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| ******************************** THIS WEEK'S TEXTS: Summary 1) Slate/International Papers: Behind the cheese at the Eurovision Song Contest. [La couverture du concours Eurovision dans la presse étrangère vue des Etats Unis.] 2) Slate/Well-Traveled: A Wine-Soaked Tour of Bordeaux [Troisième dans une série de reportages sur le vin à Bordeaux. Ici une visite chez les garagistes de St Emilion.] 3) The Cincinnati Enquirer: Ingredients push up ice cream prices [La flambée des prix de matières premières entraine une augmentation importante du prix de la crème glacée aux Etats Unis.] 4) Slate/Moneybox: How the other half banks [Les banques "soudure" qui assure les fins de mois des pauvres aux Etats Unis fleurissent malgré des taux d'intérêt usuriers ; les banques de standing regardent celles-ci de haut, mais n'hésitent pas à traiter avec.] 5) The Salt Lake (City, Utah) Tribune: Couple questions eatery's bias policies [Un resto refuse de servir un couple qui fait un régime hyperprotéiné et qui aurait abusé du buffet à rosbif.] 6) The Guardian: EADS pressed to sever French link [Pressions des marchés américains pour un désengagement français d'EADS.] 7) The Economist: Gay divorce [Alors qu'on parle de mariage pour les homosexuels, quid du divorce ?] 8) The Economist: The Alstom affair [Débat sur l'intervention sarkozienne pour soutenir Alstom.] 9) The Economist: Bank regulation [Bâle 2 sur les rails.] 10) The Miami Herald/Dave Barry: Don't mean to be rude? Read rules [Essai humoristique sur les règles à suivre, notamment pour faire la queue !!!!!!!.] |
| ******************************** THE REGULARS |
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******************************** There are wounds Blow very hard so that resentment may fly from our
hearts With every step we take There are insults Let us place our arms down at our feet, let us abandon
our armour With every step we take The battle will be long There are cracks With every step we take It is Love that will be drawn by our hands |
| ******************************** B) Le texte plus abordable de la semaine/Kidzworld: The Meaning of Dreams [L'interprétation des rêves.] http://www.kidzworld.com/site/p4289.htm Dreaming Baby: The Meaning of Dreams You're drenched in sweat. Your heart is pounding. You have a very strong feeling you are being chased by a T-Rex. Are you crazy? Have you been teleported back in time? No, your brain is just interpreting some random electrical firings. In other words, you're dreaming. What is a Dream? What Do Dreams Mean? Deciphering Your Dreams Being Chased - Chase dreams usually reflect
how you are dealing with anxiety in your waking life. |
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C) CNN/Global Office: Cold comfort for sick employees [Il vaudrait peut être mieux pour les entreprises que leurs salariés restent chez eux lorsqu'ils sont malades.] http://edition.cnn.com/2004/BUSINESS/05/11/go.sick.workers/index.html
(CNN) -- Workers who go to the office when they are sick may think it is the right thing to do, but it could be a significant cost to employers. A "martyr culture" -- where staff who are sick yet feel compelled to go to work -- can increase the amount of germs in the office. And when sickness spreads to co-workers this can affect the productivity of the whole workforce. A recent online CNN poll found that, out of 268 voters, 80 percent feel obliged to go to work even when they are ill. (View QuickVote). However, few firms appear to be in favor of employees keeping their germs at home. A new survey of 110 human resources managers found that 88 percent believe that even a heavy cold is not a good enough reason to be off sick -- contrary to the advice of doctors. For a rapid recovery, the medical profession advises that people suffering from a bad cold should stay in bed, not go to work. This view also has the backing of the British Trade Union Congress (TUC) which has branded sick employees in the workplace as "mucus troopers." "If employees are bringing their germs to the office, they are inevitably risking their colleagues becoming ill," says Richard Smith of Croner business consulting, who conducted the survey. "This has greater consequences for productivity than if the employee had taken a day or two off to recover". Fear of taking sick leave, even when employees are actually unwell, could also be fueling stress and anxiety in the workplace. "Taking time off for having a cold can be viewed as a weakness," explains Smith. However, there is a fine line between when people are sick of work, rather than actually being simply too sick to be in the office. "Staff illness is a difficult area for employers to manage, as there will always be some employees who take advantage of the system," says Smith. Croner advises monitoring employee sickness against
an average office benchmark. This could help companies identify potential
offenders. And businesses should consider creating contracts of employment
that give clear guidelines on sickness. Making staff feel comfortable
about taking time off, if they are genuinely ill, may also have a positive
effect on the health and well being of workers, as well as boost productivity,
believes Smith. |
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******************************** A: Your wife -- she's not a character in an Edith Wharton novel, is she? Even if she were a fictional creature in a status-conscious turn-of-the-century novel, her objection would be one of manners, not morals. You could satisfy her by assigning this task to an underling. Similarly, the concern that your personally attending to this chore undermines the esteem of the firm is a matter of business tactics, not ethics. -*-*-*-*- A: Such mutual consideration is desirable in all employer-employee relationships, but it is particularly important here, where gaps in employment are perilous for both your sitter, a low-paid worker who probably has little savings (unlike, say, a senior Enron executive), and your family, so reliant on the efforts of a single worker (unlike the Fords or the Chryslers). -*-*-*-*- A: If you forswore eating sweets, a morally neutral act, you could give away your pie pans. But were you to donate your muddler or soft hackle, your crystal bugger or filibustering condoleezza -- this last may not be an actual fly; I'm a confirmed indoorsman myself -- to other fisherfolk, you'd be abetting what you regard as misconduct. Declining to donate your gear is not ''imposing'' your beliefs on others. You make no attempt to stop anyone else's fishing; you simply refuse to be involved in it yourself, even indirectly. |
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******************************** Dear Prudence, Feeling Used Dear Feel, Prudie, customarily -*-*-*-*- Happily Straight Now Dear Hap, Prudie, warily -*-*-*-*- Giving Up Dear Giv, Prudie, optimistically -*-*-*-*- Shirley, Harrumphing Dear Shirl, Prudie, knowingly |
