for a day in 1978. I was in transit from Egypt to Cyprus. Middle East Airlines put me up for a free night in a four-star hotel as part of the deal of flying via their country. It was a great deal for the penniless student that I was at the time. I took a taxi around the central part of the city on the way back to the airport. On every street corner there was a burned-out armoured car and a different faction guarding their patch. Nothing much seems to have changed since then.

The UN Climate Change Conference, which started in Paris this week, has given some hope that we might be reaching a level of consciousness that understands that climate change is going to continue to hit random parts of the world as a knight moves around in a game of chess. Although ridiculed by some newspapers for his views, I can see the connection that Prince Charles made about climate change causing drought in Syria which in turn causes a shortage of natural resources (like water), which in turn cause a refugee problem in South Eastern Europe. The world is so connected now – more than it ever has been, perhaps. It is the butterfly effect in action.

We need to think differently and organise ourselves differently if we are going to solve the complex problems that the world is currently facing. I used to think that X causes Y was the only way to think. I’m not so sure anymore. Just look at the weather. Everyone’s weather in the world is apparently affected by changes in water temperature just off the West Coast of South America with the El Niño effect. And so it is with international politics and relations: everything is connected.

I’m sure computer modelling and technology can help here – but we need a lot more than “big data” and analytics and advanced aerial killing machines directed from many thousands of miles away to solve these problems. In particular, we need to understand that each of the world’s primitive fragile systems of fresh water, clean air, natural energy resources and inhabitable land are themselves so interconnected that together they will have the greatest impact on the world’s population migration and quality of life of all of us in the coming twenty to thirty years. Southern Europe is currently under siege from migrants who themselves are refugees from a part of the planet that is fast burning-up. Areas which have traditionally sustained life, but which can no longer do so.

What to do? Commentary by analysts simply isolate the issues. Linking them together does not seem to happen so much. It might be my associative mind, but the inter-dependencies BETWEEN the systems mean that the gaps between the systems might just hold the answers. As regular readers will know, one of my favourite expressions is that: “the answer lies in the space between”.

On first glance, it was very encouraging to see Mark Zuckerberg give up 99% of his fortune to charitable causes. Line up all the rich kids and strip them of 99% of their fortunes. Job done! Yet, reading between the lines, the vehicle Zuckerberg will use will be a limited liability partnership (LLP), not a charitable foundation. The LLP will be allowed to lobby, make a profit and won’t have to give away a pre-determined amount of cash to other charities every year. Smart man, Zuckerberg. Maybe he is onto something.

It is time to think afresh about how we take decisions and how we control the excesses – whether they be banking bonuses, lobbying for vested interests or pollution. Relying on individual human nature won’t solve these problems. Traditional economically-driven regulation won’t hack the course either. The current systems are so stuck in the past; they need a complete rethink.

Waging war by throwing deadly flying machines at an enemy who can only fire back with machine guns and suicide bombers will only dig us deeper into the proverbial. It may well take Zuckerberg, Gates and a few others with purposeful family-centric LLPs to crack many of the problems that our more outdated institutions have failed to solve.

Then again, I suppose that rich families and the dynasties that they create have always ruled the world. All other structures are impermanent, insignificant or mouthpieces of the ruling classes. Mr Zuckerberg for President, anyone?

07/05/201507/05/2015

How a £2 coin changed the landscape of British politics FOREVER

In 2011, a Scottish couple, Colin and Chris Weir bought five EuroMillions tickets. The tickets cost £2 each.

Colin and Chris won £161,653,000 pounds

and celebrated the fact!

So how on earth did that change the landscape of UK politics?

Well, Colin and Chris gave £3m to the Scottish National Party (SNP) and a further £3m to the same party for their independence campaign. This money has accounted for about 80% of the SNP’s funding. With this money, the SNP has radically changed the balance of power in Scotland – and the SNP are likely to win over 50 seats in today’s general election. By this time tomorrow, we will all know the exact number.

In turn, this has devastated one of the Labour Party’s strongholds. The two main political parties – the Conservative party and the Labour party – stand neck-and-neck in the closest run election for 40 years. It has been the first campaign where the minority parties have been invited to debate on the same stage as the two major parties. That, alone, has changed the whole way that people vote. The number of people who have said to me that they are confused and don’t know which way to vote has been many more than previous elections. Should I vote blue, green, yellow, red, or purple? Who knows?

