Monthly Archives: December 2011

Europe’s responsibility deficit is out of control

DAVID Cameron spoke of ending a “responsibility deficit” yesterday. He wasn’t talking about the Eurozone, but he could have been. Its steadily-compounding financial disaster is an epic tale of failed responsibility, the consequence of spending without thought to the consequences. And yet lazy references to “PIIGS”, while they point rightly to the dysfunctional choices made by some economies on the Eurozone periphery, are misguided, tilting the table to send the blame all one way. In truth, the Eurozone – and the EU as a whole – is a project in which responsibility is excluded as a matter of philosophical principle. Continue reading

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Filed under Economics, History, Politics

Poetry and capitalism make a heroic couplet

T.S. ELIOT was a banker, but that hasn’t stopped two poets from refusing to be shortlisted for this year’s prestigious, £15,000 Eliot Prize over a sponsorship deal with Aurum Capital, an investment firm specialising in funds of hedge funds. First Alice Oswald and now John Kinsella have given up their coveted places on the list. Kinsella told The Guardian he was an “anti-capitalist in full-on form”, while Oswald announced that “poetry should be questioning not endorsing such institutions”. Continue reading

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Filed under Business, Finance, Literature, Publishing

Looking the other way on the lip of the abyss

WE ARE approaching an economic event horizon. “Almost anything could happen in the next few months,” says Paul Tucker, deputy governor of the Bank of England, advising banks to prepare to withstand the worst. The exceptional coordinated action of central banks on Wednesday has been widely seen not just as offering temporary relief to the embattled Eurozone, but as a recognition that the global economy is on the lip of the catastrophe curve. Continue reading

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Filed under Economics, Finance, Politics