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The perennial problem of falling asleep

Never happened, never had overslept and missed work. I did not know what that meant, so I was desperate in the bathroom, brushing his teeth at about the same time put the tie. Miró
time on the phone, but recalled that that was precisely why he had been dormigo: the machine had run out of battery. The black screen was like a laugh in the face. Damn, he yelled at anyone. He finished
grooming. Nor had the ability to call and inform the work that was delayed. It was important to have a landline, how many times he had told his mother. That's everything to a housing trust filled plastic circuits was not a safe idea. But now it was hopeless, of no reproach unto him he was doing.
searched his bag, quickly ordered the papers on the table and returned to the room after realizing he had forgotten his wallet. It took a last look in the mirror to make sure that at least she went out dress.
closed the door and called the elevator. He pressed the button several times, but the light was on, he did not. Just that day I had to break down, he thought obfuscated.
walked down the stairs, careful not to step wrong with the trouble. The seven floors it agitated. Reached the ground floor door with almost breathless. Recklessly opened and hit the streets.
hurry walked in the direction of the corner of the next block, where there was a taxi parking. I could not afford to save and go by bus line. He was behind in ... I could not figure it, I knew the time.
repaired then ask when someone ... to look around, startled. Could not be true. He stopped, he observed to one side of the street and the next. No one was there. Even cars. He had made half a block and had not noticed. Now that, not only caught his attention, but to be frightened.
He walked a few streets, observing the same landscape. Even the buildings and facades looked weathered. In some areas, the weeds growing between the flagstones of the sidewalk. Nor were birds across the sky or stray dogs wandering in the trash. There was not even trash.
walked past a supermarket. The door was open but nobody was inside. The shelves were full, but some seem to view food in poor condition. However, there was no smell of decay or anything resembling it. As if, in the case have been defeated, that would have occurred long ago ... That idea did
back. Panic wanted to win land on his head, but reassured himself that it was only a bad dream. Could not be anything else, of course not, where anything could be all in that time ...
On the sidewalk a newsstand seemed empty, except for a single copy of a diary, kept in the window within a nylon. The date was wrong, there were still fifteen years ...
No. He said he could not be. Could not have been asleep so long, it had gathered dust, his mother would have called, the landlord should have evicted him in the job, which just never late, they should have contacted ... no, something was wrong. He noted
then that there was no breeze. The air was static. He took the diary of nylon and the cover sheet, cut his hand. He knew how painful it was paper cut, but that burning pit and Solvent Based felt as he confirmed that it was not part of a dream.
What was it? Your destination perhaps, but did not like. Had he survived at all? And if so, how? But ... What about vehicles? Thousands of questions as they arose was a new step and I noticed another detail that had not noticed before.
solitude around him was huge and the trouble he had minutes earlier and had no reason to be. The only thing I thought Over the next five days, before taking his life was actually fell asleep a long, long time.

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Macroeconomic Policy, Growth and Income Distribution in the Brazilian Economy in the 2000










Franklin and Ricardo Serrano * **
Summa









In terms of its essential features of macroeconomic policy adopted in Brazil is basically the same since 1999

This framework, known as the tripod of economic policy, is, as is well known, a policy of inflation targeting, a (very "dirty") exchange rate regime and a floating specific goal (and quite large) in surplus primary. However, despite this element of continuity of macroeconomic policy framework, the performance of the Brazilian economy in the first half of the decade was not impressive (to say the least), but improved considerably since 2006.

The purpose of this paper is to show that the interaction between the large changes in external conditions facing the economy (since 2003) and small changes in the orientation of national economic policy (after 2005) explain the improved control inflation, the recovery of more satisfactory rates of economic (GDP) and the strong improvement in the distribution income and reducing poverty in the second half of the decade. The change in policy orientation explains the relatively moderate economic contraction and the rapid and strong economic recovery after the peak of the global crisis that hit Brazil in late 2008.

The next three sections briefly discuss, respectively: the performance of inflation targeting system in Brazil (Section II), the record of economic growth (Section III), and changes in income distribution and poverty reduction (Section IV).
A discussion of the difficulties the economy Brazil faces in the decade of 2010 is made in section (V), followed by a brief discussion of policy alternatives (Section VI) and concluding remarks (Section VII).