In five years time, in 2020, the SNP could have forced the independence of Scotland. The United Kingdom might no longer exist. Britain might have left Europe. All these things are possible outcomes in a scenario of different winners or losers. Who will win? Who will lose? Who knows?

However, it is very probable that the next election will be before 2020 particularly if there is no party with a clear majority. The same happened in 1974 – a year I remember well. My father was an MP from 1970-74 and gave up his seat in Aberdeenshire, Scotland before that double election year. Several years of uncertainty ensued. It was probably another Scottish butterfly – North Sea Oil – that saved the Union that time around. I’m not sure what the saviour of the Union could be this time around. Maybe another lottery ticket? Maybe the second coming? Who knows?

Many believe that the whole democratic machine is broken. That the UK’s first past the post system is out of date and unfair. The Green Party might win 10% of the National vote – yet only win one seat. The SNP might win 4% of the vote and win 50 seats. Yet neither of the largest parties supports the idea of proportional representation. How can the system be changed for the better when the vested interests of the two main parties don’t support the idea? Who knows?

And yet the eventual impact of the “Butterfly Effect“ of the Weirs’ £2 coin might well not yet be played out. The result of this British General Election might well cause an even bigger set of knock-on effects in the global financial markets and even cause this current bubble to burst. Who knows?

The EuroMillions Jackpot this Friday stands at £29m. We seem to live in a Lottery Society where the only certainty is that someone will win or the game will roll-over. Going to buy five tickets. Much more fun! Game on! Will I win? Who knows?

07/01/201508/01/2015

Measurement Madness

I met up recently with an old friend. She has decided to give up work in March. The hospital she has worked in for many years as a family therapist was transferred from the private sector to the public sector last year. She is giving up because the (UK) National Health Service (or NHS) that has now taken over the hospital has made the unit a “national asset” and patients are being referred to it from across the country. She can no longer practice as she used to because the patients are disconnected from the families that should support them when they leave hospital care. Costs have also gone up because of the additional remote support that need to be given to both patients and their supporting families. In addition, she finds the extra “meetings about meetings” and paperwork completely stifling.

It reminded of a similar problem that is embedded within the UK prison system. It has been proven that offenders are much more likely not to reoffend once they leave prison if they get family support during their term inside. Yet most prisoners are deliberately sent to another part of the country to do their time. Families (often poorer than most) cannot afford regular visits. So the likelihood of prisoners reoffending when leaving prison goes up.

In each of these cases, I suppose the patient or the prisoner could be seen as the “customer”. Yet these two state-run systems have been designed without the customer’s requirements (or real needs) in mind. They have been designed at the expense of other measures (such as top-down political targets, reduction in costs etc.)

The current business fads of rationalisation, outsourcing, off-shoring, cost-cutting and factory call-centres seem to have driven traditional sane local business practices and have allowed madness to prevail.

I can’t prove it, but I believe that local, common-sense sanity has to create more flexible, cost effective public services over the prevalent national (or international) managing-by-abstract-measures madness. But that is a very difficult case to prove when big egos, big technology, big politics and big finance have each, in their own way, presented measurement madness as the new religion.

Maybe measurement is, itself, the root cause of the problem. Maybe we should be suggesting a new way to educate the cohorts of ignorant managers and measurers.
Taiichi Ohno would have thought so. One of his great quotes fits well here:

“People who can’t understand numbers are useless.

The gemba (or real place) where numbers are not visible is also bad.

However, people who only look at the numbers are the worst of all.”

06/06/201328/07/2013

Holiness or Wholeness?

I got into a discussion with a friend yesterday about religion. You know the sort. It became a discussion about basic beliefs and ideas about what had happened in the past with facts that neither of us could prove. I capitulated, not wanting to tread on ground that was sacred to them, yet still holding true to my own beliefs. In past times, I might have argued the point. But I was tired and did not see the point.

