Mandy Rice-Davies Moment Ahead: "Biden Adviser Sees Limited Inflation Impact From Red Sea Attacks"

Mandy Rice-Davies [was] a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:

"Well, he would, wouldn't he?"

From Bloomberg via gCaptain, January 28:

President Joe Biden’s energy security adviser said the impact of Houthi rebel attacks on commercial ships in the Red Sea is limited and pledged continued US action to curb the Iranian-backed group’s ability to disrupt markets.

Cost pressures have been more on logistics than on energy commodities, Amos Hochstein said on CBS’s Face the Nation on Sunday. “The costs do go up,” Hochstein said. “But if you look at what they impact, the inflationary impacts are relatively muted.” 

Two months of missile, drone and hijacking attacks against civilian ships in the Red Sea have caused the biggest diversion of international trade in decades, pushing up global shipping costs and forcing hundreds of cargo ships to take alternative routes. Yet oil prices are lower than on Oct. 7 when an attack by Hamas militants on Israel triggered a war between the two sides....

....MORE

The introduction was from 2012's "Mandy Rice-Davies Sighting at FT Alphaville":

Mandy Rice-Davies is a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:

"Well, he would, wouldn't he?"

From the FT Alphaville post:
Spooks on the payrolls
Posted by Joseph Cotterill on Jul 11 12:26.

...The report slipped out onto the DOL website this week. The Associated Press and Bloomberg have already torn it apart. But then, they would....

To the best of my knowledge, Mr. Cotterill is not a former model and showgirl.

We are keepers of the M.R-D flame:
Mandy Rice-Davies Alert: Christina Romer Says Maximum Tax Revenue at 84% Marginal Rate
She would, wouldn't she.*

*For British politicians of a certain age [often referred to as octo or nona-genarians -ed] the scandal surrounding Secretary of State for War John Profumo's affair with the alleged mistress of a Russian spy was highlighted by the testimony of Miss Rice-Davies, a friend of the alleged mistress, Christine Keeler.
From Wikipedia:

While giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, the latter made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?"

We've tried to keep the phrase alive, using it about once per year:

2007
Gore Says Markets are Key in Battle to Combat Climate Change

"Well, he would, wouldn't he?"
Mandy Rice Davies*

2007
ICE, Skating on Thin

TESTIMONY OF JEFFREY C. SPRECHER CHAIRMAN AND CHIEF EXECUTIVE OFFICER, INTERCONTINENTALEXCHANGE, INC.

Warning: Mandy Rice-Davies moment ahead.

"...we do not believe that a complete overhaul of the current regulatory structure is either warranted or advisable."

2008
UN Can Regulate Emissions Trading Without Conflict of Interest

All together now: A Mandy Rice-Davies Moment!*

2009
Major Problems at California's Public Pension Fund, CalPERS And: A Mandy Rice-Davies Moment!

One of these days I'll have to tell the story of how CalPERS got to this point. It is an ugly tale. For now we'll just post the slow motion train wreck.
On a positive note: Mandy Rice-Davies* moment ahead!  

One of my favorite usages:

Lord McIntosh of Haringey:  My Lords, I am proud of many things that this Government have done. I pause to anticipate the interjection—"He would say that, wouldn't he?"...

Lords Hansard text for 6 Feb 2002

"The Launch Failure of GPT-5 Shows OpenAI is in Decline" (plus a Mandy Rice-Davies moment)

When I read this paragraph in the post immediately preceding this one, all I could think of was Mandy.*

Sam Altman, for instance, has backed away from his earlier suggestions that GPT-5 would represent a meaningful step toward A.G.I., and now dismisses A.G.I. as an unrealistic near-term target....

From AI Supremecy, August 12:

After such a long wait, we get one of the strangest Model launches in history, and OpenAI is reeling from the fall-out 

Hey Everyone,

Welcome to another article from AI Supremacy, a Newsletter about AI at the intersection of tech, business, society and the future. Welcome to join our new community.

This article is intended as an introduction to some of the issues OpenAI with the launch of GPT-5 are facing from many varied voices, including OpenAI’s own PR. How the two contrast is fairly striking in August, 2025.  

In the days following the GPT-5 backlash, OpenAI have tried to take steps to improve the ChatGPT experience:

1. Added three modes for GPT-5: "Auto," "Fast," and "Thinking" to give users more control over how they interact with the model

2. Improved the model switching system that they claim was routing queries incorrectly

3. Sam Altman quickly announced that GPT-4o would remain available for Plus users after admitting they "underestimated how much some of the things that people like in GPT-4o matter to them"

4. Addressed the performance inconsistencies that made GPT-5 appear less capable than previous models

5. Raised GPT-5 Thinking mode rate limits from 200 weekly messages to 3,000 messages per week

6. Added overflow capacity shifting to GPT-5 Thinking mini

7. Personality changes: Altman announced plans to make GPT-5's personality "warmer than the current personality but not as annoying (to most users) as GPT-4o".....

....MUCH MORE, it's a deep dive

The Register, August 13 - "OpenAI's GPT-5 looks less like AI evolution and more like cost cutting"

And Mandy?

Mandy Rice-Davies [was] a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:

"Well, he would, wouldn't he?"

We are keepers of the M.R-D flame:
Mandy Rice-Davies Alert: Christina Romer Says Maximum Tax Revenue at 84% Marginal Rate
She would, wouldn't she.*

*For British politicians of a certain age [often referred to as octo or nona-genarians -ed] the scandal surrounding Secretary of State for War John Profumo's affair with the alleged mistress of a Russian spy was highlighted by the testimony of Miss Rice-Davies, a friend of the alleged mistress, Christine Keeler.
From Wikipedia:

While giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, the latter made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?"

We've tried to keep the phrase alive, using it about once per year:

2007
Gore Says Markets are Key in Battle to Combat Climate Change

"Well, he would, wouldn't he?"
Mandy Rice Davies*

2007
ICE, Skating on Thin

TESTIMONY OF JEFFREY C. SPRECHER CHAIRMAN AND CHIEF EXECUTIVE OFFICER, INTERCONTINENTALEXCHANGE, INC.

Warning: Mandy Rice-Davies moment ahead.

"...we do not believe that a complete overhaul of the current regulatory structure is either warranted or advisable."

2008
UN Can Regulate Emissions Trading Without Conflict of Interest

All together now: A Mandy Rice-Davies Moment!*

2009
Major Problems at California's Public Pension Fund, CalPERS And: A Mandy Rice-Davies Moment!

One of these days I'll have to tell the story of how CalPERS got to this point. It is an ugly tale. For now we'll just post the slow motion train wreck.
On a positive note: Mandy Rice-Davies* moment ahead!  

