Posts tagged: Trade

Haggis Strikes a Blow for Trade

The U.S. has announced that it is lifting a two decades long ban on imports of Scottish haggis. Soon we’ll all look like Groundskeeper Willie!

Seriously, it’s nice to hear at least one piece of good news on the trade front. And believe it or not, haggis is very tasty (or quite lovely, when in Glasgow). Here’s Robert Burns’ ode to his national dish, with a handy side-by-side translation, courtesy of the World Burns Club:

 

 

Address To A Haggis  

Fair fa’ your honest, sonsie face,
Great chieftain o’ the puddin-race!
Aboon them a’ ye tak your place,
Painch, tripe, or thairm:
Weel are ye wordy o’ a grace
As lang’s my arm.

The groaning trencher there ye fill,
Your hurdies like a distant hill,
Your pin wad help to mend a mill
In time o’ need,
While thro’ your pores the dews distil
Like amber bead.

His knife see rustic Labour dight,
An’ cut you up wi’ ready sleight,
Trenching your gushing entrails bright,
Like ony ditch;
And then, O what a glorious sight,
Warm-reekin, rich!

Then, horn for horn, 
they stretch an’ strive:
Deil tak the hindmost! on they drive,
Till a’ their weel-swall’d kytes belyve,
Are bent lyke drums;
Then auld Guidman, maist like to rive,
“Bethankit!” ‘hums.

Is there that owre his French ragout
Or olio that wad staw a sow,
Or fricassee wad mak her spew
Wi’ perfect sconner,
Looks down wi’ sneering, scornfu’ view
On sic a dinner?

Poor devil! see him ower his trash,
As feckless as a wither’d rash,
His spindle shank, a guid whip-lash,
His nieve a nit;
Thro’ bloody flood or field to dash,
O how unfit!

But mark the Rustic, haggis fed,
The trembling earth resounds his tread.
Clap in his walie nieve a blade,
He’ll mak it whissle;
An’ legs an’ arms, an’ heads will sned,
Like taps o’ thrissle.

Ye Pow’rs wha mak mankind your care,
And dish them out their bill o’ fare,
Auld Scotland wants nae skinking ware
That jaups in luggies;
But, if ye wish her gratefu’ prayer,
Gie her a haggis!

The Translation 

Fair is your honest happy face
Great chieftain of the pudding race
Above them all you take your place
Stomach, tripe or guts
Well are you worthy of a grace
As long as my arm

The groaning platter there you fill
Your buttocks like a distant hill
Your skewer would help to repair a mill
In time of need
While through your pores the juices emerge
Like amber beads

His knife having seen hard labour wipes
And cuts you up with great skill
Digging into your gushing insides bright
Like any ditch
And then oh what a glorious sight
Warm steaming, rich 

Then spoon for spoon 
They stretch and strive
Devil take the last man, on they drive
Until all their well swollen bellies
Are bent like drums
Then, the old gent most likely to rift (burp)
Be thanked, mumbles

Is there that over his French Ragout
Or olio that would sicken a pig
Or fricassee would make her vomit
With perfect disgust
Looks down with a sneering scornful opinion
On such a dinner

Poor devil, see him over his trash
As week as a withered rush (reed)
His spindle-shank a good whiplash
His clenched fist.the size of a nut.
Through a bloody flood and battle field to dash
Oh how unfit

But take note of the strong haggis fed Scot
The trembling earth resounds his tread
Clasped in his large fist a blade
He’ll make it whistle
And legs and arms and heads he will cut off
Like the tops of thistles

You powers who make mankind your care
And dish them out their meals
Old Scotland wants no watery food
That splashes in dishes
But if you wish her grateful prayer
Give her a haggis! 

URLs:

http://www.sphere.com/health/article/scots-jump-for-joy-as-us-plans-to-lift-haggis-ban/19330199

http://www.worldburnsclub.com/begin/address_to_a_haggis.htm

Kotok’s Scathing Indictment

We recently expressed our misgivings about Treasury Secretary Geithner; David Kotok of Cumberland Advisors let him — and the new Administration — have it with both barrels. This is an important read, whether one agrees with him or not (we do):

…Geithner (on page 81 and again on page 95) answered: “President Obama – backed by the conclusions of a broad range of economists – believes that China is manipulating its currency. President Obama has pledged as President to use aggressively all the diplomatic avenues open to him to seek change in China’s currency practices.”

“Manipulation?”  “Aggressively?“  This is strong language.  Geithner did not do this on his own authority.  These are prepared answers.  He is citing the new President, not once but twice.

…the dollar [is] likely to get stronger.  Right now it is the default choice of the world.  We have currency strength not because we are so desirable but because we are currently better than the others…

So what do we do within 72 hours of launching the Obama administration that says it is seeking “change?”  We fire the first public salvo in what could easily become a trade war or a threat to global financial integration.

What makes us so credible?  Is it our proven record of regulatory oversight of our financial markets, as demonstrated by the Madoff scandal and the SEC?  Is it the way our rating agencies work so diligently to place a coveted “AAA” on paper that was peddled to the rest of the world and was found out to be highly toxic?  Is it the way we honor the promises of federal agencies by having tier-one-eligible Fannie and Freddie preferred held in the US and abroad by institutions, and then essentially cause a structural default on that preferred (actually, dividend suspension)?  Or is it the way the actions of Treasury and the Federal Reserve allowed a primary dealer (Lehman) to fail, thus triggering a global contagion?

C’mon?  Where is the plan to restore confidence and credibility and transparency and consistent policy for the United States?  And how does the Obama administration believe that launching a fight with China is beneficial?

In the 1930s the severe recession of 1929-1931 was turned into the depression of 1931-1933 because of protectionism.  Every historian knows that.  Every economist learns it in school.  This is well-known by Geithner and even better-known by Larry Summers and Paul Volcker.  They are the three members of the Obama economic troika.

The statement Geithner repeated twice was certainly known to them in advance.  Why did they not temper it?  What is the plan?  Do they want to threaten and see if China backs down?  This, too, is dangerous.  Do they intend to pursue the Schumer tariff scheme?  There are more questions than answers.

Lastly, Larry Summers was going to attend the World Economic Forum in Davos, Switzerland.  He has cancelled.  Why?  Was it because he did not want to have to face the private conversations that would follow such statements as have been made by Geithner in the name of the President?

Watch Davos closely.  And remember that the absence of statements is as revealing, if not more so, than the presence of them.  Not one mention of trade openness appears in our reading of the 100 pages of answers to the Senate.  Maybe someone else can find an affirmation of free and open trade.  I cannot.

We fear protectionism.  It starts with rhetoric. We now have that threat.  If it is pursued, it ends badly for everyone.  No one wins.

Cumberland also posted Geithner’s written Q and A responses on its website.

http://www.symmetrycapital.net/newsandviews/newsandviews/2009012240.html

http://www.cumber.com/special/geithnerquestions2009.pdf