Brioche, Basque Country and the Myth of 2008
What Marie Antoinette didn’t say, what markets misremember, and why the oil shock still matters
Good Sunday to you,
Today’s missive comes to you from the Basque Country: from Saint-Jean-de-Luz on the south-west coast of France, close to the border with Spain. And what a splendid corner of the world this is. It feels like the France of my childhood, full of French people being French doing things French people do, like closing the shop during peak business on a Saturday afternoon to go and have lunch for three hours.
This is in strong contrast to Paris, where I was a few weeks ago, which has lost its identity and may as well have been anywhere.
But, yes, lovely food (especially the ham), lots of lovely squares, churches (I’ve said my prayers three times today and it’s not even tea time), a terrific hike in the hills this morning, spring flowers, everybody’s well dressed and gorgeous, especially in nearby fishing-village turned desres, Guéthary, where property prices defy gravity. A bit like a French Padstow, but more pristine.
To my great pleasure, I discovered today that Marie Antoinette did not actually say, “Let them eat cake”, but “let them eat brioche” (“qu’ils mangent de la brioche”), which tickled me. Much more bougie.
But the truth is: she probably never even said it. How history gets distorted, especially in translation.
Which brings me to this week’s commentary. 2008 has been misremembered too. Everyone talks about subprime. Few talk about the oil shock that came first.
Today there is panic at $100 oil, but if the oil crises of 1973-4, 1980 and 2008 are anything to go by, you ain’t seen nothing yet.
That’s Love
On a hard drive of my dad’s, I discovered 4 series of the 1988-92 ITV sitcom That’s Love, starring Jimmy Mulville, Diana Hardcastle and others.
My daughter-in-law, Millie, has uploaded it all to YouTube for me, and I am happy to share it with you here. Gets better and better as the series goes on. A reminder of what TV used to be.
Photos from France
Here’s a vid and a couple of snaps for your viewing pleasure.
Thanks for you description of Southern France, made me very nostalgic for long ago holidays with my children, both in their mid 40's now.
I have been following one of your recommended forecasters via Undervalued Shares, he is suggesting TIC companies in these troubled times, I am struggling to find any on Interactive Investor. Do you share his views that standards and certifications are core to a lot of businesses and so will always be with us? If so can you suggest any UK companies to invest in?
Good moaning ✌️