They're always so punctilious about reminding us that "investments in stocks and shares may go down as well as up" but when did you ever see a clause to the effect that money you save in a bank might disappear without trace?
Zoz
Thursday, October 02, 2008
UK & Irish banking crisis: An insurance scheme
Savers in stampede to safety
Lenihan told Darling that the decision to safeguard all deposits at six banks had not been planned, but had been an emergency move to prevent the collapse of one Irish bank leading to the failure of another.
The Treasury said last night that the chancellor had been given a sympathetic hearing. Darling made two calls in response to signs that savers were rushing to open accounts at Irish-backed banks, including the UK Post Office, whose accounts are provided by Bank of Ireland.
Under pressure from furious high street banks, the chancellor urged Lenihan to make the scheme open to British banks operating in the republic. (Guardian)
Guaranteeing deposits sounds all very fine and dandy, but imagine what that means for the banks! They can spend, spend, spend, do what they like, go hog wild, because no matter what they gamble and lose, or how much they pay themselves, it doesn't matter - the government will pay the depositors. That can't be right, surely? I mean, if I had any savings I'd want them guaranteed, but...how is that going to work?
Am I the only one who thought that money in banks was safe before? How naive, apparently. I thought there were regulations and that the money you kept in a bank was owed to you and backed by some sort of insurance or whatever. But nada.
That is the solution to the problem of safeguarding deposits, then: insurance. The banks must pay insurance premiums into an insurance fund and when one of them goes bust, they must cease trading forthwith - like any bankrupt business, not carry on trading while insolvent, which is illegal for ordinary businesses. The more risk there is in their line of business, the higher their premiums would be set. That should stop them from taking undue risks with people's money.
Then the government backs only the insurance scheme, which creates a commercial buffer zone and guarantees efficiency as far as practicable. No direct "guarantee", but a quid pro quo in return for insurance premiums paid to a state or European central insurance system. To work, it must be made compulsory for all banks.
The same advice goes to the US legislators: make your system a free-standing state-backed insurance agency. Don't pour money into a failed system, because it will flow out through the same holes that are the problem, and you'll be down $700 billion, more indebted and still have the same problem you started with.
Zoz
Lenihan told Darling that the decision to safeguard all deposits at six banks had not been planned, but had been an emergency move to prevent the collapse of one Irish bank leading to the failure of another.
The Treasury said last night that the chancellor had been given a sympathetic hearing. Darling made two calls in response to signs that savers were rushing to open accounts at Irish-backed banks, including the UK Post Office, whose accounts are provided by Bank of Ireland.
Under pressure from furious high street banks, the chancellor urged Lenihan to make the scheme open to British banks operating in the republic. (Guardian)
Guaranteeing deposits sounds all very fine and dandy, but imagine what that means for the banks! They can spend, spend, spend, do what they like, go hog wild, because no matter what they gamble and lose, or how much they pay themselves, it doesn't matter - the government will pay the depositors. That can't be right, surely? I mean, if I had any savings I'd want them guaranteed, but...how is that going to work?
Am I the only one who thought that money in banks was safe before? How naive, apparently. I thought there were regulations and that the money you kept in a bank was owed to you and backed by some sort of insurance or whatever. But nada.
That is the solution to the problem of safeguarding deposits, then: insurance. The banks must pay insurance premiums into an insurance fund and when one of them goes bust, they must cease trading forthwith - like any bankrupt business, not carry on trading while insolvent, which is illegal for ordinary businesses. The more risk there is in their line of business, the higher their premiums would be set. That should stop them from taking undue risks with people's money.
Then the government backs only the insurance scheme, which creates a commercial buffer zone and guarantees efficiency as far as practicable. No direct "guarantee", but a quid pro quo in return for insurance premiums paid to a state or European central insurance system. To work, it must be made compulsory for all banks.
The same advice goes to the US legislators: make your system a free-standing state-backed insurance agency. Don't pour money into a failed system, because it will flow out through the same holes that are the problem, and you'll be down $700 billion, more indebted and still have the same problem you started with.
