So last week was marked by substantial polemics regarding the Libor interest rate manipulation. For me this is a non event. Everyone knows that now and then there will be market manipulations, we also know that those manipulations cannot hold forever and it is a good sign when they became public. It means that the regulators are doing their jobs.

In my opinion the real problems are far away from the city (although there are some problems in the European Finance capital), the landing of the Chinese economy is by far a bigger problem. For some time problems related to the Chinese real estate have been leaking and are now public knowledge, but the real implications of this problem are far from known.

So more than be fussing on a non-issue I believe investors should worry about what is going on in China, and what might come out of it. I’ ll be watching it closely.