* Associate Professor, Instituto de Economia, Universidade Federal do Rio de Janeiro, Brazil. ** Assistant Professor

, Institute of Economics, Universidade Federal do Rio de Janeiro, Brazil.

To read the work:

In English

In Portuguese

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Shatter The survey

Something is usually excited and run into something that one does not expect to receive mail. That enthusiasm
Jonathan brightened this morning, when it comes tax slips and brochures, he found a brown paper envelope, typed and your name.
He opened it immediately, leaving aside the rest. Go Jonathan surprise to discover that this was a survey. He gave a quick read, turning the leaves on one side or the other. Something is not closed, leaves beyond the letterhead on which it could read the word "survey" were blank.
actually had a prayer written and it was a question, just below the letterhead, on the first page.
The question was very concise: Male or Female?. Jonatan
laughed heartily, wondering who would have spent the joke. He thrust the sheets back into the envelope and threw all over the rest of the mail. The excitement was short-lived, but at least allowed to leave with a smile to your daily routine.
returned late at night, tired and ready to sleep. He had already eaten, as his girlfriend. The mere thought that was going to be up early to study for the renewal of insurance work, resulted in more sleep.
Anyway, preferred to watch a little TV. While changing from one channel to another, confused because there was nothing to his liking, he again thought of that survey.
He pulled the envelope and returned to remove the leaves. He sought the court and found none. Again, the blank papers had any information about who had sent them. A point was to save yet again, to throw it away in the morning. However, in an instinctive act then sorry, found a pen and wrote the letter neatly next to the question: "man."
Her eyes widened as big as they could. Under that sentence suddenly appeared a second line, written from scratch, but with the same font that the first machine, asking: Name.
felt some revulsion. This was not normal. I knew the trick of writing dipped in lemon and then to read that "invisible ink" approaching the role in the heat of a flame. But he had never heard of a paper that "the writing itself."
chuckled nervously and was ashamed of being afraid. Brought about over the road and wrote his full name.
Her skin prickled and a chill down her spine. The third sentence
talked to him.
Scared?
swallowed.
- Let Jona, come on. This is a joke, can not be anything else - he said aloud, instilling values.
supported the tip of the pen on the paper and said, lying: "I have no fear."
read in the paper immediately: Why do you lie?
He winced, which almost makes it fall off the chair. It seemed silly, but even he seemed to hear the question, as well as read.
coughed. That did not like. Ezekiel thought of calling his friend, who lived in the same street, but looked at it and did not seem a good idea. It was late to ask someone to come over to read a paper.
hesitated, but finally replied: "No lie"
The paper insisted: lie, but never mind. Do you fear death? Jonatan
shifted in his chair. He looked toward the windows, even got up and looked at whether there was someone outside or in another room, jugándole the joke. He sat down again, but would not take the pen. He was silent, watching the road. Meanwhile, he kept another dialogue, this very internal, between his mind and sanity.
Finally, reached into his backpack and changed the item. Now had a fibrón in his hand. With its thick strokes, said: "NO".
letters in the same way as the previous times, appeared like a magic act: Would you mind then know?
He felt his heart quicken and had difficulty breathing. What was that, by all the gods!
He hurried to answer: "I want to know death."
typed sheet without respite: Can you guess what room of the department is waiting? She turned
look back, sure to come face to face with death. But there was only the refrigerator. Jonathan, stood up, shaking. I wanted to answer, fearing the next question. In the kitchen he felt sure there was only one door that opened onto a small hallway. And he was ahead of him. Sought a sharp knife in the silverware drawer. Caught Handle anxiously, as if his fate depended on it.
With the gun in his hand, returned to the table. He searched the pen again. I did not want to impress anyone now. He replied, "I will not play with you."
The letters appeared one after another, leading to the brink of insanity his mind: "Who do you say I am?".
- Basta! - Shouted and without missing a beat, ran down the aisle, looking for rooms.
Police found his body a day later, when his girlfriend, tired of the phone call, I decided to go to the department. Had been beheaded and his blood was spread throughout the room. They could find no data intruder.
The only thing that caught the attention of the researchers was a road with a letterhead that said "survey", in which the victim had written "Man I have no fear" after a stroke fibrón had "no I'm not interested death "and then again in blue ink" will not play with you. "
The victim, surely had gone mad. Ordered a drug test to the body and inquired with the bride on her psychological state.
never found the envelope, no one ever knew he was there. They say some of the legends that are told in bars of little less crowded suburbs of the city, which continues to travel from house to house, through mail and that once you open it, inevitably, you will die.