It got me thinking about this religion and holiness and that sort of stuff and reminded me of a phrase my father used to say to me: “All great religions die with their founder”. He was a spiritual man with his own religion. He is now dead. So I suppose, in his own way, he was right.

In so many things in life we seek out the differences. And religions are often a major culprit. If you believe in one version of history and someone else another, then you are different. You have different religious beliefs and are not of the same system, creeds, language etc. etc. And even within a religion, there are sub-sectors, different interpretations and different organisations supporting them. Yet what is common between religions is far more powerful than what makes them separate.

And so it is also true in the business world. We have finely-tuned sensors to work out if another company is a competitor or a potential “partner”. What are the “differentiators” that make you special? We have defined a set of rituals for ignoring or attacking other businesses. Just as in human relationships, these reactions can be commanded on a whim. Defined by tiny variations in perceived behaviour or circumstance. Individual differences are to be highlighted. Sameness is boring.

Yet there is a counter-force which is found much more commonly in nature. This is the unifying force which finds similarities and which seeks out common ground in any given situation. It requires a different way of thinking and a different way of feeling about a situation. More inclusive. More holistic. More local.

I am not an economist. Nor will I argue the pros and cons of globalisation in this short piece. Yet it seems to me that with all the rational arguments for globalisation and free-trade markets we have lost the ability to balance the world with this holistic energy – because responsibility has been taken away from what makes sense at a local level. We could blame Adam Smith and his ideas on how to increase the quantity of pins produced in pin manufacturing – so aptly celebrated on the British £20 note:

It is as if the new religion of global banking and global economics has become the new church which must be obeyed. Making money at the expense of making things whole, rounded, sensible and appropriate at a local level. With differences, of course, but much less important in this context. Much less expensive, for sure, because it does not carry the burden of national or international overheads.

And so it was that I was browsing a book, “The Nature of Order” by Christopher Alexander, one of the greatest architectural thinkers of our time. He describes wholeness as a series fifteen ideas or factors which are represented in the diagram below:

The Elements of Wholeness by Christopher Alexander

So, I wondered, with these fifteen design ideas, what would a new bank look like? What would a new economic system look like? Globalisation ideas don’t fit very well with concepts such as “Boundaries”, “Local Symmetries” and “Inner Calm”. Then again, that shouldn’t be too surprising!

If you are a wordsmith, you will notice there is a lot more in common between the words HOLINESS and WHOLENESS. The only difference is that makes the first unique is the letter “I” and the second that has the letters “WE”. Not that I am pushing one over the other, but it makes you think, anyway!

07/03/201307/03/2013

How to Thrive in All Times

As we hear the conflicting messages of the US and UK stock market reaching all-time highs, but the British Pound losing its creditworthiness and predictions of the currency on a long-term slide into goodness knows where, the uncertainties about the world trigger a search for a model that can understand what is going on – and what one should do about it. More importantly, it makes us think more about what is important in life so we can make the hard choices to navigate a fruitful future for ourselves and those who are important to us.

It was therefore a coincidence that yesterday, I turned to a set of cards of wise sayings that I was given a few years ago, The cards summarise the ideas of Abraham-Hicks (more details at the bottom of this post).

The text says:

Those who are

mostly observers thrive

in good times but suffer in bad

times because what they are observing

is already vibrating, and as they observe it,

they include it in their vibrational countenance;

and as they include it, the Universe accepts that as

their point of attraction – and gives them more

of the essence of it. So for an observer

the better it gets, the better it gets;

or the worse it gets, the worse

it gets. However, one who

is a visionary thrives

in all times.

For those new to Abraham-Hicks, words like “vibrational countenance” and “point of attraction” might seem a bit strange. But for me, having read deeper into their work for a few years, I have found the Abraham-Hicks way of looking at the world to be extraordinarily powerful, interesting and helpful.

A simple message, shines through the more esoteric phrases: have a vision and hold it through good times and bad and you will find it is easier to take the ups and downs in life than if you just sit back as an observer and let life happen around you.

Food for thought. I would love to hear from any readers who have thoughts on these ideas. Please post them below!

More information on the Abraham-Hicks publications at:

http://www.abraham-hicks.com/lawofattractionsource/index.php

28/11/201229/11/2012

How Long Does it Take for Us to Forget?

