Monday, 17th November 2008
No looming recession and other matters
What a week! So many things were happening.
Listening to the BBC World service news on Campus FM one tends to get a depression. Shares are falling here, there and everywhere, we are told. The credit crunch is now mutating into a financial and economic crisis. There was a bit of “good” news. I was sane when I said that one could get a depression. The BBC said that all this negative news does in fact cause mental problems to several people, even to those who are not directly affected.
No looming recession
We got a great piece of news Sunday morning. The Central Bank Governor Michael Bonello told The Sunday Times, in an interview today (16 November 2008), that there are no economic indicators which point to a looming recession in Malta.This is really something to be happy about and celebrate.
During the week we heard that there are signs of recession in great economies such as Germany, France and Italy – if I got all the names correctly. Fortunately we are not in that league. Ok, ok for prudence’s sake and for the sake of realism I should add …. as yet. But this is great news if there was ever one.
This is thanks to the work of all of us Maltese did together. We should all be proud.
The week started with the speech of the Leader of the Opposition. It was a more positive speech from the one we usually listen to from a Leader of the Opposition. Dr Muscat made a number of recommendations and the PM said that government would study some of them.
The Prime Minister was in an appreciative mood when he addressed Parliament last Wednesday. He thanked all the social partners for their contribution to make Malta what it is to-day. I guess a little bit of thanks for the state of affairs – NO ECONOMIC INDICATORS OF A LOOMING RECESSION – should also go to Government. It was very clear that last Wednesday the Prime Minister was trying to open the door of dialogue with the social partners. He was strong and conciliatory at the same time.
That particular door has been close of late. Unfortunately it was closed when we really need it to be open. One hopes that it will not only be opened once more but that people do pass through it. I think that an imperfect solution but with everyone on board is probably better than a perfect solution with only the government on board.
Xarabank bridge builder
Finance Minister Tonio Fenech extended the invitation for constructive talks during Xarabank. Gejtu Vella – who left a very good impression during the programme by being both assertive and open to solutions – immediately took the offer and said that his union will present counter proposals to the Government ones. If an alternative could be found for the car registration issue perhaps an alternative solution could also be found for the water and electricity tariffs. One hopes though that these be alternatives of substance that help us increase growth.
Xarabank once more proved itself to be a bridge builder.
But on the other hand the more I read and the more I listen to different and conflicting arguments about the issue the more confused I tend to become. Probably I am not alone. It is a pity that we have built a culture where slogans are supreme and where consequently it is becoming more and more difficult to communicate complex and complicated arguments.
A sobering experience
Let’s go back to the unions. Last Friday must have been a sobering experience for the unions. They organised a protest or manifestation. (I don’t know why one should shy from saying that one is organising a popular protest. Isn’t democracy also about organising protests?). It was projected as a historical occasion. Never before have so many unions and union leaders congregated together. Twenty unions united! The activity was supported by all the political parties but one.
But where was the support of the people?
The Times told us that there were just around 2,000 people. TVM told us that there was an “attendenza fqira”. Could it be that the people were deterred by a drizzle and ominous clouds? Or could it be that they did not agree about the billing of the event for its historicity? Could this be because the people do not really support the unions’ stand on this issue? Is it because people still give more importance to their political allegiance than to union allegiance? Is it because people are resigned to the situation or because they think that the tariffs, though harsh, are just?
I don’t know the answer but the unions should try and get to the real answer. They cannot shrug off the fact that popular support was lacking last Friday.
A Happy experience
On a very different note I gladly point to the court’s sentence which declared Fr Joe Grech innocent of the accusations levelled against him by a foreign woman. He, his family, his friends and his parishioners must be very happy. They all lived weeks of tension which should now be over.
I am happy not mainly because Fr Grech is a priest. I am happy because an innocent person was declared such by our courts. He was lucky that his ordeal took only a few weeks. There are cases where our legal system fails innocent people by dragging their case on for years.
Don’t the police have a sieve which should help them weed out accusations which manifestly have no foundation in reality? It seems that they did not have in the case of Fr Grech. Worse still is the allegation that he was not treated well by the investigation officer.