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was like dropping a crystal goblet to the floor. The same feeling of powerlessness to see it fall, you can not take it with your hands, do not prevent the plane crashing end and the chips ... how can I forget that image, the defragmentation of the matter, shattering a thousand parts flying in different directions, but all in slow motion, with suffering.
much pain and remorse. Now deep breath, talk to specialists, I will eternal therapy sessions, but not enough. The image returns again and again. I say that life goes on, that the best is what has not yet arrived. But I am anchored in yesterday, at that fateful moment.
The cliff, imposing, he returns with vertigo in tow every time I think about it. These rocks fatal, contemplating the vastness of nature, in the most absolute silence, as if for the veneration. Ancestral landscape tended to our feet, holding hands while we let ourselves go for hours.
From little portable fridge we got the bottle of champagne, well chilled. Two crystal glasses perched on the stone surface, in the tiny space we had left between them, while our legs dangling into the void, defy the laws of gravity.
offer, with a light touch and sound of the crystals. We drank, enjoying the moment with the soul. The breeze barely ruffled us. The fleecy clouds the sky as the sun, hidden, deprived us of his usual warmth.
We leave the cups on the edge. Maybe we both thought the same way at the same time, never know. The answers do not come to me, not embrace me or give me a relief. But with the glasses on the edge of the cliff, we advance our hands, almost in sync, and push, with a soft coup, our respective glasses to an inevitable free fall.
And as they fell, peep our bodies recklessly forward, with the sole purpose of witnessing the explosion, hundreds of feet below. It was then that (if you have been doing) we think the same. Well she did not act like I did. She stood straight forward, while my arm gained momentum and pounded on his back, making it fall behind the glasses.
still do not understand why I did it. I feel helplessness of the past, regret. But I have some lazy to forget. That image, in slow motion, with tearing cry infinity, is stronger than anything else. Return again and again. And I will let Him.

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Himalaya

The strange boots clattered on the flagstones of the cathedral. Ismael's father looked up at the sound and feel like the light that enters the window, it had retreated into the darkness.
front of the door stood a giant of at least two meters. He could not say it was only a tall man, at least the priest could not. The person I was before their eyes, if ever was one, was tall and wide, like a mole, thick arms, chest and face rugged stone. His legs seemed about to explode under the cloth of his trousers.
was then, that going down the view, notice the shoes. Red boots, almost crimson. Seemed to be covered with goo. If the eyes had not deceived him, thought he saw that the color was even moving, like small worms crawl undulating surface.
took a giant step forward. The priest stumbled over his own feet and fell back. I was scared. Had fallen facing the altar. The image of Christ on the cross seemed strong from that position, but I knew it would not be enough to scare off that being, if it decided to attack.
More steps, more hits on the ground. Each tread shook the ground and shook his heart, bringing to the brink of a heart attack. He closed his eyes, as a defensive reflex. The big man was still far away, but the panic had taken over his body and mind. I did not know the reason, had not been threatened, but was sure it was going to attack.
The clatter was raising the volume, the strength of each step became larger. She felt his presence without opening his eyes. I was at his feet, knew it was there. Afraid to open them and find that son of Himalaya to devour. He began to moan in anguish. First it was a babbling, single words and then articulated. Finally, a cry for forgiveness.
- Sorry! By God! Oh my God! Have you sent for me to redeem my sins? Please lord who art in heaven, have mercy on me. I have sinned! I know! I have sinned by lust! I have sinned by greed! These girls ... Oh God, that this mountain does not crash on me!
- Father Ismael. What is all that you say? How he has sinned by lust ... - The voice of Mrs. Parker, a devout Christian and president of the cooperative partnership of the church even more surprised that a giant stamp.
eyes widened with fear that still latent presence. But looking around, was on the floor, the only company Liliana Parker. The face of the old inquisitor was enough to know what would happen. Had confessed to most of the bill. Did not have time for women to turn and return down the aisle. He stood up swiftly and ran after her. No tried to explain anything. With the silver rosary cooperative itself had given him for his last birthday, surrounded his neck, to take it down.
closed the front door and took the body to a private cemetery, behind the cathedral. He was about to forget the rosary wrapped around the woman, now lying at the bottom of freshly dug pit. Transpired, the priest took it and pocketed it. He covered the pit and went to bathe. Only when he brought the rosary to clean it, he realized he was covered with a viscous substance, and actually crimson, curled due to the worms.
This time the heart could not resist.

