RHUBARB
I love rhubarb, for two reasons. The first is eating it. My mother-in-law made rhubarb porridge with cream last night, in honour of my son, who is home from Basel at the moment. It was delicious.
The second is that it is incredibly easy to grow. Basically it is a big weed; and as with all weeds, left to its own devices it will get bigger and bigger. The half plant that I planted in the kitchen garden recently has already adapted to its new environment and is busy sprouting new leaves. There should be lots of rhubarb for a crumble when my mother comes to visit at the end of June.
Walter Blotscher
Wednesday, 16 May 2012
Tuesday, 15 May 2012
LESSONS FROM JAPAN
We are now four to five years into this financial crisis. The effects are different in different countries, but one thing is the same; according to politicians, the recovery is "just around the corner". The corner may be one year, two years, five years perhaps; but definitely within the foreseeable future.
I am not so sure. My reason for scepticism, if not worry, is Japan. Japan had its own property and financial bubbles during the late 1980's. They were reflected in golf club memberships changing hands for millions of dollars, and valuations which said that property in Tokyo was worth more than in the whole of the United States. When the bubble burst, there was a series of failed banks, crashing values, zombie companies (those kept alive, since going bust would be more expensive), and similar things. Pretty much like Europe and the U.S. today.
The problem is that Japan has still not turned the corner. To take but one example, the Nikkei 225 average, the country's most widely watched stock market index, still stands at only a fraction of its value in 1990. The country is ageing fast and its population is shrinking. And that is before tsunamis and nuclear problems are taken into account.
The politicians would say that things are going to be different in Europe and the U.S. But why?
Walter Blotscher
We are now four to five years into this financial crisis. The effects are different in different countries, but one thing is the same; according to politicians, the recovery is "just around the corner". The corner may be one year, two years, five years perhaps; but definitely within the foreseeable future.
I am not so sure. My reason for scepticism, if not worry, is Japan. Japan had its own property and financial bubbles during the late 1980's. They were reflected in golf club memberships changing hands for millions of dollars, and valuations which said that property in Tokyo was worth more than in the whole of the United States. When the bubble burst, there was a series of failed banks, crashing values, zombie companies (those kept alive, since going bust would be more expensive), and similar things. Pretty much like Europe and the U.S. today.
The problem is that Japan has still not turned the corner. To take but one example, the Nikkei 225 average, the country's most widely watched stock market index, still stands at only a fraction of its value in 1990. The country is ageing fast and its population is shrinking. And that is before tsunamis and nuclear problems are taken into account.
The politicians would say that things are going to be different in Europe and the U.S. But why?
Walter Blotscher
Sunday, 13 May 2012
THE PREMIER LEAGUE
Well, that was one of the most exciting finishes to a football championship for some time. After dominating for most of the season, Manchester City suddenly fell apart, letting their cross-town rivals Manchester United build up an 8-point lead. Then United themselves fell apart, losing a match they should have won, drawing another 4-4 when they were 4-2 up, and then losing 1-0 to City. Going into today's last matches of the season, the two clubs had the same number of points, but City had the much better goal difference. So all they had to do was win, in order to take the title for the first time since 1968.
That task looked to be easy, given that their home record this year had been 17 wins and a draw, and that their opponents were Queen's Park Rangers, who were in danger of being relegated. When my son and I tuned in for the second half, City were 1-0 up and looked to be cruising. Then they made a couple of defensive mistakes, and suddenly QPR were up 2-1 with 25 minutes to go. Despite losing Joey Barton to a red card, QPR packed their defence, their goalie played an absolute blinder, and City couldn't get through. After ninety minutes, it was still 2-1; City needed to score twice in the five minutes of extra time.
Amazingly, they did so. Fans who looked gutted minutes beforehand erupted in joy, and there was a pitch invasion when the final whistle went.
Being a Manchester City fan has not been easy the past 40 years, as they have not won very much, while Manchester United have won a slough of championships and trophies. True, this year's victory has required a vast amount of money, pumped in by Middle East billionaires and Etihad; but that is true for all of the major football clubs these days. Over the season as a whole, City undoubtedly played the best football, and deserved the title. Even if it was by a whisker.
Walter Blotscher
Well, that was one of the most exciting finishes to a football championship for some time. After dominating for most of the season, Manchester City suddenly fell apart, letting their cross-town rivals Manchester United build up an 8-point lead. Then United themselves fell apart, losing a match they should have won, drawing another 4-4 when they were 4-2 up, and then losing 1-0 to City. Going into today's last matches of the season, the two clubs had the same number of points, but City had the much better goal difference. So all they had to do was win, in order to take the title for the first time since 1968.
That task looked to be easy, given that their home record this year had been 17 wins and a draw, and that their opponents were Queen's Park Rangers, who were in danger of being relegated. When my son and I tuned in for the second half, City were 1-0 up and looked to be cruising. Then they made a couple of defensive mistakes, and suddenly QPR were up 2-1 with 25 minutes to go. Despite losing Joey Barton to a red card, QPR packed their defence, their goalie played an absolute blinder, and City couldn't get through. After ninety minutes, it was still 2-1; City needed to score twice in the five minutes of extra time.
