What was that again?

“I have been unemployed in the past. I knew I could either stay bitter and angry, which I was, about losing my job, or I could do something about it. It is a whole new world so I have had to quickly get up to speed.I have joined networks , I am using social networking , I even bought hits for my blog to point people to my CV. After all of that, I thought, ‘why not, I’ll put myself up for sale!” he added.” said an UK unemployed father of three who put himself up for sale for 20, 000 Pounds

Linkfest:June 25, 2012

Some stuff I am reading today morning:

George Soros:Germany’s reticence threatens European stability (FT)

Equity returns fail to beat inflation (BusinessLine)

BRICs currency depreciation to worsen (Bloomberg)

Mumbai gets a taste of prohibition (WSJ)

HDFC Top 200 lost a star (Mint)

Why is solving India’s inflation crisis important? (AjayShah)

Hedge funds get exotic in search for profits (Reuters)

Vikram Pandit is committed to getting paid (Dealbreaker)

 

 

Ithaka- C P Cavafy

Now that all the news etc are about the Euro/Greek crisis, as I am sipping my Ardbeg, I am reminded of one of the greatest Greek poets- C P Cavafy.

My favorite poem of his is called Ithaka and goes like this:

 

As you set out for Ithaka
hope the voyage is a long one,
full of adventure, full of discovery.
Laistrygonians and Cyclops,
angry Poseidon—don’t be afraid of them:
you’ll never find things like that on your way
as long as you keep your thoughts raised high,
as long as a rare excitement
stirs your spirit and your body.
Laistrygonians and Cyclops,
wild Poseidon—you won’t encounter them
unless you bring them along inside your soul,
unless your soul sets them up in front of you.

Hope the voyage is a long one.
May there be many a summer morning when,
with what pleasure, what joy,
you come into harbors seen for the first time;
may you stop at Phoenician trading stations
to buy fine things,
mother of pearl and coral, amber and ebony,
sensual perfume of every kind—
as many sensual perfumes as you can;
and may you visit many Egyptian cities
to gather stores of knowledge from their scholars.

Keep Ithaka always in your mind.
Arriving there is what you are destined for.
But do not hurry the journey at all.
Better if it lasts for years,
so you are old by the time you reach the island,
wealthy with all you have gained on the way,
not expecting Ithaka to make you rich.

Ithaka gave you the marvelous journey.
Without her you would not have set out.
She has nothing left to give you now.

And if you find her poor, Ithaka won’t have fooled you.
Wise as you will have become, so full of experience,
you will have understood by then what these Ithakas mean.

 

What was that again?

 

To give you a hint of how bad it is in Europe today, the most recent retail sales out of Netherlands showed a decline of 8.7% year-over-year in April.23 In Spain, retail sales fell 9.8% year-on-year in April, which was 6% greater than the revised drop of 3.8% in March.24 Declines of this magnitude are not normal occurrences and signal a significant shift in spending within those countries. We fear this is a sign of things to come within the broader Eurozone, which will only serve to complicate an already dire situation that much more.

 

The G6 central banks are out of conventional tools to solve this financial crisis. With interest rates at zero, and the thought of further stimulus rendered politically unpalatable for the time being, we cannot see any positive solutions to this problem other than debt repudiation. We continue to note the contrast between the reporting companies who by law cannot lie about their fiscal realities, versus the central planners who admit that they MUST lie to preserve calm and control. We’ll leave it to you to decide whose version of the truth you want to believe.-wrote Eric Sprott to his investors