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******************************** Q: Is there any way to inoffensively and effectively address dangerous driving when riding as passenger in a car? I would be grateful for just the right words to use when the driver insists on maintaining eye contact with passengers (rather than watching the road) and/or tailgates at high speed. The situation is especially difficult when the driver is a boss, colleague or customer. A: She recommends the technique perfected by mothers of new drivers: noisy intakes of breath and foot stamping on a phantom brake at the passenger seat. -*-*-*- One evening out with my wife and four young children at a family restaurant, the children were less than well-behaved. As we were preparing to leave, my wife went to the childless couple at the table next to ours and said, "I want to apologize for my children's behavior." The man's reply (without the courtesy of even looking at her) was, "You ought to." How does one politely react to this? A: |
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******************************** BROOKE GLADSTONE: John Kerry may well be on course, but it's never too early to sharpen a candidate's image. And so we learned that earlier this year, medical anthropologist and marketing consultant Clotaire Rapaille sat down with an unpaid Kerry adviser to talk shop. Rapaille is originally from France, so he may seem an odd choice to advise a candidate maligned for his Gallic family ties, but some of the Fortune 500's biggest companies have tapped Rapaille for tips on how to appeal to American consumers. We spoke to him last about GM's ad campaign for the Hummer. Rapaille bases his approach on the theory of the Triune Brain, which postulates that our minds work on three levels. They are, in order of evolutionary development, the reptilian - responsible for basic survival behaviors like fight or flight -- the limbic, which governs our emotions -- and the neocortex, control center for language and rational thinking. CLOTAIRE RAPAILLE: The one that always wins is the reptilian brain, so you know, every candidate is interested in trying to connect with the collective reptilian brain. BROOKE GLADSTONE: This is the part of the brain that isn't beset by ethical considerations. CLOTAIRE RAPAILLE: The reptilian is very much into survival, instinct, reproduction. But you see, I was born and, and raised in Europe, and I chose to become an American. But there are two different ways of thinking. The European way is always everything is subtle. There are a lot of nuances. The gray color is everywhere. We're not sure of this; we're not sure of that; and we try this and-- okay. The reptilian brain is different. At the reptilian, you're not a little bit pregnant. You are pregnant or you're not pregnant. You're not a little bit dead. You're either dead or not dead. And some people, when we live in a world of a lot of confusion, they want to be re-assured; they want to be re-connected with the reptilian. Senator Kerry might be a very intelligent guy, and I'm sure he is, very full of nuance and understanding all the different subtlety of everything. I am not sure this is what America needs right now. You know-- BROOKE GLADSTONE: So what would you tell Kerry to do? CLOTAIRE RAPAILLE: Buy a ranch. BROOKE GLADSTONE: Buy a ranch. Okay. CLOTAIRE RAPAILLE: A pickup truck. I'd put a gun on the back, and a six-pack of beer and go speak with real people in Middle West. BROOKE GLADSTONE: But the suggestions you just had for Kerry to improve his image with the American voters is to turn himself into George W. Bush. I mean right now the country is divided almost exactly in half. Why should he turn into Bush? CLOTAIRE RAPAILLE: No, no - I don't want him to turn into Bush. I think that the both candidates should be connected with the reptilian, and, and right now maybe Bush is more reptilian because he is less cortex. And this is clear. BROOKE GLADSTONE: All right. CLOTAIRE RAPAILLE: But Americans don't like intellectuals. We're afraid of intellectual people. To think too much is dangerous. We want people to have the gut feeling about what I need. If I had the possibility to give an advice to Senator Kerry, I would say he has to really learn to give simple answers to simple questions. He has to stick with one or two words -- not 25, not 35 - because you lose people very quickly. BROOKE GLADSTONE: The New Yorker recently observed that Kerry has suddenly stopped speaking to French reporters in their native language. Is he merely shedding his associations with France here, or does the fact that he's no longer speaking French suggest that being educated is somehow a turnoff. CLOTAIRE RAPAILLE: For some people absolutely. You know, I want my mother to have a gut feeling about when she's going to take me to the hospital or not. It doesn't matter how many books she read. You know, it's okay, when you're a good reptilian person. Then you have the limbic and the cortic - it's fine. But when you are cortex and there is a risk that you are only cortex, that's what people really resent. BROOKE GLADSTONE: So we're on to something here: Clinton appealed both to the reptilian and to the cortex. CLOTAIRE RAPAILLE: Absolutely. I mean he was always reptilian. His, his saga, his story was fantastic. Always a girl under the table. He was a genius in providing material to all the comedians of the nation. BROOKE GLADSTONE: Is packaging a candidate to sell to the American people the same as, say, package the Hummer? Are you going for the same basic thing? CLOTAIRE RAPAILLE: Well, knowing the power of a brand and the, the connection we have with these brands is, is powerful. A candidate is a brand, and a candidate should know what he stands for. For example, when you say Volvo, you say safety. This is one word. Okay? When you say Kerry -- what do you say? Kerry need to do a better job in defining who he is, because so far, the Bush campaign is trying to labelize John Kerry as flip-flop. Well this is not a good brand. It's like if a car maker was labeling his competitors "rollover," and so immediately when you see a Range Rover, you say oh, rollover - this car is not safe. BROOKE GLADSTONE: If the candidates -- now I'm going to sound a little like Barbara Walters, [LAUGHTER] but if you were to assign car makes to candidates, would Bush be the Hummer? CLOTAIRE RAPAILLE: Yes. BROOKE GLADSTONE: And what would Kerry be? CLOTAIRE RAPAILLE: Hybrid. [LAUGHTER] BROOKE GLADSTONE: Clotaire Rapaille, thank you very much. CLOTAIRE RAPAILLE: My pleasure. Always a pleasure to be with you. BROOKE GLADSTONE: Clotaire Rapaille is a medical anthropologist and author of the new book, Archetyping the Presidency, which hits store shelves this summer. |
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******************************** Colin Wilson, Monday April 5, 2004 The French are a charming, loveable bunch, really
they are. They're delightful to live among, they're friendly, helpful
and only a sense of humour short of being great people. Living in a French
city is as much fun as living in any other European city, except you get