One should also look at the treatment given by certain sections of the media in such cases. The name of Fr Grech was not mentioned by a Court order. But some reports mentioned a “38 year old priest from Mosta”. There are only three such priests in Mosta. I am on record as stating that the media should not identity the names of people accused of a crime unless there is an overriding public interest.
I am happy to note that the commission set up by the Labour Party to advice on media ethics made a similar recommendation.
One final note about another priest. The Sunday Times (051008) had reported that the family of a girl who had been raped was approached by a priest acting as an intermediary between the family and the alleged rapists. I cannot image why a priest should get involved in such a shady and messy matter.
Happy Birthday
I wrote this blog after exchanging birthday greetings with my friend Fr Anton Gouder. He is one year one week younger than me. (That should indicate my birthday date and indicate my disgust for the lack of greetings I received from the readers of this blog on that important day.) I leave it to others to beside whether I am consequently one year wiser than him or not! Happy Birthday Toni.
Till next time I wish you all good bye and good luck.
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Comments
Ah the horizontal salsa and the explosions make sense then ;)
One needs diversion from the lofty ideals of 007
Well he does have a transfiguring freedom to create his own values, which are undeniably rooted in life on this earth and nothing else. Pitted against a pessimistic uncertain financial and political backdrop that have rendered old formulas useless, he might just rise to some height above the rest. I won’t however say that 007 qualifies as the 'Caesar with Christ's soul' as yet.
Poor James Bond! With so much to do, it leaves so little time for women and Martinis!
Nietzschean intensity? Is this your take on his theory of Superman (Übermensch)?
I will have to disagree with you, I actually think that the 'bangs' are toned down and this Bond is less of a rat than the others . He will of course always remain the killing machine of the good guys .The new 007 is relevant and intriguing as cultural politics. He is plagued with self -doubt as the rest of the post 9/11, post Abu Gharaib world. Couple that with the credit crunch, a bankrupt Western banking system and the looming years of recession where old rules no longer apply and the new bewildered Bond makes a lot of sense. I would actually say he takes the business of being devoid of joy and self-confidence with Nietzschean intensity. He is suffering from anhedonia and as miserable as Oxford street retailers in the run up to a tough Christmas 2008.
what is new to say about James Bond besides liking it 'shaken, not stirred' and Kiss Kiss Bang Bang? and Bang, bang does not only refer to the sound guns make...
Continued on the previous argument. This New world order conspiracy (fact not fiction), should make one think. Ben Bernake was known to be a sort of an emergency financial expert. On a political level, Obama was the right man for the banking-conspirators, because he has the right character, poise and hypnotic techniques, needed to handle economic-induced crises, that the new world order is about to unleash on the world.
http://www.youtube.com/watch?v=BckykC3NrHw shows how clearly he dilly-dallies on EVERY main political point.
Young people often respond better to hypnosis than adults, and have the imagination necessary to make the process work well. No wonder youths voted for him.
http://www.morpheusclinic.com/content/frequently-asked-questions
Back to economics. Malta might not be so hurt as perhaps the other major countries, but of course the back-lash would always be there. The question now is, when the real crises hit us in 2009, how deep would it be (worse than the US 1929?).
Already the bankers are trying to "solve" economic crises by enslaving the people even more. Look at how the US$700billion bail-out plan. It mainly does not hurt the bankers but the people.
Polticians and Central Bankers all play thier politicial role of optimizism. It is considered politically correct to state the obvious, without causing any fear, which does in turn effect humans how they behave.
However, I should state for the record that in the next year, things should get much worse for all Western economies, and in particular where the banking structure is considered "advanced".
A wealthy billionaire, Warren Buffet, had stated that the US$500 Trillion plus derivatives market, might collapse, and soon. This is a conservative figure!
The new world order people, and especially some top bankers (not in Malta, but world-wide) are DIRECTLY responsible for this mess. Look at the last crises. Bigger bankers like JP Morgan and Bank of America, bought out Lehman Bros and Merryl Lynch respectively. On purpose? There was to be a court case whereby Lehman Bros had some US$16 billion in the accounts of JP Morgan, and they did not let them use thier own funds! Hmmmm, coincidence!?