REMEMBER POMPEII

yo!...only fallin ashes...innit!

PALOOKAVILLE FINANCIAL
capitulation day
+192...


...here in palookaville they think it's all over...

...stock markets have rallied 20%...

...and a bank has passed a stress test...


...deflation has failed to raise it's head in the rigged figures...

...and the value of retail sales rose a bit...


...under the carpet there are so many things...

...and soon people will begin to trip up...



DO AS I SAY NOT AS I DO


...by saving banks and automakers...

...governments have fallen into the protectionist trap...

...the game is rigged...

...always was...

...while all was going up...


...no one seemed to mind...


...now though...


...people have started to notice...



CLUSTER'S LAST STAND


...many here in palookaville...

...have their hopes pinned on the G20 clusterf*ck...


...divided they stand...

...rather than united they fall...


...well...

...we'll see...


DISMAL SCIENCE

...everyone said there would be no recession and that the financial crisis...

...would stay in the bank vaults...

...well...

...what the f*ck do they know?...


GLOBAL AND LOCAL


...world trade has collapsed...

...because the bank credits are unavailable...

...boeing has seen orders fall by 50%...

...ships lie idle in the harbour roads...



UNLIKE GERMANY


...they told us that we were failing...

...because we didn't make stuff and export it...

...unlike germany...

...we were house mad...

...unlike germany...

...we spent beyond our means...

...piled up debt...

...unlike germany...


...well...


...you know the rest...

A PORTRAIT OF THE ARTIST AS A YOUNG ARTIST

yo!...ayyyeeee,nevvvvvv...innit!

PALOOKAVILLE FINANCIAL
capitulation day
+191...


...here in palookaville we pay tribute today...

...to our teacher and friend...

Stewart Lees

...Artist and teacher...

Published Date: 08 October 2008

Born: 15 January, 1926, in Auchertool, Fife. Died: 1 August 2008, in Edinburgh, aged 82.

Then, late in his career, he became fascinated by the way in which the sea animated a landscape, and he began to find inspiration for his colourful and strongly textured pictures among the cliffs and beaches of the northern coast of France.

Lees was born in the village of Auchertool in Fife and brought up in Buckhaven, where he attended the local high school. His father managed a private railway on the Wemyss estate which took coal down to the port of Methil.

In 1947, after his war service, he started at the Edinburgh College of Art, choosing, because of an interest in the relationship of art to architecture, to study in the school of design. His contemporaries included Elizabeth Blackadder and her husband, John Houston, who remained close friends. Among his teachers were Sir William Gillies and Leonard Rosoman, who was working on major commissions for the Festival of Britain and the Scottish Enterprise Exhibition.

After graduating from the Edinburgh College of Art in 1952 – where he had won the Alexander Grant travelling and post-graduate scholarships – he was an assistant art teacher at the Waid Academy as well as being a peripatetic art teacher within Fife. Then in 1960 Lees took a post at Nottingham College of Art, eventually becoming head of the foundation course. (The college has become a component part of Nottingham Trent University). He retired in 1984.

All the while, however, Lees managed to combine teaching with painting, and he exhibited widely, including shows in Scotland at the Traverse Gallery and Gallery Paton in Edinburgh, and the Loomshop Gallery in Fife; in England at the Bluecoat Gallery in Liverpool, the Leeds City Art Gallery and twice at the Upstairs Gallery at the Royal Academy (with Michael Rothenstein and Christopher Saunders); and in France at the Galerie Santa Maria Del Olivio in Beaulieu-sur-Mer.

Lees was elected to the Royal Institute of Oil Painters in 1987 and to the Royal Watercolour Society and the Royal Scottish Society of Painters in Watercolour five years later.

In 1968 he was granted an Arts Council scholarship sabbatical year and in 1991 he was a Cornellision Prize winner.

