Quotulatiousness

March 24, 2013

The domestic economy of Cyprus is slowing to a stop

Filed under: Economics, Europe — Tags: , , , , — Nicholas @ 10:09

In the Telegraph, Colin Freeman looks at how the banking crisis is impacting ordinary Cypriots and retired EU citizens in Cyprus:

Last weekend, the small Mediterranean island was plunged into the epicentre of the eurozone crisis when Brussels finance chiefs, led by Germany, demanded a levy of up to ten per cent of savers’ deposits in return for a 10bn euro bail-out of the country’s ailing banks. The move left many of Cyprus’s 60,000-strong British community facing heavy losses on retirement nest eggs — and as the week rolled on, that looked like being just the least of their worries.

On Thursday, unhappy at the Cypriot parliament’s rejection of the deal, Europe’s Central Bank then threatened to cut financial life support for the island altogether, a move that would have led to its banking sector collapsing, and savers losing not just a percentage of their money, but all of it. It was only thanks to a last-minute agreement hammered out on Friday night, which is expected to restructure the country’s banks and restrict the levy to deposits of more than 100,000 euros, that all-out chaos was averted. For now, anyway.

[. . .]

Since last weekend, when all of Cyprus’s banks were shut to stop a run on withdrawals, work has ground to a halt, as the repair man has been unable to buy in the materials he needs from suppliers, who are all now demanding cash. The job symbolises the malaise of the wider Cypriot economy, built on shaky foundations, and now in a state of paralysis, with thousands of shops, businesses and restaurants unable to operate properly because of the financial uncertainty.

“None of my food and drink suppliers are taking bank payments any more,” said Yiota Vrasida, 43, who owns a café in the winding streets of the capital, Nicosia. “We can keep going until this weekend, but that is about it.”

[. . .]

“Nobody will want to leave so much as 10 euros in any Cypriot bank any more,” said Dino Karambalis, 49, an IT worker, standing at the end of a 30-people-long queue at the Laiki Bank, where he had 90,000 euros in savings. “They say this levy is only for Cyprus, but why should anyone believe that? This is undermining confidence in the euro as a whole, and in the whole EU project itself. I was pro-European before, but not now.”

This weekend, the Cypriot parliament sought to reassure smaller savers, saying those with less than 100,000 euros would face at most a levy of less than one percent. State television also talked of a one-time charge of up to 25 percent on savings of over 100,000 euros held at the Bank of Cyprus. With that in mind, capital controls will be imposed to stop a run on the banks when they reopen next week.

But whatever new measures come in, some damage has already been done by declaring savers’ accounts to be fair game in the first place. Britain’s Business Secretary, Vince Cable, warned on Friday that it could lead Northern Rock-style runs on banks all over the eurozone in future.

March 22, 2013

QotD: Battening down the (free speech) hatches

Filed under: Britain, Law, Liberty, Media, Quotations — Tags: , , , , — Nicholas @ 09:42

I have to confess, as an ignorant inhabitant of North America, that I don’t really understand the current press scandal in the U.K., and I was hoping that perhaps someone could enlighten me.

As I understand it, a number of members of the press committed crimes in the course of gathering material for stories — that is, they committed acts that were already illegal, and which already carried substantial penalties.

It would therefore seem that preventing such acts in the future would require nothing more than diligently enforcing existing law.

I’m therefore curious as to what purpose is articulated for ending freedom of expression in the U.K.

Is it claimed that the laws were not being enforced before on the powerful? Then surely the new restrictions on freedom will be selectively enforced as well, with only the weak being stifled. (That is, of course, universal — the powerful never need permission to do anything. Freedom is a protection for the weak, the strong need no protection.)

Is it claimed that performing criminal acts was somehow insufficiently illegal? Is it claimed that the existing laws against criminal conspiracies are not already broad, vague and all-encompassing?

Perry Metzger, “Doubly-illegal acts”, Samizdata, 2013-03-21

Explaining the title of this post:

Daffy Duck: “Batten down the hatches!”
Bugs: “We did batten ’em down!”
Daffy: “Well, batten ’em down again, we’ll teach those hatches!”