One of my favorite usages:

Lord McIntosh of Haringey:  My Lords, I am proud of many things that this Government have done. I pause to anticipate the interjection—"He would say that, wouldn't he?"...

Lords Hansard text for 6 Feb 2002

Mandy Rice-Davies Sighting at FT Alphaville

Mandy Rice-Davies is a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:

"Well, he would, wouldn't he?"

From the FT Alphaville post:
Spooks on the payrolls
Posted by Joseph Cotterill on Jul 11 12:26.

...The report slipped out onto the DOL website this week. The Associated Press and Bloomberg have already torn it apart. But then, they would....

To the best of my knowledge, Mr. Cotterill is not a former model and showgirl.

We are keepers of the M.R-D flame:
Mandy Rice-Davies Alert: Christina Romer Says Maximum Tax Revenue at 84% Marginal Rate
She would, wouldn't she.*

*For British politicians of a certain age [often referred to as octo or nona-genarians -ed] the scandal surrounding Secretary of State for War John Profumo's affair with the alleged mistress of a Russian spy was highlighted by the testimony of Miss Rice-Davies, a friend of the alleged mistress, Christine Keeler.
From Wikipedia:

While giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, the latter made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?"

We've tried to keep the phrase alive, using it about once per year:

2007
Gore Says Markets are Key in Battle to Combat Climate Change

"Well, he would, wouldn't he?"
Mandy Rice Davies*

2007
ICE, Skating on Thin

TESTIMONY OF JEFFREY C. SPRECHER CHAIRMAN AND CHIEF EXECUTIVE OFFICER, INTERCONTINENTALEXCHANGE, INC.

Warning: Mandy Rice-Davies moment ahead.

"...we do not believe that a complete overhaul of the current regulatory structure is either warranted or advisable."

2008
UN Can Regulate Emissions Trading Without Conflict of Interest

All together now: A Mandy Rice-Davies Moment!*

2009
Major Problems at California's Public Pension Fund, CalPERS And: A Mandy Rice-Davies Moment!

One of these days I'll have to tell the story of how CalPERS got to this point. It is an ugly tale. For now we'll just post the slow motion train wreck.
On a positive note: Mandy Rice-Davies* moment ahead!  

One of my favorite usages:

Lord McIntosh of Haringey:  My Lords, I am proud of many things that this Government have done. I pause to anticipate the interjection—"He would say that, wouldn't he?"...

Lords Hansard text for 6 Feb 2002

Hot Chips 2026 Has Kicked Off With Micron Warning The Memory Shortage Is Getting Worse (Mandy Rice-Davies moment ahead) MU

Well they would wouldn't they?* 

The big get together at Stanford's Memorial Auditorium always sells out and this year we'll be visiting a few media outlets for their on-the-ground takes on what's being said.

The article below is based on Micron's Sunday tutorial, here's the rest of the schedule of events:

https://hotchips.org/

From WccfTech, August 23:

Micron Says AI’s Memory Wall is Worsening as Compute outruns HBM Bandwidth by 3x every Two Years, Advanced Packaging & Process To Tackle Rising Thermal Constraints

Micron explores what High Bandwidth Memory (HBM) is, why it is essential, how it compares to traditional DDR, and the key challenges that demand further innovation to sustain AI’s growing demands.

Micron Reveals HBM Failures Caused 17% of Meta's Llama 3 Training Interruptions as the Memory Wall Deepens

As AI LLMs continue to evolve, the need for advanced memory technologies has become vital for the continuous scaling and improvement of these models. But memory is now becoming a major bottleneck that is limiting the performance of AI systems. 

HBM is currently the leading DRAM type used in leading AI accelerators. To attain maximum operations on a typical AI system, a large portion of the work is bound by memory as compute processors wait for more data to arrive. Once the work is complete, the system enters a compute-bound phase in which data is delivered to it fast enough to keep the processors busy. With HBM, the memory bandwidth ceiling is elevated, allowing memory-intensive AI workloads to achieve higher performance before hitting memory limits.

Micron's HBM Design Architecture Fellow, Raghu Sreeramaneni, shed light on this "Memory Well" during its Hot Chips 2026 presentation. The company states that while compute capabilities are advancing at a rate of 3x every two years, memory is only advancing at <2x every two years. Currently, there are three types of memory architectures: 2.5D attached memory, 2.5D advanced memory, and Processing-in-memory DRAM....

*****

...The key takeaways of the Hot Chips 2026 talk include:

• Memory is central to scaling LLM performance (more compute, larger datasets, more parameters).
• Compute scales ~3× every two years; HBM bandwidth scales only ~2× every two years → the memory wall persists and may be worsening.
• In a typical GPU SIP with four 12-high HBM stacks, memory silicon accounts for ~90% of the total silicon (8× the GPU silicon).
• HBM is the most cross-functionally complex memory solution (packaging + process + design) in a form factor the size of a postage stamp.
• AI workloads are often memory-bound; higher HBM bandwidth shifts the roofline upward and unlocks more of the processor’s peak performance.
• Stack heights have grown from 4-high to 16-high (path to 20-high exists but faces major thermal/mechanical hurdles).
• Meta’s Llama 3 training paper attributed 17% of unintended interruptions to HBM.

.....MUCH MORE 
*Mandy Rice-Davies was a former model and showgirl known for her role in the Profumo affair.

When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:

"Well, he would, wouldn't he?"

Although Many died in 2014 we are keepers of her memory

Mandy Rice-Davies Alert: Christina Romer Says Maximum Tax Revenue at 84% Marginal Rate
She would, wouldn't she.*

*For British politicians of a certain age [often referred to as octo or nona-genarians -ed] the scandal surrounding Secretary of State for War John Profumo's affair with the alleged mistress of a Russian spy was highlighted by the testimony of Miss Rice-Davies, a friend of the alleged mistress, Christine Keeler.
From Wikipedia:

While giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, the latter made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?"

We've tried to keep the phrase alive, using it about once per year:

2007
Gore Says Markets are Key in Battle to Combat Climate Change

"Well, he would, wouldn't he?"
Mandy Rice Davies*

2007
ICE, Skating on Thin

TESTIMONY OF JEFFREY C. SPRECHER CHAIRMAN AND CHIEF EXECUTIVE OFFICER, INTERCONTINENTALEXCHANGE, INC.

Warning: Mandy Rice-Davies moment ahead.

"...we do not believe that a complete overhaul of the current regulatory structure is either warranted or advisable."

2008
UN Can Regulate Emissions Trading Without Conflict of Interest

All together now: A Mandy Rice-Davies Moment!*

2009
Major Problems at California's Public Pension Fund, CalPERS And: A Mandy Rice-Davies Moment!

One of these days I'll have to tell the story of how CalPERS got to this point. It is an ugly tale. For now we'll just post the slow motion train wreck.
On a positive note: Mandy Rice-Davies* moment ahead!  