This week’s cease-fire in Gaza probably passed most people by – except for quick glimpses of rockets being fired back-and-forth and the commentary from safe television studios by those who try to collapse a whole history lesson into a few minutes of short, sharp sentences. I am sure we were all relieved that the war was halted by an equally abrupt ceasefire.

However, the news reminded me of a time when I was much smaller and of the 6 Day War of 1967 – and more particularly my father’s reaction to it. He had strong opinions about this part of the world having been posted to Palestine at the end of the Second World War. By luck, he was minutes away from the King David Hotel (1) when it blew up on 22 July 1946.

The bomb killed 91 and injured 46. The Irgun planted a bomb in the basement of the main building of the hotel, under the wing which housed the Mandate Secretariat and a few offices of the British Military headquarters. If my father had arrived a few minutes earlier, I would not have been born. Nor would my brother nor sister. A sobering thought (for my siblings and me, at least).

My father therefore had a very different perspective on the Arab-Israeli conflict – and would merely say “remember what happened to the Palestinians.” This did not have anything like the meaning for me as it did for him. And for my children, it is probably just another history lesson in a country that they have not yet visited somewhere in the Middle East. In reaching a bit deeper into the subject, I came across a quote (2) by David Ben-Gurion (the first Prime Minister of Israel):

“I don’t understand your optimism,” Ben-Gurion declared. “Why should the Arabs make peace? If I were an Arab leader I would never make terms with Israel. That is natural: we have taken their country. Sure, God promised it to us, but what does that matter to them? Our God is not theirs. We come from Israel, it’s true, but two thousand years ago, and what is that to them? There has been antisemitism, the Nazis, Hitler, Auschwitz, but was that their fault? They only see one thing: we have come here and stolen their country. Why should they accept that? They may perhaps forget in one or two generations’ time, but for the moment there is no chance. So, it’s simple: we have to stay strong and maintain a powerful army. Our whole policy is there. Otherwise the Arabs will wipe us out.”

What struck me by this quote was not so much that the Prime Minister of Israel was admitting to the fact that the Israelis had stolen “their” country from the Arabs, but more the idea that it takes one or two generations to accept; one or two generations to forgive; one or two generations to forget.

It reminded me of some research I did a few years ago on the famous Russian economist, Nikolai Kondratiev (3). Kondratiev came up with the theory of the long-wave economic cycle which takes about 50-60 years from peak to peak. Kontradiev’s views were so controversial in his country at the time that he was sent to the gulag and was executed in 1938 at the age of 46. It was Joseph Schumpeter who named the wave in Kondratiev’s name in 1939. I remember reading about long wave economic cycles about 20 years ago and wondered what might cause these types of patterns in history. I can’t remember exactly where I heard the theory at the time – but I remember hearing the idea that the 50-60 year cycle is natural because “it takes two generations to forget”. Given that a significant number of children are born to women between 25-30 (from(4) – see chart below), this is somehow quite an interesting idea.

If you take the theory and apply it to the cycle from the Wall Street Crash in 1929 (and the Great Depression of the 1930s) to the financial crisis of 2008 and our current post-crash turmoil, then 1929 to 2008 is about 80 years. Some of you might point out that the time between is not 50 or 60 years, so the theory does not hold. But perhaps this is due to the fact that we are now all living a bit longer? In any case, the underlying pattern of loosening financial controls within the international financial system seems clear – as is the pattern of forgetting the lessons learnt from the previous generation’s Grandparents. I’m not a qualified economist – but as an inquisitive observer, the theory somehow makes sense – even if it is not numerically accurate.

So we have wars, we have waves and we have history repeating itself and it got me thinking about the recent flooding that is currently taking place (again) across many parts of the UK. Over 5 million people in England and Wales live and work in properties that are at risk of flooding from rivers or the sea. (5) Yet there seems to be considerable political pressure on encouraging the building industry to “get building” so that we can kick-start the economy. In Kent, where I live, many of the new houses have been built on the flood plains around Ashford – and there is the famous story of the Vodfaone Headquarters building in Newbury being built on the old racecourse that was well-known for flooding.

