The markets are very touchy today, they have been all week. It’s those dodgy Greeks and their hilarious non-plans to make their economy work (or otherwise), it’s spooked the markets, the trading screens have gone red and the totals, blinking merrily away at the bottom of the page are a tadge more than a tadge less than they were on Friday. Tch tch tch!!! Be gone Greccos, be gone. You can default on your VAST loans, revert to the Drachma or whatever, and we can have cheap holidays in your part of the world without punitive Eurozone exchange rates whilst watching donkeys get worked to death. Bring it on. All at sea and the band are waiting eagerly.
Meanwhile on a happier note, Mr Putin has decided that the way to convince the West that his intentions in Eastern Ukraine are, ahem, honourable, is to increase his nuclear weapon stockpile and modernise the entire Russian military. Deep joy it is not.
To counter this, the UK and most of the other dithering hand-wringers in Europe are cutting back on their defence budgets as fast as the Sure Start programme and the housing benefit brigade will allow. Daft daft daft. Lessons from history be ignored at our peril. So long as our priorities are to keep the oxygen thieving amongst us fed and watered by the efforts of the rest of us, all will be well………. We think not.
Allatsea is in a bit of the UK offshore sector, watching a large, multi-billion parnd oil and gas platform complex being constructed. It’s MEGA_HUGE and once finished, will produce oil and gas for 45 years. The jackets were built in Norway, shipped to site and installed by Dutchmen, the eight modules that make up the topsides (weighing in at around 35,000 tonnes) were built in Korea shipped to site and installed by Dutchmen and the flare boom, a skinny and very ickle bit of kit (by comparison), was built in Scotland. Fifty per cent of this project is owned by British Companies with Head Offices in Inggerland, the other fifty per cent is owned by American firms. Not much US or UK content though is there? Shameful really, all be it sensible and pragmatic and no mistake…..your honour. It does seem however, a bit galling to see all those wealthy, happy Koreans and Cloggies about the place, on the back of all our fine Inggerlish wonga.
Oil is trading at around $59 a barrel this morning (there are 6.29 bbls in a cubic metre in case you’re wondering, so each barrel is in the order of 159 litres), that probably isn’t really enough to make all this worthwhile. Ooooops, there goes what’s left of his pension.
And on that bombshell……………………………………………