One of my favorite usages:

Lord McIntosh of Haringey:  My Lords, I am proud of many things that this Government have done. I pause to anticipate the interjection—"He would say that, wouldn't he?"...

Lords Hansard text for 6 Feb 2002

And many more over the years. 

Mandy Rice-Davies Alert: Christina Romer Says Maximum Tax Revenue at 84% Marginal Rate

She would, wouldn't she.*
From Slate:

The Laffer Curve Bend At 84%

If you tax cigarettes, then cigarette tax revenue tends to rise. At the same time, the higher taxes may inspire people to quit smoking or to buy packs on the black market both of which tend to make revenue fall. There's some revenue-maximizing price point out there beyond which higher taxes produce lower revenue. And the same, one would think, applies to income taxes. But where is that number? Christina Romer and David Romer have a new paper looking at evidence from the 1920s and 1930s and find that the revenue-maximizing rate on the highest earners is extremely high—over eighty percent. Among the top 0.05 percent of the income distribution they find an elasticity of taxable income of 0.19 percent which implies "implies that tax revenues would be maximized with a tax rate of 84 percent; that is, you could raise taxes up to 84 percent before people’s reduced incentives to make money would compensate for the higher tax rates."...MORE

*For British politicians of a certain age [often referred to as octo or nona-genarians -ed] the scandal surrounding Secretary of State for War John Profumo's affair with the alleged mistress of a Russian spy was highlighted by the testimony of Miss Rice-Davies, a friend of the alleged mistress, Christine Keeler.
From Wikipedia:

While giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, the latter made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?"

We've tried to keep the phrase alive, using it about once per year:

2007
Gore Says Markets are Key in Battle to Combat Climate Change

"Well, he would, wouldn't he?"
Mandy Rice Davies*

2007
ICE, Skating on Thin

TESTIMONY OF JEFFREY C. SPRECHER CHAIRMAN AND CHIEF EXECUTIVE OFFICER, INTERCONTINENTALEXCHANGE, INC.

Warning: Mandy Rice-Davies moment ahead.

"...we do not believe that a complete overhaul of the current regulatory structure is either warranted or advisable."

2008
UN Can Regulate Emissions Trading Without Conflict of Interest

All together now: A Mandy Rice-Davies Moment!*

2009
Major Problems at California's Public Pension Fund, CalPERS And: A Mandy Rice-Davies Moment!

One of these days I'll have to tell the story of how CalPERS got to this point. It is an ugly tale. For now we'll just post the slow motion train wreck.
On a positive note: Mandy Rice-Davies* moment ahead!  

One of my favorite usages:

Lord McIntosh of Haringey:  My Lords, I am proud of many things that this Government have done. I pause to anticipate the interjection—"He would say that, wouldn't he?"...

Lords Hansard text for 6 Feb 2002

A Mandy Rice-Davies Moment!: "BP denies negligence statement" (BP; APC)

"They would, wouldn't they"*

Yesterday we posted "Could be HUGE for Anadarko: "BP CEO: We won't be found grossly negligent. BP counsel: Yes we will" (APC; BP)". Here's the update, again from the Houston Chronicle's NewsWatch: Energy blog:

We wrote yesterday about a letter from Texas Gov. Rick Perry and Attorney General Greg Abbott to BP where they claim the company "...acknowledged that gross negligence would be revealed as a cause of the explosion that led to the oil spill."

Such an admission by BP's general counsel would run contrary to what the rest of the company's executive suite is saying and would mean the firm accepts a nearly quadrupling of fines for the spill under the Clean Water Act.

BP denies that its General Counsel Jack Lynch or anyone else at the company made such a statement:

"While BP respects Governor Perry and Attorney General Abbott and appreciates the opportunity to work with them, the recitation in their letter is simply incorrect. During the conference call, neither Jack Lynch nor any other BP representative stated that gross negligence would be revealed as the cause of Deepwater Horizon tragedy."

BP is up 2.76% at $38.75, APC is up 2.87% at $50.22.

*For British politicians of a certain age [often referred to as octo or nona-genarians -ed] the scandal surrounding Secretary of State for War John Profumo's affair with the alleged mistress of a Russian spy was highlighted by the testimony of Miss Rice-Davies, a friend of the alleged mistress, Christine Keeler.
From Wikipedia:

While giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, the latter made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?"

We've tried to keep the phrase alive, using it about once per year:

2007
Gore Says Markets are Key in Battle to Combat Climate Change

"Well, he would, wouldn't he?"
Mandy Rice Davies*

2007
ICE, Skating on Thin

TESTIMONY OF JEFFREY C. SPRECHER CHAIRMAN AND CHIEF EXECUTIVE OFFICER, INTERCONTINENTALEXCHANGE, INC.

Warning: Mandy Rice-Davies moment ahead.

"...we do not believe that a complete overhaul of the current regulatory structure is either warranted or advisable."

2008
UN Can Regulate Emissions Trading Without Conflict of Interest

All together now: A Mandy Rice-Davies Moment!*

2009
Major Problems at California's Public Pension Fund, CalPERS And: A Mandy Rice-Davies Moment!

One of these days I'll have to tell the story of how CalPERS got to this point. It is an ugly tale. For now we'll just post the slow motion train wreck.
On a positive note: Mandy Rice-Davies* moment ahead!  

One of my favorite usages: 

Lord McIntosh of Haringey:  My Lords, I am proud of many things that this Government have done. I pause to anticipate the interjection—"He would say that, wouldn't he?"...

Lords Hansard text for 6 Feb 2002

Explaining FT Alphaville Headlines: Mandy Rice-Davies Edition (RBS; LYG)

The headline on Joseph Cotterill's Lex Live crosspost is "Well they would redomicile, wouldn’t they?" which is a subtle recapitulation of something Ms Rice-Davies said long before most (all?) of the Alphavillains were born.
From a 2012 post:

Mandy Rice-Davies is a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:

"Well, he would, wouldn't he?"

That post, by the way, was titled "Mandy Rice-Davies Sighting at FT Alphaville" and went on:

From the FT Alphaville post:
Spooks on the payrolls
Posted by Joseph Cotterill on Jul 11 12:26.

...The report slipped out onto the DOL website this week. The Associated Press and Bloomberg have already torn it apart. But then, they would....

To the best of my knowledge, Mr. Cotterill is not a former model and showgirl.

We are keepers of the M.R-D flame:
Mandy Rice-Davies Alert: Christina Romer Says Maximum Tax Revenue at 84% Marginal Rate
She would, wouldn't she.*

*For British politicians of a certain age [often referred to as octo or nona-genarians -ed] the scandal surrounding Secretary of State for War John Profumo's affair with the alleged mistress of a Russian spy was highlighted by the testimony of Miss Rice-Davies, a friend of the alleged mistress, Christine Keeler.
From Wikipedia:

While giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, the latter made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?"

