No Cant in Immanuel

He who seeks in manners anything other than manners themselves is destined for crudity

by Theodore Dalrymple 

My late friend, the development economist Peter Bauer, had the most beautiful manners: so beautiful that I took them for my model. Alas, I could never equal them for, though not particularly ill-mannered, I have always to remember to behave well. Just as style in prose should be imperceptible, as the uniquely perfect vehicle for what is said and indissoluble therefrom, so manners should be unconscious, not added to conduct but intrinsic to it. They should not arise from reflection but from a habit so deeply ingrained that, however much they might once have been instilled or learned, they are now entirely natural and normal to the person who has them. And since their purpose is to ease social intercourse and make it agreeable, they should not be carried to the point of making anyone uncomfortable, turning them into mere etiquette in order to distinguish those who know how to behave from those who do not.

Peter Bauer used to say that Mrs Thatcher had two great achievements to her name (and only two): that she destroyed the power of the trade unions and that she raised him to the peerage. It was a matter of pride to him, tinged by ironical amusement, that he, the son of a Budapest bookmaker, should now sit in the British House of Lords; but the fact that he did so confirmed one of his most deeply held convictions, that a class society was not at all the same thing as a closed society. Social hierarchy is perfectly compatible with social mobility, as the maliciously misunderstood history of his adopted country amply demonstrated.

Down and out in Paris

France’s beleaguered president

François Hollande can still resuscitate his presidency—but he must tell the French the truth

By The Economist

THE French are not known for their optimism, but recently their morosité has been plumbing new depths. The popularity rating of the Socialist president, François Hollande, has tumbled faster and further than that of any other president since the Fifth Republic began in 1958. The decline in his fortunes is a rebuke for his failure to honour his breezy campaign promises last year to scrap austerity and cut unemployment. A television appearance on March 28th that was supposed to relaunch his presidency did not go well.

Now a scandal over his former budget minister, Jérôme Cahuzac, is likely to damage him further. Mr Cahuzac has admitted lying about an illicit Swiss bank account. Mr Hollande hung on to him for too long, and many claim that he should have known sooner about his dodgy finances (seearticle). The president had promised that, unlike his right-wing predecessor, Nicolas Sarkozy, he would run an exemplary government with squeaky-clean ministers.

Sultan Erdogan

Turkey's Rebranding Into the New, Old Ottoman Empire

In the eyes of secularists, the Europe-facing, Western-dressing, cocktail-toasting modern nation-state is being replaced by a religiously conservative one, headscarf by headscarf.

By CINAR KIPER

The cities might not seem similar today, but one thing Tripoli and Thessaloniki, Basra and Beirut, Sarajevo and Sana'a all once had in common is that just a little over a century ago they were all part of the Ottoman Empire. A second thing they all have in common is that until just a few years ago they harbored a certain disdain for Turkey ... due in large part to the aforementioned empire.

Yet former rivals to the south, east, north and even west now attend Turkish business summits, watch Turkish shows, and purchase Turkish groceries. Interestingly and perhaps contrary to common sense, this recent shift seems to come not as a product of "time healing old wounds" but rather at a period when Turkey has embraced its Ottoman heritage to an unheard-of level.

The foreign media loves to toss around the term "neo-Ottoman" when discussing the transformation of 21^st century Turkey, particularly in reference to its increasingly assertive foreign policy and regional presence, much to Foreign Minister Ahmet Davutoglu's chagrin.

This is a golden age of global growth

Yes, you read that right

By Arvind Subramanian

An unequal world is becoming less so, writes Arvind Subramanian

When the world’s policy makers meet in Washington this month, the travails of advanced countries will be the focus. Five years into the global financial crises, the economic landscape remains largely cheerless. A depressed eurozone is struggling with high and rising unemployment. The US recovery is fitful. The blistering pace of emerging market growth has cooled. But all this risks obscuring the good news: that the golden age of global economic growth, which began in the mid-to-late 1990s, has mostly survived. These continue to be the best of economic times.

Lant Pritchett of Harvard famously described the phenomenon whereby the living standards of a few countries pulled away from the rest in the aftermath of the industrial revolution as “divergence, big time”. My 2011 book, Eclipse , documented the converse: never had the living standards of so many poorer nations begun to “converge” or catch up with those of advanced countries. What we are seeing today, despite the crises, is convergence with a vengeance. An unequal world is becoming less so.