Cyprus: the state of play on Friday

Filed under: Economics, Europe — Tags: , , , — Nicholas @ 08:35

In the Telegraph, Thomas Pascoe summarizes the situation in Cyprus as of Friday morning:

As it stands this morning, there is a Plan B on the table after parliament voted down the proposal that every bank deposit in the country be subject to a deduction. The new plan only affects those with deposits over €100,000; however, it will require those depositors to take a loss of up to 40pc. As part of this package, the nation’s two large banks will be saved. However, the structure of the deal requires that one of the pair, Laiki, will be split into “good” and “bad” banks, with large depositors left to chance it in the bad bank.

A word on the thinking behind it. While you and I perceive deposits as secure money (and I have argued that to touch them is an abuse of power), technocrats in Brussels take a different view. They tend to view deposits in the technical sense of being loans to banks. You give the bank your money in exchange for interest, and can call the loan at any time (provided not everyone else is doing the same thing, which is the situation now). The bank loans most of your deposit on again. When countries struggle with too much debt, those who have loaned them money get “haircuts”, or less back than they gave. Following this thinking, the EU’s argument is that if we lend money to failing banks, we too must take a haircut to keep them solvent.

[. . .]

So the compromise deal is an ugly one, involving a precedent (confiscation of deposits) which will cast a pallor over the entire European banking system. But the problems are equally great with any other solution. If the banks are left to fail, depositors lose everything except the scraps recovered by administrators. To argue that they, and the country, must be funded directly by the EU, requires the continued willingness of Germany to act against its own economic interests and support an entire continent on its shoulders, impossible without fiscal and political consolidation which no electorate would assent to at present (not that they are asked, usually).

In my opinion, there is no faster way to destroy confidence in your retail banking sector than stealing the money from depositors with no recourse. I have no idea why the European Union is so hell-bent on crushing the banks, but perhaps they have some looney-tunes notion that they can supplant the existing bank system with something directly operated by the ECB or the EU itself.

March 21, 2013

The choices for Cyprus don’t seem to include saving the banks

Filed under: Economics, Europe — Tags: , , , , — Nicholas @ 11:04

In Forbes, Tim Worstall sums up the real problem facing Cypriots:

There’s a very large portion of the European political elite who believe, take on faith (for there’s certainly no convincing real world evidence about it) that the creation of the euro is part of the inevitable creation of the European State. And as such it is entirely irreversible. It’s not just that people once in the euro shouldn’t leave it: it’s that it is simply inconceivable that anyone ever would leave it. Either wish to leave it or be allowed to leave it.

Wherein lies the danger to said European dreams and it’s tiny Cyprus that poses said danger.

As both Krugman and Yglesias point out, the Cypriot banking system is bust, gone. Even if it needn’t have happened this way having the system closed for at least a week is going to lead to bank runs when they finally reopen. The economy is most certainly going to stutter if not be deeply depressed as a result of that banking system going. Given that a substantial part of the economy is about offshore finance, and that that’s not going to survive the banking system crash, there will also, whatever else happens, be substantial declines in GDP.

It’s most certainly true that leaving the euro will cause all of those things to happen. But if they’re going to happen anyway then why not leave the euro? Why not bring back the Cyprus Pound? That is, do an Iceland?

[. . .]

But here’s the thing: there’s still that religious insistence among the federasts that the euro is irreversible, a part of the future of the politics and economy of the continent. And if Cyprus does leave and does recover without too much paid then what reason for Greece, or Spain, Portugal, to stay in? If going bust and going back to one’s own currency is, as Iceland showed (although they kept, rather than went back to), less painful that the austerity required to stay in the euro then, well, why stay in the euro?