fresher bread and more poodles. Another myth is that it's charming to be lied to by the peasants or workmen in blue overalls. It's not. With great cunning, our peasant neighbour managed to steal our water supply and with the connivance of the solicitor and the mayor (who works for the private water company) made sure that we have to pay for the cost of digging up the village to lay the pipes. That's not charming. Then there's the saying "no". As in the famous, "You're a restaurant, can we come in and eat?" type of "no". Apparently it's all part of them not wanting to be seen to be servile. There's a view among the peasants that working in the service industry isn't about serving people. So whenever they can, they like to say no just so you have to plead with them so they don't feel so servile. Which puts me in the irritating position of having to beg someone to come and quote for digging up the village to put in pipes that I've been tricked into needing in the first place. Then there's the lying. I sort of admire the peasants for their ability to lie through their teeth, but none does it better than the hunter who nearly killed me recently. I was out for my Sunday morning constitutional when buckshot sliced the foliage at my feet. I alerted my assailant with a cheery cry and he instantly emerged from the woods disguised as a Bosnian ethnic cleanser. His shotgun barrels were broken open, a spent cartridge at his feet and smoke trickled from the business end. He looked me in the eye and denied he had fired a shot. Now that's advanced lying. One of the most fantastic things about France is that even people who have lost their driving licence because they might be too old or dangerous can still legally get behind the wheel of a car. It was one of these electric vehicles that nearly did for me. It's a sort of stealth car that you can use to sneak up behind people and in an eerie echo of the Diana/Dodi assassination, I was struck with a glancing blow while crossing a bridge on foot. The word "glancing" doesn't sound so bad, but trust me, it has a different connotation when it's used to describe contact between a car and a pedestrian. Saved only by the high level of training I received while watching TV programmes about the SAS, I avoided the drop. Then I realised that the peasant driver mustn't have noticed how close he came to killing me. With public spirit coursing through my veins, I hurried after the car so I could apologise for any damage my iron physique might have done to his puny chassis. When I eventually caught up after a hard 20-metre zig-zag chase, I had to pull my trembling new friend out of his car. He was a charming senior citizen wearing a cute beret who, despite it being only 9am, smelled as though he had been drinking heavily. Before we could get down to discussing the finer points of road safety, however, I was grabbed by a small crowd and prevented from expressing my views. They simply put Gaston back in the car and sent him on his way, clipping bollards as he went. Now they might not actually be trying to kill me, but after the past few months, I could be forgiven the consumption of a few happy pills. I would be in good company. Apart from just looking miserable, the French take the highest number of anti-depressants in Europe - but the drugs don't work. One third of the children at the local primary school have had a close family member commit suicide. Several of them even discovered the bodies. Our neighbour's wife threw herself down our well and drowned. We need our own chapter of The Samaritans round here. That and a Starbucks. Get me back to the city. · Colin Wilson is a freelance TV writer and journalist who has lived in deepest France for three years -*-*-*- Il est un mythe voulant faire croire que la vie dans la France rurale est le paradis. Le vin, la nourriture, les paysans grincheux mais adorables... Ce genre de sornettes. C'est faux. Vivre à la campagne en France, c'est comme revenir brutalement au XIVe siècle, sans les bons côtés. Les gens sont soupçonneux, ne savent pas se conduire en société et n'aiment pas tout ce qui n'est pas blanc et catholique. Un autre mythe prétend que c'est drôle, tous ces paysans et ces ouvriers en bleu de travail qui vous roulent. Mais ça aussi c'est faux. Avec une extrême fourberie, le paysan qui est notre voisin s'est arrangé pour détourner notre alimentation en eau et, avec la complicité du notaire et du maire (qui, comme par hasard, travaille pour la Compagnie des eaux), il s'est assuré que c'est nous qui paierions les frais des tranchées de raccordement au village. Ça n'a rien de drôle. Et il y a aussi leur fameux «NON». Comme lorsque vous demandez : «C'est un restaurant, on peut entrer et déjeuner ?» «NON !» Apparemment, c'est leur manière à eux de ne pas avoir l'air serviles. Chez les ruraux, ils aiment bien dire «NON !» Juste pour vous obliger à les implorer. C'est comme ça que je me suis retrouvé dans la situation irritante de devoir supplier pour qu'on vienne m'établir un devis de raccordement de tuyaux jusqu'au village, dont j'avais été malhonnêtement privé en premier lieu. Et il y a aussi le mensonge. J'ai beaucoup d'admiration pour les paysans qui mentent comme des arracheurs de dents, mais aucun n'arrive à la cheville du chasseur qui a failli me tuer. Je faisais ma promenade de santé dominicale au petit matin, lorsque des chevrotines ont haché menu le feuillage à mes pieds. J'alertai mon assaillant d'un cri non moins alerte et il jaillit des fourrés, déguisé en nettoyeur ethnique bosniaque. Son fusil était ouvert, il y avait une cartouche à ses pieds et les canons fumaient encore. Il me regarda droit dans les yeux et me certifia qu'il n'avait pas tiré. Ça, c'est du mensonge ! Une des choses les plus fantastiques en France, c'est que même les gens à qui on a retiré le permis de conduire - parce qu'ils sont trop vieux ou trop dangereux - peuvent légalement se glisser derrière un volant. C'est une de ces voitures électriques qui a failli avoir ma peau. Une sorte de voiture furtive qu'on utilise pour approcher sans bruit des gens. Je traversais un pont, et comme dans un remake angoissant de l'assassinat de Diana et Dodie, je fus heurté de biais et j'eus le côté éraflé. Se faire érafler, ça n'a pas l'air bien grave, mais croyez-moi le mot prend une connotation très différente quand il s'agit du choc entre une voiture et un piéton. Je n'ai dû mon salut qu'à mon haut niveau d'entraînement acquis en regardant les séries télé sur le SAS (1). Mon sang de citoyen ne fit qu'un tour et je fonçai vers la voiture, pour m'excuser des dégâts que mon corps d'airain aurait pu causer à son châssis fragile. Quand je réussis enfin à le rattraper après 20 mètres de course en zigzag, je dus extirper mon nouvel ami tout tremblotant de sa voiture. C'était un charmant vieillard coiffé d'un mignon béret. Et, bien qu'il ne soit que 9 heures du matin, il sentait l'alcool à plein nez. Mais c'est sans doute mon imagination qui me jouait un tour ! Avant même de pouvoir entamer avec lui une discussion sur les subtilités de la sécurité routière, je fus neutralisé par un groupuscule qui m'empêcha d'exprimer mon point de vue. Puis ils ont tout simplement remis Gaston dans sa voiture, et vogue la galère ! Il est reparti en heurtant les poteaux télégraphiques du chemin. Bien sûr ils n'ont peut-être pas réellement l'intention de me tuer, mais après les derniers mois que je viens de passer, on comprendrait que j'aie recours à des euphorisants. Je serais en bonne compagnie. Les paysans, eux non plus, ne sont pas heureux ici. Outre leur air malheureux, les Français sont les premiers consommateurs d'antidépresseurs en Europe. Mais ça ne leur fait aucun effet. Un tiers des enfants de l'école primaire du coin ont eu un suicide dans leur famille. Plusieurs d'entre eux ont même découvert le corps. La femme du voisin s'est jetée dans notre puits et s'est noyée. On aurait bien besoin d'une antenne locale de SOS Déprime par ici. Ramenez-moi à la ville. (Traduit de l'anglais par Jean-Charles Burou) (1) SAS : Special Air Service (services spéciaux aéroportés pour les missions secrètes et dangereuses).
