Hit Girl Kicks Agent Romanoff's Ass

I've recently been to see Kick-Ass and Iron Man 2. I enjoyed both, but Kick-Ass is the better movie. And it's the violent frolics of these two characters which makes the difference.

Ironically, these frolics seem 'wrong' in each movie (indeed, Hit Girl blows the lid off so many cans of worms you could write a book about it) yet might have fit better if they'd been swapped between characters. After all, an 11 year old girl should not have the combat skills to dispose of a highly trained secret agent.

Both movies are about super heroes. The 'lead' in both is a male role with some superhuman physical quality, 'supported' by a strong and aggressive female with no such aid. So far, so predictable - the 'wow' factor better be in the action and weird science. But in Kick-Ass the 'wow' comes when lead role is subverted - because he's an incompetent dreamer, regardless of his super-human ability - by the real (deeply flawed, psychotically aggressive and extremely violent but thankfully well-meaning) super hero: Hit Girl.

Kick-Ass director Matthew Vaughan says Hollywood wouldn't fund Kick-Ass. So he got it funded in the UK, which gave him greater creative freedom.

The result may be that Iron Man 2 is 'everything a super hero movie should be'. But Kick-Ass gives us Hit Girl. And gives the super hero genre an almighty kick in the arse.

Cue the ongoing resurgence of the British film industry?

And Now, Back to the Digital Economy Act

Now that we actually have a government again, and a Coalition Agreement that plans some sensible constraints on the Nanny State, it's time to clean up the mess that is the Digital Economy Act. Here's an extract from what my MP, Andrew Slaughter, wrote to me on 26 April:

"... critics of the bill are to hold a meeting at the House of Commons in the first week of the new parliament to discuss how we can all help to make changes to the Digital Economy Act which takes intelligent account of what many people out there, have been saying about the flaws inherent in a well-intentioned bill. I intend to be at that meeting, arguing the case for the many dozens of people who have contacted me about the bill, and respectfully ask that you cast your vote to enable me to be there, speaking up for you."

I'm not sure which case the 'many dozens of people' were asking him to argue, but I look forward to news of that meeting.

Wall Game Yields Coalition Agreement

At last we have a new government and a Coalition Agreement, and a new cabinet. Are they listening? So far, so good. Here's a summary from the BBC:

• There will be a "significant acceleration" of efforts to reduce the budget deficit - including £6bn of spending reductions this year. An emergency Budget will take place within 50 days
• Plans for five-year, fixed-term parliaments, meaning the next election would not take place until May 2015.
• Proposals for a "wholly or mainly elected" House of Lords on the basis of proportional representation will be brought forward
• The Lib Dems have agreed to drop plans for a "mansion tax" on properties costing more than £2m, while the Conservatives have agreed to shelve their plans to raise the inheritance tax threshold
• Instead there will be a "substantial increase" in the personal tax allowance from April 2011, with further steps to raise it to £10,000 as a "longer term objective".
• The Lib Dem policy of taxing planes, rather than passengers, has been adopted and there is a commitment to a new tax or levy on banks as well as a pledge of "robus action to tackle unacceptable bonuses in the financial services sector".
• The new administration will scrap part of Labour's planned rise in National Insurance
• A pledge to have a referendum on any further transfer of powers to the EU and a commitment from the Lib Dems not to adopt the euro for the lifetime of the next Parliament
• The Lib Dems have agreed to Tory proposals for a cap on non-EU migration
• The Conservatives will recognise marriage in the tax system, but Lib Dems will abstain in Commons vote
• The Lib Dems will drop opposition to a replacement for Britain's Trident nuclear missiles but the programme will be scrutinised for value for money
• There will be a referendum on moving to the Alternative Vote system and
• Enhanced "pupil premium" for deprived children as Lib Dems demanded"

And from the fine print:

1. Child Trust Funds and tax credits will be reduced for higher earners.

2. Committment to spending 0.7% of gross national income on foreign aid.

3. Demonstrating a committment to low cost government, there will be a review of long term affordability of public sector pensions (protecting accrued rights - which will make public sector pensions even less affordable in the long term...).

4. Non-business capital gains to be taxed "at rates similar or close to those applied to income."

5. Banking levy and action on unacceptable bonuses.

6. Plans to "foster diversity, promote mutuals and create a more competitive banking industry," including a year long review of separating retail and investment banking.

