Beware of smart new HQ buildings.

There is a nice contrast between the ECB’s new 750 million headquarters and their inability to explain clearly to anyone how the Euro monetary system works. (Or perhaps it just doesn’t work?)

There are clearly large numbers of people with a keen interest in exactly how the system works who are having difficulties unearthing relevant details.

E.g.:

1. Worthwhile Canadian Initiative.

2. Winterspeak. See final para of 26th May post "More on yield curve..."

3. Me.

One of Britain’s most senior bankruptcy practitioners once said that the surest sign of the collapse of an organisation was a smart new headquarters building.

In contrast there was Arnold Weinstock who built GEC into a business worth £35bn. Arnold Weinstock never allowed new carpets at GEC HQ till the old ones were badly worn, and personally went round turning off lights.

His successors squandered the £35bn in the space of a year.