Author Archives: James Yardley

The Hunger Games Review

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Some have dismissed ‘The Hunger Games’ as another film for the teen masses. But this no ‘Twilight Saga’, nor is it a cheap copy of ‘Battle Royale’ as some have claimed. The film is fantastic and original. Its message is important. It is an absolute must watch for all (although I was a little surprised at the lowly 12A rating).

Set in the future, every year the Capitol randomly selects a boy and girl  from the surrounding twelve districts to fight to the death on live television in a tournament known as ‘The Hunger Games’. The games are a reminder of a rebellion the districts took part in against the Capitol 75 years earlier.

When I first read the summary I was worried the plot would be a little far fetched. I always want films to be believable. I shouldn’t have worried. The film takes itself seriously. At no point does it feel overly fantastical or unrealistic, in fact it does a very good job of feeling real. We should not forget that it is not so long ago in our history that these sorts of events existed, and people did fight each other to the death for others entertainment.

Unlike ‘Battle Royale’ there is a long build up to the actual tournament itself, and it is this which makes the film work so well.

The focus is on the horrific perversity of the whole event. Competitors are taken from the starving poverty of their districts to a world of opulence. As an extra dynamic to the contest the competitors are forced to try and gain sponsors in the lead up to the event by going on chat shows and doing well in test events. Sponsors help during the event will be vital if they want to have any chance of winning. The whole process is brilliantly sickening.

Unlike ‘Battle Royale’ most of the focus is on a single lead character ‘Katniss Everdeen’ who is played superbly by the brilliant Jennifer Lawrence. She is ably supported by a very strong cast.

All in all a superb film. Probably the film of the year and a must see. 9/10

 

Huge Protests Inspired by Suicide of Greek Pensioner – How Much More Can Greece Take?

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A 77 year old Greek pensioner took his own life outside the Greek parliament building on Wednesday morning. Retired pharmacist Dimitris Christoulas shot himself in the head with a handgun. In a suicide note, Christoulas linked his tragic act to the country’s economic crisis. In the note found by his daughter he wrote, ‘I have no other way to react apart from finding a dignified end before I start sifting through garbage for food,’

The act immediately sparked widespread sympathy and anger. An impromptu anti-austerity rally was launched on the same day and there were clashes with police. Police clashed with around a thousand protesters for a second day on Thursday. Some were blaming politicians and EU leaders for the death. The protestors chanted, ‘Killlers!, Killers!’.

Christoulas is thought to have attended anti-cut protests the previous year and has been described as politically active. Sympathisers called his actions, ‘A clear political act … he was giving his life to change the situation’.

Suicides in Greece have doubled since 2009 having previously been the lowest in Europe. Greece is struggling to cope with the heavy austerity measures which have been forced upon in by the bigger European economies in exchange for bailout funds.

Already the recent bailout is looking like a distant memory. As I mentioned in an earlier article  it was extremely disappointing that EU leaders did not attempt to solve the problem once and for all. Already we are getting suggestions that a third bailout will needed. The Greek growth predictions are extremely optimistic given the levels of austerity it will need to bear. Yields on the new Greek PSI bonds (the bonds investors were forced to swap their existing holdings for) have soared to over 21% in the last couple of days.

As the actions of Christoulas show, the EU leaders and economists, have underestimated the Greek people. There is only so much the Greek people will take. The real crunch point is likely to come in June when cuts worth about 7% of GDP are expected to be announced. How much more will the Greek people take?

My guess is that we are close to the breaking point. Christoulas’s tragic act may be the symbolic trigger which sets everything off. One of the major issues Greece faces (which people often forget) is that Greek banks, pension funds and other Greeks hold most of the Greek government debt. This is why some in Greece are so reluctant to leave the Euro. Nevertheless something will have to give.

 

 

The Next Sub-Prime Mortgage Crisis – We Have Learnt Nothing

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Some lessons are never learned and the boom and bust of the housing market is one of them. As we finish one housing crash we are already setting ourselves up for the next one. The seeds for the next sub-prime mortgage crisis have already been sown.