7. A possible loan guarantee scheme for SMEs.

8. Bank of England to control prudential regulation (is this really the end of the FSA?)

9. Allowing 10% of an MP's constituents to force a by-election where that MP is found to have engaged in "serious wrongdoing".

10. A statutory register of lobbyists and the removal of 'big money' from politics

11. "Radical" devolution of power and greater financial autonomy to local government and 'community groups'.

12. A retirement age (yeah, right - we'll never retire) of 66 from 2016 for men and 2020 for women.

13. An end to the requirement to purchase a pension annuity at 75.

14. The end of multiple 'welfare to work' programmes in favour of one.

15. New providers can enter the state school system in response to parental demand.

16. A 'referendum lock' on transfer of further powers to the EC.

17. The end of: national ID cards, national ID register, biometric passports and the Contact Point Database.

18. Extending the scope of Freedom of Information Act to increase transparency.

19. A review of libel laws 'to protect freedom of speech'.

20. Safeguards against the misuse of anti-terrorist legislation.

21. Further regulation of CCTV - does this mean curbs on the use of images?

22. An end to the storage of internet and email records 'without good reason'.

23. A smart grid and smart meters.

24. Feed-in tariffs for electricity.

25. A 'huge increase in energy from waste through anaerobic digestion' - which sounds very painful indeed.

26. A green (greed?) investment bank.

27. Any new coal-fired power stations will need carbon capture and storage (CCS) to meet emissions performance standard.

28. A high speed rail network.

29. No third runway at Heathrow, and no extra runways for Gatwick or Stansted.

30. A recharging network for electric/hybrid vehicles.

31. A commission will consider the West Lothian question (the paradox that Scotland, Wales and Northern Ireland have their own assemblies, while England does not).

EU: Papering Over The Cracks

The EuroZerozone is in all kinds of trouble now, having staked its whole economy on the ability of the Greeks, Portuguese, Spanish, Italian and Irish to reduce unemployment, public spending and public borrowing under IMF-style conditions.

More ominous still, the US Federal Reserve has had to step in and co-ordinate global central bank co-operation to "prevent the spread of strains to other markets and financial centers." It added that "Central banks will continue to work together closely as needed to address pressures in funding markets."

But as we've seen from the subsequent unabashed self-indulgence amongst bailed-out banks and bankers: the pressure is off once you know that no one will let you fail.

Stay long on riot shields ;-)

Image: The Rival Bill Posters

Zerozone? Short Banks, Long Riot Shields

After last month's gory detail on the UK's financial vulnerability, another barrage of charts from Zero Hedge illustrates why the fasten seat belt sign remains switched on.

The charts show the vast quantity of government debt issued by Portugal, Ireland (and/or Italy), Greece and Spain (now called the "GIPS", to be politically correct) due to be repaid ("mature") simultaneously.

"So what?" you may ask, if you've been distracted by the UK elections.

The charts also reveal high unemployment, budget deficits and public borrowing. So these countries will struggle to pay investors to extend the due dates ("maturities") on existing loans - “amend and extend” in callous market jargon. Investors will cut their losses and/or refuse to lend at less than credit card rates. Bail-out bodies, like the International Monetary Fund (IMF) will only help if the country concerned can implement 'austerity measures' to cut its deficit and get its economy under control.

The results of suddenly imposing such measures on citizens who hadn't realised how bad things were - or why - can be seen on Greek streets:

Not great for tourism, one of Greece's only growth areas.

In fact, Zero Hedge is tipping "the inevitable disintegration of the eurozone and the upcoming eventual debt payment moratorium." Which means there's a lot more mayhem to come for the European financial system. And even the EuroZerozone" countries with the deepest pockets - like Germany and France - could need to rein-in substantially.

So, if the UK is to reverse its trade deficit, it must find new export markets pretty fast. Here's how Economics Weekly thought 2010 would play out on the export front as at 1 March (i.e. before the Greek bail-out):

Given the speed of deterioration in the Greek scenario during April, the demand from EU countries may well be over-stated. And the debt maturity charts suggest 2011 could be worse.

A good time to go long Chinese riot shields?