Día de la Tranquilidad

A suggestion for a financial market holiday on Monday.

I can absolutely guarantee that there won’t be a panic on Monday in one financial centre: Madrid. The markets are closed for a national public holiday, the Día de la Hispanidad. If governments round the world need more time to draw up a convincing rescue package, why not join Spain’s celebration? The nervous wrecks on the trading floors would be better occupied going fishing.

We need financial markets, but not 24/7. The ideal would I think be to have them run for an hour on Fridays, with completely automated Walrasian tâtonnement and order matching. The traders whose animal spirits just confuse things with noise, bubbles and panics can go back to selling fruit and veg.


Generally a report that Silvio Berlusconi is in favour of something (for half an hour anyway) would be enough to rule it out, but these are not normal times.

Author: James Wimberley

James Wimberley (b. 1946, an Englishman raised in the Channel Islands. three adult children) is a former career international bureaucrat with the Council of Europe in Strasbourg. His main achievements there were the Lisbon Convention on recognition of qualifications and the Kosovo law on school education. He retired in 2006 to a little white house in Andalucia, His first wife Patricia Morris died in 2009 after a long illness. He remarried in 2011. to the former Brazilian TV actress Lu Mendonça. The cat overlords are now three. I suppose I've been invited to join real scholars on the list because my skills, acquired in a decade of technical assistance work in eastern Europe, include being able to ask faux-naïf questions like the exotic Persians and Chinese of eighteenth-century philosophical fiction. So I'm quite comfortable in the role of country-cousin blogger with a European perspective. The other specialised skill I learnt was making toasts with a moral in the course of drunken Caucasian banquets. I'm open to expenses-paid offers to retell Noah the great Armenian and Columbus, the orange, and university reform in Georgia. James Wimberley's occasional publications on the web