We've tried to keep the phrase alive, using it about once per year....MORE

So that's a wrap, 2014's version in the can.
And as a parting gift, the freemium "Lex Live" introduction to the FT's Lex column at the "redomicile" link is definitely worth a click-through for not-yet-subscribers.

Finally, as a slightly less valuable parting gift, one of my favorite usages:

Lord McIntosh of Haringey:  My Lords, I am proud of many things that this Government have done. I pause to anticipate the interjection—"He would say that, wouldn't he?"...

Lords Hansard text for 6 Feb 2002

Major Problems at California's Public Pension Fund, CalPERS And: A Mandy Rice-Davies Moment!

One of these days I'll have to tell the story of how CalPERS got to this point. It is an ugly tale. For now we'll just post the slow motion train wreck.
On a positive note: Mandy Rice-Davies* moment ahead!
From Economic Policy Journal:

How bad?

It would require up to a 50% payroll tax to pay for pension commietments.

Ron Seeling, the CalPERS chief actuary, said at a confrence in Sacramento:

I don't want to sugarcoat anything. We are facing decades without significant turnarounds in assets, decades of -- what I, my personal words,nobody else's -- unsustainable pension costs of between 25 percentof pay for a miscellaneous plan and 40 to 50 percent of pay for asafety plan (police and firefighters) ... unsustainable pensioncosts. We've got to find some other solutions.

"I actually think it is sustainable," said Terry Brennand of the Service Employees International Union. He said the basic problem is investment losses, not high benefit levels.

Is there a Federal bailout in the future?

*"Well he would, wouldn't he?"

We first heard from Mandy in October 2007. Since then she visits the blog to point out any self-serving comment that strikes her as especially bald-faced:

*Mandy was a whore with a minor role in the Profumo scandal of 1963.
Here's how Wikipedia tells the story:

...Rice-Davies came to London , where she met Christine Keeler and a well-connected osteopath Stephen Ward. As a result of her involvement in Ward's social set, she became intimate with many powerful people, including the then Viscount Astor. She never in fact met John Profumo, whose brief relationship with Keeler, with whom Rice-Davies shared a flat, was at the centre of the affair that caused him to resign from the government in June 1963. Rice-Davies had been one of the mistresses of notorious slum landlord Peter Rachman who had owned the flat she shared with Keeler.

"He would, wouldn't he?"

While giving evidence at the trial of Stephen Ward, Rice-Davies made the quip for which she is most remembered and which is frequently used by politicians in Britain^[2]. When the prosecuting counsel pointed out that Lord Astor denied having an affair or having even met her, she replied,
"Well, he would, wouldn't he?"....

1. ^ This quote later became a common saying in British politics, often altered to "He would say that, wouldn't he?" Examples follow in these links:
   • Scottish Parliament committee news release 22 February 2001 "So perhaps there is a slight Mandy Rice Davies feel to this backing with a hint of 'well he would, wouldn't he?'."
   • Lords Hansard text for 6 Feb 2002 "I pause to anticipate the interjection—'He would say that, wouldn't he?'" spoken by Lord McIntosh of Haringey.
   • Well he would say that, wouldn't he? by Bronwen Maddox in The Times January 11, 2006

1. • 
     

Oil & Gas: Putin Calls U.S. Shale “Barbaric”

I feel a Mandy Rice-Davies moment coming on*
From OilPrice:

Vladimir Putin has spent his week cozying up to the Organization of Petroleum Exporting Countries (OPEC) and dissing the United States’ oil industry, dismissing shale oil production as a “barbaric” process. At the same time, Putin has announced that Russian oil output has increased despite the fact that the country has also pledged to remain cooperative with OPEC’s production curbs.

On Wednesday Putin announced that “Russia and OPEC have ‘a common goal’ of keeping the oil market balanced and predictable, and Moscow will continue cooperation under the global supply curbs deal” according to reporting from Reuters. So far Russia has followed OPEC’s guidelines to a certain extent, cutting oil production from September to October, but still did not cut back production as much as the specifications of the deal called for.

“In October, Russia cut its oil output to 11.23 million barrels per day (bpd) from 11.25 million bpd in September but it was still higher than a 11.17-11.18 million bpd cap set for Moscow under the existing global deal,” said Reuters. “Putin told the forum that Russia’s oil production was growing slightly despite the supply curbs deal but Moscow was not aiming to be the world’s No. 1 crude producer. Currently, the United States is the world’s top oil producer.”

Speaking of the United States, Putin had plenty of words for them as well, accusing the U.S. of ignoring the negative environmental externalities of the nation’s mass-scale shale oil and gas production (fair enough) calling the process “barbaric” and proclaiming that Russia will never use fracking as a means of oil and gas extraction. “We will never frack,” Putin told a representative from Total SA during Moscow’s Russia Calling! conference on Wednesday. “We don’t need to develop shale oil at all. First, we don’t need to increase the supply of oil to world markets, and we have enough oil we can get from the Arctic shelf.” He added, “In spite of all of the economic benefits, we do not need it and we will never do this.”....MORE

Well, with those marching orders, Gazprom announces (LNG World News, Nov. 20):

Gazprom to advance LNG, sees no prospects in shale gas

Russia’s Gazprom noted that shale gas production outside of North America will not have a significant impact on the global gas market configuration and future export activities of Gazprom even by 2030. 

The company noted that the share of the United States in the global shale gas production exceeded 95 percent, in 2018. According to current forecasts, this country will remain the main producer of shale gas for the long term, with just a few other countries expected to continue with the production.....MORE

At one time it was estimated that Russia stood to profit by over $50 billion in U.N. carbon credits if and when they got around to fixing Gazprom's leaky pipes and valves:
October 2007
Natural Gas' Dirty Little Secret
Nov. 2, 2007
Fixing Leaky Gas Pipes Seen as Next CO2 Grab
December 2008
Russia to Stockpile $58 Billion of Kyoto CO2 Credits

Unfortunately for Gazprom, Russia and Putin, the emissions trading scheme collapsed and the pipes and valves are leaking to this day.
*From a 2012 post:
Mandy Rice-Davies Sighting at FT Alphaville

Mandy Rice-Davies is [was] a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:

"Well, he would, wouldn't he?"

From the FT Alphaville post:
Spooks on the payrolls
Posted by Joseph Cotterill on Jul 11 12:26. 

...The report slipped out onto the DOL website this week. The Associated Press and Bloomberg have already torn it apart. But then, they would....

To the best of my knowledge, Mr. Cotterill is not a former model and showgirl.