Zoz
Wednesday, October 01, 2008
Inside the slave trade
Special investigation by Johann Hari
"... It took me to places I did not think existed, today, now. To a dungeon in the lawless Bangladeshi borderlands where children are padlocked and prison-barred in transit to Indian brothels; to an iron whore-house where grown women have spent their entire lives being raped; to a clinic that treats syphilitic 11-year-olds. ..." (Johann Hari, Independent)
Maybe part of the £5,000 from the 2008 Willesden Herald short story competition went to help the shelter described in the article? Let's hope so.
Zoz
"... It took me to places I did not think existed, today, now. To a dungeon in the lawless Bangladeshi borderlands where children are padlocked and prison-barred in transit to Indian brothels; to an iron whore-house where grown women have spent their entire lives being raped; to a clinic that treats syphilitic 11-year-olds. ..." (Johann Hari, Independent)
Maybe part of the £5,000 from the 2008 Willesden Herald short story competition went to help the shelter described in the article? Let's hope so.
Zoz
The New Writers Handbook, Vol. 2
Advert by Gombeen™
“The intro by Ted Koooser is interesting. He was US Poet Laureate for a while. He talks about writing "from life" versus the comparative poverty of writing from imagination. In one example he says that when describing the scene at a birthday party, it's the lace coming away from the edge of a table cloth, or the bent tine on a fork that will evoke it, and not candles flickering on top of the birthday cake. In other words, he claims that imagination will tend to the clichéd. He makes a strong case, but I'm not sure he didn't imagine that lace himself just then, if you see what I mean. It's worth getting hold of the book just to read his intro, really, but there are loads of other interesting articles as well [not to mention the one by yours truly*].” (There Now)
“The all-new 2008 edition (Vol. 2) of this annual anthology of best advice for writers is now available in stores everywhere:
The New Writer's Handbook, Vol. 2
edited by Philip Martin
with preface by Ted Kooser (U.S. Poet Laureate)
Scarletta Press (ISBN: 978-0-9798249-2-0)
softcover, 288 pages, 60+ articles
$16.95
Expert tips & techniques for writers at any level.
"Satisfying & surprising" said Library Journal in a Starred Review of the first volume. Annual readings to refresh your craft and career.” (Scarletta Press)
* "Common Faults in Short Stories", based on this article by Steve Moran here in The Willesden Herald. Ed
“The intro by Ted Koooser is interesting. He was US Poet Laureate for a while. He talks about writing "from life" versus the comparative poverty of writing from imagination. In one example he says that when describing the scene at a birthday party, it's the lace coming away from the edge of a table cloth, or the bent tine on a fork that will evoke it, and not candles flickering on top of the birthday cake. In other words, he claims that imagination will tend to the clichéd. He makes a strong case, but I'm not sure he didn't imagine that lace himself just then, if you see what I mean. It's worth getting hold of the book just to read his intro, really, but there are loads of other interesting articles as well [not to mention the one by yours truly*].” (There Now)“The all-new 2008 edition (Vol. 2) of this annual anthology of best advice for writers is now available in stores everywhere:
The New Writer's Handbook, Vol. 2
edited by Philip Martin
with preface by Ted Kooser (U.S. Poet Laureate)
Scarletta Press (ISBN: 978-0-9798249-2-0)
softcover, 288 pages, 60+ articles
$16.95
Expert tips & techniques for writers at any level.
"Satisfying & surprising" said Library Journal in a Starred Review of the first volume. Annual readings to refresh your craft and career.” (Scarletta Press)
* "Common Faults in Short Stories", based on this article by Steve Moran here in The Willesden Herald. Ed
Monday, September 29, 2008
If we can't do it now, when...?
Joe Biden is a master salesman. I happen to agree with what he's saying - I think. I say "I think" because this guy could probably make me think I'm a Dalek, if he turned that Blarney full blast onto me. I have seen salesmen work and this guy is a master.
Zoz
Sunday, September 28, 2008
Saturday, September 27, 2008
Harlesden Road, Friday evening
Friday 26 September 2008, 7:36 pm. Sphagnum
Looking west past the 19th century Rising Sun inn*
* Notice the white van parked outside the Rising Sun. Vans and cars parked there often block the pavement like that, so people have to step into the road where traffic speeds down the hill and round the bend from Chambers Lane. Ed
What the papers say
with Russell Brand
1. The Sun. Russell Brand reviewing the ant-brained Sun newspaper for the Secret Policeman's Ball. (Via)
2. The Daily Star. Review of a complete fabrication, baroque in its detail. Brand is up there with the best of them, a sort of cross between Max Wall and Kenneth Williams.