It stems from a desire by all parties to encourage people to buy their own homes and keep house prices going up. This results in an unsustainable boom followed by a sharp correction, all to the detriment of stability and economic growth.

Everyone from the building companies, estate agents, mortgage brokers, banks, government, owners and even buyers all want to see the market rise. Prior to the crash we had mortgages being offered for 120% of a home’s value. We now have offers encouraging people to buy houses which are equally or more dangerous.

The reality of the situation is that house buyers (particularly first time buyers) are not earning enough to get onto the housing ladder at the moment. There simply isn’t the demand.

Desperate to sell the houses on their books, Estate agents and builders have been offering shared equity solutions to first time buyers. The buyer only buys a percentage of the property (making it more affordable and much easier for them to get a mortgage). They then pay rent to the building company on the percentage they do not own. The scheme is all over housing websites. The government has been encouraging this scheme. In fact it is taking part in it.

On the face of it the scheme looks attractive. I admit even being interested in it myself initially. However once you understand the motives behind it and the reality of it we see how dangerous it can be.

You can see how it can become very expensive for someone who takes on this scheme. They are paying a mortgage, rent and service charges, not to mention maintaining 100% of a property they don’t fully own.

Many newspapers were initially very critical, until building companies started taking ads out in their papers advertising the scheme.

The service charges and rent often rocket and the homes are almost impossible to sell leaving owners completely trapped even when they need to move in an emergency. You can read some people’s nightmare experiences here.

Now, in what can only be described as utter madness, the UK government’s latest plan is to guarantee 95% mortgages. The ‘New Buy’ or mortgage indemnity scheme (MIG) only requires a 5% deposit from the buyer and if they default the government will pick up the tab along with the bank.

The government is trying to artificially inflate demand in the short term to boost the construction sector and push house prices up so everyone feels wealthier. This should also boost consumer spending and the economy as a whole. But this is a typically short term politically motivated view. The current government cares nothing for a future crisis which might occur in 10 years’ time. At some point the market will have to correct to an equilibrium level and the more we inflate prices artificially the bigger that crash will be. All the jobs created will be lost along with many more as well.

Nothing has been learnt from the recent crisis. With a government guarantee, banks and mortgage brokers will be flogging mortgages to anyone they can. This is exactly what happened before the recent crisis in America. Just look at Fannie Mae and Freddie Mac.

When prices do start to fall owners will have no incentive to keep paying their mortgages as they move into negative equity. If house prices fall by 20% and you have only put down a 5% deposit what incentive do you have to keep paying the mortgage? As prices continue to fall this gets worse and turns into a negative cycle.

When the bubble does burst the ensuing crisis will be just like the recent one, except this time instead of the banks bearing the brunt of the loses, it will be the you and I the taxpayer.

Unfortunately we never learn from our mistakes. We must stop creating these damaging bubbles. We should just let the housing market correct itself naturally; unfortunately the government just can’t help itself. It is now just a matter of time before the next major sub-prime mortgage crisis. I just hope we can survive the fallout.

GEOX AND PATRICK COX SS2012 CAPSULE COLLECTION

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GEOX the premier Italian brand famous for the innovative use of breathable technology and the
renown British shoe designer Patrick Cox have teamed up to create a capsule footwear collection
for Spring Summer 2012 that is an exciting fusion of sportswear and urban chic.

This SS2012 capsule collection marks the start of an ongoing collaboration between GEOX and
Patrick Cox and will see the development of footwear collections for men and women that bring
together elements of active sportswear, big city living, innovative materials and cutting edge
design.

In a statement about his collaboration with GEOX, Patrick Cox has said:

“I want to create pieces that are casual in spirit and reflect London’s cool urban vibe building on
GEOX’s exceptional and innovative shoemaking technology.”

Patrick Cox who became a global household name following the launch of his Wannabe loafer,
arguably the most commercially successful loafer launched in modern times, is famous for shoe
design that skillfully mixes traditional and the avant-garde and for shoes that are ‘must have’ items
for a knowing and fashion conscious market.