Amazingly, they did so. Fans who looked gutted minutes beforehand erupted in joy, and there was a pitch invasion when the final whistle went.
Being a Manchester City fan has not been easy the past 40 years, as they have not won very much, while Manchester United have won a slough of championships and trophies. True, this year's victory has required a vast amount of money, pumped in by Middle East billionaires and Etihad; but that is true for all of the major football clubs these days. Over the season as a whole, City undoubtedly played the best football, and deserved the title. Even if it was by a whisker.
Walter Blotscher
Saturday, 12 May 2012
GAY MARRIAGE (2)
It seems that the forthcoming U.S. Presidential election is likely to be dominated by the issue of whether homosexuals can get married. After sitting on the fence - officially, at least - for a long time, President Obama has come out in favour; though he still believes that each state should decide, and most of them have already decided against. His likely challenger Mitt Romney, on the other hand, thinks that marriage is, and can only be, between a man and a woman.
I will state my view on this upfront; gay men and women should be allowed to marry someone of the same sex, if they want to. I say this for two reasons. First, as a liberal principle; what is available to one section of society should be available to all. Secondly, because allowing gay people to marry doesn't harm me in any way, even if I were to think that marriage should be between a man and a woman.
It is the second reason that seems to get people in the U.S. hot under the collar. Religious conservatives are not content with being able to marry who they want, and to have (and profess) their own beliefs. They have to take those beliefs and then make life miserable for people whom they disagree with. It is the mark of the religious bigot throughout the ages, and is both unattractive and - in the long run- dangerous.
Walter Blotscher
It seems that the forthcoming U.S. Presidential election is likely to be dominated by the issue of whether homosexuals can get married. After sitting on the fence - officially, at least - for a long time, President Obama has come out in favour; though he still believes that each state should decide, and most of them have already decided against. His likely challenger Mitt Romney, on the other hand, thinks that marriage is, and can only be, between a man and a woman.
I will state my view on this upfront; gay men and women should be allowed to marry someone of the same sex, if they want to. I say this for two reasons. First, as a liberal principle; what is available to one section of society should be available to all. Secondly, because allowing gay people to marry doesn't harm me in any way, even if I were to think that marriage should be between a man and a woman.
It is the second reason that seems to get people in the U.S. hot under the collar. Religious conservatives are not content with being able to marry who they want, and to have (and profess) their own beliefs. They have to take those beliefs and then make life miserable for people whom they disagree with. It is the mark of the religious bigot throughout the ages, and is both unattractive and - in the long run- dangerous.
Walter Blotscher
Friday, 11 May 2012
PUBLIC SERVICES
Everybody knows that Denmark has a highly developed public sector, which provides one of the best levels of welfare in the world. Sometimes it is surprising just how developed it is.
Handicapped people are well looked after here. Many are able to live in their own apartment, with help from a visiting professional. One of the tasks earmarked for that professional was to help the handicapped person arrange their sex life, most often by using a prostitute. According to the Social Ministry's 2001 official circular, employees were supposed to arrange visits to/from a prostitute if requested, and if necessary to go with the handicapped person to the rendezvous.
Unfortunately - for some handicapped people, at least - the circular has just been changed. What used to be a duty is now merely a recommendation that the employee may refuse to comply with. It remains to be seen whether they will; but handicap organisations are worried about the change.
I don't have a particular view about the change. But I do think it is remarkable, in a positive way, that at a time when the words crisis, money and savings are on everybody's lips, some people are still thinking about the quality of life, rather than its quantity.
Walter Blotscher
Everybody knows that Denmark has a highly developed public sector, which provides one of the best levels of welfare in the world. Sometimes it is surprising just how developed it is.
Handicapped people are well looked after here. Many are able to live in their own apartment, with help from a visiting professional. One of the tasks earmarked for that professional was to help the handicapped person arrange their sex life, most often by using a prostitute. According to the Social Ministry's 2001 official circular, employees were supposed to arrange visits to/from a prostitute if requested, and if necessary to go with the handicapped person to the rendezvous.
Unfortunately - for some handicapped people, at least - the circular has just been changed. What used to be a duty is now merely a recommendation that the employee may refuse to comply with. It remains to be seen whether they will; but handicap organisations are worried about the change.
I don't have a particular view about the change. But I do think it is remarkable, in a positive way, that at a time when the words crisis, money and savings are on everybody's lips, some people are still thinking about the quality of life, rather than its quantity.
Walter Blotscher
Thursday, 10 May 2012
THE NEWS OF THE WORLD (3)
The News of the World may be gone as a newspaper, but the ripples from its sinking are lapping around the pond of 10, Downing Street. The reason is the inquiry under Lord Justice Leveson into the culture, practice and ethics of the British press. Although the inquiry was set up by Prime Minister David Cameron, it carries risks for him, as a series of witnesses take the stand.
Today it was the turn of Andy Coulson. Mr. Coulson was the editor of the News of the World, who resigned in January 2007 after its royal reporter was jailed for phone hacking. Four months later, he was hired by Mr. Cameron, then the leader of the opposition, to become his director of communications. He continued that job in Government after the 2010 election, but resigned in January 2011 when the phone hacking scandal was dominating the news.