Convergence occurs when a country’s rate of economic growth per head exceeds that of the typical advanced country, say the US. Between 1960 and 2000, the US grew at about 2.5 per cent. About 20 poor countries (excluding oil exporters and small countries) grew faster than the US by 1.5 per cent on average, among them remarkable growth stories such as Japan, Korea, Singapore, China and India.

Rest in Peace Bebo

Bebo Valdés  - born Ramón Emilio Valdés Amaro

(1918 – 2013)

Bebo Valdes, one of the leading figures of the golden age of Cuban music, passed away yesterday, at the ripe age of 94. His virtuoso piano playing and composition skills will be sorely missed by music lovers the world over.

In memory of the great man, whose career spanned a staggering eight decades, I leave you with one of his many brilliant music arrangements.

Still smoking? You must be mad

By linking cigarettes to mental illness, anti-smokers are reviving an old authoritarian tactic: pathologising deviants

by Patrick Hayes 

No matter how long and hard the anti-smoking lobby preaches, some dirty smokers just don’t listen. Despite countless attempts to bang the drum about the harm the filthy habit causes and anti-smokers’ successful attempts to attain ever-greater restrictions on where people can smoke, a sixth of the UK population still continues to light up. What must be going on in their heads? Are they mad?

This, it seems, is the conclusion that some in the anti-smoking lobby are rapidly arriving at. A number of reports, most recently one by the Royal College of Physicians (RCP) published last week, have found that people with mental-health difficulties are twice as likely to smoke than the rest of the population. This follows a report earlier in the year by the US Centers for Disease Control and Prevention, which found that one in three people with a mental illness smoke, compared to one in five for the population as a whole. Or, as the New York Times reported it, ‘People with mental illness are 70 per cent more likely to smoke cigarettes than people without mental illness’.

Following the publication of the RCP’s report, Professor John Britton, chair of the RCP’s Tobacco Advisory Group, commented that, ‘as the prevalence of smoking in the UK falls, smoking is increasingly becoming the domain of the most disadvantaged in our society, and particularly those with mental disorders’.

Since fierce clash, Egypt's crisis takes new turn

The Battle of the Mountain

By MAGGIE MICHAEL and SARAH EL DEEB

It has come to be known as the "Battle of the Mountain": a ferocious fight between members of Egypt's Muslim Brotherhood and their opponents near the group's Cairo headquarters. In a country that has already seen crisis after crisis, it could mark a dangerous turning point in the political turmoil.

The aftermath of the fighting is raising worries that the confrontation between Islamists, who dominate power in the country, and their opponents is moving out of anyone's control.

The riot on March 22 revealed a new readiness of some in the anti-Brotherhood opposition to turn to violence, insisting they have no choice but to fight back against a group they accuse of using violence against them for months. The fight featured an unusual vengefulness. Young protesters were seen at one point pelting a Brotherhood member with firebombs and setting him aflame. Others chased anyone with a conservative Muslim beard, while Islamists set up checkpoints searching for protesters. Each side dragged opponents into mosques and beat them.

Since the fight, Islamists enraged by what they saw as aggression against their headquarters have for the past week hiked up calls for wider action against opponents - and the media in particular - accusing them of trying to overthrow Islamist President Mohammed Morsi.

Those calls may explain moves by the country's top prosecutor the past week: the questioning of a popular television comedian, Bassem Youssef, whose Jon Stewart-style satires of Morsi drive Islamists into knots of anger, the summoning of several other media personalities and the issuing of arrest warrants against five opposition activists on accusations of fomenting violence.

When The Government Goes Bankrupt

Should Americans yet unborn pay for all of this?

By Judge Andrew Napolitano

What happens when the government goes bankrupt? This question is one that sounds like a hypothetical exercise in a law school classroom from just a few years ago, where it might have been met with some derision. But today, it is a realistic and terrifying inquiry that many who have financial relationships with governments in America will need to make, and it will be answered with the gnashing of teeth.

Earlier this week, a federal judge accepted the bankruptcy petition of Stockton, Calif., a city of about 300,000 residents northeast of San Francisco, over the objections of those who had loaned money to the city. The lenders – called bondholders – and their insurers saw this coming when the city stopped paying interest on their loans – called bonds. In this connection, a bond is a loan made to a municipality, which pays the lender tax-free interest and returns the principal when it is due. Institutional lenders usually obtain insurance, which guarantees the repayment but puts the insurance carrier on the hook.

Looking for a disaster waiting to blow sky high? We have one right at hand.

