Kynock finished his drink and asked the private to get him - I swear to God - a 'rum Antares.'
...
The rum Antares was a tall slender glass with a little ice floating at the top, filled with pale amber liquid. At the bottom was a bright red globule about the size of a thumbnail; crimson filaments waved up from it.
'What's that red stuff?'
'Cinnamon. Oh, some ester with cinnamon in it. Quite good .... want a taste?'
'No, I'll stick to beer, thanks.'
...we finally settled on a menu which included spotted dog. This contains no dog, either, of course, but is what the British called a "pudding" or what we today would call a "lump of dough more dense than an intergalactic black hole, dotted with weird fruit chunks" (thus the spots). The only surviving modern-day equivalent is, of course, the fruitcake.... So, anyway, we also settled on venison pasty, a dish which showed off the charming British penchant for putting chunks of meat in a pie shell. For our other main course, we settled on lobscouse, which is a mixed-up hash of corned beef, potatoes, onions and leeks. It was (and still is) a mainstay recipe for the seafaring nations of the Baltic and North Atlantic.
In the BBC series The Trip (directed by Michael Winterbottom – how about that?), Steve Coogan and Rob Brydon potter about the North of England, taking in the scenery, discussing life, and eating at some of the finest restaurants of the region. In Cartmel, they partake of the tasting menu at L’Enclume, where a French waiter describes to them each dish they have:
There we have some little canapés to begin with. A little duet of tapioca-based crackers, spiced popcorns and the lollipops are made out of duck fat with peanuts.
There we are gentlemens. To begin with we have a nice little appetiser. We have liquor made out of mallow leaves, topped with a fizz which is made out of ginger beer, whiskey, as well as chilli.
It’s a Cote du Rhone Guigal winemaker 2006, will be a blend of Viognier, Roussane and Marsanne, a fresh, floral and rounded, and you will find a nice crisp finish as well.
There we are, gentlemens, at the bottom of those little sacks we got some diced smoked kale as well as shredded radishes, covered with very smooth duck foie gras mousse.
There we are gentlemens. Your next course is what we call the Humphries Pool. It’s a shellfish broth made out of mussels, clams, cockles which are cooked in their own juices, before to be garnished with a shred of local seaweed.
So what we have at the base of the dish, we got a goat cheese mousse and globe artichoke puree, and is garnished with deep-fried globe artichoke leaves, as well as baby Jerusalem artichoke.
It’s a cold dish this one, you’ve got some Manx queenies, which are baby queen scallops. They are resting on griddled baby gem and parsley coulis as well as a light creamy horseradish sauce.
To follow with that, a red, which is from France, Loire Valley which is in the northwest of France, Cabernet from grape, 100%, light fruity easy to follow.
Here is your next dish, gentlemen, which is a cut of the skate, pan-seared, served with a little langoustine, which are resting on a base of cauliflower puree and some baby celery stems.
I have a Pippin apple sorbet, served with a apple cake and butterscotch powder, and a roasted quince.
Invariably, of course, the questions are the sort that one often finds discussed just that week in the Financial Times or the Economist. There are few original thoughts in the world, and those among investment managers are less original than most.
And so it turned out at George Magnus's lunchtime talk the other day. He himself spoke only for about a quarter of an hour, and then opened the floor to debate. After the usual hesitant silence, the alpha males started talking at once. One (with a heavy accent) said, "Everyone believes that in the next few decades, China will be bigger than the US. Historically, no handover from one superpower to another has happened peacefully, or without serious geopolitical risk. In lieu of war, how do you see the transition from US to China?"
Magnus, and some of the others who jumped in, thought he had said 'in view of war', so they spent the next few minutes debating possible escalations of violence between the two countries.
When the discussion faltered to a halt, the fellow said, "I said 'in lieu of war'." Were there any bashful faces? No.
Magnus brought up the Washington Consensus, and how there appears to be a less well-defined Beijing Consensus, and another worthy piped up. "Who'd want to live under a Beijing Consensus? The US has always been a benign superpower, so the Washington Consensus totally makes sense."
I've not heard the US being called 'benign' by too many people, but the fun didn't end there. Another fellow jumped up. "Two million Vietnamese killed. 'Benign'? Now China - there's a civilisation that's not bellicose."
Amazingly, Magnus seconded that view. Clearly nobody thinks the view of the countries around the South China Sea, or Vietnam or India, or Korea, or even Russia, or Tibet, is worth anything. The Chinese are no less 'benign' than the US, if by 'benign' you mean 'kick 'em in the teeth.'