Bob Harmless
1. The Sun. Russell Brand reviewing the ant-brained Sun newspaper for the Secret Policeman's Ball. (Via)
2. The Daily Star. Review of a complete fabrication, baroque in its detail. Brand is up there with the best of them, a sort of cross between Max Wall and Kenneth Williams.
Bob Harmless
Friday, September 26, 2008
McCain: Throw in the towel
Sarah Palin flunks CBS interview (Telegraph)
The US presidential race is now a mismatch. It's pathetic. It's like a hopeless boxer being pummelled into a stupor by the champion. Either Obama or Biden would wipe the floor with either of McCain or Palin, or both together. The choice of Palin is now revealed for what it was, an act of desperation, the roundhouse flailing of a boxer whose legs are buckling. No wonder McCain is getting down on one knee, taking a breather from the campaign. The poor guy is out on his feet. If it were a fight it would have beeen stopped by the referee already.
Zoz
The US presidential race is now a mismatch. It's pathetic. It's like a hopeless boxer being pummelled into a stupor by the champion. Either Obama or Biden would wipe the floor with either of McCain or Palin, or both together. The choice of Palin is now revealed for what it was, an act of desperation, the roundhouse flailing of a boxer whose legs are buckling. No wonder McCain is getting down on one knee, taking a breather from the campaign. The poor guy is out on his feet. If it were a fight it would have beeen stopped by the referee already.
Zoz
Thursday, September 25, 2008
You buy a bankrupt company for $1 not $700 billion
When you takeover a bankrupt company it is for a nominal fee, £1 or $1, and you take on the debts that it owes. The people who owned the bankrupt company get nothing. And you get the good parts and the bad, you don't just take the failed parts of the business and leave them with the rest. They go out of business. Whatever is done along these lines to rescue banks shouldn't be any different: nobody who has any share in the banks or any position in the banks should get any money in return for the state taking over their liabilities. The very definition of bankruptcy is being worth less than nothing. The $1 is only a token, a legal nicety to validate the contract whereby the new owner takes over the debts. There should be no transfer of public money to the owners or bosses of bankrupt organisations, zero - unless they wish to split $1 between them.
Zoz
Zoz
Wednesday, September 24, 2008
It's those little hammers again
Large Hadron Collider Shut Down Until Spring 2009 "Full-power operation of the Large Hadron Collider (LHC) won't happen until early spring 2009, after an electrical glitch sparked a large helium leak inside the machine's tunnels." (National Geographic)
Electrical glitch my foot. It's like those archaeologists with their little hammers digging out skulls and proclaiming that all ancient people had their skulls smashed with little hammers. They've only gone and caused a rip in spacetime. It is no coincidence that the BBC's atomic clock missed a beat recently and then gave the signal for one hour later.
Laboratoire Kronk
Electrical glitch my foot. It's like those archaeologists with their little hammers digging out skulls and proclaiming that all ancient people had their skulls smashed with little hammers. They've only gone and caused a rip in spacetime. It is no coincidence that the BBC's atomic clock missed a beat recently and then gave the signal for one hour later.
Laboratoire Kronk
Revolutionary Road - exclusive
If the trailer is anything to go by, this classic version of Wild is the Wind by Nina Simone will be the theme for the new film of Revolutionary Road by director Sam Mendes, from the novel by Richard Yates. I was very lucky to be in the audience for a premier of the trailer (delivered under conditions of high security), together with introductory remarks by the director at the Small Wonder short story festival on Saturday. The film stars Leonardo DiCaprio, Kate Winslet and Kathy Bates, and it is not due for release till January 2009. The trailer fades in from black to the lonely first notes of this Nina Simone track, which continues throughout.
Noël Knowall for Newsmusic Desk
Revolutionary Road by Richard Yates
We stand and fight
We don't give up and we never will
Full text: Gordon Brown's speech (to the Labour party conference in Manchester, 2008).
The fair society. Sounds good to me. But why would one fair society be out trying to bomb another society into fairness? That's not very fair.
Zoz
Full text: Gordon Brown's speech (to the Labour party conference in Manchester, 2008).
The fair society. Sounds good to me. But why would one fair society be out trying to bomb another society into fairness? That's not very fair.