El Economista reports 97% of pensions are invested in Spanish government debt in 2012

By Mike "Mish" Shedlock

The Reserve Fund of Social Security in 2012 increased their holdings of Spanish debt to 97% of total assets, up from 90% who had in late 2011.

Over 70% of purchases are recorded in the second half of 2012, according to Bloomberg points, after the critical moment when ECB President Mario Draghi, undertook to do "whatever it takes" to defend the euro. A message that helped ease the constraints and helped drive Spanish debt.

In 2007, the money invested in financial assets were divided fairly (50%) between Spanish debt and foreign debt, but this proportion began to change in 2008.

In September 2012, for the first time in history the government had to dip into the reserve fund to pay the payroll to pensioners. A total of 3,063 million euros were drawn from this instrument, to which were added to the 3,530 million in November Moncloa needed to fund the pension increases.

Comparison to GM

This exactly reminds me of the stupidity of GM investing its assets in GM bonds. Expect similar results in Spain. 

The Moral Corruption of Fiat Money

Cautionary Tales for Minors

by Theodore Dalrymple

Never having read a textbook of economics in my life, I am at the mercy of newspapers for my knowledge of the dismal science. And by means of the intellectual equivalent of the Chinese water torture, I have come to the conclusion over many years that fiat money brings with it enormous psychological problems, not to say moral corruption. My conclusions are unoriginal, of course; I could have reached them in a few hours if only I had read a few texts. No doubt re-inventing the wheel is wasteful of time and effort, but it brings with it a certain pleasure not to be had from merely reading what others have invented before.

Moreover, while I can quite see the evils of fiat money, I am less good at imagining the harms of abandoning it, an important deficiency because life is usually the choice between different imperfections rather than between perfection and catastrophe. With some people it is otherwise: one could even propose a political typology composed of a two-dimensional grid, with the propensity vividly to perceive present good or evil along one axis, and that to perceive future good and evil along the other. Thus Pollyannas would vividly perceive both present and future goods; conservatives present goods but future evils; revolutionaries present evils but future goods; and nihilists both present and future evils. Temperamentally, I veer between conservatism and nihilism; but on the matter of fiat money, I am inclined to revolutionism.

Ignoring the real lessons of the riots

What kicked off the 2011 riots ?

by Neil Davenport 

The Lib-Con coalition government has been accused of failing to implement many of the recommendations proposed by the cross-party panel which reported on the August 2011 riots. But it is the broader environment of intervention by the state into everyday life that was the real root cause of the riots - and that intervention is increasing.

David Lammy, the Labour MP for Tottenham in north London, found that the majority of the panel’s 63 recommendations have not been acted upon. These include providing greater support for families, tackling youth unemployment and fining schools at which pupils have poor levels of reading and writing. Eleven recommendations that have been accepted or implemented, however, including better identification of potential problem families and measures ‘to help youngsters to cope with the pressures of advertising and materialism’.

There is no doubt that the 2011 riots exposed serious faultlines in England’s inner cities, which is why the government’s re-examination of measures designed to prevent further disturbances is important. But it is perhaps more important to probe whether such recommendations are the right ones or whether they could in fact exacerbate existing problems.

The major problem with the official analysis of the riots is the assumption that the causes in 2011 were identical to the causes of the 1981 riots: youth unemployment, poverty and police harassment. Even those, such as Lammy himself, who started to question New Labour’s drive to ‘nationalise society’ – the tendency to find state solutions to informal, social problems - still fall back on poverty as a powerful determining factor in people’s behaviour.

Leviathan feeding on ever younger victims

Schools push a curriculum of propaganda

By George F. Will

The real vocation of some people entrusted with delivering primary and secondary education is to validate this proposition: The three R’s — formerly reading, ’riting and ’rithmetic — now are racism, reproduction and recycling. Especially racism. Consider Wisconsin’s Department of Public Instruction. It evidently considers “instruction” synonymous with “propaganda,” which in the patois of progressivism is called “consciousness-raising.”

Wisconsin’s DPI, in collaboration with the Orwellian-named federal program VISTA (Volunteers in Service to America; the “volunteers” are paid), urged white students to wear white wristbands “as a reminder about your privilege, and as a personal commitment to explain why you wear the wristband.” A flyer that was on the DPI Web site and distributed at a DPI-VISTA training class urged whites to “put a note on your mirror or computer screen as a reminder to think about privilege,” to “make a daily list of the ways privilege played out” and to conduct an “internal dialogue” asking questions such as “How do I make myself comfortable with privilege?” and “What am I doing today to undo my privilege?”