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CONCENTRATION IN BARCELONA TO 5 YEARS OF ACTION BY ATENCO



Atenco:

denounce 5 years of repression with impunity!

celebrate 5 years of resistance!

Day h oy, May 4, 2011, a large group of people gathered in the central Plaza Sant Jaume, Barcelona, \u200b\u200bfor re membering to five years away developments 3 and May 4, 2006 in San Salvador Atenco and Texcoco , State of Mexico. The event gave home employment at half past seven p.m. and for a space of about two hours l weighed out several simultaneous activities : while performing the last strokes a large mural with graffiti, were read the words of ex-prisoners Italia Méndez and Norma Jimenez, of the Permanent Campaign Against Political Repression and torture seuxal, he heard the voice of Ignacio del Valle and Adan Espinoza, the FPDT and handed out flyers to people went to the plaza, all to music with guitar, singing and Son Jarocho, which closed the day .

The protesters expressed outrage the still existing by the impunity that has prevailed since e operating l, where about 3,000 police committed serious violations human rights thus leaving a balance of 207 detainees, two civilians killed, dozens injured and 26 women who reported suffering sexual torture at the hands of state agents.

Five years after the events, we continue to demand Mexican algobierno :

• That

  Conduct meaningful internally and at the same time to allow adequate advance the case before the Inter-American Commission on Human Rights (IACHR).

• What measures are implemented to prevent abuse civil control over police operations. Otherwise, continue encouraging security forces to exercise sexual violence as a form of repression against women.

• to be resolved under the revisions that maintain Claudia Hernández Martínez, petitioner before the Commission and other people unfairly subject to criminal prosecution following the raid on Atenco in May 2006.

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When there is no other ...

La pucha that is difficult. Rising prices, the money that is not enough. For the street kids increasingly asking the front door hitting you when siesta see if lunch was something. How unsatisfied hurt those bellies.
And one that the gleanings he saw. A changa there, another here and so we home cuff. But the thing is Fuler. If there is misery, not being noticed, "my grandfather, but here we find it difficult. The Gladys, my wife cleans houses during the morning and evening, at night sewing for people in the neighborhood.
The skinny I look ugly when he sees me with just twenty dollars. What are twenty pesos me say! The inquisitive eyes of my five kids tell me everything. Do not reach for anything. Just a pot of bones. And nothing to eat twice a day, and not spend too much energy.
This is not now, do not be fooled. Is accumulated poverty. There are times in which conceals more, but here the streets have always been of earth, light and water hooked well. We were approached by well dressed at the time of elections, to throw us some money or cars promise to vote. And here we go, everything is for the currency. Many will have to explain even to recognize the ballot, because they know or read.
the school is okay, we agree, but as a kid steals the time to earn a life. Because here the laws are not the same, there are no rights here. Because there, you die of hunger. You have to a kid, in feet, out to get you something to put in your mouth.
Although today people will dodge the child who asks. Of course, you know that sometimes drunken father is just around the corner waiting for coins to buy a tetra. If these people knew what a tetra with the reality of hell, if I knew. But I can not blame them. One arises where the destination and want to die where life takes you.
This daily tug, the alternatives are many. Or go out to earn the bread you eat the lice. And eat you seriously. Last week I spent two days without getting it done and largest brats came up with a chicken stolen. I gave him kick your ass sir! Because that is not done. It's okay to ask, but do not steal, one can not embarrass the former, but if the latter. And of course, blamed me Gladys.
Then, grasp what comes, do not do anything disgusting. I was getting there. Occasionally the cumpa Pedro brings me to the other side of the railroad tracks, place flat enough, because it is mean spirited. But when there is no other, there is no other.
The odd jobs are fucked, no weeding or arrange a garden. It is always skin a type or cut into pieces to remove the corpse. And a short, that he will do, when hungry, no matter what it's made the stew. Armand

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The theoretical and empirical issues "led profit growth"

In a recent post Matias Vernengo, this causality is exhibiting the theoretical and empirical problems faced by the explanations of earnings-led growth that has taken much of the progressive left to explain economic growth in capitalist economies.