Lees's work can be found in many public collections including those of Glenrothes New Town, Liverpool Education Committee, Fife County Council, the universities of Glasgow and Nottingham, the Nuffield Foundation, the Imperial Tobacco company, Sheffield City Art Gallery, the Leverhulme Foundation, the Scottish Arts Council, Esso, the Cavendish Medical Centre and Amoco.

The American merchant bank AT Kearney held a major collection of his work at its office in Berkeley Square in London. His work is also held in private collections all over the world.

Lees wrote of his paintings: "My work is based on two basic principles, frontality and texture. Frontality means looking directly at the facades of buildings or removing the facade to create a corridor of space, and I almost always use a single point of perspective. I believe the architectural nature of my art derives from my earlier interest in murals, stained glass and mosaics, all of which relate to their architectural setting and space."

He confessed, however, that, much as he loved stained glass, and despite professional training, he had produced very little stained glass apart from a window at Grantham Hospital. Lees said this was because he liked to be in control of his work, and with stained glass there were inevitably too many other people involved.

And it was true that many people found Lees's somewhat robust personality – reflected in the boldness of his art – difficult to work with. He also loved playing the part of an artist, wearing a black fedora or a velvet jacket and bow tie at dinner parties where he enjoyed expounding his views. "I strongly believe that the most wonderful thing about painting is to surprise yourself," he said. He was a very extrovert figure...The Scotsman

petey :

...he wasn't a mate of course...

...but he interviewed me for art college entrance...

...advised me how to go about qualifying...

and gave me the encouragement and leadership...

...that I needed at that time...

...without stewart maybe there would be no peteypaint...

...no palookaville financial...

...no father of depressionist painting...

...

THEY WILL NEVER ALLOW THIS ON THE BBC

yo!...stands with a bowl...innit!

PALOOKAVILLE FINANCIAL
capitulation day
+190...



...here in palookaville all we watch is the msm...

...which is why this will not be seen by the voters...

IF ONLY...BUT ALSO

yo!...down the plughole...innit!

PALOOKAVILLE FINANCIAL
capitulation day
+175...


AND THE NEXT 'FLATION WILL BE


lex : ..."Anyway, what might trigger a rise in inflation? That is the biggest stumbling block for worry-worts. The unwinding of the credit boom of the past 10 years will require higher savings, weak consumption and low investment, probably well into the next decade. That ensures demand will remain weak, and with it inflation too...."FT

'Sell every asset except gilts'

Conventional assets – even gold – are no good as hedges against the inevitable deflation, says one asset manager.

AND

Inflation will kill the gilt rally in the end

The announcement by the monetary authorities in the UK that a policy of quantatitive easing (QE) would be implemented was greeted with euphoria by the gilt market.

BUT ALSO

EXPORT I MANUFACTURE I MANUFACTURE I EXPORT

...here in palookaville we have always been told...

...our economy is f**ked bescause we have too small...

...a manufacturing base...

...we do not export enough...


...but look around the world and what do you see...

...world exports falling off a cliff...

...the great manufacturing economies...

...collapsing with them...



IF ONLY

...christopher fildes...

...spoke of the 'if only' brigade...

...if only the BOE were independent...

...if only we exported more...

...if only we manufactured more...

...if only we had a strong currency...

...if only the banks would lend more...

...if only we could re-start the boom...

...if only people did not talk the economy down...

...if only we could stop the short sellers...


WELL

IF ONLY

THE POLITIX WOULD STOP FIDDLING

...like taking power from the BOE and giving it to the FSA...

...like robbing the pension funds...

...like robbing the savers...

...scrapping PEPs...

...increasing tax complexity...

...creating a client state...

...busting the economy...

...increasing the national debt...

...busting final salary pension schemes...

...while MPs have voted themselves...

...bigger salaries and better pension entitlements...

NB chart is uk based and funds reflect the effect of currency movements

charts from equitable life are used as an illustration of sector performance comparisons only
and not as a commentary on their investment performance. no opinion is offered here either for or against equitable life as a pension company...