After criticism erupted, the DPI removed the flyer from its Web site and posted a dishonest statement claiming that the wristbands were a hoax perpetrated by conservatives. But, again, the flyer DPI posted explicitly advocated the wristbands. And Wisconsin’s taxpayer-funded indoctrination continues, funded by more than Wisconsin taxpayers.

It's weather, not climate

Variability matters more than trend

By Matt Ridley

The east wind could cut tungsten; the daffodils are weeks behind; the first chiffchaffs are late. It’s a cold spring and the two things everybody seems to agree upon are that there’s something weird about the weather, and it’s our fault. Both are almost certainly wrong.

On weird weather, it is true that the contrast with last year’s warm March is striking, as is the difference between the incessant rain of the last twelve months and the long drought that preceded it in most of England. In the last year, America’s had a heatwave, a superstorm and now a bitterly cold spring. Australia has just had an “angry summer”. And so on.

The government’s retiring chief scientist, Sir John Beddington, claimed this week that “we are seeing more variability”. Is he right? On the whole, no. Forget the anecdotes and examine the data.

Start with America. Professor Roger Pielke of the University of Colorado has documented that floods, hurricanes, tornadoes and east-coast winter storms have shown no increase since the 1950s, while droughts have shown a slight decrease. The only thing that has changed is the financial damage done by storms, but as he drily remarks “The actual reason for the increasing number of damaging tropical storms has to do with the reporting of damages.”

What about elsewhere in the world? There has been no trend in tropical cyclone intensity or frequency worldwide at all. The Intergovernmental Panel on Climate Change itself, though heavily infiltrated by environmentalists in recent years, stated in a recent special report on climate extremes that over the coming two to three decades “signals are relatively small compared to natural climate variability” (as Matthew Parris pointed out last week, don’t you hate this habit of making forecasts in the present tense?), and that “even the sign of projected changes in some climate extremes over this time frame is [sic] uncertain”. Translated: the weather is just as likely to become less extreme as more extreme.

We're Living Through A Rare Economic Transformation

What Work Will Be In Demand (and What Won't) in the Future?

by Charles Hugh-Smith

In 1993, management guru Peter Drucker published a short book entitled Post-Capitalist Society.  Despite the fact that the Internet was still in its pre-browser infancy, Drucker identified that developed-world economies were entering a new knowledge-based era– as opposed to the preceding industrial-based era, which represented just as big a leap from the agrarian-based one it had superseded.

Drucker used the term post-capitalist not to suggest the emergence of a new “ism” beyond the free market, but to describe a new economic order that was no longer defined by the adversarial classes of labor and the owners of capital. Now that knowledge has trumped financial capital and labor alike, the new classes are knowledge workers andservice workers.

As for the role of capital, Drucker wryly points out that by Marx’s definition of socialist paradise –that the workers owned the means of production (in the 19^th century, that meant mines, factories and tools) – America is a workers’ paradise, because a significant percentage of stocks and bonds were owned by pension funds indirectly owned by the workers.

In the two decades since 1993, privately owned and managed 401K retirement funds have added to the pool of worker-owned financial capital.

North Korea: a tale of two superpowers

The latest round of instability on the Korean peninsula reveals a great deal about American and Chinese influence today

by Tim Black 

Seen in isolation, the recent actions and gestures of North Korea, with its boyishly chubby leader Kim Jong-un very much to the fore, look wilfully bellicose. After all, Kim has denounced the 1953 armistice which signalled the cessation of the Korean War, declared that it is time to ‘settle accounts with the US imperialists’, and announced plans to reactivate North Korea’s Yongbyon nuclear facility, a plant capable of producing weapons-grade fissile material. He’s even been pictured in front of a map showing missile flight paths right into the belly of the imperialist beast, the US.

Yet these warmongering gestures from North Korea, complete with Soviet-era rhetoric, ought not to be seen in isolation. In other words, they ought not to be reduced to the actions of a mad tyrant hellbent on destroying the US, a man who is not a ‘rational adversary’, as one broadsheet columnist implies. Rather, this small, impoverished territory – North Korea’s GDP is $40 billion, the UK’s $2.3 trillion – is caught, as it has been for many, many years, in the nexus of other, far more powerful states’ interests. Its current, periodic outbreaks of almost absurd militarism, from nuclear missile launches to promises to reduce US-sponsored South Korea to a ‘sea of fire’, should be grasped in this context. A context, that is, in which the US attempts to flex some ageing moral muscle abroad, while the world’s emerging, rival superpower, China, desperately tries to maintain the status quo.