In these versions appear to be disregarded in such economies do not tend to full employment of resources, and therefore the product responds to changes in its main limitation: the demand externalities (public expenditure, exports, autonomous consumption, housing construction, R & D credits consumption). The latter has a central importance to accelerate investment (induced demand) in a way that preserves the relationship of degree of capacity utilization stable. The investment is induced or pro-cyclical.
It is the highest rate of profit which means more investment, if there is no overall increase in demand independently. Conversely, you can grow best or worst income distribution
if autonomous demand grows, as shown in the figure.



The global figure shows that the correlation between distribution and growth is almost nil (-0083), where the abscissae axis defines the wage share in income, while the vertical axis rate per capita GDP growth between 1960 and 2000. You can be the source and make your own graph with the plot: David Weil of Economic Growth: data plotter here

Go Vernengo good post:



More information on income distribution and growth (Wonskish, as Krugman would say)


few years ago, Sam Bowles presented a document (Kudunomics: Property rights for the information-based economy) at the University of Utah. At dinner reaffirmed its conviction that the overall balance of Arrow-Debreu (GE) is compatible with different types of behavior and can be a force for progressive economics. Conventional marginalist theory suggests that income distribution is the result of relative scarcity, and consequently, real wages must equal the marginal product of labor, labor productivity, ie. When asked how he framed GE belief in the fact that wages in the U.S. are no productivity from the 1970, Bowles looked puzzled. And the relationship between income distribution and growth is still disconcerting to the mainstream and their flatterers.

maverick in the field, the discussion has focused mostly among the models called Kaleckian and Kaldoriano. First, I must point out that, from a point in the history of ideas, the name is a misnomer Kaleckian. Kalecki models, where the interaction of multiplier and accelerator, with shocks and setbacks, resulting in fluctuations. In the various forms of the equation accelerator Kalecki included a trend, producing fluctuations around a trend. The so-called Kaleckians models derived from Harrod and Joan Robinson attempts to extend the principle of effective demand in the long run Keynes (PED).

The DEP says that increased investment is precisely correlated with an increase in savings, and the level of income is the main adjustment variable (rather than the interest rate on loanable funds theory) . Kaleckians models essentially normalize the savings-investment identity capital stock, assuming (in the extreme case) that the propensity to save of wages is zero, and a propensity to save of profit (s) is between zero and one, and key Keynesian investment determines savings. The difference in the short term is that now the accumulation (investment / capital) determines the distribution of income (profit rate), a result often referred to as the equation of Cambridge.

The various embodiments of Kaleckian models are defined by how you specify the investment function. For example, in the influential paper by Bhaduri and Marglin (BM) (subscription required) argue that investment and saving are functions of the rate of profit (h) and capacity utilization (z). In other words:

I (h, z) = SHZ

Solving
z drifting with respect to h we have:


dz / dh = (Ih - sz) / (sh - Iz) Where

Ih is the response of investment to profitability and Iz response to capacity utilization . Assuming stability, ie, that responds to the cost savings rather than investment to capacity utilization, will have the denominator is positive, so that the sign of the equation depends on the numerator. If the investment is very sensitive to the profitability (Ih-sz> 0), then the system is led by gains (in terms exhilarationist BM). If not, we will wage-led regime (stagnationist).

I (h, z) = z SHZ

Solving deriving with respect to h we have:

dz / dh = (Ih - sz) / (sh - Iz)


As I suggested in my post previous There are some theoretical problems with the type of model used to argue that the U.S. economy is driven by profits, as well as empirical problems alluded to earlier. Independent investment function suggests that capacity utilization affects the formation of capital, if the capacity is low there is more investment, and vice versa when z is high. In other words, companies try to align capacity with demand. If that is the case, You can expect a normal relationship between capacity and demand is established in the long term (in the neoclassical view suits claim the ability, which is Say's Law), which could be seen as relatively stable capital-output throughout the period of the U.S., in my previous post.

If that is the case, investment is determined by adjusting the exogenous demand capacity to reach the normal capacity utilization, and is essentially derived from the demand. No investment has a critical role in determining the normal level of capacity utilization, which should be determined by the exogenous components demand. This is the basis for more abound models developed by Hicks, and then by Nicholas Kaldor, and referred to as heterodox Kaldoriana in the literature (for more on this see this article ).