Mr Mario Moretti Polegato, Chairman of GEOX comments:

“I’m very pleased with this collaboration that will further increase the value of our respective
strengths and excellences. This new and innovative project will enable our clients to find designer
shoes interpreting in a modern and contemporary way our innovative shoes technology”

The GEOX brand was originally inspired by the style of a British Gentleman who liked to meld
functionality and comfort with a stylish urban twist when choosing his footwear and the idea was
later extended to a broader customer base to whom this mix of styles appealed.

The debut collection that will be launched this weekend features 18 styles for men and 20 for
women that perfectly illustrate the meld of active sportswear and city chic. The designs include
classic wing tip moccasin and derby shoes but with lightweight, flexible GEOX BREATHING soles
or the combination of a traditional tubular loafer with a tennis sole.

The shoes are crafted in beautiful soft leathers in a vast assortment of colours. Available now this
new collection will be distributed in key European markets such as the UK, Italy, France and in the
USA and Asia. The range will be available in top department stores, selected Geox shops and
specialty stores.

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The Latest Greek Bailout – The Worst Decision Possible

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It always happens with politicians, you get ‘compromise’. And it’s exactly what’s happened with the latest Greek bailout. Rather than the much needed bazooka to deal, with the problem we’ve ended up with the usual indecisive and ineffective compromise, which only results in a short term solution.

If politicians had just had the guts to commit a bit more support we might have had a real resolution. As it is Greece is left mired in uncertainty. It is extremely likely a further bailout and/or default will be needed.

Even under the optimistic baseline scenario of the current deal Greece will still be at a debt to GDP ratio of 129% by 2020. That’s 8 years away and still well above the 120% considered unsustainable.

And what reasons are there for thinking the baseline will come true. Greek growth was far worse than expected last year at -6.1%. Greece has never been able to successfully implement the required reforms in the past. If Greece misses its growth targets by just 1%, a scenario which seems highly possible given Greece is expected to grow by a rosy 2.3% in 2014 (despite severe austerity measures), all other factors being equal Greece will have a debt to GDP ratio of 159%. Virtually the same as it has now! And if Greece doesn’t return to growth the consequences don’t bare thinking about. One bad number in the next 8 years would knock everything of course.

This bailout will not offer any confidence for business. The Greek people are already furious. How will they be after another 8 years of severe austerity with no or little progress on debt? Even if they achieve the baseline and get back to 129% debt to GDP they are still left in a dire position.

Once again the policy makers have found the worst option. Short term thinking politicians are pandering to their electorates and only thinking of their upcoming elections.

To set a date for default, take ownership of the problem and leave the Euro would have been a better option for the long term for both Greece and the Euro.

Even better a bigger bailout designed to knock Greek debt to GDP ratio back below 100% would have inspired confidence. Businesses would not be so afraid to invest. Greece might have even been able to sell some of its assets to the private sector for a reasonable price. This was an affordable solution. Unfortunately the German tax payer and others refuse to pay.

At some point either the Germans or the Greeks are going to say enough is enough. NO MORE BAILOUTS. It is likely that Greece will default again and leave the Euro anyway. But instead of doing it now and beginning the recovery we must drag on with the worries of Greece weighing on growth and confidence throughout the whole of Europe.

Pizza Express New Leggera Launch Event

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I have always been a huge fan of Pizza Express. Ever since I was a small child I have admired the skill of the chefs as they created their pizzas and I confess I have always wanted to try making one.

You can therefore imagine my excitement when Frost was invited to a demonstration event of Pizza Expresses new Leggera range. Frequent Pizza Express visitors will already be familiar with the Leggera pizzas. A Leggera pizza has the same quantity of toppings as a normal pizza but cuts out a lot of the dough from the centre and replaces it with a scrumptious salad. The result is, a much healthier pizza, more delicious and guilt free pizza with under 500 calories. Following its initial success Pizza Express has now expanded its Leggera range to include five more pizzas.