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| ******************************** 1) Slate/International Papers: Behind the cheese at the Eurovision Song Contest. [La couverture du concours Eurovision dans la presse étrangère vue des Etats Unis.] http://slate.msn.com/id/2100604/ international papers: EUthe Musical! Behind the cheese at the Eurovision Song Contest. By Carl Schrag, Posted Monday, May 17, 2004, at 9:18 AM PT European newspapers seemed to take glee in their derision of the annual Eurovision Song Contest, held Saturday night in Istanbul and beamed to hundreds of millions of TV viewers across Europe and as far away as Australia. "As ever, a seemingly endless string of sparkly young people came on and sang instantly forgettable songs with collective lyrics that went something like: Our love is true, let's dance forever/ You are the only one, I feel your pain," the television reviewer of the Guardian wrote. The contest, which was won by Ruslana, a leather-clad Ukrainian performer described as "Xena-like" by more than one paper, was created in 1956 to foster European unity in the aftermath of World War II. Since then, it has grown into a huge production that this year drew an all-time record 36 countries. With some notable exceptions (ABBA won the contest in 1974, and the French Canadian Celine Dion actually took up residence in Switzerland in order to represent that countryand winin 1988), taking top honors at Eurovision doesn't generally correlate with greatness or even stardom. The Sydney Morning Herald noted that "very few of the acts have gone on to truly international careers. More typically they're like Australia's Gina G, who sang Ooh Aah, Just a Little Bit for Britain in 1996, fading into obscurity after one hit." After years of dismal showings (The Times of London included two Turkish entries in its list of the five worst Eurovision entries of all time), Turkey won the contest last year. That earned the Turks the honor of hosting this year's show. Given the huge opportunity for exposure to all those hundreds of millions of viewers, nations hosting Eurovision see it as a potential boon for tourism and international understanding. The Times reported that an entire section of Istanbul was painted in the national colors, and special care was taken to wash the streets each day during the lead-up to Saturday's live broadcast. "For two nights [about a billion] people will see short films about Turkey and watch a broadcast organized here," the paper quoted the event's Turkish executive producer as saying. "The value of this is absolutely immeasurable." Although it's called a song festival, many observers viewed Eurovision as an ode to the European Union more than an effort to choose the Continent's best music. The Scotsman posited that the contest was "like watching a session at the European Parliament set to music. Okay, it was a tad more interesting than thatthanks to the winning ways of the Ukraine's hollering, leathered-up warrior princessesbut never before has Eurovision so closely mirrored what goes on in the corridors of Brussels." Along these lines, Germany's Die Welt suggested that voting should be done in relation to the population of each of the 36 participating countries, rather than allowing each country to allocate the same number of points. As it is, decisions made by "voters" in each country have equal impact, leading to a situation in which, the paper said, the Belgians "are hated by all of Europe because they gave the French 10 points. But if the Belgians are only allowed to award four points anyway, they will be spared such hatred." (Translation from the German courtesy of BBC Monitoring.) The Daily Mirror puts a finer point on the musical merits of the contest: The paper said it has none. Noting that countries tend to give high points to their neighbors or countries with which they are allied politically (Cyprus, for example, gave the top vote12 pointsto Greece), the paper exclaimed, "Don't let anyone fool you into thinking this is a music competition rather than a highly political stitch-up." The paper noted that Portugal gave 12 points to Spain ("as usual"), and Latvia and Estonia heaped points on Russia. A BBC host who presents the contest to British viewers each year was quoted saying that countries that are well-liked tend to score well. "In recent years Britain, which has invaded everybody, seems to have been lacking in the dependable allies stakes," the Mirror said. (The British entrant scored only 29 points, landing in a dismal 16th place.) Of course, none of this really matters. It's not just that Ruslana is unlikely to break into the U.S. pop market; if history is any indication, few Europeans will be clamoring for her CDs a few months from now. Despite its popularity, few people take the contest too seriously. The Sydney Morning Herald quoted one die-hard fan who acknowledged that the contestwith its flamboyant costumes and high camp quotienthas "seen better days." Noting that Eurovision enjoys a large gay following, he added, "It's like a gay world cup. Who else would sit here and watch this load of rubbish?" Carl Schrag, formerly the editor of the Jerusalem
Post, is a writer and lecturer. |
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******************************** Looking at ancient, august St. Emilion, you'd never guess that the town has been the seat of a wine revolution in recent years. But it is in and around St. Emilion that a group of maverick chateau owners and oenologistssome native to the area, others new to ithave fashioned a new breed of Bordeaux wine. Forsaking the elegance and subtlety that have traditionally characterized Bordeaux, they have been producing microscopic quantities of lush, generously oaked wines that all but carve their initials on your palate. If Pamela Anderson were a wine, she'd be a new-wave St. Emilion. Because of the small-scale production, these upstarts have come to be known as vins de garage, and the men and women producing them have come to be called the garagistes. They have found their most enthusiastic champion in the American critic Robert Parker, who has been lavish in his praise and with his scores. The critical acclaim has pushed prices into the stratosphere, unsettling and annoying Bordeaux's old guard. A food fight over wine has erupted, with St Emilion serving as the dinner table, if you will. To learn more about the garagistes and the tumult surrounding them, I spent a day in St. Emilion with Jeffrey Davies. Bordeaux likely never would have become the world's wine capital had it not been for the involvement and influence of outsidersBritish aristocrats and merchants in particularbut Jeffrey is an outsider's outsider. A warm, instantly likable Californian, Jeffrey is married to a Bordelaise and has lived in France for most of the last 30 years. For a time, he worked as the wine editor of Gault-Millau, a leading French food magazine, and he managed an aerospace manufacturing plant on behalf of an American defense contractor. In the mid-1980s, he entered the Bordeaux wine trade, starting a negociant firm. One of the peculiarities of the Bordeaux is that the chateaux don't sell their wines directly to clients; instead, they sell to negociants, who are responsible for selling the wines to importers. It is a bizarre, archaic system, but it serves its purpose. Jeffrey seems to have done well by it; he has a comfortable house on the outskirts of Bordeaux and zooms around town in a Mercedes. ("Zooms" being the operative word; as driving goes, he has very much gone native.) But there are walls he has been unable to breach, presumably because he is an American. Though he is friends with many of the leading figures in the Medoc, it has been difficult for him to get allocations from top chateaux; promises have been made, but the wines never seem to materialize. That Jeffrey is now a leading merchant for many of the garagistes probably does not help his chances. Our day in St Emilion started with a visit to the man at the center of the storm, Gerard Perse. A native Parisian, Perse is a supermarket tycoon who in 1997 purchased Chateau Pavie, a celebrated St. Emilion winery located on a steep hill just outside of town. (It was his second acquisition in St Emilion; several years earlier he had purchased Chateau Monbousquet.) Perse immediately enlisted the services of famed consulting winemaker Michel Rolland, who specializes in the full-throttle effect and who quickly turned Pavie into a paragon of the formhigh in alcohol, rich in extract and oak, and massively concentrated. Parker lapped it up, awarding the 2000 Pavie a perfect 100-point score. But the triple-digit benediction was a mixed blessing, for it made Perse a symbol of the garagiste movement and a whipping boy for those opposed