Aileen Colleran’s Blog

Partick, Politics and Passions

Panic…

Whoops ! Have just accidentally deleted the last two month’s posts – in case conspiracy theorists have a field day, can I just say that I was attempting to multi-task by watching Channel 4 news and tidy up the draft posts on my wordpress account at the same time. I am not self-editing , nor am I about to retire from blogging, and if I can find a way to bring the posts back, I will.

Anyway – what a week – and am not afraid to admit I’m economically illiterate and am struggling to interpret the events of the past few days, but then, as that seems to apply to 99.9 % of the population, including those who’ve been making all the investment decisions on our behalf – can I just reassure anyone who reads this, that Glasgow City Council does not have any investments in Icelandic financial institutions. Whew !

So – how to fund future capital programmes for public sector investment ? That is going to be Something of a Challenge (to use management speak for almost impossible) and can I just reference the following briefing note : http://www.unison-scotland.org.uk/response/sftresponsemarch08.html

Looks even less of a viable option now…

And lest anyone think I’ve made myself a hostage to fortune by admitting to being economically illiterate, that’s not the same as being financially illiterate – my view of economics (which I did briefly study at university)  is that it ‘s mostly guesswork dressed up as fact , and the only text that ever clearly explained economic theory in an understandable fashion to me is Jostein Gaarder’s “Sophie’s World”. Having just watched Nassim Nicholas Taleb on Newsnight, I now really want to read The Black Swan and Fooled by Randomness – admitting the world is unpredictable and that it’s insane to believe in the certainties of economic theory to predict outcomes and analyse risk makes a lot of sense right now…

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October 9, 2008 - Posted by | Council, Finance, Scottish Futures Trust

2 Comments »

  1. 1) search for your blog on google
    2) click ‘cached’ underneath the result
    3) cut and paste.

    Comment by Miller 2.0 | October 10, 2008 | Reply

  2. Thanks for this – much appreciated and if Ive got any spare time over the weekend will look to restore my words of wisdom (!)

    Comment by allabouteve | October 11, 2008 | Reply


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