How Russians view American foreign policy moves

Filed under: Government, Middle East, Politics, Russia, USA — Tags: , , , , — Nicholas @ 00:01

In short, they don’t believe it’s mere ham-handedness, arrogance, and incompetence — they think it’s only supposed to look that way:

It’s instructive to view ourselves through a Russian mirror. The term “paranoid Russian” is a pleonasm. “The fact is that all Russian politicians are clever. The stupid ones are all dead. By contrast, America in its complacency promotes dullards. A deadly miscommunication arises from this asymmetry. The Russians cannot believe that the Americans are as stupid as they look, and conclude that Washington wants to destroy them,” I wrote in 2008 under the title “Americans play monopoly, Russians chess.” Russians have dominated chess most of the past century, for good reason: it is the ultimate exercise in paranoia. All the pieces on the board are guided by a single combative mind, and every move is significant. In the real world, human beings flail and blunder. For Russian officials who climbed the greasy pole in the intelligence services, mistakes are unthinkable, for those who made mistakes are long since buried.

From a paranoid perspective, it certainly might look as if Washington planned to unleash chaos. The wave of instability spreading through the Middle East from Syria is the direct result of American actions. [. . .]

If the Russians sound mad, consider this: there is another substantial body of opinion that sees an evil conspiracy behind American blundering in the Middle East, and it votes for Ron Paul and Rand Paul. I am not suggesting that Sen. Rand Paul is a paranoid, I hasten to clarify: I have never met the man and don’t presume to judge his state of mind. But his popularity stems in no small measure from conspiracy theorists who think that the U.S. government really is planning to criss-cross the continental United States with killer drones and pick off American citizens on their home soil. A lot of the same people think that America invaded Iraq on behalf of the oil companies (who would make a lot more money if Iraq were zapped by space aliens) or by the Israelis (who never liked the project from the outset). A fair sampling of such paranoia gets posted on the comments section of this site.

Thus we have the strangest pair of bedfellows in modern politics, the Russians and the rubes. Try to explain to them that George W. Bush was a decent and well-intentioned man without a clue as to the consequences of his actions, and they will dismiss it as disinformatsiya. Tell them that the New York Times and the Weekly Standard both believed in the Arab Spring as the herald of a new era of Islamic democracy, and they will see it as proof of a conspiracy embracing both the Democratic and Republican establishments. How, the paranoids ask, could two administrations in succession make so many blunders in succession? It stretches credibility. I wish it were a conspiracy. The truth is that we really are that dumb.

March 20, 2013

The Profumo affair in context

Filed under: Britain, History, Media — Tags: , , , — Nicholas @ 10:06

In History Today, Richard Weight reviews An English Affair: Sex, Class and Power in the Age of Profumo by Richard Davenport-Hines which is being published on the 50th anniversary of the Profumo affair:

Meticulous though he is in separating historical fact from tabloid fiction, Davenport-Hines does not unearth any new secrets about the Profumo Affair. The originality of the book lies in the way he places it in the context of mid-20th century social attitudes. This, as the author says, is ‘a study of milieux’. An accomplished biographer, he puts colour on the cheeks and sparkle in the eyes of the main protagonists in a series of beautifully written portraits. We get to know fully Stephen Ward, for example – the high society osteopath who became the scapegoat of the affair – as a closet homosexual and vain Walter Mitty character, whose social climbing stemmed partly from the fact that osteopathy was dismissed by the medical establishment as ‘a modish form of cosseting’. Ward helped introduce the 46-year-old secretary of state for war, Jack Profumo, to the 19-year-old showgirl, Christine Keeler, at a pool party in the grounds of Cliveden on a July weekend in 1961. Soon after they began the fateful affair that linked him, via pillow talk and paranoia, to a Soviet military attaché that Keeler knew.

[. . .]

Jack Profumo typified British male attitudes: he had forced his wife, the actress Valerie Hobson, to give up her career for the sake of his image, before taking the lover who was raised in a converted railway carriage near Staines. The author describes Keeler and her friend Mandy Rice-Davies as ‘good-time girls who refused to be doormats’ – a new breed of ambitious women less willing to shut up once they had served their purpose. In a sense, Keeler anticipated the glamorous defiance of ‘the People’s Princess’ in the 1990s. And, like Diana Spencer’s, this is a story about the vacuity of the British people as much as it is a story about the hypocrisy of their leaders.

