Words ought to be a little wild, for they are the assault of thoughts on the unthinking
- J.M. Keynes

Sunday, 15 January 2012

Ode to the Danish EU Presidency

To borrow and borrow more--that is the answer:
Whether 'tis nobler in the mind to suffer
The cuts and downgrades of outrageous raters
Or to take arms against a sea of speculators
And by opposing ban them. To default, to restructure
No more; and by restructure to say we end
The headache, and the thousand yield shocks
That debt is heir to. 'Tis a solution
Devoutly to be wished. To default, to restructure
To restructure; perchance voluntarily: ay, there's the rub,
For in that voluntary restructuring what negotiations may come
When we have pissed off this market completely,
Must give us pause. There's no confidence
That makes calamity of so large a debt.
For who would care for our promises to pay back in time,
Th' borrower's wrong, the strong woman's austerity
The pangs of despised solidarity, the summit's delay,
The incompetence of office, and the spurns
That downgraded credit of th' untrustworthy takes,
When ECB itself might its quietus make
With unsterlilised printing? Why would investors bear,
To grunt and sweat under a weary market,
But that the dread of something after default on debt,
The uncharted territory, from whose bourn
No sovereign recovers, taxes the political will,
And makes us rather ignore those ills we have
Than try solutions that we know of?
Thus immediate need to be elected does make cowards of us all,
And thus the native hue of dissolution
Is whitewashed o'er with the pale cast of sound-bite,
And enterprising union of great potential
With this regard its constituents turn away angry
And further lose the investor's confidence.

(Apologies to Shakespeare)

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