The Troika is killing Greece, says Nobel laureate

Greek Finance Minister Varoufakis speaks to other lawmakers during a parliamentary session in AthensGuess which country has bought up the most countries in Greece?

That’s right, the country’s chief tormentor, Germany.

Zing!

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But still the  Greek economy has shrunk by about 25% since 201o, when the European troika of the International Monetary Fund, the European Commission and the European Central Bank  insisted Greece cut costs.

As a result, the Greek economy, after looking quite promising in 2008, has tanked. Punters have pulled their money out of Greek banks with increasing urgency.

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Now Nobel laureate economist is calling the EU troika out for snuffing out the Greek economy.

“They have criminal responsibility,” he says of the so-called troika of financial institutions that bailed out the Greek economy in 2010. “It’s a kind of criminal responsibility for causing a major recession,” he just told Time magazine. 

 

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The single reason why Proxima Nova is the world’s best font

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There’s a good story by on Medium today about Proxima Nova, the font that by many measures has replaced Helvetica as the world’s most popular typeface, writes Furthr’s Andy Cowles.

Proxima was first drawn by Mark Simonson in 1981, it took a while to gain traction but after the release of Gotham in 2002 it really took off.

Fred Woodward commissioned Hoeffler to create Gotham when he took over as Creative Director at GQ, and very nice it looked too. But I had just taken over Fred’s job as art director of Rolling Stone, and was looking for a new geometric sans myself, so after consulting with my art department of Kory Kennedy, Devin Pedzwater and Matthew Ball, I chose Proxima, because it was just… better.

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Since then I have used it in dozens of different roles. I put it in the million selling weekly What’s On TV, where the vast amount of TV listings require an exceptionally functional and legible font. I chose it for Chat, to bring a little glamour to the real life women’s weekly market, and I’ve used it endlessly on development projects where it’s essential to have a font that looks cool and modern, but that does not have a prescriptive point of view.

By this, I mean a font that doesn’t look too male, too female, too posh, too serious, too anything.

This is the genius of Proxima. The Medium article makes the case for the lower case ‘a’ being the signature character, the single letter that defines the feeling of the whole font. And compared to Gotham, the Proxima ‘a’ wins hands down.

But in the first place, sans fonts are defined by the lowercase ‘i’. This letter can only be drawn in two ways, with either a rounded dot or a square edged dot.

Johnson’s London Underground font is an exception, with a diamond dot, and there are other fonts that have got squares with rounded corners, but you get the general idea here.

Helvetica has a square. This makes it strong, practical, manly even.

The alternative to Helvetica used to be Futura, the Bauhaus masterpiece so recently dumped by Ikea in favour of Verdana.

Futura has a round dot on the ‘i’. This makes it friendly, modern and possibly more female. But Futura predates Helvetica. It’s not built for the modern age, and it doesn’t work on screen.

Which is why Proxima is so brilliant. It combines the strength of Helvetica with the feeling of Futura. And it’s the lowercase ‘i’ that proves it.

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Here’s Mark Simonson at his desk, from a great story by Tamye Riggs on the adobe site about how Mark works, with lots of excellent examples and sketches.

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And here is the original 1982 sketch for Proxima, taken from Cameron Moll’s Medium post.

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The six reasons Deutsche Bank’s CEOs just got whacked

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So why are Anshu Jain and Jürgen Fitschen stepping aside as co-CEOs of Deutsche Bank, making way for former UBS finance chief John Cryan can take over?

Since the duo took over in 2012, the bank has drifted. Here’s how:

1. It didn’t make much profit

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During the CEOs tenure, the bank made $2billion. Sounds like a lot. UBS made $5billion during the same period.

2. It didn’t cut costs

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DB has had no shortage of strategy: ”Strategy 2015+“, “Strategy 2020“. Each planned to cut costs. But it’s the oldest story in the book: the problem ain’t strategy but execution. DB has failed to bring its cost-to-income ratio below its target ceiling of 65%.

3. It couldn’t get much return on its equity

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Shortly after taking over, Jain and Fitschen announced a goal to reach a ratio of 12% by 2015. This has since been cut to 10%, but even that looks a tall order given recent history.

4. Shareholders didn’t like it

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Its market value has consistently traded at a fairly hefty discount to the book value of its assets.

5. It got sued a lot

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Business website Quartz dubbed Deutsche “a legal defense fund with a bank attached.” As well more than €8 billion in litigation-related charges under Jain and Fitschen, the bank still faces potential payouts for allegations of misdeeds in foreign-exchange trading, money laundering, and several other areas.

6. Its stock price was flat

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What’s next for Deutsche

Ex UBS finance chief John Cryan, DB’s new CEO,  is a hard nosed dude who is determined to execute strategy (namely, cutting costs).

He cleaned up UBS, perhaps he can do the same for Deutsche. Then again. perhaps he can’t. This statement from DB just hit the wires:

Today the offices of Deutsche Bank in Frankfurt are being searched by the Public Prosecutor’s Office. The search relates to an investigation into securities transactions by clients. Employees of Deutsche Bank are not accused of any wrongdoing.

 

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Would you invest in this highly profitable company? Wrong!

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Look at this company report. You can see that over four years the company has grown massively.

Now answer me this, would you invest in this company today?

If you dive into these numbers as a test of the company’s viability you have silently adopted the corporate world’s view of a company’s health: the financial-accounting view of the business.

Nothing wrong with that, of course. Although it is only one test of a businesses strength.

These figures, by the way, belong to Enron. It’s their 2000 company report, the year before they went bust –  a failure so catastrophic, they made a musical about it.

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Data is useful, if you know what to do with it, I guess.

 

 

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Giving an audience what they really want

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Online it’s called a ‘glanceable user interface’, offline, it’s a magazine front cover – but both have about three seconds to tell their story. Time Inc’s brief was to take their market-leading food title, and develop ways to increase both the potency of its branding and newsstand cut-through. Critically, new straplines were tested, along with compelling coverline promises, images, and dramatic, easy-to-see design decisions. Covers shown with permission.

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