A lot of people think the Swiss are all business, industry and hard work. Maybe thats the case in Zurich, Basel and Bern, but here Geneva things are a little different. This is a city that grew up taking a 2% turn on money. As anyone who followed the Madoff saga would know ... the Genevois don't ask a lot of questions. Today is Ascension day. I don't know why it's holiday and I went to a catholic school! So I'm taking a day off myself.
I don't want to think about J P Morgan's losses growing to 3bn, nor do I want to start adding up all the capital that is needed for the world's largest banks to meet capital requirements for Basel III (500 - 600bn?) and I definitely don't want to analyze the prospects of the Greeks exit from the eurozone.
Maybe the one thing I want to think about today is the prospects for the US natural gas industry. Shell today said they expected prices to double by 2015. I can't argue with that. At 2 bucks a unit capacity was going to be used or shut down. If the market rebalances and crude stays at these levels I'm sure its possible. Does that mean I want to be involved in the going on at Chesapeake? NO.
Anyhow I'm going to get out and enjoy the day before it's over.
Happy Ascension Day.