Zoz
Monday, September 22, 2008
Darling, I shrunk the banks
Chancellor seeks to reassure delegates following period of unprecedented financial turmoil (Guardian online)
Report and sound clips from the Labour party conference
Zoz
Report and sound clips from the Labour party conference
Zoz
Small Wonder 2008 - Richard Yates
Following long, tense negotiations by the organisers, leading to secure delivery, and locking of the film in a safe, the audience on Saturday was the first ever to see the trailer for the new Sam Mendes film of the novel "Revolutionary Road" by Richard Yates. There was also exclusive footage of the director talking about the project. The film will not be released till next year. Lionel Shriver, author of "We Need to Talk About Kevin", then proceeded to explain to us why Richard Yates was such a great writer, and proved it by reading a superb story of his, "A Convalescent Ego", the last in his collected stories*. It consists of a man worrying about the consequences of a small domestic accident, in which he has broken a new cup and saucer from a set that his wife just bought. In a series of brilliant variations on the theme of how to tell her, and the possible gloomy aftermath, he fails to predict the actual, more upbeat outcome.
Noël Knowall
* The Collected Stories of Richard Yates
Noël Knowall
* The Collected Stories of Richard Yates
Small Wonder 2008 - William Trevor
William Trevor's reading was word music, with each phrase following in perfect apposition to the last and the next. He read an old story* about a wedding reception, in which he succeeded in bringing everyone present at it to life. There was a priest who moved between groups, including the mothers of the couple and an aunt, the two fathers, the bride with two of her friends, her two sisters and the husband of one them, waiting, viewed through the window in a car with three children, the groom and two of his friends. All their conversations and thoughts developed in parallel as the story unfolded and people circulated. Every character was distinct and vital. There wasn't one word out of place, or one supefluous, and all followed inexorably from the initial scene to the last detail. It was, he said, about "the small towns of Ireland" (quoting Betjeman)and a world that "no longer exists". He then read a memoir that reflected on a visit to the places of the story and ended on recollections of cinema outings to Cork, and a note of "perfect happiness".
Noël Knowall
* Theresa's Wedding from The Collected Stories by William Trevor
Noël Knowall
* Theresa's Wedding from The Collected Stories by William Trevor
Sunday, September 21, 2008
Friday, September 19, 2008
Harry and Paul
Look for them on YouTube. Especially "The writer and the barmaid" (episode above) and the comedy watcher (I relate to that one strongly.) The funniest and cleverest TV sketch show since the Pythons or The League of Gentlemen?
Feargal
The black cab sessions
"Born in the UK" - Badly Drawn Boy (Damon Gough)
They have some other interesting sessions, including Death Cab for Cutie (appropriately), the Kooks and, most recently, Brian Wilson - who contacted Black Cab Sessions and asked to be included.
Newsmusic Desk
Thursday, September 18, 2008
Portents
Lloyds Bank takes over Halifax
I knew it. Don't you see the black horse in the clouds, leaping over the Halifax ad? Should have known it when that upside down rainbow appeared on Tuesday!
And the time signal from the atomic clock at the BBC was late and added an extra pip (BBC audio link) yesterday morning. Technicians couldn't explain the anomaly. Their diagnosis: "It's thrown a wobbler."
What does it say in the Bible about the rainbow turning upside-down - does that mean the deal is off? Considering the old crock of gold legend, turning it upside down would be a rather apt way to portend bankruptcy. Maybe upstairs is having a laugh at us, or a smile. If so: it's not funny, oh sadistic Fate! (Sorry, I got a little carried away, there.)
Update: It just gets worse. Unlucky black fox seen in Chorley cemetery (BBC video link). "It's said that its colour is black as night so that it can live in a man's shadow without being seen, and it brings doom and disaster to whoever does see it." (So don't click the link, if you don't want to see it.)
Mystic Mavis
I knew it. Don't you see the black horse in the clouds, leaping over the Halifax ad? Should have known it when that upside down rainbow appeared on Tuesday!
And the time signal from the atomic clock at the BBC was late and added an extra pip (BBC audio link) yesterday morning. Technicians couldn't explain the anomaly. Their diagnosis: "It's thrown a wobbler."