Although Mr. Coulson did not provide a "smoking gun", he did let slip that he had failed to disclose that he owned £40,000 worth of shares in News Corporation (the News of the World's parent company) while working for the Government. Having been a civil servant myself, I find that surprising, to say the least. However, what is even more surprising is that apparently, nobody saw fit to ask him. Nor did they probe him on his assertion that he knew nothing, when the phone hacking saga came to dominate the newspapers. That in turn suggests a carelessness within the Prime Minister's support staff.
Mr. Coulson's appearance is the start of a series of heavyweight figures, who will appear before the inquiry. They include Mr. Cameron's two predecessors, Gordon Brown and Tony Blair. But the most dangerous witness, due tomorrow, may well be former editor of the News of the World and CEO of News International Rebekah Brooks, who counts Mr. Cameron as a personal friend.
Walter Blotscher
The News of the World may be gone as a newspaper, but the ripples from its sinking are lapping around the pond of 10, Downing Street. The reason is the inquiry under Lord Justice Leveson into the culture, practice and ethics of the British press. Although the inquiry was set up by Prime Minister David Cameron, it carries risks for him, as a series of witnesses take the stand.
Today it was the turn of Andy Coulson. Mr. Coulson was the editor of the News of the World, who resigned in January 2007 after its royal reporter was jailed for phone hacking. Four months later, he was hired by Mr. Cameron, then the leader of the opposition, to become his director of communications. He continued that job in Government after the 2010 election, but resigned in January 2011 when the phone hacking scandal was dominating the news.
Although Mr. Coulson did not provide a "smoking gun", he did let slip that he had failed to disclose that he owned £40,000 worth of shares in News Corporation (the News of the World's parent company) while working for the Government. Having been a civil servant myself, I find that surprising, to say the least. However, what is even more surprising is that apparently, nobody saw fit to ask him. Nor did they probe him on his assertion that he knew nothing, when the phone hacking saga came to dominate the newspapers. That in turn suggests a carelessness within the Prime Minister's support staff.
Mr. Coulson's appearance is the start of a series of heavyweight figures, who will appear before the inquiry. They include Mr. Cameron's two predecessors, Gordon Brown and Tony Blair. But the most dangerous witness, due tomorrow, may well be former editor of the News of the World and CEO of News International Rebekah Brooks, who counts Mr. Cameron as a personal friend.
Walter Blotscher
Tuesday, 8 May 2012
GREECE (7)
In my last post on Greece, I said that the crucial question for rich countries is whether taxpayers are willing to accept the large, and ongoing, transfer of financial risk from the private to the public sector. In the case of Greece, the answer to that question is a resounding no. For if there is one clear message from Sunday's general election, it is that Greeks are fed up with austerity.
When the most recent rescue package was negotiated, the powers in the E.U. and IMF got the two major parties, the socialist Pasok and the conservative New Democracy, to commit to implement it, if and when they got into power. Unfortunately, they together got only 149 seats in the 300 seat Parliament, despite a quirk in the electoral law that gives an extra 50 seats to the biggest party (in this case New Democracy). Both votes and seats migrated away from the traditional parties to the extremes, unreconstructed left-wingers and rather nasty, anti-immigrant right-wingers. There will now follow a period of horse-trading within Greece in order to try and form some sort of coalition; if that succeeds, there will then be a period of brinkmanship as the resulting Government tries to renegotiate the terms of its deal with its European partners.
Personally, I don't believe that either scenario will come to fruition. The sad fact is that Greece is caught between a rock and a hard place at the moment. Much more likely in my view is new elections, in which, having let off steam, the Greeks sullenly accept reality and give Pasok/ND a narrow Parliamentary majority which they can use to inflict more pain.
Walter Blotscher
In my last post on Greece, I said that the crucial question for rich countries is whether taxpayers are willing to accept the large, and ongoing, transfer of financial risk from the private to the public sector. In the case of Greece, the answer to that question is a resounding no. For if there is one clear message from Sunday's general election, it is that Greeks are fed up with austerity.
When the most recent rescue package was negotiated, the powers in the E.U. and IMF got the two major parties, the socialist Pasok and the conservative New Democracy, to commit to implement it, if and when they got into power. Unfortunately, they together got only 149 seats in the 300 seat Parliament, despite a quirk in the electoral law that gives an extra 50 seats to the biggest party (in this case New Democracy). Both votes and seats migrated away from the traditional parties to the extremes, unreconstructed left-wingers and rather nasty, anti-immigrant right-wingers. There will now follow a period of horse-trading within Greece in order to try and form some sort of coalition; if that succeeds, there will then be a period of brinkmanship as the resulting Government tries to renegotiate the terms of its deal with its European partners.
Personally, I don't believe that either scenario will come to fruition. The sad fact is that Greece is caught between a rock and a hard place at the moment. Much more likely in my view is new elections, in which, having let off steam, the Greeks sullenly accept reality and give Pasok/ND a narrow Parliamentary majority which they can use to inflict more pain.
Walter Blotscher
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