The phrase “too big to fail, too big to save” in this case comes from an essay in Der Spiegel by Henrik Enderlein which says that the time to act is now, but also says that all the options available for action will fail. I take it he’s saying that Italy must take ownership for its debt, but Germans must also stand in solidarity or the speculators on the demise of the euro will have a field day.
The article by Der Spiegel staff Italy’s New Government Is Bad News for the Euro is pessimistic. Continue reading Italy: too big to fail, too big to save
1. You don’t need enemies when you have friends
You’ve probably been living under a log if you haven’t seen this photo:
They say Trump does not like G-7 meetings because they are short on people who massage his ego.
According to this account the photo was released by Angela Merkel’s office. Trump looks like a naughty school boy, recalcitrant and unrepentant. The bloke behind him is John Bolton, the National Security Advisor. Not sure what he was doing there. Continue reading Saturday salon 16/6
1. Turnbull’s political priorities
Waleed Aly in a piece written presumably just before Turnbull announced his changes to ministerial code of conduct suggested Turnbull’s effort in furthering the Uluru Statement from the Heart and in responding to the Close The Gap report was limp and routine:
Meanwhile you could be forgiven for missing Malcolm Turnbull’s response to the Close the Gap Steering Committee’s assessment that the policy launched after the Rudd apology had been “effectively abandoned” by extensive budget cuts since 2014. In brief, Turnbull commenced talks on how to refresh the policy, and announced a new inquiry into the matter of constitutional recognition, to be done by a joint select committee.
Continue reading Saturday salon 17/2
Mustafa Kemal Ataturk, a commander of Ottoman forces at the Dardenelles during the first world war and later the founder of modern Turkey, has been quoted far and wide as saying in 1934:
Those heroes that shed their blood and lost their lives … You are now lying in the soil of a friendly country. Therefore rest in peace. There is no difference between the Johnnies and the Mehmets to us where they lie side by side here in this country of ours … You, the mothers who sent their sons from faraway countries, wipe away your tears; your sons are now lying in our bosom and are in peace. After having lost their lives on this land they have become our sons as well.
There are no contemporary references to the speech. Continue reading Saturday salon 12/12
In a season of lists, George Friedman, Chairman of the global intelligence company Stratfor, has made a list of his top five events for 2104.
1: Europe’s Persistent Decline
The single most important event in 2014 was one that did not occur: Europe did not solve its longstanding economic, political and social problems.
Europe, taken together, remains the world’s largest economy and a centre of global commerce, science and culture. It’s inability to solve its problems or make any significant progress has the potential to disrupt the world system. There is general economic malaise and huge unemployment in the south. Continue reading Friedman’s top five events of 2014