To a man with a hammer, everything looks like a nail, said Mark Twain. So it is that pundits have interpreted forthcoming Basel III rules as simply an opportunity to bash bullion banks and to assert that gold prices are going to the moon. Again … yawn.
We are coming up to 50 years since Arthur C Clarke introduced the science fiction film "2001 a Space Odyssey” and the computer HAL - (said to stand for Heuristically programmed ALgorithmic computer - but I prefer the idea that it was a poke at IBM with each of the letters being the preceding one in the alphabet). And here’s the thing …
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