Python and the Holy Grail (1975) is easy one of the most
brilliantly comical movies of all time. One of my favorite scenes
is the fight between Arthur and the Black Knight, the one in which
Arthur handily dismembers his adversary in combat.
the source of household jokes around the world the Black Knight
refuses to acknowledge having lost both of his arms and legs to
Arthurs sword, insisting instead, Tis but a scratch
the Black Knight has been giving lessons to political leaders and
central bankers in this art of self-deception and ignoring reality
because thats exactly whats happening around the world.
Today, in the
wake of last nights political collapse in Portugal, European
leaders played down the impact of Portugals imminent ballooning
economic crisis, dismissing any possibility of spreading contagion
or similar consequences in other weak eurozone nations like Spain,
Ireland, and Italy.
yield spreads and bond insurance premiums are near all-time highs.
Tis but a scratch
Today in Japan,
two nuclear plant workers were hospitalized with radiation-related
injuries. Japans government continues to deny risks to these
workers, and to the population at large, instead raising
the decontamination threshold (the danger level of radiation)
from 6,000 counts per minute (CPM) to 100,000 CPM. Tis but
Two days ago
in El Salvador, Barack Obama dismissed the cost of military action
in Libya, saying because it is limited in time, scope, with
a well-defined mission, were confident that this is something
that we can budget as part of our overall operations.
the Pentagon is completely cash-strapped and is going to Congress
with hat in hand for more money having already blown through its
budget and unable to afford the $1 billion+ Libya operations. Tis
but a scratch
month, William Dudley, the brainiac who replaced Tim Geithner as
President of the New York Fed, recently told business leaders in
Queens that, while rising commodity prices may be giving some
of you a bad headache, they are not likely to lead to a sustained
rise in inflation.
prices of just about everything ex-iPad around the world are increasing,
and inflation rates from Vietnam to the UK are painfully high. Tis
but a scratch