Davenport-Hines also confronts race, the subject usually ignored by historians of the affair. It was the jealous fight between two of Keeler’s black boyfriends outside the Flamingo Club in 1962 that led to a shooting through which the press got hold of the Profumo story. Then a taboo in a predominantly racist country, inter-racial sex gave the cocktail of cross-class transgression an extra shot of liqueur for the public to enjoy. Yet, as the author observes, the Flamingo Club was a multiracial Soho jazz venue then favoured by the ‘hip white Mods’ of Britain’s first youth culture. In other words the Profumo Affair didn’t so much change Britain as reveal how much it was already changing underneath the cracked surface of prudery and prejudice.

March 19, 2013

New British press control rules to apply to the internet … the whole internet

Filed under: Britain, Law, Liberty, Media — Tags: , , , — Nicholas @ 12:37

In Forbes Tim Worstall explains why the British government’s new Ministry of Truth press censorship body will have effective reach across the entire internet:

This isn’t what they think they’ve done, this is true. And it’s also not what they intended to do (or at least I hope they didn’t mean to do this) but it is still what they’ve done. They’ve passed a law which effectively censors the entire world’s media. And they’ve done this simply because they are ignorant of the very laws they’re trying to change. Which is, I think you’ll agree, a little disturbing, that politicians would casually negate press freedom just because they don’t know what they’re doing.

[. . .]

It’s a standard Common Law assumption that publication does not take place where the printing presses (or servers etc) are. Publication takes place where something is made available to be read or seen. We’ve even had two recent cases that show this. Rachel Ehrenfeld published a book in the US and yet was still sued for libel in London. For a few copies of that book had made it over to England and thus it was deemed that publication had taken place where English libel law prevailed. Just in case you think that this is some English peculiarity there was a very similar case with Dow Jones in Australia. Something was published in New York. But it was read in Australia (remarkably, by the man the piece was about, he downloaded it) and this was sufficient for the Australian courts to agree that therefore the potential libel had occurred in Oz and should be tried under Oz law.

This is even clearer with reference to child pornography laws. “Production” of child pornography includes the act of downloading such. For before it was downloaded there was one copy, on the server. Once downloaded, there are two, one on the server, the other in the browser. Thus the downloading is in itself the production of that pornography. This very point is drawn from the standard Common Law principles about publication.

Therefore, it doesn’t matter where your servers are. For that’s not what defines publication. It also doesn’t matter who the material is aimed at: nor even what language it is in. Publication happens if someone in the UK downloads whatever it is. That, in itself, is the act of publication.

March 18, 2013

Cyprus to offer small depositors a slightly less nasty haircut

Filed under: Economics, Europe — Tags: , , — Nicholas @ 10:05

Megan McArdle on the most recent “concession” by the Cypriot bank regulators:

Cyprus seems to have realized what I wrote yesterday: violating your deposit insurance guarantees is a better way to start a bank run than to stabilize a banking crisis. After Cypriots rushed to withdraw their money ahead of the new rules, the Wall Street Journal reports that the government has cobbled together a new proposal: small depositors will pay a 3% “tax” on their accounts (instead of 6.75%); medium depositors (those with between €100,000 and €500,000 will be taxed at the same 10% they were supposed to pay before; and those with more than €500,000 will pay 15%.

That may check the runs on the small accounts. Now the question is: what about the big ones? Will the foreign depositors view 15% as the simple cost of stashing their money out of the watchful eye of their own government? Or will they seek a new haven?

If the foreign money runs, it seems unlikely that Cyprus will be able to bail out the banks again; this desperate bank levy is, after all, what they were forced to do just to raise the $5.8 billion that the EU and the IMF demanded they contribute to the bank rescue. But the higher Cyprus raises the levy on large accounts, the more likely it is that the foreign money will flee to somewhere less shaky.

By “less shaky”, one has to assume a non-European bank…

Update: Cyprus has extended the “bank holiday” to Thursday.