to it. Short, with a full head of gray hair and a George Hamilton tan, Perse was in a combative mood that morning. He was irritated by rumors, strenuously denied, that Pavie was up for sale, along with the six other chateaux he owns in and around St. Emilion. "The kind of stupidity I hear from one day to the next," he said, shaking his head. Above all, he was tired of the snipingfrom British wine critics, from his neighbors in St. Emilion, from the left-bank aristocracy. I asked Perse how his wines were faring in France. "Badly," he grumbled. He complained that the French press hadn't embraced them to the extent he thought it should have. The crux of the problem, he said, was his wealth. "In France," he explained, "success is not well-received, and whenever someone succeeds, it is immediately supposed that he must have cheated." We talked while I tasted. I'd had several Perse wines in the past, none of which I particularly enjoyed. So I didn't expect to find much pleasure in his 2003s, and I didn't. The star attraction was the 2003 Pavie, which despite its infancy is already proving to be one of the most controversial Bordeaux ever made. (Parker and other American journalists love it, Jancis Robinson and some fellow Brits loathe it, and a pissing match has ensued.) My take? The wine was a clear step up from the others in the portfolio, but it was a wine of extremes; the sweetness, ripeness, alcohol, extraction, and oak were all ratcheted up to the highest degree. It had too much of everything except what I want in a top Bordeaux: subtlety, elegance, a little discreet charm. It tries too hard to be liked. However, it is unquestionably a well-made wine, the product of meticulous work in the vineyard and the cellar, and plenty of people think Gerard Perse is the best thing to happen to Bordeaux since the Liberation. It would be a tragedy if every St. Emilion wine were made in the manner of Pavie, but that isn't the case, so let a thousand bottles bloom. Still, I wanted to hear the other side of the argument, and Jeffrey generously agreed to transport me across enemy linesto L'Envers du Décor, a St. Emilion wine bar owned by Francois de Ligneris, who is also the proprietor of Chateau Soutard, a bastion of traditionalism and an outspoken critic of the garagistes. It was almost 1 p.m., and the restaurant was crawling with wine folkEuropeans, Japanese, Americans. I was in love with the place the moment I walked in; with its warm wood paneling, tightly packed tables, thick zinc bar, and thin cloud of smoke, L'Envers was a storybook watering hole. De Ligneris was standing behind a table in a corner of the dining room, offering tastes of the 2003 Soutard and an assortment of other wines. Despite their palatal and philosophic differences, he and Jeffrey are friendly, and they gave each other a warm greeting. As Jeffrey explained the purpose of our visit, glasses were thrust into our hands, samples poured. We eventually made our way to a table and ordered a light meala platter of thinly sliced Serrano ham, a cheese plate, and a pair of salades vertes, along with a bottle of Morgon, a cru Beaujolais and the perfect lunchtime quaffer. De Ligneris arrived at the table around the same time as the food. An affable bear of a man, he took a seat at the table and began to talk. And talk. About five minutes into his monologue, I noticed another bottle of Morgon had landed on the table, even though we were still on our maiden glasses from the first bottle. But Jeffrey knew at that point what I didn'tthat we were in for a Castro-length disquisitionand had thus called in some reinforcement. De Ligneris had a habit of prefacing his sentences with, "What I want to say is this," but it never became clear to me what exactly it was he wanted to say. Imagine running a marathon on a quarter-mile track, and you'll have some idea of how the conversation progressedor didn't. He complained that prices for the vins de garage were absurd but insisted he wasn't jealous. He charged that a lot of these wines were being made to win Parker points but allowed that experimentation and diversity were good. He told me his family had been in St. Emilion for 200 years but that he welcomed the infusion of new blood to the wine business. When he said that some of the garagistes had insulted St. Emilion and its people, I thought we were at last getting somewhere. But when I asked him to name names, he waved me off. "It is not important who it is," he said. By now, Jeffrey and I were halfway through the second bottle, we were both sporting barroom tans, and he'd heard enough. "Francois, let's cut the bullshit. The wineries here were asleep when the garage guys came along. The garage guys shook things up, and it's because of them that everyone is talking about the right bank these days." De Ligneris nodded vigorously, said the attention was indeed a welcome development, and resumed his peroration. It was 3:30 when I finally had to cut him off, explaining that I had another appointment (a claim that had the added virtue of being true). I still had no idea what his beef was with the garagisteshe'd pretty much lost me at hellobut I liked him; he was passionate, intelligent, and funny (I also liked his wine). Moreover, he seemed to get the jokenamely, that this was an argument about wine. Fermented grape juice. Perhaps all the circumlocution simply reflected an unwillingness to organize his thoughts about a subject that is ultimately so inconsequential; he'd rather waste brain cells drinking wine than ruminating about it. So I left the bar without an answer and minus a few brain cells of my own, but I also departed with memories of a very entertaining afternoon in a terrific town. Mike Steinberger writes regularly for Slate. |
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3) The Cincinnati Enquirer: Ingredients push up ice cream prices [La flambée des prix de matières premières entraine une augmentation importante du prix de la crème glacée aux Etats Unis.] http://www.enquirer.com/editions/2004/05/11/biz_biz1acream.html Tuesday, May 11, 2004 Prices make everyone scream: Ingredients push up ice cream By Randy Tucker, The Cincinnati Enquirer Rising commodity prices for milk, cocoa and vanilla have created turbulent pricing pressures that have forced several Greater Cincinnati ice cream stores to either raise their prices or to eat a double-dip loss. Two of the area's biggest ice cream retailers - Cincinnati's famous Graeter's ice cream chain and Cold Stone Creamery - said they have no immediate plans to raise prices. But the rising cost of some main ingredients have elevated their expenses dramatically, and they aren't certain how long they can hold the line. "The dairy prices have really killed us, and I don't know how we're going to last much longer without raising prices," said Richard Graeter, Graeter's executive vice president. "You hate to come out at the beginning of the season and whack your customers with a price increase. But at the same time, you can't afford to absorb 100 percent of these increasing costs for a long time and stay in business." A spokeswoman for Scottsdale, Ariz.-based franchise Cold Stone Creamery said they also were keeping an eye on commodity prices. Norwood-based United Dairy Farmers had not raised prices as of Monday. Milk prices have more than doubled this month compared to the same month a year ago, according to the National Milk Producers Federation. A mad-cow ban on dairy cows from Canada coupled with a shortage of bovine growth hormone - which is given to cows to stimulate milk production - has curbed supplies and contributed to the price increases. And an increase in dairy farmers selling their herds for slaughter to get better prices hasn't helped. "The dairy prices are really hurting us,'' said Dianne Lytle, a spokeswoman for the Oakley-based Aglamesis Bros. ice cream chain. "We're in the process of raising prices now. We just had to." Lytle said customers at Aglamesis Bros.' two locations would see prices go up within the next week or two. For example, a single-scoop ice cream cone will go from $1.70 to $1.90, and a pint of ice cream will climb from $3.80 to $3.95. But the increased revenue won't be enough to cover costs completely, Lytle said. "Unfortunately, (commodity) prices are so high that we can't increase our prices as much as we need to cover our costs," she said. "But you can't start charging people $6 for a pint of ice cream because they're not going to buy." In addition to the dairy costs, ice-cream sellers also have been hit with skyrocketing costs for vanilla and cocoa - a devastating combination for retailers, said Lynda Utterback, executive director of The National Ice Cream Retailers Association. "It's not uncommon to see dairy prices fluctuate at this time of year," Utterback said. "But I've been in the ice cream industry for 20 years, and this is the first time I've seen all of these prices this high at the same time." The wholesale price for vanilla has seen the biggest increase, climbing more than 500 percent in the past two years as a result of cyclones that wiped out crops in Madagascar - where 50 percent of the world's vanilla is produced - in 2002 and then again in March. "Two years ago, you could buy a gallon of vanilla extract for $65," Utterback said. "Today the price is $420. Ice cream stores can't afford to absorb that kind of an increase and stay in business." As if the vanilla prices weren't bad enough, civil unrest in the Ivory