What does it say in the Bible about the rainbow turning upside-down - does that mean the deal is off? Considering the old crock of gold legend, turning it upside down would be a rather apt way to portend bankruptcy. Maybe upstairs is having a laugh at us, or a smile. If so: it's not funny, oh sadistic Fate! (Sorry, I got a little carried away, there.)
Update: It just gets worse. Unlucky black fox seen in Chorley cemetery (BBC video link). "It's said that its colour is black as night so that it can live in a man's shadow without being seen, and it brings doom and disaster to whoever does see it." (So don't click the link, if you don't want to see it.)
Mystic Mavis
Monday, September 15, 2008
The New Writer's Handbook, Volume 2: Books for Writers: Scarletta Press
I have an article in this. Just got my free copy today. (Amazon/Willesden Herald partner link)
The intro by Ted Koooser is interesting. He was US Poet Laureate for a while. He talks about writing "from life" and the comparative poverty of writing from imagination. In one example he says that when describing the scene at a birthday party, it's the lace that's coming away from the edge of a table cloth, or the bent tine on a fork that will evoke it, and not the candles flickering on top of the birthday cake. In other words, he claims that imagination will tend to the cliched. He makes a strong case, but I'm not sure he didn't imagine that lace himself just then, if you see what I mean. It's worth getting hold of the book just to read his intro, really, but there are loads of other interesting articles as well.
Ossian
Sunday, September 14, 2008
A change is gonna come - on YouTube
A change is gonna come - Aaron Neville
A change is gonna come - Tina Turner with Robert Cray
A change is gonna come - Patti Labelle
A change is gonna come - Bobby Womack
A change is gonna come - Luther Vandross
A change is gonna come - The Supremes
A change is gonna come - Otis Redding
A change is gonna come - The Manhattans
A change is gonna come - Lauryn Hill
A change is gonna come - Prince Buster
A change is gonna come - Bob Dylan
A change is gonna come - Al Green
A change is gonna come - Leela James
Barack Obama on change (speech)
Anybody want to hear John McCain's karaoke version? Nah, didn't think so.
People may not agree with everything that Obama says, but please - the fate of the world could well be at stake. Do you really want holy roller, Alaskan Independence Party turncoat and liar Sarah Palin a heartbeat away from getting control of anything of importance, let alone a vast nuclear arsenal etc? And let's face it, John McCain already has cancer and is partially paralysed.
Newsmusic Desk
Saturday, September 13, 2008
Literary day out
Litcamp
I particularly enjoyed Jay Barnard's (link) poetry reading and Courtia Newland's story, which I'd already read somewhere. It is going to be on BBC4 Afternoon Story next week. There was a very funny story from Gavin Inglis, as well as lots of other delights, some from people listed in my links over there ->.
I offered to provide "post-it note critiques" for short stories, simulating the conditions of reading for a short story competition. About twenty or so landed on my table in the reading room. One thing that occurred to me was that this was a very good way to make enemies and fail to influence people. I felt that I should have worn full Venetian masquerade get-up, like Salieri in the film Amadeus: it was I who needed anonymity, not the writers.
Anyway, I really like reading this way and commenting, though I'm completely unqualified. I wrote on large post-it notes, mostly having to write on the reverse as well, and also marked up the text. There were one or two I'd seen before, amazingly enough.
I left some copies of this competition flyer (A4 version) on the books table there. Here is a version for Letter paper size. Please feel free to pass them on, copy, republish, etc.
Ossian
I particularly enjoyed Jay Barnard's (link) poetry reading and Courtia Newland's story, which I'd already read somewhere. It is going to be on BBC4 Afternoon Story next week. There was a very funny story from Gavin Inglis, as well as lots of other delights, some from people listed in my links over there ->.
I offered to provide "post-it note critiques" for short stories, simulating the conditions of reading for a short story competition. About twenty or so landed on my table in the reading room. One thing that occurred to me was that this was a very good way to make enemies and fail to influence people. I felt that I should have worn full Venetian masquerade get-up, like Salieri in the film Amadeus: it was I who needed anonymity, not the writers.
Anyway, I really like reading this way and commenting, though I'm completely unqualified. I wrote on large post-it notes, mostly having to write on the reverse as well, and also marked up the text. There were one or two I'd seen before, amazingly enough.
I left some copies of this competition flyer (A4 version) on the books table there. Here is a version for Letter paper size. Please feel free to pass them on, copy, republish, etc.
Ossian
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