A London Landmark Will Soon Disappear

OK, I admit it; I am a foreigner in London. That means I’m not used to how things are done here and should probably keep my mouth shut.

But one of the things I really enjoy in London is now in danger of disappearing. No, it’s not a pretentious pub or restaurant in the City, nor a trendy boutique somewhere near Covent Garden, nor a stall in Greenwich Market (the shiny, touristy one).

I’m talking about Streatham Ice Rink. I’ve only discovered it recently, after skating unenthusiastically on the tiny, crowded and cheekily expensive open-air rink at Somerset House, changing my mind about going on the half-flooded surface of the rink outside the Natural History Museum and staring in disbelief at the minuscule rink in Canary Wharf before deciding the "experience" was not worth the price of the ticket. 

Streatham Ice Rink, at the first look, is nothing extraordinary – actually, it could not be more ordinary. But this is exactly what I like about it. It’s unassuming, simple and genuine- things that are harder and harder to find in London these days.

If you’re tired of the crowds of tourists and the well-off-looking skaters you bump into on rinks closer to the Square Mile - where, besides skating, you are invited to try an "unique experience" consisting of adjacent "activities" such as sipping various overpriced drinks or nibbling various equally overpriced exotic things  - go to Streatham Ice Rink. It offers only what it promises: great skating.

The ice is incredibly good. No scratches or uneven surfaces, no water on ice, and you’re inside – so you can pass a rainy weekend skating. The staff are friendly, the skaters are nice.

Granted, it could do with a lick of paint and the toilets and the cafeteria are in need of some improvements. But these are minor inconveniences when you think that Streatham Ice Rink is 78 years old. Think about how many kids skated there who now, as adults, remember those moments as maybe some of the happiest of their lives. 

I am gutted at the thought that all this will all go in a few months – weeks maybe. Tesco got permission from the Lambeth Council to redevelop the area and they say they will build a temporary rink somewhere in Brixton until they manage to replace Streatham Ice Rink within their new development – which will include a supermarket and houses.

Their new rink – when, but especially if it is finished – will perhaps be shinier, more colourful and will offer "modern facilities." But in the meantime they will demolish a London landmark and bulldoze over thousands of childhood memories – and nobody seems to give a toss.

The Dictator Is Gone, Let's Print Some Euros

News of Hosni Mubarak's departure has dwarfed another high-profile resignation, one that would normally top the news pages. 

Axel Weber, the Bundesbank President, is leaving at the end of April. Yeah, I know, it sounds boring, another central banker just leaving, good riddance.

But what may actually follow is very important. His departure from Buba – and his non-participation in the race for European Central Bank chief when Jean-Claude Trichet leaves in November – means the ECB's philosophy will change maybe beyond recognition.

Weber was one of the staunchest opponents to the ECB's practice of buying government bonds from countries too weak and too indebted to be able to sell them in the markets. 

The central bank says it is buying these bonds only to ensure the orderly functioning of the markets. But if the markets price these bonds as very risky, this probably means the markets perceive a risk there, therefore they are functioning in an orderly way... so why should the ECB intervene?

Since the beginning of the crisis, the ECB has lost a lot of its credibility. It keeps saying the only needle in its compass is fighting inflation – but it keeps acting as if it has to save the periphery members by buying their bonds, in exchange for imposing fiscal tightening measures to try and solve the mess.

Many people will say there is nothing wrong with the ECB doing all these things – after all, somebody has to be in charge. Except, of course, that its members were not democratically elected by people in these countries so therefore they have no mandate to impose raising taxes and cutting spending.

Really, the ECB should just stick to their needle. But maybe that's what Weber's decision is signalling: that the ECB's mandate of just fighting inflation is really and truly over. Let the money printing...err, bond-buying bonanza begin.

PS Come to think of it, one good thing may come of this: the markets may save the day. Investors may think that, with Weber gone, the ECB won't shy away from printing money. They will therefore price the periphery bonds as less risky, since the ECB is there to save them. So the ECB may not need to actually print the euros. Spring is near, let's be positive.

Is the Egypt Revolution Over?

Egyptian President Hosni Mubarak has left, according to his Vice President. Crowds in Cairo, who have been booing him for the past 18 days, are now cheering.

But they should stop for a minute and think. How did this happen? First, he made various promises only to see the crowds rejecting them. Then, he promised to step down, only not just yet. And finally, he did step down, of sorts – announcing it through Vice President Omar Suleiman, who also said he gave power to the military.

So ... yes, the man may have stepped down. But the regime is still intact. The military has been, on the face of it, neutral in this protest – looming menacingly over it, but not intervening. Meanwhile, protesters in Cairo don’t know what decisions were taken and what options were discussed during the 18 days and what the military was promised. 

I can hardly believe the army just contended themselves with baby-sitting the demonstrators, hoping they’ll just one day get bored and leave. Or, having seen their request satisfied, that they will leave and let the authorities go about their business.

Egyptians protested against Mubarak. He’s now gone, but the whole regime is still in place. 18 days is a long time to plan succession and spoils - if I were in Cairo, I’d ask: what really has changed?