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007 WE SUGGEST: The second half was a killer SUMMARY: Time now to take it easy and enjoy the festive season. Our very best wishes to you all. This note is just a zany teaser to end the year. Manufacturing inventories in the US equal 15 months output. So to prevent the inventory/output ratio from falling, the entire increase in output every 15 months must be added to inventories. So manufacturing sales cannot rise except by running down stocks. In the late 19th century, an English m’lord took a holiday on a Greek Island. He paid for his lodgings with a cheque drawn on Coutts Bank. The Islanders were so impressed by the bearing of the gentleman that the cheque was never cashed. Instead it became part of the local currency. Who paid for his holiday? Gordon Brown’s end-year press conference sought to re-assure. “I heard from the Governor and Chairman of the Financial Services Authority that inflation has been brought down, and remains low, demonstrating that the fundamentals of the British economy are, and remain, sound.” (Fundamentally Sound, says Google, is a pop group.) We don’t trot along to the Bank of England Governor to discover what the latest inflation rate is. Obviously Japan’s economy must be not merely sound but in the rudest of health. Its prices are falling. This is the Cockney Alphabet. Can you improve on it? A is for ’orses B for mutton C for yourself D for Kate E for brick F for vescence G for get it H for teen I for Novello J for oranges K for teria L for leather M for sis N for eggs O for my dead body P for relief Q for ages R for mo S for mation T for two U for me V for La France W for a quid X for breakfast Y for mistress Z for breeze.
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