Britain’s left: they have to destroy press freedom to save it

Filed under: Britain, Media, Politics — Tags: , , , , — Nicholas @ 09:46

In the Guardian, Nick Cohen explains why the rush to regulate the press is such a bad move for the left:

We are in the middle of a liberal berserker, one of those demented moments when “progressives” run riot and smash the liberties they are meant to defend. Inspired by Lord Justice Leveson, they are prepared in Parliament tomorrow to sacrifice freedom of speech, freedom of the press and fair trials. They are prepared to allow every oppressive dictatorship on the planet to say: “We’re only following the British example” when outsiders and their own wretched citizens protest.

Try warning them that one day they and this country will regret their hooliganism and they reply in the sing-song voice of a child in a playground: “Well, that’s what Murdoch and Dacre want you to say.” It’s no good pointing out that Murdoch and Dacre are tired old men from a dying newspaper industry and they will not be keeping us company for much longer. Nor can you quote Orwell’s words to the effect that just because a rightwing newspaper says something does not mean it is wrong. Nothing works.

The Labour and Liberal Democrat parties are custodians of the best of Britain’s radical traditions: the traditions not only of Orwell, but of John Milton, John Stuart Mill and the men and women who struggled against the Stamp Acts and the blasphemy and seditious libel laws. Their successors are not worthy to follow in their footsteps. For the sake of a brief partisan victory, for the chance to shout: “Yah boo sucks” at the hated tabloids, they are inviting political regulation of the press at a time when the web revolution allows not only newspapers but also large blogs and the websites of campaign groups to be “significant news publishers”, to use the ominously vague phrase Labour and the Liberal Democrats are offering to the Commons tomorrow.

Mark Lynas and his break with the anti-GMO activists

Filed under: Britain, Environment, Food, Media, Science — Tags: , , — Nicholas @ 09:11

Mark Lynas was one of the most prominent activists working against the adoption of genetically modified crops. Over time, he realized he was fighting the wrong battle and publicly recanted his decades-long struggle. He talks about it in an interview with Charlie Gillis in Maclean’s:

Q: You’ve disavowed a cause you were identified with for decades. How are you feeling about your decision?

A: It’s been traumatic, but it’s also been something of a liberation. I’ve obviously been inconsistent in my life, but so are we all. In my view, it’s better to be inconsistent and half-right, than to be consistently wrong. Even the pope doesn’t claim these days to be infallible, yet that’s what most environmental groups do.

Q: Still, you’ve offended your former allies, a lot of whom are now trying to discredit you. Some say you exaggerated your part in founding the anti-GM movement to start with. What’s that been like on a personal level?

A: My whole social scene has been characterized by my environmentalism. I’m in a situation where I can go to a party and I don’t know who’s currently not speaking to me.

Q: On Twitter, Vandana Shiva, a prominent environmentalist in India, likened your calls for farmers to be able to plant GMOs to saying rapists should have the freedom to rape.

A: That was simply astonishing, and frankly, hurtful to people who have actually suffered the trauma of rape. Look, these attacks on me are obviously done in the interests of damage limitation. It’s sort of an emperor’s-new-clothes thing. I have helped expose the fact most people’s concerns about GM foods are based on mythology. Once you can get past the idea that there’s something inherently dangerous about GM foods, it’s a whole different conversation. We actually can tell whether GM foods are safe. They have been extensively tested hundreds and hundreds of times, using different techniques. Many of the tests were conducted independently. The jury is entirely in on this issue.

[. . .]

Q. You argue that opposing GMOs is actually anti-environmental.

A. That was the realization that changed my mind. That recombinant DNA is actually a potentially very powerful technology for designing crop plants that can help humanity tackle our food-supply shortages, and also reduce our environmental footprint. They can help us use less fertilizer, and dramatically reduce pesticide applications. We can reduce our exposure to climate change through drought and heat-tolerant crops. So the potential is enormous.

Will the Cyprus bailout set the fuse to a new Great Depression?

Filed under: Economics, Europe, History — Tags: , , , — Nicholas @ 00:01

History may not repeat itself, but it’s quite likely that it paraphrases itself instead:

So, this is going to be a very sour reading of what has happened in Cyprus this weekend. It will also be a very partisan one, possibly even a partial one. But if Milton Friedman and Anna Schwartz were right in their insistence that it was actually the Federal Reserve that caused the Great Depression (which is something that Ben Bernanke himself has insisted that the Fed will not repeat) then one way of interpreting what has happened is that the European Central Bank has just set us all up for another Depression. The trigger is that “tax” of a little over 6% on all depositors.