And so it was that I came across a story (6) about the tsunami that struck Japan last year. Many people living by the sea lost their lives, but there was one village, apparently, in Aneyoshi that has a stone which reads:

“High dwellings are the peace and harmony of our descendants.

Remember the calamity of the great tsunamis.

Do not build any homes below this point.”

Those who headed the warning (like the residents in Aneyoshi) were spared from the destruction of the recent tsunami. Other towns did not. Yuto Kimura, aged 12, from Aneyoshi said they studied about the markers in school, and when the tsunami came, his mother got him from school and the entire village climbed to higher ground.

And so it is. Maybe we are all cursed with the fact that it takes two generations to forget. But for the wise ones who read the markers that have been laid down from previous generations, it is worth teaching the next generation about the deeper lessons from history. It is worth encouraging them to take less time to accept, less time to forgive and more time to forget the important things in life.

Then again, we are all creatures of habit, so I expect the addage that “it takes two generations to forget” will last for many more generations to come!

(1) http://en.wikipedia.org/wiki/King_David_Hotel_bombing

(2) http://en.wikiquote.org/wiki/David_Ben-Gurion

(3) http://en.wikipedia.org/wiki/Nikolai_Kondratiev

(4) http://www.dailymail.co.uk/health/article-2051374/Average-age-women-having-baby-climbs-29-start-family-later.html

(5) http://www.environment-agency.gov.uk/homeandleisure/floods/default.aspx

(6) http://www.thestar.com/news/world/article/969855–japan-nuclear-plant-plugs-highly-radioactive-leak

01/08/201203/08/2012

The Lords’ Verdict

For those who have followed this blog for a while, you will know I presented evidence at the House of Lords’ inquiry on the present UK’s government’s policy on Next Generation Broadband. So it was at midnight on Tuesday, the Lords published their report which can be found <HERE> entitled “Broadband for all – an alternative vision”.

Lord Inglewood was interviewed in a video:

“Our communications network must be regarded as a strategic, national asset. The Government’s strategy lacks just that – strategy.

The complex issues involved were not thought through from first principle and it is far from clear that the Government’s policy will deliver the broadband infrastructure that we need – for profound social and economic reasons – for the decades to come.”

The report has had a mixed response. Supporters of a truly open-access fit-for-purpose National internet Infrastructure applauded.

Other analysts were eless complimentary:

Matthew Howett, lead analyst of Ovum’s regulatory practice, said many aspects of the inquiry’s report are “simply odd”.

“With nearly 50 recommendations and no indication of costs or how they should be met, it’s likely to be dismissed as nothing more than a pipe dream,” he said.

Odd it was for me that so many Peers took the time out to learn about the industry and the pros and cons of various options for technology and business models. It was a piece of work that involved many hours of their time to see the problem from different perspectives. It challenged the status-quo and came up with an alternative vision for what the UK’s national internet access infrastructure might look like. It was bound to be unpopular in certain quarters as it threatened the status-quo.

Sure, the government and BT’s in-house analysts might dismiss the ideas as pipe-dreams, but one wonders where the whole BDUK process is heading. It might be the Games in London – but this particular game will go one well into the Autumn after all the athletes have left London.

It is definitely time for the status-quo to be challenged. BDUK is at best a strange construction and at worst a totally bonkers policy for a government set on Localism and Community Engagement. The Lords’ report went to the heart of this matter and has suggested a framework for a truly revolutionary approach to fixing the monopoly of BT’s infrastructure – particularly in the middle-mile.

At times, I think of giving up banging this drum and doing something more conventional and toe-the-line. Yet at one minute past midnight on Tuesday, I had a new surge of enthusiasm that the ideas that we have been working on for several years now are getting some traction and that a body of revered and highly intelligent Peers actually understood what many on the fringes of the industry have been saying for a while.

If only the Government could stand back and listen to some of the concerns about the current vision and understand that they have alternatives that are better, faster and cheaper that will help the UK’s international competitiveness, we might actually come up with something that really does get the economy back on its feet in a fairer way, based on an infrastructure that no single part is too big to fail. Surely there is a lesson here from the banking system that is staring us in the face?

Come on, Jeremy. Put the bell head back on the stick, put the bell down and start listening again. Unless, of course, you get reshuffled – in which case it is round-and-round we go!