Coast - the world's top cocoa producer - has pushed chocolate prices up
about $1 a pound to a 17-year high, she said. The rising prices also are accelerating a recent trend - companies shrinking packages but keeping prices the same in what effectively is a net price increase. In January, Wilbraham, Mass.-based Friendly's rolled out its 56-ounce half-gallon tub - down from the standard 64 ounces - and this month increased its retail prices by 5 percent. Consumers irritated by the increase aren't likely to find much relief, said Danielle Tirrell, manager of Arnie's Place ice cream stand in Concord, N.H. "Every once in a while, I hear someone say, 'Wow, that's expensive,'" she said. "I've had one guy say 'Your prices are up over last year. I'm going to go someplace else.' Well, you can go someplace else, but their prices will be up, too." Retail and restaurant ice cream make up a $20 billion business in the United States, according to Bob Yonkers, chief economist for the International Dairy Foods Association. ^RETURN TO TOP^ |
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******************************** moneybox: How the Other Half Banks Many Americansparticularly those who don't live paycheck to paycheckare unfamiliar with the payday-loan industry, one of the nation's fastest-growing and most depressing businesses. Payday advance companies offer tiny, short-term loansa few hundred bucks for a few weekswhile charging annual interest rates that top 500 percent. Borrow $200 today, pay back $240 or $250 on payday. (Some may think that charging those kinds of rates must be illegal, that it's equivalent to loan sharking by mobsters. In this Slate article, Brendan Koerner explained why loan sharking, which actually charges much lower rates, is against the law and payday loans aren't.) For millions of Americans, these high-interest short-term loans are a way of life. Just before Christmas last year, more than 10 million people took out a payday loan, according to industry statistics. Between 2000 and 2003, the number of outlets offering these loans more than doubled to 20,000not counting the many Web sites such as sonicpaydayland.com, mycashnow.com, and so forth that give high-interest quickie loans. Ohio-based Check 'n Go opened 100 new stores last year and anticipates opening another 100 this year. Advance America, a company that only started in 1997, already has more than 2,000 stores. The businesses are thriving in about 35 states. Other states, including New York and Massachusetts, impose interest-rate caps25 percent in New Yorkthat effectively bar payday loan operations. Stocks of the five publicly traded companies that focus on the payday loan businessfour of them are publicly traded pawn shopsall more than doubled in 2003. The business is booming because of the massive growth in low-wage service-sector workers. People on the edge have turned payday-advance outlets into a kind of alternative banking sector. It's not illogical. The payday loans are safer than dealing with loan sharksthey won't break your legs if you don't pay, only break your credit rating. And, the industry claims, payday loans may end up being cheaper than actual banks. Despite the sky-high rates, the loans may cost less than the $60 to $70 penalty for bouncing a check, or the $30 in late fees, not including interest, that credit card companies extract for missing a payment. "Our customers don't think they're making a bad financial decision," says John L. Rabenold, a spokesman for Check 'n Go. (Rabenold says that one customer recently contacted the company to thank Check 'n Go for giving her a $200 advance so that she could go shopping with her friends. Still, that $200 advance wound up costing the woman an additional $40, assuming she paid it off within a week. Enduring that kind of penalty may make sense if your car broke down and you need to pay the mechanic. But it's pretty hard to justify it as a form of retail therapy.) Despite the industry's übergrowth, the three largest payday-advance companiesAdvance America, Check 'n Go, and Check into Cashare all still privately owned. Perhaps that's why Wall Street is so excited about Dollar Financial, one of the remaining prizes. Dollar, based in Berwyn, Pa., a Philadelphia suburb, expects to go public sometime this summer. Dollar operates about 1,100 stores in the United States, the United Kingdom, and Canada and offers check-cashing, payday loans, and other financial services aimed at those with low incomes. Of its 319 U.S. stores, about 30 percent operate under the name Loan Mart and focus on payday loans. Wall Street is lining up to support Dollar's offering, which points to the ambivalent relationship it has with the payday-loan business. Despite the huge potential profits, retail banks have shied away from offering payday loans, because they know it would tarnish their reputation. This hurts payday-loan customers, because big banks could turn the business upside down. They have the financial might to cut rates down to much lower levels, but they don't want to be seen as exploiting the poorafter all, they would still charge 10 times the interest rate on a small, short-term loan as on a large, long-term one. "A company like Bank of America knows they're missing out on a multibillion dollar business and they know that if they got into this and charged 60 percent even, it would still be a significant savings for consumers. But they don't want to make their reputation on undercutting a payday lender," says Michael A. Stegman, a professor of public policy and business at the University of North Carolina at Chapel Hill. Yet at the same time banks avoid issuing payday loans, they happily accept the payday-loan companies as clients. Citibank won't operate a payday-loan business, but Citigroup is going to be the lead underwriter on Dollar's IPO. And you can be sure that brokers won't be shy about recommending Dollar's stock to investors. Instead of getting its hands dirty, Wall Street will happily settle for being a middlemannibbling off a small piece of the industry's big profits and avoiding responsibility for how those profits were earned. Michelle Leder writes a daily blog at www.footnoted.org that looks at SEC filings and is the author of Financial Fine Print: Uncovering a Company's True Value. |
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5) The Salt Lake (City, Utah) Tribune: Couple questions eatery's bias policies [Un resto refuse de servir un couple qui fait un régime hyperprotéiné et qui aurait abusé du buffet à rosbif.] http://www.sltrib.com/2004/Apr/04282004/utah/161409.asp Couple question [sic] eatery's bias policies [Aller savoir ce que cela veut dire...] WEST JORDAN -- Sui Amaama and Isabelle Leota say getting kicked out
of Chuck-A-Rama is more about discrimination than eating too much roast
beef. "We feel like we were targeted," Amaama, 26, a youth corrections
counselor, said Tuesday. The West Valley City couple, who are Pacific
Islanders, have been on a low-carbohydrate, high-protein diet for several
months. They found that eating at the $8.99 buffet was a convenient way
to stick to their plan. Amaama and Leota have hired an attorney and have made several public appearances on national news programs. The couple say they have no immediate plans to sue but would like answers about company anti-discrimination policies and its claims as an "all-you-can-eat restaurant," said their Salt Lake City attorney Greg Smith. "We're not accusing them of being racist. But when people ask for a refund, do they normally call the police?" Smith asked. Attempts to reach Chuck-A-Rama managers Tuesday were referred to corporate headquarters. Attempts to contact those officials were unsuccessful. However, Jack Johanson, the restaurant chain's district manager, told The Associated Press last week that Chuck-A-Rama has never claimed to be an all-you-can-eat establishment. "Our understanding is a buffet is just a style of eating," he said. Johanson said that one reason for the manager's concern is that the restaurant's
roast beef is cooked overnight and takes between 12 and 14 hours to cook.