This isn’t an analysis that you’ll be able to get all economists to sign up to. But the basic story told by Friedman and Schwartz in A Monetary History of the United States was that the 1929 crash was indeed a serious crash. But it would not have led to the Great Depression without the Federal Reserve making some serious mistakes. Two of which were to allow the intertwined collapses of both the money supply and the banking system. Given that it is the banks that create credit and thus the wider money supply they are, to a great extent, the same thing.

[. . .]

But please note the central part of Friedman’s argument. Yes, there was the crash. Yes, there would have been a deep and painful recession as a result. But the tipping of that recession into depression was a result of the cascading series of bank failures in the absence of deposit insurance: that led to the calamitous shrinking of credit and the money supply.

So let us now look at Europe and the eurozone. Certainly there’s been a crash (or even a Crash). We’ve so far avoided the depression part (although not everywhere. Greece is certainly in one, Spain possibly and looking out my window at rural Portugal I see certain signs of a reversion to a non-cash economy.) but the important question is whether we manage to continue to do so?

[. . .]

Yes, I do know, they’ve called it a tax: but here we’ve got to make reference to that duck thing. The difference between a 6% or more “tax” on your bank deposit and a failure of the previously agreed deposit insurance to protect your deposit is quackery enough that it’s a duck.

As I’ve said before the importance of this is moot at present. It depends on who believes what. If the citizenry believe that they don’t have deposit insurance any more (whether we call this a tax or a duck) then we will see more mass withdrawals from banks and we will see more bank failures. And cascading bank failures are exactly the thing that will tumble us into a new depression.

March 17, 2013

Proposed British press regulation will apply to bloggers as well

Filed under: Britain, Law, Liberty, Media — Tags: , , , , , — Nicholas @ 11:55

Guido Fawkes offers a warning to those bloggers cheerleading for the British government to impose controls on the tabloid press:

One thing that surprises Guido is that his comrades in the liberal, progressive blogosphere have seemingly not noticed that the proposed Royal Charter aims to control and regulate them as well as the tabloids.

Schedule 4, Point 1 of both the government and the opposition’s versions of the Royal Charter will bring blogs under the regulator’s control:

    “relevant publisher” means a person (other than a broadcaster) who publishes in the United Kingdom: a. a newspaper or magazine containing news-related material, or b. a website containing news-related material (whether or not related to a newspaper or magazine)”

[. . .]

To all those bloggers who support this press control Charter because they hate Murdoch and Dacre, Guido offers this cautionary counsel, remember that the new regulator will cover you as well. You will have all the expense and bureaucracy of compliance as Murdoch and Dacre face, without the means. Unless like Guido and the Spectator you plan to become media outlaws too…

Celebrating 60 years of being Stalin-free

Filed under: History, Russia — Tags: , , , — Nicholas @ 11:19

In Reason, Cathy Young looks at the bloody legacy of the Soviet dictator and his startling popularity in modern day Russia (and the west):

The 60th anniversary of the death of one of history’s most murderous tyrants has passed with relatively little notice. Yet the shadow of Soviet dictator Joseph Stalin, who died on March 5, 1953, still hangs over post-communist Russia — and has yet to face proper judgment in the West. This is one bloody ghost still waiting for its final exorcism.

During the years of his absolute rule over the Soviet Union from 1928 to 1953, Stalin was responsible for the deaths of at least 20 million people. They included victims of state-engineered famines, particularly in Ukraine, intended to starve the peasantry into submission to collective farming; people from all walks of life shot on trumped-up charges of subversive activities; and others sent to the Siberian labor camps known as the gulag, never to return. Untold millions who survived lost years of their lives to the gulag. (Among the latter were my own paternal grandparents, who were arrested in 1947 and released after Stalin’s death; ironically, unlike most of their fellow prisoners, they were actually guilty as charged — of “betraying the motherland” by trying to escape the Soviet Union and go to Palestine.)