We are keepers of the M.R-D flame:
Mandy Rice-Davies Alert: Christina Romer Says Maximum Tax Revenue at 84% Marginal Rate
She would, wouldn't she.

For British politicians of a certain age [often referred to as octo or nona-genarians -ed] the scandal surrounding Secretary of State for War John Profumo's affair with the alleged mistress of a Russian spy was highlighted by the testimony of Miss Rice-Davies, a friend of the alleged mistress, Christine Keeler.
From Wikipedia:

While giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, the latter made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?"

We've tried to keep the phrase alive, using it about once per year:...
*****
... One of my favorite usages:

Lord McIntosh of Haringey: My Lords, I am proud of many things that this Government have done. I pause to anticipate the interjection—"He would say that, wouldn't he?"...
—Lords Hansard text for 6 Feb 2002

"BIS sees a tokenized future but stablecoins as unsound money"

The easy riposte to the BIS would be a Mandy Rice-Davies "Well he would, wouldn't he" but there is more to their objection than simply preferring Central Bank Digital Currencies to the DCs that lack the CB imprimatur. 

From Ledger Insights, June 24:

Today the Bank for International Settlements (BIS), the central bank to central banks, released a chapter of its Annual report, “The next-generation monetary and financial system,” outlining its vision for a tokenized economy. The BIS sees tokenized deposits dominating retail payments with wholesale central bank digital currencies (wCBDC) enabling interbank settlement, but argues stablecoins lack the fundamental features of sound money.

Why stablecoins are flawed

The BIS identifies three critical flaws in stablecoins: they lack singleness, elasticity and integrity. Singleness refers to universal acceptance without question, requiring token holders to know they can always exchange $1 for a dollar rather than 99 cents or less. The BIS says this is only possible through central bank money settling bank transactions.

Elasticity means central banks and commercial banks can grant credit to expand the money supply. “Where you have very complex interlocking payment obligations, if you had to wait for the incoming payments before you have sufficient liquidity to execute your own outgoing payment, that would be a recipe for gridlock,” explained Hyun Song Shin, the Head of the Monetary and Economic Department at the BIS during a media briefing.

“That feature cannot be satisfied with stablecoins because stablecoins need the backing reserves upfront. So unless you actually have the balances
already in your wallet, you cannot execute that payment,” said Mr Shin. “So I think for large value payments that elasticity is going to be absolutely key.” (Italics is our emphasis.)

The integrity problem stems from stablecoins being “digital bearer instruments on borderless public blockchains” that have become “the go-to choice for illicit use to bypass integrity safeguards,” according to the report.

Beyond these fundamental issues, the BIS warns stablecoins threaten monetary sovereignty through dollarization and could destabilize government debt markets when issuers sell reserves en masse during crises....

....MUCH MORE 

*We first presented Mandy on the blog in October 2007. Since then she visits to point out any self-serving comment that strikes her as especially bald-faced:

Mandy was a whore with a minor role in the Profumo scandal of 1963.
Here's how Wikipedia tells the story:

...Rice-Davies came to London , where she met Christine Keeler and a well-connected osteopath Stephen Ward. As a result of her involvement in Ward's social set, she became intimate with many powerful people, including the then Viscount Astor. She never in fact met John Profumo, whose brief relationship with Keeler, with whom Rice-Davies shared a flat, was at the centre of the affair that caused him to resign from the government in June 1963. Rice-Davies had been one of the mistresses of notorious slum landlord Peter Rachman who had owned the flat she shared with Keeler.

"He would, wouldn't he?"

While giving evidence at the trial of Stephen Ward, Rice-Davies made the quip for which she is most remembered and which is frequently used by politicians in Britain^[2]. When the prosecuting counsel pointed out that Lord Astor denied having an affair or having even met her, she replied,  

"Well, he would, wouldn't he?"....

1. ^ This quote later became a common saying in British politics, often altered to "He would say that, wouldn't he?" Examples follow in these links:
   • Scottish Parliament committee news release 22 February 2001 "So perhaps there is a slight Mandy Rice Davies feel to this backing with a hint of 'well he would, wouldn't he?'."
   • Lords Hansard text for 6 Feb 2002 "I pause to anticipate the interjection—'He would say that, wouldn't he?'" spoken by Lord McIntosh of Haringey.
   • Well he would say that, wouldn't he? by Bronwen Maddox in The Times January 11, 2006

UN Can Regulate Emissions Trading Without Conflict of Interest

All together now: A Mandy Rice-Davies Moment!*
From Bloomberg:

The United Nations Framework Convention on Climate Change can successfully fulfill its role as an emissions-trading regulator, while potential rival watchdogs have conflicts of interest, a UN official said.*

``It's very difficult to think of any organization that would not be in the conflict-of-interest position,'' Yvo de Boer, executive secretary of the so-called UNFCCC, said today in an interview in Bangkok, where about 160 countries are meeting to discuss climate protection.

``If you want to put it with some institutions, say the World Bank, UN Development Programme, or the Global Environment Facility, they are involved in implementing projects and raising money,'' de Boer said.

The UNFCCC regulates projects in developing countries aimed at reducing the emission of greenhouse gases blamed for climate change. The UN credit-trading program is the world's second- biggest carbon market, after the EU system. A group of officials from the world's 13 biggest nations said in February that the UNFCCC's lawmaking and regulatory roles should be separated to introduce professional market governance.

The world should create an ``independent, regulatory body for the carbon market,'' according to draft recommendations from a committee of the Group of Eight Plus Five. The G8 comprises Canada, Germany, France, Italy, Japan, Russia, the U.K. and the U.S. The five developing countries are Brazil, China, India, Mexico and South Africa....MORE

*Mandy was a whore with a minor role in the Profumo scandal of 1963.
Here's how Wikipedia tells the story:

...Rice-Davies came to London , where she met Christine Keeler and a well-connected osteopath Stephen Ward. As a result of her involvement in Ward's social set, she became intimate with many powerful people, including the then Viscount Astor. She never in fact met John Profumo, whose brief relationship with Keeler, with whom Rice-Davies shared a flat, was at the centre of the affair that caused him to resign from the government in June 1963. Rice-Davies had been one of the mistresses of notorious slum landlord Peter Rachman who had owned the flat she shared with Keeler.

"He would, wouldn't he?"

While giving evidence at the trial of Stephen Ward, Rice-Davies made the quip for which she is most remembered and which is frequently used by politicians in Britain^[2]. When the prosecuting counsel pointed out that Lord Astor denied having an affair or having even met her, she replied, "Well, he would, wouldn't he?"....