Of course it's true that while the US hegemony is constantly chafed under, and people like to bash the Americans as often as they like to drink Coke, they also like to run to the Americans for security every time someone else flexes their muscles.
(But I can barely understand why an economic idea such as the Washington Consensus was suddenly interpreted as US hard power.)
Someone else popped up with: "But George, how can we convert your compelling ideas into trades?" Well, as it happens, George was speaking in the long run, ten to twenty years out. Which investment manager has that kind of horizon? They'd just like to make money in the next couple of years before their luck turns.
There was more such guff, but I tuned out shortly thereafter.
The question he sought to answer in his book was its subtitle: ‘Will Emerging Markets shake or shape the world economy?’
He broke up the prognosis into 3 indicators:
1. Demographic change: while many Emerging Market (EM) countries are aging rapidly, others (e.g. India, Indonesia, Turkey) are having a boost in working age populations that will continue to last over the next 10-20 years, and can provide a big increase in growth and productivity if they are all gainfully employed. If they aren’t employed, of course, there can be serious social problems.
2. Technological catch-up in EM: some EM countries attain excellence in some aspects of technology (e.g. green tech in China, biotech in India, …). But there isn’t that depth of cultural and social infrastructure that enables them to consistently beat the developed world at all aspects of technical prowess. The catch-up means – for the most part – that the revenues will likely continue to flow into the developed market countries that produce most of the technical knowhow.
3. Climate change: while the worst affected countries by climate change are all EM, they will possibly spend large amounts to develop infrastructure to resist the worst of its effects.
The EM world has developed its manufacturing capacity to supply a world growth rate of about 6% p.a, which was the sort of growth seen in the two decades before the credit crunch. If world growth slows, then this overcapacity can lead to economic problems in the EM as well. And if developed world begins to save more, EM needs to spend more, otherwise we will end up with de-globalisation, protectionism, … As Magnus points out, despite noises at G20 meetings supporting globalisation and open markets, there has been a trend in protectionist measures over past two/three years already impacting about 2% of world trade.
The Chinese seem to understand that they have a part to play in the rebalancing of the world economy, but whether they will actually do anything other than mouth platitudes at 5-year plan announcements remains to be seen.
I got a copy of his book (signed, but not addressed to me) and stepped back into the cold streets of the City. At that same time, another demographic challenge was revealing itself. Students had taken to the streets of London too - only they were protesting increases in their tuition fees as part of UK's fiscal austerity. It's a sad truth: the babyboomers have enjoyed a long, long boom, and will continue to reap its dividends long into retirement, while their children and grandchildren face years of unemployment and relative indigence.
The generational struggle can only get worse.
It was not just the lack of horsekeepers in the subcontinent that caused such a toll in the livestock. The climate was barely conducive to the health of the Gulf horse. And so over time, the import demand for horses continued to rise, much to the glee of the Gulf traders.
...the brother of Shaykh Jamal ad-Din, ruler of Kish, Malik Taqi Allah, who was an important official in Ma'bar decided to acquire 1,400 horses from his brother’s stud farms annually and send them to Ma'bar. Additionally, 10,000 horses should be bought from other places in the Gulf as Qatif, Lahsa, Bahrayn, Hormuz, Kalahat and others. The price for one horse should be 220 dinars and the merchants should be compensated for any loss or death of the horses. The annual price for these 10,000 horses was thus 2,200,000 dinars. In the historiography of Vassaf almost the same text can be found. At first glance this transaction seems to be a deal between the two brothers at the expense of the treasury of the kingdom of Ma'bar, whose rulers, however, had to consent. According to the above mentioned numbers, if we make the generous calculation that 100 horses could have been loaded onto one ship, we could conclude that at least 100 “horse-ships” annually took to the sea from the Persian Gulf to Ma'bar! 1The price of the horse multiplied crazily once it arrived in India. Ibn Battuta talks some numbers: the best bahri horse was valued at up to 4000 tanka, as compared to the middling tatari, which cost only about 100 tanka. The top-class bahris were not for war - most were kept as luxury items coveted by the rich; only the tataris were destined to be warhorses.
References
1. Ralph Kauz, "Horse Exports from the Persian Gulf until the Arrival of the Portuguese", in The Indian Ocean, Southeast Asia, and the Maritime World, 2009.
