G C Lichtenberg: “It is as if our languages were confounded: when we want a thought, they bring us a word; when we ask for a word, they give us a dash; and when we expect a dash, there comes a piece of bawdy.”

W H Auden: "But in my arms till break of day / Let the living creature lie. / Mortal, guilty, but to me/ The entirely beautiful."

Will Self: “To attempt to write seriously is always, I feel, to fail – the disjunction between my beautifully sonorous, accurate and painfully affecting mental content, and the leaden, halting sentences on the page always seems a dreadful falling short. It is this failure – a ceaseless threnody keening through the writing mind – that dominates my working life, just as an overweening sense of not having loved with enough depth or recklessness or tenderness dominates my personal one.”

John Gray: "Unlike Schopenhauer, who lamented the human lot, Leopardi believed that the best response to life is laughter. What fascinated Schopenhauer, along with many later writers, was Leopardi’s insistence that illusion is necessary to human happiness."

Art Spiegelman: "You know words in a way are hitting you on the left side of your brain, music and visual arts hit on the right side of the brain, so the idea is to pummel you, to send you from left brain to right brain and back until you're as unbalanced as I am."

विलास सारंग: "संदर्भ कुठलेही असोत, संस्कृत, इंग्रजी, बुद्धिवादी, तांत्रिक, इतिहासाचे, खगोलशास्त्राचे, आधुनिक पदार्थविज्ञानाचे, शिवकालीन व पेशवाईतील बखरीचे, अगणित ज्ञानक्षेत्रांचे, अशा वैविध्यपूर्ण ज्ञानावर लेखन- विशेषत: कवितालेखन- उभं राहत."

Tuesday, July 01, 2008

Reader’s Digest for the Overclass,The Economist, does it again!

Paul Krugman: “Nine years ago The Economist ran a big story on oil, which was then selling for $10 a barrel. The magazine warned that this might not last. Instead, it suggested, oil might well fall to $5 a barrel.

In any case, The Economist asserted, the world faced “the prospect of cheap, plentiful oil for the foreseeable future…” (NYT, April 21, 2008)

The Economist October 6th 2007: “The American presidency is Hillary Clinton’s to lose…Mrs Clinton is clearly a formidable candidate for the presidency. She has the most powerful name in the business now that the Bush brand is tarnished. She has a smoothly working political machine. She has a wealth of experience in both the legislative and the executive branch. And she exudes competence. All told, she looks likely to translate this into both the Democratic nomination and a victory in November 2008…”

Homer Simpson might say: “Suckers!”

When Indian stock markets started falling in calendar 2008, the magazine probably thought they finally got one prediction right.

Did they?

The magazine said on November 17, 2008:

“…India shows dangerous signs of irrational exuberance. It was swept by euphoria last month as the Sensex, India's benchmarket index, hit 20,000 for the first time. India's Economic Times declared, “The first 10,000 took over 20 years. The next came in just 20 months...Superpower 2020?” Instead, India's poor risk-rating should ring alarm bells.

China's economy looks less risky thanks to a small official budget deficit (many reckon that it really has a surplus) and its vast current-account surplus and reserves…

…The p/e for Chinese shares that foreigners can buy is a more modest 22, well below the 40 reached in 2000. In contrast, Indian shares, also with a p/e of 22, have never been so overvalued…

… The riskiest economies, all with current-account deficits and relatively high consumer-price inflation, are India, Turkey and Hungary…”

They risk-rated China 5, Russia 8, Brazil 12 and India at the bottom of the pile 15.

But as the luck would have it, sure Indian stocks have plunged since then but Chinese stocks have suffered worse, both in local currency and dollar terms! See the table below.





'Now the weather, and as usual it's a tale told by an idiot, full of sound and fury, signifying nothing.'

The Spectator 2008

My caption:’Now the future according to The Economist, and as usual it’s a tale told by an …’