1. ^ This quote later became a common saying in British politics, often altered to "He would say that, wouldn't he?" Examples follow in these links:
   • Scottish Parliament committee news release 22 February 2001 "So perhaps there is a slight Mandy Rice Davies feel to this backing with a hint of 'well he would, wouldn't he?'."
   • Lords Hansard text for 6 Feb 2002 "I pause to anticipate the interjection—'He would say that, wouldn't he?'" spoken by Lord McIntosh of Haringey.
   • Well he would say that, wouldn't he? by Bronwen Maddox in The Times January 11, 2006

"White House says blog post on Nord Stream explosion 'utterly false'"

Huh. A Mandy Rice-Davies moment dead ahead.*

From Reuters via MSN, February 8:

WASHINGTON (Reuters) -The White House on Wednesday dismissed a blog post by a U.S. investigative journalist alleging the United States was behind explosions of the Nord Stream gas pipelines as "utterly false and complete fiction."

Reuters has not corroborated the report, published by U.S. investigative journalist Seymour Hersh, which said an attack was carried out last September at the direction of President Joe Biden.

"This is utterly false and complete fiction," said Adrienne Watson, a spokesperson for the White House National Security Council. Spokespeople for the CIA and State Department said the same....

....MUCH MORE

"blog post" is a nice touch.

 

See, the U.S. apparatchiks have to say that because admitting they did it would be admitting an act of war, in the same way that Russia cutting off the Keystone XL pipeline would be an act of war. Except the Biden Administration did it. Saaaay....

*Mandy Rice-Davies is [was, RIP] a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:
"Well, he would, wouldn't he?" 

For British politicians of a certain age [often referred to as octo or nona-genarians -ed] the scandal surrounding Secretary of State for War John Profumo's affair with the alleged mistress of a Russian spy was highlighted by the testimony of Miss Rice-Davies, a friend of the alleged mistress, Christine Keeler.
From Wikipedia:

While giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, the latter made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?"

—from our 2012 post "Mandy Rice-Davies Sighting at FT Alphaville"  which among other occurances included:

One of my favorite usages:

Lord McIntosh of Haringey:  My Lords, I am proud of many things that this Government have done. I pause to anticipate the interjection—"He would say that, wouldn't he?"...

Lords Hansard text for 6 Feb 2002

Earlier:
Updated—Seymour Hersh Is Back With A Big Story: "How America Took Out The Nord Stream Pipeline"

"Mark Zuckerberg Denies Being a Secret Lizard Person"

Woohoo, a Mandy Rice-Davies moment!*

From Gizmodo:

Mark Zuckerberg hosted his first ever Facebook Live Q&A today. And it went about as well as you’d expect. One of the key things we learned? Mark Zuckerberg is not a lizard person. Or so he says....MORE

For years we would mark what the cognoscenti refer to as an MRDA (Mandy Rice-Davies Applies) as we came across them. Here's an example from 2012:

Mandy Rice-Davies Sighting at FT Alphaville

Mandy Rice-Davies is a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:

"Well, he would, wouldn't he?"

From the FT Alphaville post:
Spooks on the payrolls
Posted by Joseph Cotterill on Jul 11 12:26.

...The report slipped out onto the DOL website this week. The Associated Press and Bloomberg have already torn it apart. But then, they would....

To the best of my knowledge, Mr. Cotterill is not a former model and showgirl....

That link has a few other instances including one from Lords Hansard

In Case You Missed It: "Cape Town confident of beating water crisis next year"

A former denizen of da 'Ville, Joseph Cotterill has a follow-up to his deep dive of a couple months ago.

From the Financial Times:

June 28, 2018

Cape Town confident of beating water crisis next year

Strong rain and stringent saving has reduced the chances of a crisis

Cape Town is likely to be saved from running out of water next year, as well as in 2018, after strong winter rains and a relentless civic saving campaign boosted dams supplying South Africa’s second city, officials said.

Ian Neilson, Cape Town’s deputy mayor, said on Thursday that with two more months of rain to go, dams had already risen to higher levels than at the end of last year’s winter, pushing back the dreaded Day Zero when nearly all taps would be shut off in the drought-hit city.

“We are now in a position to state that not only have we managed to avoid Day Zero this year, but we will also safely get through summer 2019,” Mr Neilson said. However, he warned that this depends on “adequate water restrictions” being maintained....MORE

Back in May we linked to his:

South Africa: How Cape Town beat the drought

Mr. Cotterill was also responsible for a couple Mandy Rice-Davies-isms while at FT Alphaville including one of my favs:

July 11, 2012
Mandy Rice-Davies Sighting at FT Alphaville

Mandy Rice-Davies is a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:

 "Well, he would, wouldn't he?"

From the FT Alphaville post:
Spooks on the payrolls
Posted by Joseph Cotterill on Jul 11 12:26.

...The report slipped out onto the DOL website this week. The Associated Press and Bloomberg have already torn it apart. But then, they would....

To the best of my knowledge, Mr. Cotterill is not a former model and showgirl....

Last recounted in 2016's "Mark Zuckerberg Denies Being a Secret Lizard Person":
Woohoo, a Mandy Rice-Davies moment!*

From Gizmodo:

Mark Zuckerberg hosted his first ever Facebook Live Q&A today. And it went about as well as you’d expect. One of the key things we learned? Mark Zuckerberg is not a lizard person. Or so he says....MORE

Well he would say, wouldn't he? 

UNESCO Wants You To Know: Events Are NOT Secretly Manipulated Behind The Scenes By Powerful Forces With Negative Intent

Mandy Rice-Davies anyone?

From the United Nations Educational, Scientific and Cultural Organization:

(click to enlarge)

That's from the new European Commission/UNESCO #ThinkBeforeSharing campaign.

There are ten infographics in ten languages along with ten stamps. Collect the whole set!

Mandy Rice-Davies was a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:

"Well, he would, wouldn't he?"

We are keepers of the M.R-D flame.

For British politicians of a certain age [often referred to as octo or nona-genarians -ed] the scandal surrounding Secretary of State for War John Profumo's affair with the alleged mistress of a Russian spy was highlighted by the testimony of Miss Rice-Davies, a friend of the alleged mistress, Christine Keeler.

From Wikipedia:

While giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, the latter made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?"

We've tried to keep the phrase alive, using it about once per year. One of my favorite usages:

Lord McIntosh of Haringey:  My Lords, I am proud of many things that this Government have done. I pause to anticipate the interjection—"He would say that, wouldn't he?"...

Lords Hansard text for 6 Feb 2002

Mandy Rice-Davies Moment Ahead: "BlackRock CEO calls for Social Security revamp"

Mandy Rice-Davies [was] a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:

"Well, he would, wouldn't he?"

From Pitchbook, March 23: 

Larry Fink says Social Security dollars should be invested in assets that generate wealth rather than merely ensuring stability. 