Depending on the location, a Chuck-A-Rama may have only between one and
five roasts each day. Johanson said the manager offered other buffet items
to the couple. He said there is no written policy for what patrons can
or cannot eat or for the size of their portions. But the restaurant reserves
the right to talk to patrons if they abuse the buffet. |
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6) The Guardian: EADS pressed to sever French link [Pressions des marchés américains pour un désengagement français d'EADS.] http://www.guardian.co.uk/france/story/0,11882,1180103,00.html EADS, the European aerospace and defence group, is under growing pressure from Wall Street investors to dilute or even scrap stakes held by the French government and its other two main shareholders. It is understood that both DaimlerChrysler, the German-US cars group, and Lagardère, the French media group, have been urged by US investors keen to buy into the majority-owner of Airbus to press Paris for a synchronised sell-down. Manfred Bischoff, EADS co-chairman and senior DC executive, warned President Jacques Chirac against turning the group into a purely French player. "In the long run, national interests would best be served if we keep EADS multinational," he told Defense News. Analysts said yesterday EADS "can kiss goodbye to ever having a substantial US business" if it handed over control to the French state which shares equally a 30.13% stake with Lagardère. DC holds a 33% share. The issue has come to a head because Arnaud Lagardère, son and successor to Jean-Luc at the eponymous group, has indicated his desire eventually to sell the EADS stake and focus on the media business. Analysts said both the French group and DC would eventually like to realise the value of their EADS holdings as cash for ei ther acquisition or, in Daimler's case, consolidation of a balance sheet put under pressure by Chrysler's losses. Mr Lagardère has said he will stick to his father's commitment to the EADS stake until the Airbus superjumbo, the 555-seater A380, has entered service in 2006 - and proven its commercial viability. The French state, which is considering a partial privatisation of the power groups Gaz de France and Electricité de France next year, has long held the view that aerospace and defence businesses are "strategic" interests. But Mr Bischoff told Defense News: "Often, the word 'strategic' can be replaced with 'not making money'." Analysts said it would require a substantial cultural change for Paris to allow a more distributed share ownership base. Mr Bischoff said: "They [French officials] are concerned about ownership and fear that the company will be managed only on quarterly results." With the European defence market worth $180bn (£100bn) compared
with the $400bn-plus American market, EADS is keen to reach its target
of 10% profit margins by taking on more US military business. Last year,
with the A380's $1bn annual development costs eating into earnings, the
group made €1.54bn (£1.03bn) pre-tax profits and says it will
make €1.8bn this year. |
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******************************** AFTER all the teary, flower-strewn weddings for gays and lesbians in San Francisco, New York, Oregon and elsewhere, what happens if the happy couples want to split? At the moment, nothing. Since no state has yet officially recognised homosexual marriage, the licences granted by renegade ministers and county officials are useless in terms of who gets the property or, if it comes to that, the children. The feuding newly-weds can just walk away from each other. Not for much longer, perhaps. In May, Massachusetts is due to start granting same-sex marriage licences, though conservatives are trying to stop this through a state constitutional amendment and the courts. The California court system, too, will hear arguments about whether the state is right to define marriage as something that happens between a man and a woman. If California decides that homosexual marriage is legal, says William Hohengarten, a Washington-based partner at Jenner & Block, any break-ups from the recent San Francisco nuptials will probably need to go to the divorce courts. Unless you are Britney Spears in Las Vegas (who rather conventionally married a man, albeit briefly) marriages do not usually break up right away. Belgium, which legalised same-sex marriages in early 2003 (the Netherlands was first, in 2001), has not yet seen any of those couples divorce, according to Hilde Vanbockrijck of Louvain's Catholic University. But it is anyway hard to get unhitched in Belgium, whether gay or straight, before you have endured two years together. Still, same-sex divorce is already keeping legal minds busy. Herma Hill Kay, the former dean of the law school at the University of California at Berkeley, argues in a forthcoming article in the King's College Law Journal that American states are not prohibited by federal law from recognising same-sex marriages performed in other states. Therefore, she says, they should be able to grant same-sex divorcesand even states that oppose gay marriage may have an interest in doing so, because they would be ending something they view as a problem in the first place. If conservative states refuse to do so, they will make the marriages even more binding than those between heterosexuals. Vermont's same-sex civil unions, around since 2000, have already shown how messy inter-state dealings can be. Last year a Texas judge granted a divorce to a homosexual couple unionised in Vermont. But when the state attorney-general weighed in to say that Texas cannot grant a divorce where a marriage never existed, the judge voided his decision. (Texas has no provision for dissolving a civil union, which is the proper way to do things in Vermont.) In Iowa last year, a county judge ended a Vermont civil union, apparently without realising it was between two women (it seemed just a routine part of his paperwork stack). He has since stood by his decision, but state lawmakers and conservatives have challenged it in Iowa's Supreme Court. Of course, couples can always end their civil unions in Vermont. So far, 30 have, out of a total of 6,780 civil unions performed. But it is not always easy for out-of-staters, who account for 85% of all such unions. Vermont requires at least one of the two people wanting to get unhitched to have lived there for a year. Splitting up can be rather more complicated than getting married, or unionised, in the first place. |
| ******************************** 8) The Economist: The Alstom affair [Débat sur l'intervention sarkozienne pour soutenir Alstom.] Face value: The lunatic you work for May 6th 2004 If the corporation were a person, would that person be a psychopath? TO THE anti-globalisers, the corporation is a devilish instrument of environmental destruction, class oppression and imperial conquest. But is it also pathologically insane? That is the provocative conclusion of an award-winning documentary film, called The Corporation, coming soon to a cinema near you. People on both sides of the globalisation debate should pay attention. Unlike much of the soggy thinking peddled by too many anti-globalisers, The Corporation is a surprisingly rational and coherent attack on capitalism's most important institution. It begins with a potted history of the company's
legal form in America, noting the key 19th-century legal innovation that
led to treating companies as persons under law. By bestowing on them the
rights and protections that people enjoy, this legal innovation gave the
company the freedom to flourish. So if the corporation is a person, ask
the film's three Canadian co-creators, Mark Achbar, Joel Bakan and Jennifer
Abbott, what sort of person is it? There is a tendency among anti-globalisers to demonise captains of industry. But according to The Corporation, the problem with companies does not lie with the people who run them. Sir Mark Moody-Stuart, a former boss of Shell, comes across in the film as a sympathetic and human character. At one point, he and his wife greet protesters camped on the front lawn of their English cottage with offers of a cup of tea and apologies for the lack of soya milk for the vegans among them. The film gives Sam Gibara, boss of Goodyear, time to air his opinions, which are given a reasonably neutral edit. Ray Anderson, boss of Interface (which claims, with psychopathic grandiosity, to be the world's largest commercial carpetmaker) is given the hero treatment. Having experienced an epiphany about the destructive and unsustainable nature of modern capitalism, Mr Anderson has donned the preacher's cloth to spread the religion of environmental sustainability among his peers. The main message of the film is that, through their psychopathic pursuit of profit, firms make good people do bad things. Lucy Hughes of Initiative Media, an advertising consultancy, is shown musing about the ethics of designing marketing strategies that exploit the tendency of children to nag parents to buy things, before comforting herself with the thought that she is merely performing her proper role in society. Mark Barry, a competitive intelligence professional, disguises himself as a headhunter to extract information for his corporate clients from rivals, while telling the camera that he would never behave so deceitfully in his private life. Human values and morality survive the onslaught of corporate pathology only via a carefully cultivated schizophrenia: the tobacco boss goes home, hugs his kids and feels a little less bad about spreading cancer. Company executives and foot soldiers alike will identify instantly with this analysis, because it is accurate. But it is also incomplete. The greater insanity For Weber, the greater potential tyranny lay not with the economic bureaucracies of capitalism, but the state bureaucracies of socialism. The psychopathic national socialism of Nazi Germany, communism of Stalinist Soviet rule and fascism of imperial Japan (whose oppressive bureaucratic machinery has survived well into the modern era) surely bear Weber out. Infinitely more powerful than firms and far less accountable for its actions, the modern state has the capacity to behave even in evolved western democracies as a more dangerous psychopath than any corporation can ever hope to become: witness the environmental destruction wreaked by Japan's construction ministry. The makers of The Corporation counter
