Bloomberg: That Smashing Sound Is Piggy Banks Around the World
Bloomberg: That Smashing Sound Is Piggy Banks Around the World
Viktor Shvets of Macquarie points out that in 2023, the US exported more than $300 billion in information and communications technology and business services, yielding a net surplus of $120 billion. US royalty and license fees (mostly tech) reached a net surplus of $90 billion, while financial services generated a surplus of $63 billion. “Expanding the scope of the trade war will be inflammatory,” he says, “but it seems the EU (and Canada) might have decided that one can only negotiate with the US from a position of strength, and services are the US’ Achilles heel.”
The article is interesting, but the panic-button music suggestions at the bottom are just brilliant:
I started last month with some suggestions for panic-button music, including Miles Davis’ So What?, the second movement of Mozart’s Concerto for Flute and Harp, Josquin Desprez’s Missa Pange Lingua, or The Sea by Morcheeba. Perhaps a few more are in order. After dealing with the Greek letters, maybe listen to To Gelasto Pedi by Mikis Theodorakis; and as we’re in the presence of a market Black Swan, try Orlando Gibbons’ madrigal The Silver Swan. And as time rushes by, there’s Who Knows Where the Time Goes by Fairport Convention.