BlackRock chief executive Larry Fink has called for Social Security funds to be invested in a broader range of asset classes to turn the program into an engine of wealth generation, a move that would benefit his firm.

In an investor letter released on Monday, Fink said that the current Social Security system, which channels funds primarily into US Treasury bonds, serves as a safety net rather than giving citizens a stake in the country’s future growth.

“In effect, workers lend money to the government and receive defined benefits in return,” he said. “The structure, designed as a social insurance program, emphasizes stability and predictability. What it doesn’t do is let people grow their benefits along with the broader economy.”

To address barriers to everyday Americans investing, Fink proposed measures such as emergency savings accounts and early wealth-building programs—such as child investment accounts seeded with government or private funding—to help more individuals accumulate wealth over time. He specifically named Trump Accounts, a new type of investment account launching this year that allows parents to save for their kids’ retirement, as a form of the innovations he’d like to see.

As nations shift toward self-reliance—increasingly investing in energy, defense and technology—Fink stressed that expanding individual participation in capital markets is critical to supporting that pivot.

He argued that the current Social Security system emphasizes stability rather than enabling Americans to build long-term wealth through sharing the country’s future growth. He questioned whether the system could be more like a long-term pension plan, allowing a portion of funds to be invested in diversified assets.

Meanwhile, Fink warns that AI could accelerate wealth disparities, as gains are likely to concentrate among companies that have the resources and infrastructure to deploy it at scale. Against this backdrop, building wealth will also require owning a stake in AI-powered growth....

....MUCH MORE 

Today's introduction and much more on Mandy (backlinks, vignettes) can be found at January 2024's:

Mandy Rice-Davies Moment Ahead: "Biden Adviser Sees Limited Inflation Impact From Red Sea Attacks"

M.R.D. Alert: "Uber CEO Believes Profitability Not Critical to Launching IPO"

Well he would say that, wouldn't he?*

When I saw the story this morning I had to take a moment to compose myself and then make a judgement as to whether this headline was funnier than last August's:

Somehow missed this one: "Uber, Seeking a Female CEO....
...has narrowed the list to three men.

Your call, the bookies won't touch it.

From MarketWatch:

Published: July 16, 2018 11:45 p.m. ET
Uber CEO believes profitability not critical to launching IPO
Search for CFO continues

Uber Technologies Inc.’s Chief Executive Dara Khosrowshahi on Monday confirmed that the ridesharing company’s initial public offering is likely to take place in 2019 as originally planned even if its profitability does not improve by then.

Khosrowshahi said he doesn’t believe it’s necessary to make money before the IPO but the company will need to demonstrate a clear road to profitability. What is important, however, is cash generation as he doesn’t want Uber to be dependent on public or private markets for funds to expand, he said, speaking at the Fortune Brainstorm conference.

The public appearance comes as news broke that the Equal Employment Opportunity Commission is investigating the company over a complaint about gender inequity....

...MORE

For our younger readers M.R.D. was Mandy Rice-Davies.
From a 2012 post:

*For British politicians of a certain age [often referred to as octo or nona-genarians -ed] the scandal surrounding Secretary of State for War John Profumo's affair with the alleged mistress of a Russian spy was highlighted by the testimony of Miss Rice-Davies, a friend of the alleged mistress, Christine Keeler.
From Wikipedia:

...While giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, the latter made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?

We've tried to keep the phrase alive, using it about once per year:...
...One of my favorite usages:

Lord McIntosh of Haringey: My Lords, I am proud of many things that this Government have done. 

I pause to anticipate the interjection—"He would say that, wouldn't he?"...
—Lords Hansard text for 6 Feb 2002

"Luxembourg rejects tax haven label"

A Mandy Rice-Davies moment!*

Earlier today the FT's Izabella Kaminska tipped us to the Le Monde story in FT Alphaville's Further Reading post:

"OpenLux : the secrets of Luxembourg, a tax haven at the heart of Europe"

nquête 

Multinationals, billionaires, artists, sportsmen, criminals : an investigation by Le Monde reveals for the first time exhaustively what the Grand Duchy’s financial centre conceals, thanks to its tax advantages.

...MUCH MORE

And from the AP via the Financial Crime and Corruption Education site:

Luxembourg on Monday denied claims made in international media publications that the nation is a massive tax haven for the world’s rich and famous despite European Union legislation to clamp down on it.

A group of media outlets including France’s Le Monde allege that the Grand Duchy has scores of ghost companies without staff or offices with only the aim in mind to hide or protect funds and wealth from tax collectors or harbor suspect funds. The outlets cite financial data they collated based on publicly available registers of companies.

The Luxembourg government said in a statement Monday it “rejects the claims made in these articles as well as the entirely unjustified portrayal of the country and its economy.”...

....MORE

*Mandy Rice-Davies is was a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:
"Well, he would, wouldn't he?" 

The Organized Crime and Corruption Reporting Project also had their take on the story:

Shedding Light on Big Secrets in Tiny Luxembourg 

But then they are also running with:

Queen Elizabeth II Accused of Lobbying U.K. Government 

Previously on the wonder that is Luxembourg:
What's the Scam? Why Did Deloitte Set Up Their Art & Finance Practice In Luxembourg?

Luxembourg's ^#@*&! Space Agency and Fund
Luxembourg’s Asteroid Mining Plan
Luxembourg Invests €25 million in Asteroid Mining
Luxembourg’s Bid to Become the Silicon Valley of Space Mining
Luxembourg's New Space Mining Law Is Basically "Finders, Keepers" 
Morgan Stanley—"Space: Investing In the Final Frontier"

Swiss space agency boss is kidnapped by hitmen who beat him senseless then tried to burn him alive
Swiss Space Systems founder accused of ‘staging’ own attack
Swiss Space Systems: Just "Fugget About It!"
Swiss Space Systems Declares Bankruptcy-Parabolic Story Arc

Goldman Sachs on Asteroid Mining: As If Luxembourg Wasn't Insufferable Already

Luxembourg, with their #3 in the world GDP per capita (PPP) and their Jean-Claude Juncker and...
Insufferable. It's like Bono and Elevation Partners. Besides being Bono, they ran $90 mil. to $1.5 billion in Facebook.
Billion with a 'B'. As in Bono....

[re the Goldman bit]
...It's a 24 minute podcast, something one could listen to while in transit but did anyone bother to tell me about it?
No. That's why we're getting to it a year late, despite my avowed interest in becoming the world's first trillionaire.
And ignoring that Alchemist's Fallacy thing and all.