We arrived at the Pizza Express in Islington to a very warm welcome. After a few drinks we were treated to a demonstration on how to make a Leggera by the extremely skilful and very friendly Leo. The pizza Leo made was the Padana (Tomato Sauce, Spinach, Onions, Goats Cheese, Garlic Oil, Oregano and Black Pepper).

The finished pizza is a work of art 

Next it’s our turn. We get to choose which Pizza we want to make from one of the new Leggera options.

Pomodoro Pesto – Light mozzerella and marinated santos tomatoes with fresh basil, pesto and garlic oil

Padana – Spinach, goats cheese and caramelised onions

Pollo Ad Astra – Chicken, sweet peppadew peppers, cajun spices, red onions and garlic oil

American/American Hot – Pepperoni, Mozzarella and Fresh Tomato

Gustosa – Prosciutto cotto ham, light mozzarella and Portobello mushrooms with red peppers

We both go for the Pollo Ad Astra. This is already one of my favourite pizzas and now I have the chance to try it as a Leggera. We arrive at our table greeted by Luigi a friendly young Italian chef who is there to watch over us. First we have to cut and roll the dough into a pizza base. This is much harder than you might imagine. Sure enough, rather than a perfect circle, my base sticks out horribly on one side. Luigi politely offers suggestions. I ask him how long it takes for him to make one and he says the whole pizza is usually finished in five minutes!

With my base roughly the right shape, I’m told to take my dough and fling it between my hands to remove excess flour. Despite our mistakes the whole process is the most fun I’ve had in ages.

15 minutes later our dough is in the pizza tins. We use a cutter to remove a large amount of dough from the centre of our pizzas and it’s on to the ingredients. I greedily add extra bits of everything, particularly the garlic oil which I love. Our pizzas are then whisked off to the oven where it only takes four minutes to cook them. Some rocket, beautiful ricotta salata cheese and balsamic dressing and our pizza is finished.

And wow it tasted amazing. There is something about Pizza Express pizzas (and I’m sure it’s the quality of ingredients) which has always put them far ahead of their rivals. Other pizzas never come close in taste.

My Pollo Ad Astra is delicious. The base is beautifully thin and crispy and provides the perfect platform for the wonderful combination of the succulent chicken mozzarella, tomato sauce, sweet peppers and red onions. The cajun spice gives the dish a delicious extra kick. The addition of the Leggera element provides a wonderful contrast. The rocket and dressing gives the dish a better balance. All in all the PERFECT PIZZA!

As we happily tuck in we are joined by the wonderful Juliet  who is a nutritionist. She tells us all the pizzas have under 500 calories despite having the same amount of ingredients as the classic pizzas. This is because of less dough and a scrumptious new lower fat mozzarella they are now using. She also introduces us to the delightful Leggera wines. All with lower calories and slightly less alcohol content. The red being 9.5% and the white 9%. They are delicious and we have soon finished our glasses.

The whole evening was a wonderful experience. It was incredibly well organised and everyone was extremely warm and friendly as I have always found Pizza Express to be.

This is a great British company with real authentic Italian cooking. It offers great value for money. Pizza Express never feels like a chain. Why settle for a shoddy alternative with poor quality ingredients.

 

Republican Presidential Nomination – Iowa Caucus Race and the Story so Far

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The race is heating up for the Republican nomination as the Iowa caucus gets ready kick things off tomorrow night. It’s been an incredible race so far with almost every candidate having their moment as the front runner.

The Story so Far

Romney started out ahead having finished second in 2008. Michelle Bachmann appeared to be the the first major challenger as she won the straw poll in Iowa but she has now fallen off and is polling less than 10% in Iowa and 6% nationally. Rick Perry surged in September to 32% and a 12 point lead only to fall way back after a series of gaffes (now at 6%).

Next was the turn of Herman Cain at one point with a 2 point national lead Cain quickly fell away after this clip below and his fall was so bad he was forced to pull out of the race.