It’s worth remembering that North Korea owes its very existence to external political forces, in this particular case to the postwar standoff between the US and the USSR. The provisional agreement to divide the Korean peninsula in two in 1945 was eventually to lead to the Korean War (1950-53), in which the Communist-backed North battled itself to a standstill against the US-backed South. And, then, for nearly 40 years, North Korea’s fate was broadly subject to the vagaries of the Cold War.

Shamelessly exploiting dead children

The Philpott fire ugly face

The conviction of Mick Philpott for killing six of his kids has sparked a shroud-waving contest between enemies of welfare and a free press.

by Mick Hume 

Michael Philpott – or ‘Shameless Mick’ as he was known after his appearance on ITV’sJeremy Kyle Show – has been universally condemned for exploiting his children in both life and death. Since Philpott and his wife Mairead were convicted of killing their six children by setting fire to their Derby home, however, many others have appeared keen to use those dead kids for their own purposes.

For some, the jobless child-killer Philpott embodies the evil that is produced by the welfare state, proof that it must be slashed to the bone, if not abolished altogether. For others, the media coverage of the tragedy is typical of the evil tabloid press, proof that it should be controlled, if not closed down completely.

Both sides of this shroud-waving contest have effectively been exploiting the children’s deaths as an excuse to push their own pre-existing agendas. Mick Philpott came under suspicion after the house fire when police observed him play-acting and showing phony grief in a press conference. Perhaps we should be suspicious of what motives lie behind the expressions of pseudo-grief from some other quarters. Philpott does not appear to have a monopoly on the ‘shameless’ moniker here.

It would, of course, be hard for anybody to invent a more graphic cartoon ‘underclass’ villain than Philpott. He lived with and dominated two women and their 11 kids, forcing them to pay their wages and welfare benefits into his bank account. He was the father of 17 children by five women, children who he reportedly saw as ‘cash cows’ that could provide more state benefits to fund his ‘layabout lifestyle’. When one of the women understandably tired of this servitude and left with her five children, the prosecution claimed that the Philpotts and their friend Paul Mosley plotted to stage a house fire, rescue the remaining six children, frame the departed lover for arson, win back custody of her kids and hopefully get a better council house. The idiotic fantasy scheme went tragically wrong and the Philpotts’ six children died in their beds.

Whom the Gods Would Destroy …

Japan in the Grip of Utter Madness

By Pater Tenebrarum

“Quem deus vult perdere, dementat prius”, is an ancient proverb often wrongly attributed to Euripides, which says: “Whom God wishes to destroy, he first makes mad”. It evidently applies in spades to the new leadership of the Bank of Japan. What is so astonishing to us is that this obvious conclusion is not shared by anyone in the so-called 'mainstream'. In short, it seems the Gods have made a whole bunch of people mad.

It is a widely accepted shibboleth that for reasons that are never properly explained, 'deflation is bad for Japan'. Not deflation of the money supply, mind, as that has never once happened anyway. A mild decline in consumer prices is what is widely regarded as such an unmitigated evil.

This is such hair-raising nonsense one is almost at a loss for words. In a progressing unhampered market economy, falling prices for goods and services would be the normal state of affairs.  After all, economic progress is all about doing more with less, or putting it differently, it is all about increasing economic productivity by means of capital accumulation.

The idea that 'deflation is bad' has been reinforced by decades of Keynesian propaganda, but that constant repetition doesn't make it any more true. Of course, for those who are sitting closest to the printing press of the central banks, inflation is an advantage. Everybody else however gets shafted. And so Haruhiko Kuroda has apparently decided it would be a good idea to shaft the vast bulk of the population of Japan.

How to Stop the Korean War

In a far graver crisis, Kennedy did not hesitate to communicate with the culprit

By PATRICK J. BUCHANAN

“If you see 10 troubles coming down the road, you can be sure that nine will run into the ditch before they reach you,” said Calvin Coolidge, who ever counseled patience over the rash response.

Unfortunately, the troubles presented by North Korea’s Kim Jong Un seem unlikely to run into a ditch before they reach us.

For Kim has crawled out on a limb. He has threatened to attack U.S. forces in Korea and bases in Asia, even U.S. cities. He has declared the truce that ended the Korean War dead and that “a state of war” exists with the South. All ties to the South have been cut.