That is the essential difference between models and Kaldorianos Kaleckians, if the investment is partially autonomous and determined by the profitability or demand arises. Distribution of income in the models course Kaldorianos could have ambiguous effects on growth, but most companies will not invest because earnings grow only if there is no increase in demand. In this sense, the worsening income distribution could lead to higher growth if demand continues, for some reason (for example private debt stimulate consumption, or encourage the consumption of a higher income group). But overall growth led by gains to encourage investment, and within the framework MB seems to be difficult to explain from a theoretical point of view. And so, the confusion generated empirically (for example, in the case of the U.S. with the notion that a rise of debt-induced consumption-led growth belongs to earnings).

PS: The typical Kaldor model is based on the work Thirlwall, but also in the book of Bortis and the Serrano thesis (or paper , subscription required) are essential reading. In English you can see Serrano & Freitas at Circus 1.

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European Debt Crisis. Italy pays




by Sergio Cesaratto * and Lanfranco Turci




is clear to all that Greece, Ireland, and maybe Portugal (PIG) \u200b\u200bwill have to stop paying its foreign debt. The open question is not whether but when and how, above all, who are paying. As is well known by all, the Greek foreign debt is mainly composed of public debt since the beginning, the Irish is private source, due to foreign loans that have financed a housing boom, but was made public after the state guaranteed foreign debts owed by local banks, the Lusitania is mixed in its composition.

Apparently the bet made so far by European countries to decide is that the stringent fiscal measures imposed on those countries are made in exchange for financial support to generate a budget surplus while at the same time, wage deflation could lead to a resumption of exports, with imports falling due to falling levels of domestic activity, and create a trade surplus in parallel and thus the ability to redeem the debt.

The resumption of exports would moderate the fall in activity levels and therefore tax revenue. The bet is clearly missing from the application and the effects of a savage deflation of wages on competitiveness, particularly in Greece and Portugal, are uncertain and delayed in time. Therefore debt levels relative to GDP in these countries are bound to rise inexorably in the coming years (about a third in a few years). This is a consequence of falling GDP and tax revenue related, because wild austerity measures imposed on them, abnormal interest payments (including those paid by loan-sharking in Europe), the "necessity" of the public sector to absorb part of the debt the banking system.

Who are the creditors of the Pig? Basically, France, England, and especially in Germany (FIG). Keynes attributed to the joke that if you need 1 million to the bank, the problem is yours, but you need 100 million the problem is theirs. Apparently, these countries are caught between two choices, leave the Scylla of the PIG directly and save their banks in the coming fall and the Charybdis to continue subsidizing countries, thereby supporting, indirectly, their banks. The German minister of economy, the "dove" Schaulbe, has been dabbling in recent months with the first option, the idea that the German taxpayer would have paid for the imprudence of their banks, and then digest it better for a direct their banks.
The romance did not last long because it is more suitable for Germany to go for a while for the second option and this is because in order to subsidize the Pig (or banks of the IRF) through European funds created in May 2010 (and strengthened this year after 2013 under a new guise) are not only called the German taxpayer, but also of those countries like Italy get very little credit to the PIGS.



The ECB does not want to hear or speak of default now or never while values \u200b\u200bfrom the Pig has a lot in your wallet (in the form of collateral accepted in return for cash to banks) . Did not cost anything (ECB's liquidity creates a "stroke of a pen"), but considers that a loss, albeit virtual, can diminish his reputation as a strict guardian of liquidity in the fight against inflation.

The current operation can be summarized as follows. If the PIG fall now, much of its debt would remain in the hands of the banks of the FIG. But if wait a minute, in 2013-14, this debt will eventually be largely Europeanized. This is because when the titles of the PIG expire, can not be placed on the market and be purchased by European funds. Just at that moment, the FIG will have the convenience of making these countries fall, while the losses (between one third and half of the loans) will fall mainly in European funds. FIG banks will be strengthened in the meantime (also the high interest they earn by borrowing at low rates and reinvesting, for example, Italian and English titles.)

Our country participates in the rescue of European funds with a share about one fifth (little less than France while Germany gets a little more than a quarter), according to some estimates , Italy is currently the largest contributor. So Italy will pay for damages is not!

invite readers to view a chart published by the Economist which is impressive in that regard. Surge in fact to compare the claims of each European country in relation to the PIG to their participation in European funds to rescue. The chart speaks for itself. This extension of time of default is very costly to the PIG it is desirable to restructure its debt now without watch it grow inexorably despite the barbaric sacrifice their people are forced. Why Italy accepts all this?