...they just happen to have these charts...
...which i find very helpful...
...when comparing sector fund performance...

...THERE IS A DISCLAIMER AT THE TOP O THE PAGE...

...THIS AINT ADVICE AN WE AINT IN BUSINESS...

...WE JUS SUCKERS LAK YOU...

...PISSIN INNA WIND...

ROBBIN B*STARDS

y0!...daylight robbery...innit!

PALOOKAVILLE FINANCIAL
capitulation day
+171...

...here in palookaville all the talk is about the local outlaw...


...his band of merry men and women...

...with guaranteed, index linked pensions...


...who are stealing the pensions from the poor...


this robbin band

...STEALS FROM THE POOR...

...GIVES TO THE RICH BANKERS...

...AND THOSE WORKING FOR THE STATE...


...meanwhile...


...the serfs here in palookaville are all watching the football...

...or phoning in their votes for some reality tv idiot...


...they do not know about how they have been robbed...

...they have been told that...

...the boarded up stores are part of some american problem...

Retirement plans of millions of Britons at risk after Bank of England 'prints money'

The retirement plans of millions of Britons have been put at risk after the Bank of England's controversial plan to create money tore an unprecedented hole in pension schemes.

..."The Bank was accused of hammering the final nail into the coffin for Britain’s final salary pension schemes, which have seen their deficits climb in recent years, partly as a result of Gordon Brown’s decision as Chancellor to levy a £6 billion tax raid on pension funds’ dividends.

Some 2.5 million workers are currently signed up for these schemes which provide retirees with a guaranteed annual income when they reach the appropriate age.

Having enjoyed a small surplus only a year ago, these funds have also been hit by the fall in the stock market over the past year.

However, the effect of the Bank’s scheme has been to increase the deficit between what is in the funds and what is needed to pay out future pensioners by an almost instant £100 billion. Although some expect the deficits to fall in the years ahead as the economy improves, insiders warned that this could be the final straw that persuades companies to shut down these schemes altogether and turn instead to far less generous defined contribution plans.

However, experts warned that even these more parsimonious schemes, which 8 million workers are subscribed to, will suffer as a direct result of the Bank’s actions. The amount these people receive from their pension depends not only on the size of pot they amass over their working life but on the rate of the so-called annuity which provides them an annual income from the moment of retirement...."sunday telegraph

painty : now watch the companies with these pension deficits...
...see their share prices come under even more pressure...

HOUSE OF THE SETTING SUN

yo!...itz property wot done it...innit!

PALOOKAVILLE FINANCIAL
capitulation day
+165...

...

There is a house in many a town
They call the Rising Debt
And it's been the ruin of many a poor boy
And God I know I'm it

My mother was a tailor
She sewed my new bluejeans
My father was a gamblin' man
Down in New Orleans

Now the only thing a gambler needs
Is a mortgage and trunk
And the only time he's satisfied
Is when he's on a drunk

------ organ solo ------

Oh mother tell your children
Not to do what I have done
Spend your lives in sin and misery
In the House of the Rising Debt

Well, I got one foot on the platform
The other foot on the train
I'm goin' back to Rentin a room
To wear that ball and chain

Well, there is a house in New Orleans
They call the Settin Sun
And it's been the ruin of many a poor boy
And God I know I'm one

EVERY PICTURE TELLS A STORY

NB chart is uk based and funds reflect the effect of currency movements

charts from equitable life are used as an illustration of sector performance comparisons only
and not as a commentary on their investment performance. no opinion is offered here either for or against equitable life as a pension company...

...they just happen to have these charts...
...which i find very helpful...
...when comparing sector fund performance...

...THERE IS A DISCLAIMER AT THE TOP O THE PAGE...

...THIS AINT ADVICE AN WE AINT IN BUSINESS...

...WE JUS SUCKERS LAK YOU...

...PISSIN INNA WIND...