Have we declared victory on health insurance reform yet? I confess I don't keep up with the access bloggers as much as I should, so maybe I didn't get the memo. Anyhow, the Versailles consensus that declaring victory is distinctly preferable to achieving it works for finance, too. James Kwok:

Gillian Tett has an article criticizing the idea that CoCos — contingent convertible bonds — will solve the “too big to fail” problem. ...

Contingent convertible bonds, a.k.a. contingent capital, are the latest fad to hit the optimistic technocracy in Washington and London. A contingent convertible bond is a bond that a bank sells during ordinary times, but that converts into equity when things turn bad, with “bad” defined by some trigger conditions, such as capital falling below a predetermined level. In theory, this means that banks can have the best of both worlds. They can go out and borrow more money today, increasing leverage and profits (which is what they want). But when the crisis hits, the debt will convert into equity; that will dilute existing shareholders, but more importantly it means the debt does not have to be paid back, providing an instant boost to the bank’s capital cushion. In other words, banks can have the additional safety margin as if they had raised more equity today, but without having to raise the equity.

Sounds ideal! Where do I sign up?

Daily Mail:

A secret court is seizing the assets of thousands of elderly and mentally impaired people and turning control of their lives over to the State - against the wishes of their relatives.

The draconian measures are being imposed by the little-known Court of Protection, set up two years ago to act in the interests of people suffering from Alzheimer's or other mental incapacity.

The court hears about 23,000 cases a year - always in private - involving people deemed unable to take their own decisions. Using far-reaching powers, the court has so far taken control of more than £3.2billion of assets.

Interesting, and in WaPo:

LONDON -- [I]n a few communities, people are taking a different tack: printing their own money and spending it. No, the queen's image on the iconic British pound isn't being counterfeited. Instead, some communities are producing their own scrips -- some of the latest have painter Vincent van Gogh's face on them -- which can be used much like cash at participating businesses.

The latest community to do so is Brixton, the second area in Britain this month that introduced its own currency. With an initial run of 40,000 notes in various denominations, it is the most ambitious project here of its kind so far.

Sometimes called Britain's Harlem, the Brixton is a multiethnic area in south London with a large African Caribbean population and a vibrant atmosphere. The kind of mind-set seen in this bustling and close-knit community is crucial for any local currency plan to work, say economists, adding that like any other form of exchange, the success of the Brixton pound will hinge on the continued confidence and willingness among people to use it.

The first Brixton pound entered into circulation last week when Christopher Wellbelove, mayor of Lambeth, the borough that encompasses Brixton, waved a sepia-toned one-pound note in the air at a town hall meeting where it was unveiled and used it to buy a box of tomatoes. (He got a good deal, said many at the scene.)

Tomatoes!