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Monthly Archives: July 2014

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Today, the great city of Detroit turns 313 years old.  As fate would have it I also recently read about the origins of Detroit’s motto:

“Speramus meliora; resurget cineribus” or “We hope for better things; it will arise from the ashes”

The motto, first uttered in 1805, is eerily fitting for the city today.

The full story of the motto’s origin comes from the WSJ:

That motto, Detroit’s, comes from a French Roman Catholic priest, Father Gabriel Richard. He was born in France in 1767 and moved to Baltimore in 1792 to teach math. Reassigned to do missionary work, he moved first to Illinois and later to Detroit, where he was the assistant pastor at St. Anne’s Church.

St Anne’s Church, in the southwest part of the city, stands between Michigan Central Station and the Ambassador Bridge. It was founded in 1701 and could be the oldest continuously operating Roman Catholic parish in the U.S.

On June 11, 1805, a fire destroyed nearly the entire city, weeks before the Michigan Territory was established. It was that fire that led Mr. Richard to write: “Speramus meliora; resurget cineribus.”

 

 

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“In Spain, where there was a debt crisis just two years ago, investors are so eager to buy the government’s bonds that they recently accepted the lowest interest rates since 1789.”

“In France, a cable-television company called Numericable was recently able to borrow $11 billion, the largest junk bond deal on record — and despite the risk usually associated with junk bonds, the interest rate was a low 4.875 percent.”

“Welcome to the Everything Boom — and, quite possibly, the Everything Bubble. Around the world, nearly every asset class is expensive by historical standards. Stocks and bonds; emerging markets and advanced economies; urban office towers and Iowa farmland; you name it, and it is trading at prices that are high by historical standards relative to fundamentals. The inverse of that is relatively low returns for investors.”

Source: Welcome to the Everything Boom, or Maybe the Everything Bubble