If there was ever a true devil in the flesh, Stalin was one of the prime candidates for the title. A tyrant with a deeply sadistic streak, he reportedly howled with laughter when told about the final moments of a former associate who had been promised clemency in exchange for a false confession and vainly begged his executioners to “please call Comrade Stalin” and clear up the misunderstanding. He jailed the wives of several men in his inner circle, presumably just for the pleasure of seeing his underlings squirm and showing them who’s boss.

Yet four years ago, this monster came close to being chosen as history’s greatest Russian in a nationwide Internet and telephone vote. Though the voting was not representative, actual polls also yield discouraging results. In a survey conducted last month by the Levada Center, a respected independent polling firm, almost one in 10 Russians said that Stalin’s role in Russia’s history was “entirely positive” while another 40 percent saw it as “mostly positive.” Fewer than a third believed it was entirely or mostly negative, while the rest were not sure.

Debunking St. Patrick

Filed under: Europe, History, Religion — Tags: , , — Nicholas @ 10:02

In Slate, David Plotz separates the myth from what is known about the real St. Patrick:

Today we raise a glass of warm green beer to a fine fellow, the Irishman who didn’t rid the land of snakes, didn’t compare the Trinity to the shamrock, and wasn’t even Irish. St. Patrick, who died 1,507, 1,539, or 1,540 years ago today — depending on which unreliable source you want to believe — has been adorned with centuries of Irish blarney. Innumerable folk tales recount how he faced down kings, negotiated with God, tricked and slaughtered Ireland’s reptiles.

The facts about St. Patrick are few. Most derive from the two documents he probably wrote, the autobiographical Confession and the indignant Letter to a slave-taking marauder named Coroticus. Patrick was born in Britain, probably in Wales, around 385 A.D. His father was a Roman official. When Patrick was 16, seafaring raiders captured him, carried him to Ireland, and sold him into slavery. The Christian Patrick spent six lonely years herding sheep and, according to him, praying 100 times a day. In a dream, God told him to escape. He returned home, where he had another vision in which the Irish people begged him to return and minister to them: “We ask thee, boy, come and walk among us once more,” he recalls in the Confession. He studied for the priesthood in France, then made his way back to Ireland.

He spent his last 30 years there, baptizing pagans, ordaining priests, and founding churches and monasteries. His persuasive powers must have been astounding: Ireland fully converted to Christianity within 200 years and was the only country in Europe to Christianize peacefully. Patrick’s Christian conversion ended slavery, human sacrifice, and most intertribal warfare in Ireland. (He did not banish the snakes: Ireland never had any. Scholars now consider snakes a metaphor for the serpent of paganism. Nor did he invent the Shamrock Trinity. That was an 18th-century fabrication.)

Cyprus delays emergency parliamentary session over banking haircut

Filed under: Economics, Europe, Government — Tags: , , — Nicholas @ 09:50

Apparently not all the politicians in the Cypriot parliament are on-board with the mandatory levy on savings accounts:

Cyprus’s parliament has postponed until Monday an emergency session to vote on a levy on bank deposits after signs that lawmakers might block the surprise move agreed in Brussels to help fund a bailout and avert national bankruptcy.

In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit up to 9.9 percent of their deposits in return for a 10 billion euro ($13 billion) bailout to the island, which has been financially crippled by its exposure to neighboring Greece.

The decision, announced on Saturday morning, stunned Cypriots and caused a run on cashpoints, most of which were depleted within hours. Electronic transfers were stopped.

[. . .]

Many Cypriots, having contributed to bailouts for Ireland, Portugal and Greece — Greece’s second bailout contributed to a debt restructuring that blew the 4.5 billion euro hole in Cyprus’s banking sector — are aghast at Europe’s treatment.

Cyprus received a “stab in the back” by its EU partners, the daily Phileleftheros said.

But it and another newspapers highlighted the danger of plunging the banking system into further turmoil if lawmakers sat on the fence.

« Newer Posts — Older Posts »

Powered by WordPress