Links
About Me
Categories-
- advertising (10)
- afghanistan (2)
- africa (9)
- algeria (2)
- alphabet (1)
- andorra (1)
- anglo-indians (3)
- apple (2)
- arabs (9)
- archaeology (7)
- architecture (23)
- argentina (6)
- armenia (3)
- art (94)
- astronomy (14)
- australia (6)
- austria (5)
- automobile (3)
- beer (5)
- behaviour (12)
- belgium (9)
- bengal (7)
- berlin (1)
- biography (45)
- birthdays (7)
- blogs (42)
- bolivia (1)
- book (1)
- books (398)
- bosnia (1)
- botswana (2)
- brazil (7)
- bridges (14)
- burma (4)
- business (45)
- cambodia (1)
- campanology (2)
- canada (8)
- caucasus (5)
- chechnya (3)
- cheese (4)
- chemistry (6)
- child abuse (3)
- chile (2)
- china (26)
- chocolate (2)
- climate (8)
- cocktail (5)
- coffee (5)
- colombia (3)
- computing (10)
- conference (5)
- congo (2)
- côte d'ivoire (2)
- credit (1)
- cricket (2)
- crime (1)
- cuba (4)
- culture (21)
- cyprus (1)
- czech (4)
- delhi (3)
- denmark (5)
- economics (16)
- edinburgh (3)
- education (15)
- egypt (13)
- england (143)
- environment (4)
- epidemiology (5)
- eritrea (1)
- espionage (2)
- estonia (3)
- etymology (5)
- evolution (8)
- exhibitions (7)
- family (77)
- fashion (8)
- film (39)
- finance (33)
- finland (2)
- folk tales (2)
- fonts (5)
- food (234)
- france (99)
- fraud (7)
- friends (12)
- fruit (3)
- gaming (10)
- genetics (2)
- geodesy (2)
- georgia (6)
- germany (54)
- ghana (3)
- greece (25)
- guatemala (1)
- health (9)
- hindi (4)
- history (219)
- holland (4)
- humour (63)
- hungary (8)
- iceland (2)
- ICM (10)
- IISc (13)
- IKEA (1)
- india (139)
- indonesia (5)
- inquisition (1)
- internet (18)
- iPod (2)
- iran (10)
- ireland (4)
- israel (8)
- italy (74)
- jamaica (1)
- japan (16)
- jordan (1)
- kazakhstan (1)
- kenya (1)
- kerala (6)
- kidnapping (1)
- korea (5)
- kurds (4)
- language (78)
- lebanon (2)
- life (127)
- london (98)
- low-cost airlines (2)
- malaysia (2)
- mali (2)
- manipur (2)
- maps (3)
- mathematics (70)
- mauritius (1)
- medicine (13)
- memory (1)
- mexico (15)
- mobile phone (2)
- mongolia (2)
- morocco (7)
- moscow (5)
- music (61)
- myth (16)
- names (4)
- nepal (1)
- netherlands (9)
- networking (3)
- neuroscience (1)
- new zealand (2)
- newspapers (15)
- nigeria (2)
- norway (7)
- oranges (2)
- pakistan (4)
- palestine (1)
- paris (6)
- parsis (4)
- persia (10)
- peru (2)
- philippines (1)
- photography (33)
- physics (18)
- poetry (66)
- poland (9)
- politics (28)
- polynesia (1)
- portugal (4)
- psychology (7)
- pubs (3)
- quiz (8)
- race (7)
- religion (73)
- risk (4)
- roaring twenties (5)
- robotics (1)
- romania (4)
- rome (9)
- russia (77)
- samsung (1)
- saudi arabia (2)
- science (68)
- scotland (26)
- search (1)
- serbia (2)
- sex (25)
- singapore (4)
- society (73)
- south africa (4)
- spain (42)
- sports (17)
- sri lanka (1)
- St. Stephen's (9)
- suicide (1)
- surreal (2)
- sweden (12)
- switzerland (8)
- syria (3)
- tahiti (1)
- taiwan (1)
- tajikistan (2)
- tamil (2)
- tata (3)
- tea (3)
- technology (16)
- television (16)
- thailand (6)
- thames (9)
- theatre (4)
- tibet (1)
- tolkien (2)
- trade (6)
- translation (23)
- travel (135)
- tunisia (1)
- turkey (22)
- typesetting (6)
- uganda (1)
- ukraine (4)
- uruguay (1)
- USA (87)
- uzbekistan (3)
- venezuela (2)
- vietnam (3)
- visa (1)
- vodka (4)
- wales (5)
- walks (20)
- war (23)
- web (2)
- west indies (3)
- whisky (3)
- wine (23)
- wodehouse (6)
- work (24)
- yemen (2)
- york (1)
- zambia (1)
- zimbabwe (1)
- zoroastrianism (4)
