Wednesday, 28 December 2011

The plight of savers

Of the 489 billion Euros that the European Central bank lent to European commercial banks at a concessionary interest rate just before Christmas, to ease their liquidity/solvency situation whilst US banks refuse to lend to them, 412 billion Euros were placed on deposit by the banks back with the ECB over the Christmas period. It will there earn the banks even less in interest than the low rate they are having to pay to borrow it, but they clearly do not trust their fellows as borrowers.

The cost of privatisation

http://www.lancet.com/journals/lancet/article/PIIS0140-6736(09)60005-2/abstract

http://www.thelancet.com/journals/lancet/article/PIIS0140-6736(09)60719-4/fulltext

The great and good Mr Handel



Tuesday, 27 December 2011

Whisper of the Heart

Forests lost

Once upon a time Corsica was entirely covered by forest. Storey by storey, it grew for thousands of years in rivalry with itself, up to heights of fifty metres and more, and who knows, perhaps perhaps larger and larger species would have evolved, trees reaching the sky, it the first settlers had not appeared and if, with the typical fear felt by their own kind for its place of origin, they had not steadily forced the forest back again.

The degradation of the most highly developed plant species is a process known to have begum near what we call the cradle of civilization. Most of the high forests that once grew all the way to the Dalmatian, Iberian and North African coasts had already been cut down by the beginning of the present era. Only in the interior of Corsica did a few forests of trees towering far taller than those of today remain, and they were still being described with awe by nineteenth-century travellers, although now they have almost entirely disappeared. Of the silver firs that were among the dominant tree species of Corsica in the Middle Ages, standing everywhere in the mists clinging to the mountains, on overshadowed slopes and in the ravines, only a few relicts are now left in the Marmano valley and the Foret de Puntiello, and on a walk there a remembered image came into my mind of a forest in the Innerfern through which I had once gone as a child with my grandfather.

A history of the forest of France by Etienne de la Tour, published during the Second Empire, speaks of individual fir trees growing to a height of almost sixty metres during their lives of over a thousand years, and they, so de la Tour writes, are the last trees to convey some idea of the former grandeur of the European forests. He laments the destruction of the Corsican forests 'par des exploitations mal conduites' ('by mismanaged exploitation'), which was already becoming a clear menace in his time. the stands of trees spared longest were those in the most inaccessible regions, fro instance the great forest of Bavella, which covered the Corsican Dolomites between Sartene and Solenzara and was largely untouched until towards the end of the nineteenth century.


The English language painter and writer Edward Lear, who travelled in Corsica in the summer of 1876, wrote of the immense forests that then rose high from the blue twilight of the Solenzara valley and clambered up the steepest slopes, all the way to the vertical cliffs and precipices with their overhangs, cornices and upper terraces where smaller groups of trees stood like plumes on a helmet. On the more level surfaces at the head of the pass, the soft grounds on which you walked was densely overgrown with all kinds of different bushes and herbs. Arbutus grew here, a great many ferns, heathers and juniper bushes, grasses asphodels and dwarf cyclamen, and from all these low-growing plants rose the grey trunks of Laricio pines, their green parasols seeming to float free far, far above in the crystal-clear air.

'At three the top of the pass ... is reached,' says Lear, 'and here the real forest of Bavella commences, lying in a deep cup-like hollow between this and the opposite ridge, the north and south side of the valley being formed by the tremendous columns and peaks of granite ... which stood up like two gigantic portions of a vast amphitheatre', with the sea beyond them, and the Italian coast like a brush-stroke drawn on paper. these crags, he writes, 'are doubly awful and magnificent now that one is close to them, and excepting the


heights of Serbal and Sinai, they exceed in grandeur anything of the kind I have ever seen'. But Lear also comments on the timber carts drawn by fourteen or sixteen mules which even then were making their way along the sharply winding road, transporting single trunks a hundred to a hundred and twenty feet long and up to six feet in diameter, an observation that I found confirmed in 1879 by the Dictionnaire de Geographie edited by Vivien de Saint Martin, in which the Dutch traveller and topographer Melchior van de Velde writes that he has never seen a finer forest than the forest of Bavella, not even in Switzerland, Lebanon or on the islands of Indochina.

W.G. Sebald, 'The Alps in the Sea' collected in Campo Santo, trs. Anthea Bell

Sunday, 25 December 2011

St John unfolds the great mystery of the Incarnation



In the beginning was the Word, and the Word was with God and the Word was God.
The same was in the beginning with God.
All things were made by him; and without him was not anything made that was made.
In him was life; and the life was the light of men.
And the light shineth in darkness and the darkness comprehended it not.
There was a man sent from God whose name was John.
The same came for a witness, to bear witness of the Light, that all men through him might believe.
He was not that Light, but was sent to bear witness of that Light.
That was the true Light, which lighteth every man that cometh into the world.
He was in the world, and the world was made by him, and the world knew him not.
He came unto his own, and his own knew him not.
He came unto his own and his own received him not.
But as many as received him, to them gave he the power to become the sons of God, even to them that believe on his name:
Which were born, not of blood, nor of the will of the flesh, not of the will of man, but of God.
And the Word was made flesh, and dwelt among us and we beheld his glory, the glory of the only begotten Father, full of grace and truth.

John 1:1-14

Saturday, 24 December 2011

Athens

Sale of assets