Saturday, January 31, 2009

Obganiating oneirataxia

UK Prime Minister Gordon Brown says there is no precedent for the "first financial crisis of the global age", reports the BBC. Speaking at the World Economic Forum Davos, Switzerland he was

"...reminded of the story of Titian, who's the great painter, who reached the age of 90, finished the last of his nearly 100 brilliant paintings, and he said at the end of it, 'I'm finally beginning to learn how to paint' and that is where we are."

(I wonder in Brown had The Rape of Europa in mind!) Anyway, God forbid that Gordy gets to the age 90 before he has learnt something about economics, the markets, banks and other assorted topics that one would have thought he had an inkling. Needless to say he appears in the Times' Money Central Top Ten of those most responsible. If you vote at the bottom you'll also see that he's (was) in the top 3 along with GWB and Alan Greenspan; needless to say there's at least one major US sub-prime lender in there but he can always use the (true) excuse that the US government 'encouraged' him to do so.

I myself have taken a long, hard look at all the stimulus packages around the globe; studied the various means and methods being used by diverse governments and come up with a diagram to show what is happening so that "the guy in the street" can follow the threads of progress: see simplified diagram HERE.

obganiate: v. to irritate with reiteration

oneirataxia: n. inability to distinguish between fantasy and reality

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Paul said...

As we are, loosely, in the art world, I quote William Hazlitt writing about the Scottish essayist, politician and historian James Mackintosh. "There was a greater degree of power, or of dashing and splendid effect [in the lectures]. ... Dazzling others by the brilliancy of his [Mackintosh's] acquirements, dazzled himself by the admiration they excited, he lost fear as well as prudence: dared everything, carried everything before him.

Gordy has inherited the role of Mackintosh in saving us all!

Loved the picture by the way, really did laugh out loud.

Span Ows said...

Yes, I must admit I did too: I was going to put a plate of spaghetti but that pic jumped out at me...brilliant.

I must add that although I do hate Gordy I do not hold him responsible for the global aspect of the crisis; however, he does keep digging his hole "I warned of this 10 years ago"...what a twat...No Gordon YOU WERE WARNED by at least one economist (with proof) but you knew better.

Paul said...

No, it would be fair to hold him responsible for everything, the credit crunch was forseen to some degreee, as I've maintained for a long time if banks only regarded 70% of all business debts as good then surely all bank debts could only ever be 70% good at max? or !

We have also become better at saving, six savers for every borrower the problem was that banks stopped being banks, a whole generation came long post 80's who believed that everything could work according to a computer model and the FSA was an exercise in form filling to meet targets.

The first Obama year is going to be interesting, I saw an economist at Davos this week say that if we all turn inwards and go down the protectionist route we will all be doomed - the U.S.A can afford to be protectionist given the tiny, relatively speaking, amount of international trade it does, Britain can't do without globalisation whether people like it or not, more than a third of our GDP comes from exports.

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