that the state was not the subject of their film. Fair point. But they
have done more than produce a thought-provoking account of the firm. Their
film also invites its audience to weigh up the benefits of privatisation
versus public ownership. It dwells on the familiar problem of the corporate
corruption of politics and regulatory agencies that weakens public oversight
of privately owned firms charged with delivering public goods. But that
is only half the story. The film has nothing to say about the immense
damage that can also flow from state ownership. Instead, there is a misty-eyed
alignment of the state with the public interest. Run that one past the
people of, say, North Korea. |
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******************************** http://www.economist.com/finance/displayStory.cfm?story_id=2670638 May 13th 2004 ON MAY 11th, after almost five years of hard work and negotiation, the Basel Committee of bank supervisors reached agreement on new international rules for bank capital. Called Basel 2, the rules aim to link capital more closely to the riskiness of banks' assets than existing regulations do. Like the old system, Basel 2 requires capital to be at least 8% of risk-weighted assets. However, whereas the old system of weighting was pretty crude, the new one will be fiendishly complicated. In addition, national supervisors will have discretion to adjust capital requirements, and banks will be expected to disclose more information to investors. From the end of 2006, the original deadline, the rules will apply to smaller, less sophisticated banksbut not in America, where only big, international banks will be subject to Basel 2. Such banks won an extra year in which to comply. They are allowed to use their own internal risk-models to calculate their capital requirements. American regulators complained that the rules for these models needed more work. Even now, it is uncertain that American banks will meet the delayed timetable. John Hawke, head of the Office of the Comptroller of the Currency, one of America's many bank regulators, says that an extensive process remains before Basel 2 can be adopted, including input from Congress and a fourth quantitative impact study (Europeans made do with three). In Europe, where it is intended to apply Basel 2 to all banks, no matter how small, implementation will proceed in two phases. Here too, politics might cause delays. The European Parliament must approve the new system, and there are elections in June. Critics worry that those banks that adopt the rules early will be at a competitive disadvantage. But the biggest challenges likely lie elsewhere. Thus far, most of the work on Basel 2 has focused on pillar 1, the complicated formulas used to assign risk weightings to a bank's various assets, from credit-card debts to government bonds. But pillar 2, which allows national regulators the discretion to tweak regulatory capital levels, and pillar 3, which compels banks to disclose much more information to financial markets, are likely to have a much bigger effect on capital requirements and banks' behaviour, says Christian Pederson of Mercer Oliver Wyman, a consultancy. Much of the relevant work lies ahead. Pillar 2, in particular, is tricky. Big, multinational banks with offices in dozens of countries worry that the latitude given to national regulators could lead to a fiddly patchwork of rules. Others fret that some national regulators are not capable of supervising big banks adequately. Basel 2 is incredibly complicated, as are big banks' risk models, says one consultant. Checking boxes won't be enough. |
| ******************************** 10) The Miami Herald/Dave Barry: Don't mean to be rude? Read rules [Essai humoristique sur les règles à suivre, notamment pour faire la queue !!!!!!!.] http://www.miami.com/mld/miamiherald/living/columnists/dave_barry/8673124.htm Posted on Sun, May. 16, 2004 Don't mean to be rude? Read rules by DAVE BARRY OK, here are the rules: 1. If there's a line, you get at the end of the line, and you wait your turn. 2. You own ONE place in the line. You do NOT have the right to invite friends to join you in the line. This is rude to the people behind you, who got there before your friends, and will now have to wait longer. If you want to be with your friends, you can join them at the back of the line. And, no, it's not enough to ask the person immediately behind you if it's OK for your friends to butt in. This person does not speak for the entire line. Also this person pretty much has to say yes, but only because he or she, being less rude than you, wants to avoid confrontation. EXCEPTION: You may invite an immediate family member such as your spouse or child to join you in the line. There are no other exceptions. EXCEPTION: Halle Berry. 3. If you're one of those people who go directly to the front of the line and either pretend you don't see the line, or act as though you somehow KNOW that your situation is more urgent than that of anybody else waiting, and somebody in line objects, and you make some vague apology but remain at the front of the line, you will rot in hell. Also the cashier will hate you, although generally he or she will say nothing, as cashiers don't get paid enough to argue with jerks. 4. If you're in a supermarket checkout line, and you realize that you forgot an item, you're allowed to go get it, provided that (1) you apologize to the people behind you, (2) you know exactly where the item is, and (3) you hurry. If you forgot TWO items, take your cart out of line. You are NOT allowed to leave your cart blocking the line while you wander the aisles trying to recall the ingredients for Beef Tongue Flambeau. NOTE: Before you serve beef tongue to innocent people, you should think about the kinds of things that cows lick. 5. If you're in the express lane, and the sign says 10 ITEMS OR LESS, then you should have no more than . . . OK, we'll allow 12 items. We're not Nazis here. EXCEPTION: Halle Berry can have as many items as she wants. 6. At a movie theater, you may save seats for a few people if the theater is not crowded. If the theater is crowded, you may save seats only if the people you're saving them for are on the premises, defined as ''in the building or the parking lot.'' If the previews of coming attractions have started, and the theater is filling up, and you're still defending seats for theoretical people who have not yet arrived, and an actual, physical person attempts to sit down, and you hiss ''That's saved,'' and the person ''accidentally'' trips and spills that stanky movie-theater nacho cheese all over your hair, and you press assault charges, and we get selected to serve on the jury, we're voting for acquittal. 7. Do not talk during the movie unless you have something important to say. (Example: ''My water just broke.'') You may talk quietly during the previews of coming attractions. EXCEPTION: Halle Berry. 8. At class plays, music recitals, graduations, etc., you may save a few seats for your IMMEDIATE FAMILY, and then only for a reasonable time. You may not arrive an hour early and squat at the end of a row, or even two rows, and save large blocs of seats for relatives so distant that some of them are not even vertebrates. NOTE: This rule applies even if you have turned the seating area into an indoor yard sale by marking each ''saved'' seat with a personal item such as a sweater, purse, sock, brassiere, etc. EXCEPTION: If we see a seat marked by dentures, we're sitting somewhere else. 9. If you're talking on your cell phone in public, and people keep glancing at you, it's not because they're impressed by the fact that you are a busy, productive person. It's because YOU'RE TALKING TOO LOUD. 10. (This rule was suggested by our Research Department, Judi Smith, who one day will open fire with a machine gun in a public restroom:) If you're a woman using a toilet, and, because you are dainty and fastidious, you elect not to sit on the seat, but instead hover over it like a UFO from the Planet Weewee, and as a result you spatter the seat, do NOT just leave your mess, as if no human will ever use this toilet again. CLEAN UP AFTER YOURSELF. EXCEPTION: Sorry, Halle. Judi says you, too. |