"There is a crack in everything, that's how the light gets in"
(Leonard Cohen)
"Ignore all proffered rules and create your own, suitable for what you want to say"
(Michael Moorcock)
"Look for your own. Do not do what someone else could do as well as you. Do not say, do not write what someone else could say, could write as well as you. Care for nothing in yourself but what you feel exists nowhere else. And, out of yourself create, impatiently or patiently, the most irreplaceable of beings."
(Andre Gide)
"I want my place, my own place, my true place in the world, my proper sphere, my thing which Nature intended me to perform when she fashioned me thus awry, and which I have vainly sought all my life-time."
(Nathaniel Hawthorne)
“A book must be the axe for the frozen sea within us.”
(Franz Kafka)
"All mankind is of one author, and is one volume; when one man dies, one chapter is not torn out of the book, but translated into a better language; and every chapter must be so translated"
(John Donne)
“Never attribute to malice that which is adequately explained by stupidity.”
(Robert J. Hanlon)
"Life is beautiful, but the world is hell"
(Harold Pinter)

Thursday, October 27, 2011

EXTRACT: Meanwhile, if possible, the euro zone crisis took a turn for the worse as the EU gathered at Brussels in the evening of October 26, with the news in the morning that Italy’s borrowing costs had nearly hit 6% - despite the fact that in August the ECB had been busily buying billions-worth of Italian and Spanish bonds, temporarily pushing the interest rate on Italian government bonds down to 5% or thereabouts. How short-lived.
This is clearly unsustainable and Italy ’s mountain of debt is set to reach somewhere in the region of €1 trillion. Without drastic action, like a write-off or bailout - something - Italy could find itself sliding into default and near bankruptcy. If that were to occur, Greece could be the least of the euro zone’s worries - a mere storm in a teacup. Italy may be too big to fail, but it is increasingly becoming too big to bail out. Not to mention Portugal , Spain , Ireland , etc - what is to be done about them if the situation spins out of control?
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