"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)

Saturday, December 24, 2011

Playing the Blame Game

EXTRACTDespite the endless succession of ‘rescue packages’ and ‘make or break’ summits, there is still no sign of a resolution to the euro zone crisis. Quite the opposite. Though it would be mistaken to think that a catastrophic break-up of the euro is inevitable, it is equally true that the momentum remains towards malfunction. If so, it is beyond doubt that such an occurrence would trigger an economic slump or depression at least on the scale of the 1930s. We are confronted by the possibility that the world capitalist-imperialist system could descend into general chaos.
The warnings are all there. On December 9 the Moody’s rating agency downgraded France’s three major banks (BNP Paribas, Société Générale and Crédit Agricole) on the basis that liquidity and funding conditions had “deteriorated significantly” due to a “continued lack of investor appetite for bank debt”. Then, perhaps more seriously, a week later it downgraded Belgium’s credit rating by two notches, citing “sustained deterioration” in funding conditions for euro zone countries with relatively high levels of public debt - plus the economic woes associated with the dismantling of the troubled Franco-Belgium banking group, Dexia.

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