Blackmail is a premature failure of the PIG, then the FIG banks, would result in a higher jump in interest rates for other heavily indebted countries, Spain and Italy, although far fewer problems . The release of tens of billions of euros in rescue funds, in fact the banks of the FIG, however, aggravate the public and external debt of our country. There seems therefore that Europe intends to impose to Italy, with the consent of Tremonti and Draghi, budgetary restriction measures, if implemented, would at least be devastating, but it is believed, would allow the impact of the German banking rescue. How do you react? Proposals ( here and here) are not lacking: the ECB's commitment to reduce interest rates and leaving a little inflation, wages and domestic demand in Germany, stabilization and not the reduction of public debt , a European revival of public investment in infrastructure, environment and energy, a European tax on financial transactions, the re-industrialization of southern Europe. These are questions beginning to circulate among socialist parties in Europe and the PSE. Much less in Italy. What is missing in the Italian left is not so much, or just the political strength to move on their part, but the knowledge that what is at stake is the survival of our country in this Europe.


* Full Professor of Economics at the University of Siena

Original: Melograno

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The endless story

Pistolezzi was a passionate writer. Felt flow of history in every inch of her body before drawing on paper. The son of a theatrical producer and a pianist, culture is filtered through the pores of his childhood as if it were the air he breathed.
a kid his parents encouraged their stories written on small sheets of paper, with its outline somewhat shaky and sloppy. And it was the constant support that motivated him to become a writer. First, writing plays for his father. Then, jumping into the wonderful world of detective stories, intrigue and suspense. Armand was considered
always a new light in the local literature. But still felt that no written to date, would be able to match you had in mind. The idea haunted him head for a long time, but was not sure how to move it to a couple of A4 pages.
One night I could not sleep, took courage and looked for his Parker pen, which his mother had given the thirties and early that morning said he would, write that story for which he would win the immortality literature.
In light of a candle, as well as he liked to work, went to his right hand a dozen sheets of paper and scribbled on the top of the first of them, the title Mandarkarina. There stood his argument for a gypsy imaginary city of that name. Even the title seemed unique landmark.
Without wasting a second, began to write. He details in his head, had imagined sequences again and again. But as they arrived to a scene that he knew in advance, some other event stood and lines should be extended in order to rediscover the original path. Understood, the fifth written page, the story could not be summarized in a few pages at first thought.
Still, he said, would be a story. Therefore, he continued. The leaves are piling up on your right, in a pile ever higher. Several times he had to go over the desk drawer in the next room. When the light of dawn struck the window, carrying more than fifty pages written. She noticed the time and said I should get some rest.
But hardly could be ten minutes in bed. The story called it. He returned hurriedly to the desktop. No longer needed in the candle flame, which was just a blob on a plate melted white porcelain. He kept moving his hand and with it the pen, at the mercy of your imagination. Slave was wonderful to see that argument with growing excitement sentence by sentence.
At noon managed to stop and sleep for a few accounts hours. For evening, after dinner quickly, counted more than one hundred and eighty pages written. He thought that perhaps he had turned the story into a novel, but opposed the idea. It was a story long, but story.
continued to write at night, now if, with the help of a new wing. Rested in the morning, to continue in the afternoon. In the evening he was called by telephone, but was short on dialogue, not wanting to lose the plot of what was written. At night his parents called him to remind the dinner they had planned. He excused himself citing a last-minute compromise. No sleep. A morning, when the eyes felt overcome with fatigue, he learned to take a look at the stack, there were more than five hundred.
In the afternoon, more rested, returned to the ring. And still writing.
There are days when his parents visited him and carry groceries. Sometimes your friends are. Whenever someone needs to remind you to wash or at least do not miss the timing of meals, which can get sick. Many have tried in vain to convince him to go for a walk, leaving the enclosure. But good manners, he refuses. Reluctantly, they all accept the excuses of Armand. Is that nobody can say it's wrong. He looks happy, always writing, collecting leaves and leaves in every corner of the house, writing what he says, is the story that will make you immortal.
The last I heard of this talented writer is that he has rented the apartment next door, as in yours, there is no room for so many pages written.