Here's ZeroHdge from April 19th (yes, they're a year late as well but how does that help moi?): 
The World's First Trillionaire Will Be A Space Miner 

Huh, I must have been crabby that day.
Anyhoo, onwards:

Dammit! Luxembourg Is Not A Microstate!
From Brilliant Maps:

The map above shows how big Luxembourg is compared to Singapore, Andorra, Malta, Liechtenstein, San Marino, Monaco, and the Vatican.

Luxembourg is 2,586.4 km2 (998.6 sq mi) with a population of 576,249, making it one of the world’s smallest states; 168th by size or 164th by population.

However, it’s still bigger than Singapore, Andorra, Malta, Liechtenstein, San Marino, Monaco, and the Vatican combined!

Here’s how big they are respectively:...MORE

Crabby that day as well.

"Oligarchs and Orchestras: Inside Luxembourg’s Secretive Low-Tax ‘Fortress of Art’ Warehouse" 

Uh Oh: "Bail-In Blues: Luxembourg Warns of Investor Flight from Europe"
Luxembourg and Switzerland are two of the "Banking-assets-an-order-of-magnitude-bigger-than-GDP" powerhouses....

Short The Swiss (and Luxembourg)
Maybe Liechtenstein too. Never much cared for Doha either. And then there's...
errrmmm, excuse me.... 

For some reason posting on Luxembourg seems to bring out the worst in me.  

"Crypto should be regulated as gambling, U.K. lawmakers say"

Hell, credit default swaps should be regulated as gambling if you don't own the credit. And sometimes even if you do and you are trying to force the issue.*

Mandy Rice-Davies moment dead ahead.

From Reuters via MSN, May 17:

Bitcoin, ether and other cryptocurrencies should be regulated as gambling given the significant risks they pose to consumers, a panel of UK lawmakers said in a report on Wednesday.

Britain, which wants to become a global hub for crypto and its underlying blockchain technology, is planning its first rules for cryptoassets, which currently only comply with anti-money laundering safeguards.

Bitcoin and ether account for two-thirds of all cryptoassets and are not backed by any currency or asset, leading to volatility in prices and the potential for all money invested in them to be wiped out, the report from parliament's treasury committee said.

Regulating retail trading and investment in unbacked cryptocurrencies could create a 'halo' effect that leads consumers to think the activity is safer than it is, or protected when it is not, it said.

"We therefore strongly recommend that the Government regulates retail trading and investment activity in unbacked cryptoassets as gambling rather than as a financial service, consistent with its stated principle of ‘same risk, same regulatory outcome’," the report said.

Industry body CryptoUK said it strongly disagreed with equating the crypto sector with gambling.

"We are both concerned and disappointed by these claims which are unhelpful, false, fundamentally flawed and unsubstantiated. The statement fails to reflect the true nature, purpose and potential of the crypto industry," CryptoUK said in a statement....

....MUCH MORE

Well they would, wouldn't they?

Mandy Rice-Davies was a former model and showgirl known for her role in the Profumo affair.
When informed by the prosecuting attorney that Lord Astor disputed her version of events and denied having an affair she responded:
"Well, he would, wouldn't he?" 

*....Following the Great Financial Crisis we had a series of posts on regulation, credit default swaps, bucket shops, Federal preemption of state law (supremacy, article vi, clause 2) state anti-gambling laws and various comments from folks learned and otherwise. A snip from a November 2011 post:

Are Derivatives Contracts Nothing More than Unenforceable Gambling Debts?
...Here's the U.S, Senate testimony of Eric Dinallo, then-Superintendent of the New York State Insurance Department on October 14, 2008 (8 page PDF).

...I have argued that these naked credit default swaps should not be called swaps because

there is no transfer or swap of risk. Instead, risk is created by the transaction. Indeed, you

have no risk on the outcome of the day’s third race at Belmont until you place a bet on

horse number five to win....

...“Bucket shops” arose in the late nineteenth century. Customers “bought” securities or

commodities on these unauthorized exchanges, but in reality the bucket shop was simply

booking the customer’s order without executing on an exchange. In fact, they were

simply throwing the trade ticket in the bucket, which is where the name comes from, and

tearing it up when an opposite trade came in. The bucket shop would agree to take the

other side of the customer’s “bet” on the performance of the security or commodity.

Bucket shops sometimes survived for a time by balancing their books, but were wiped

out by extreme bull or bear markets. When their books failed, the bucketeers simply

closed up shop and left town, leaving the “investors” holding worthless tickets....

Which had been preceded by July 2010's "Financial Reform: Enforce New York's 1908 Bucket Shop Law and trash the 2,319 Page Dodd-Frank Bill":

It is time to dispense with this congressional foolishness and enforce the 1908 Bucket Shop law.
Throw in some state anti-gambling statutes and you would have prevented the financial meltdown....

And so on.
In 2009 it was Charlie Munger who, in addition to, as he put it:

"I didn't set out in life to become the assistant leader of a cult."
-Mr. Munger at the 2007 Wesco annual meeting as recorded
by T2 Partners' Whitney Tilson

Is also a name partner at a pretty damn high-buck law firm:
An Interview with Berkshire Hathaway's Charlie Munger (BRK. A)

Grundfest: You and your partner, Warren Buffett, have for years warned about the dangers of the modern derivatives markets, particularly credit derivatives, and about interest rate swaps, currency swaps, and equity swaps.

Munger: Interest rate swaps have enormous dangers given their size and the accounting that has been allowed. But credit default derivatives took that danger to new levels of excess—from something that was already gross and wrong. In the ’20s we had the “bucket shop.” The term bucket shop was a term of derision, because it described a gambling parlor. The bucket shop didn’t buy any securities. It just enabled people to make bets against the house and the house furnished little statements of how the bets came out. It was like the off-track betting system.

Grundfest: Until the house lost its money and suddenly disappeared. Or the house made its money and suddenly disappeared.

Munger: That is right. Derivatives trading, with no central clearing, brought back the bucket shop, because you could make bets without having any interest in the basic security, and people did make such bets in the billions and billions of dollars. Some of the most admired people in finance — including Alan Greenspan — argued that derivatives trading, substituting for the old bucket shop, was a great contribution to modern economic civilization. There’s another word for this: bonkers. It is not a credit to academic economics that Greenspan’s view was so common.

There is much more.

In 2018 we had:  "Pope says credit default swaps are unethical"

But to date the Pope has not weighed in on cryptocurrencies.

In his 2015 Encyclical, Laudato Si  Francis gave technology in general the Papal thumbs up.

In 2017 the Pontifical Academy of Social Sciences held a symposium on human slavery in the 21st century and one of the speakers, Joseph Mari from the Bank of Montreal spoke on Bitcoin's role in the trade.
But no wider comment on the tech.
Personally, I think they are planning to roll out Vaticoin any day now.

—last seen in February 2020's "The Pope, The Reporter, The Regulator and Supremecy (and Bitcoin)"