"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)

Friday, March 29, 2013

After Cyprus, Who Next?

Deal rejected by the masses
EXTRACT: There were warnings that the impact could reach beyond Cyprus, particularly to Russia. The country’s prime minister, Dmitry Medvedev, bitterly complained that the troika are “continuing to steal what has already been stolen.” Russian officials and the press have repeatedly compared the Cypriot ‘stability levy’ to the expropriations carried at the time of the 1917 revolution - only this time it is the capitalist Euro-bureaucracy doing the expropriating.

But the potential ramifications go beyond Russia - compared to Cyprus, other countries have even larger banking sectors relative to GDP. For example, in Luxembourg, the euro zone’s biggest champion of banking secrecy, it is more than 20 times GDP - the Luxembourg government has admitted it is “concerned about recent statements and declarations” on the “alleged risks” of out-sized financial sectors. And Malta’s finance minister has expressed similar concerns about what would happen if a second Mediterranean island encounters such problems.

What about the City of London, a major contributor to the tax-base of the UK and no stranger to ‘casino banking’ - a pioneer of financial speculation, in fact. If ‘stability levies’ can be imposed on Cypriot banks in times of crisis, then why not in the UK?

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