Newt Gingrich was next to surge above Romney after doing well in a series of debates. He also held a 12 point lead nationally at one point but this was quickly destroyed by a series of devastating revelations and negative ads. Only a few weeks ago he was 14 points ahead in Iowa but is now in 4th or 5th position.

Ron Paul has surged in the polls in the last few weeks up to Christmas. Paul practically has the internet locked down in universal support of him. He was leading in the polls in Iowa but has fallen back in the last few days although he remains level with Romney. And finally most recently Rick Santorum has come from nowhere at the very end and is threatening to win.

Source: http://www.realclearpolitics.com/epolls/2012/president/us/republican_presidential_nomination-1452.html

Mitt Romney, Ron Paul and Rick Santorum are now all neck and neck in the Iowa polls. No one really knows who’s going to win.

Candidate Run Down

Mitt Romney – Iowa average 22.8%

Mitt Romney has been the steadiest candidate polling consistently in the 20-25% range. Some would say he’s the man to beat. But Romney is disliked by large elements of the Republican party. Romney is seen as a liberal conservative. He’s been widely criticised by Social conservatives for ‘flip flopping’ on issues such as abortion. Romney has no support from the tea party. The surges by the other candidates shows the parties efforts to find an alternative candidate but so far Romney has managed to knock them all back. A strength and weakness of Romney is his history of business and Wall Street. He may be seen as a candidate who understands jobs and the economy or he may been seen as the millionaire that’s part of the problem.

Romney’s greatest strength at the moment is his electability. A lot of Republicans may not love him but they see him as there best shot at beating Obama. That’s what’s holding the Romney campaign together.

Ron Paul – Iowa average 21.5%

Ron Paul the anti-war libertarian is detested by the Republican establishment and many would say the mainstream media also. Paul is seen as a strict defender of the constitution and civil liberty. He is the only candidate to talk about issues such as the NDAA, the patriot act and SOPA. This combined with his anti-war stance has caused him to win huge support across the internet and with young people.

Paul is the candidate most against the status quo and the current establishment. He wants to cut a trillion dollars of government spending. Other policies include abolishing income tax and the federal reserve, removing the department of education and energy and pardoning non-violent drug users currently in federal prison. Paul is all about reducing spending and taxes and taking things back to the state level.

The mainstream media has called him unelectable largely because of his anti-war stance (Paul wants to bring all overseas troops home). The media vs Ron Paul

Rick Santorum – Iowa average 16.3%

Santorum has surged from nowhere in the last few days. He has been campaigning in Iowa for months with very few resources. He is very popular among evangelical Christians of which there are many in Iowa. The opposite to Paul on foreign policy Santorum has said he would bomb Iran to prevent it getting a nuclear weapon. http://hosted.ap.org/dynamic/stories/U/US_SANTORUM_IRAN?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT Santorum has been labelled as a social conservative (pro-life and against gay-marriage) and this may hurt him in future primaries if he doesn’t start talking about jobs and the economy. He has a plan to repeal regulations and remove tax for manufacturers. Santorum was also accused of being one of the most corrupt politicians in 2006 by citizens for responsibility and ethics in Washington

http://www.citizensforethics.org/index.php/press/entry/crew-releases-second-annual-most-corrupt-members-of-congress-report/

More candidates tomorrow

PROPERCORN – POPCORN DONE PROPERLY

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I often get frustrated by bad popcorn. At the cinema it’s poor quality and tasteless, in the shops it’s artificial. Usually one starts to feel ill after the first few mouthfuls.

Propercorn, the new British gourmet popcorn, is simply great popcorn. It’s full of flavour and extremely tasty. As I ate it I kept asking myself why is all popcorn not like this. Propercorn is a very appropriate name.

It’s simple and healthy as well and that comes across as you eat it. The version I’m sampling ‘Sweet and Salty’ has just four authentic ingredients, although the exact recipe remains a closely guarded secret. A whole pack is just 128 calories and its suitable for vegetarians. This is definitely worth trying.