Another Oligarch Preaches to the Peasants – Charlie Munger Says “Prepare for Harder World”

While several exceptionally wealthy and successful people have admirably come out and spoken passionately of the broken nature of financial markets and the political system, as well as the threat this poses to society in general (think Paul Tudor Jones and Nick Hanauer), there have been several examples of oligarchs coming out and conversely demonstrating their complete disconnect from reality, as well as a disdain for the masses within a framework of incredible arrogance.

The latest example comes from Charlie Munger, Warren Buffett’s right hand man, who tends to demonstrate an incredible capacity for verbal diarrhea. Recall his commentary on gold: “gold is a great thing to sew onto your garments if you’re a Jewish family in Vienna in 1939.”   Continue reading

Poland plans new canal to by-pass Russia

Poland plans to construct a new canal to bypass a stretch of coastline controlled by Russia, as the country tries to rid itself of dependence on its neighbour.

Costing an estimated £167 million, the planned canal will link the Vistula Lagoon in the north east of Poland with the Baltic Sea. Currently, all sea traffic from the lagoon and the flourishing port of Elblag has to travel through Russian waters to get to the Baltic. The canal will cut through a narrow strip of land separating the lagoon from the sea. Continue reading