Source of quote and more on this story at:

http://www.cbronline.com/news/lords-uk-broadband-strategy-heading-in-the-wrong-direction-010812

http://www.totaltele.com/view.aspx?ID=475352&G=1&C=4&page=3

09/07/201209/07/2012

Lessons from the Past

“The budget should be balanced,

the Treasury should be refilled,

public debt should be reduced,

the arrogance of officialdom should be tempered and controlled,

and the assistance to foreign lands should be curtailed lest Rome become bankrupt.

People must again learn to work instead of living on public assistance.”

Cicero – 55 BC

08/12/201108/12/2011

The Future

Whilst exiting from the Underground Station at Canary Wharf yesterday, I saw an advertisement for a well-known global bank which said “The Future is Here”. How banal. How meaningless. How hollow, I thought, when the banks are in such a mess.

Last week I found a quotation which, for me describes the future in a far richer, more eloquent, more creative spirit – written in an age when true creativity mattered more than contrived cloud-based global bank adverts.

Here it is:

“The future is not a result of choices among alternative paths

offered by the present,

but a place that is created –

created first in the mind and will,

created next in activity.

The future is not some place we are going to, but one we are creating.

The paths are not to be found, but made,

and the activity of making them

changes both the maker

and the destinations.”

John Scharr, Futurist

The trouble is, the bank in question is my bank! What to do? Makes you think, anyway.

01/12/201101/12/2011

Occupy Everywhere!

I had a meeting early yesterday morning at the Frontline Club in Paddington. As I was leaving, some NHS folk were outside the entrance to St Mary’s Hospital demonstrating and making a noise. I did not go up to them and chat – I just took a picture. The window in the top left corner is where Sir Alexander Fleming discovered Penicillin. As I walked away, I wondered what Fleming would have thought of all the noise?

I headed off to have lunch with an old friend at a restaurant in Paternoster Square – just by St Paul’s. It was a good lunch – and surprisingly crowded (when I had been told that all the traders in Paternoster Square had nearly gone out of business). After lunch, I had a bit of time before my next appointment, so I decided to walk from St Paul’s down to Victoria.

I could only leave Paternoster Square by one exit – which was the one I came in on. Normally crowded with tourists and city folk, the square has been blockaded in by a squad of policemen and other less official-looking people who seem to be from the tented camp of the Occupy Movement.

I was surprised to see the tented camp still pitched around St Pauls. I wondered how long they will hang on out there (particularly now the weather is turning)? Still, give the Occupy St Paul’s encampment some credit, they were pretty well organised and all seemed quite peaceful.

As I walked down towards The Aldwich, the whole of Fleet Street had been blocked by police cars, police vans and trucks with large sandbags. It was a very strange atmosphere which I later realised was the end of the TUC march down the embankment.

A bit further on some folk were clearing barriers and a strange tent-like contraption came around the corner that posed for some TV cameras. The banner said “Occupy Everywhere” obscuring the sign for the Royal Courts of Justice. And it got me thinking.

With the world’s population recently increasing to over 7,000,000,000 people (or 7bn for short), in a strange way, we DO occupy everywhere already! That’s the problem! And we aren’t doing too well at organising ourselves to reduce the population size. And there are now so many people getting heated up about all the problems that the planet itself is heating up more than we anticipated a few years ago.

So what’s to be done? The politicians can’t seem to fix it. The international banks and muti-national companies can’t seem to fix it. The Occupy Movement doesn’t seem to be fixing it. Yet we continue with the old patterns of marching, demonstrating (for pensions that will never appear) – and thinking that someone else will fix it.

So whilst we surely do Occupy Everywhere already, we need better ways to occupy ourselves so we all feel a sense of purpose and usefulness – without having to rely on the consumer-centric values that have held the Western world together for the past 50 years.

Interesting times. Not sure anyone has the answer. But I am sure we will work it out somehow! After all, Fleming discovered Penicillin by going on holiday. The story goes that some tropical medicine folk were researching on the floor below and penicillin floated up to his labs whilst he was away. Strange things happen when you bring diverse ideas together and go on holiday. Can’t wait for the Christmas break!