Friday, June 17, 2016

The Charge of the Light Brigade

When I see the world’s central banks misdiagnosing the root causes of the anemic global growth today and treat the problem with a heavy dose of poisonous zero interest rate policy (ZIRP) and negative interest rate policy (NIRP), with a heavy bias toward increasing the dosage at all costs if the not-so-sick patient (global economy) doesn’t recover as they expect it to, I just couldn’t help myself from remembering the narrative poem written by Lord Alfred Tennyson in 1854, which I had to memorize and write in my English class exam when I was in the middle school –

From Wikipedia: Lord Alfred “Tennyson's poem written on December 2, 1854, published December 9, 1854 in The Examiner, praises the Brigade, "When can their glory fade? O the wild charge they made!", while mourning the appalling futility of the charge: "Not tho' the soldier knew / Some one had blunder'd.

Half a league, half a league, Half a league onward, (anemic global growth)
All in the valley of Death (global deflation)
    Rode the six hundred. (global middle class)
"Forward, the Light Brigade!
"Charge for the guns!" he said: (global central banks)
Into the valley of Death
    Rode the six hundred.
.
.
.
.

When can their glory fade?
O the wild charge they made!
    All the world wondered.
Honour the charge they made,
Honour the Light Brigade,
    Noble six hundred.

No comments:

Post a Comment