The United States has sent B-52s and stealth fighters to Korea and anti-missile warships to the Sea of Japan. Two B-2 bombers flew from Missouri to Korea and back in a provocative fly-by of the Hermit Kingdom. And both South Korea and we have warned that, should the North attack, swift retribution will follow.

Kim Jong Un is in a box. If he launches an attack, he risks escalation into war. But if his bluster about battling the United States turns out to be all bluff, he risks becoming an object of ridicule in Asia and at home.

Why is he playing with fire? Because his father and grandfather did, and got away with murder.

In 1968, Kim Il Sung hijacked the U.S. intelligence ship Pueblo and held its crew hostage. America, tied down in Vietnam, did nothing. In 1976, North Koreans ax-murdered two U.S. officers in the DMZ. In 1983, Pyongyang tried to assassinate South Korea’s president in Burma and blew up three members of his cabinet. In 1987, North Koreans blew up a South Korean airliner.

The Bitter Legacy of Mickey Mouse

Developments of enormous consequence sometimes follow the most mundane of motives

By RON UNZ

During the mid-1990s, the giant Disney Corporation became concerned that its 1928 copyright on Mickey Mouse was close to expiration.  Deploying heavy lobbying efforts, it persuaded Congress to pass and President Bill Clinton to sign what was officially entitled the 1998 Sonny Bono Copyright Term Extension Act, but more informally known as the “Mickey Mouse Protection Act.”  The result was to extend Mickey’s copyright for another twenty years, and perhaps indefinitely if future corporate lobbying efforts bore similar fruit.

Now I have no particular burning desire to watch Mickey Mouse cartoons without paying for them, and I suspect that those around the world who feel otherwise simply ignore such legal restrictions, just as they watch pirated blockbuster movies just weeks after they are released into the theaters.  So if the Disney executives had merely wanted to protect their rights to old Walt’s lucrative rodent, I wouldn’t have cared in the least.  But since paying Congresspersons to enact such narrowly tailored legislation might have appeared unseemly, they decided to extend all other existing copyrights as well, including the vast number of written works possessing no financial but much intellectual value.

As a direct consequence, the continuous yearly expiration of old copyrights came to a screeching halt at the year 1922, and has moved no further in the last fifteen years. Everything published in America prior to 1923 may be copied, read, and made available without restriction, but for most other works, their precise legal status remains unclear, given the difficulty and inconvenience of determining individual copyright-renewal filings or tracing the legal chain of ownership across sixty or seventy years.  Hence so many of the legal battles subsequently undertaken by Google and various other entities over the legitimate interpretation of “Fair Use” doctrine and the question of what can or can’t be made available on the Internet.

Stating the obvious

Cyprus controls an “omnishambles”

By Hugo Dixon

Cyprus’ capital controls are an “omnishambles”. If the Argentine-style “corralito” really can be lifted in seven days, the damage could be contained. But that doesn’t seem credible. Extended controls could spawn bribery, sap confidence, further crush the economy, spread contagion and ultimately lead to the country’s exit from the euro.

The lesson of capital controls elsewhere is that, once they are imposed, they are hard to remove. Iceland’s curbs are still in place five years after they started. In Argentina, they lasted a year.

There’s little reason to suppose it will be much different in Nicosia. After all, the restrictions – which limit both the amount of money people can take from their banks and the amount they can transfer abroad – have been imposed because the lenders do not have enough access to ready funds. If there’s not sufficient liquidity today, why should anybody believe there will be enough in a week, a month or even a year?

The shambolic manner in which the restrictions have been implemented also rams home the fact that it’s unlikely they will be lifted quickly. An earlier leaked draft didn’t mention any daily limits on cash withdrawals; the final version set it at 300 euros per person. The draft said people could take 3,000 euros abroad per trip; in the end, it was cut to 1,000 euros.

A central bank spokesman said the controls would last four days; in the end it was seven, although the central bank’s own press release didn’t even mention a timetable. The tightening of the controls between the leaked draft and the final version might suggest that liquidity is in pretty short supply.

The internal inconsistency of the controls also seemingly gives a lie to the idea that the controls will last only a week. They prevent people spending more than 5,000 euros a “month” abroad on their credit cards; they limit the transfers to people studying abroad to 5,000 euros per “quarter”. Why are there monthly and quarterly limits if the whole exercise is supposed to last only a week?