BANK FOR INTERNATIONAL SETTLEMENTS BIS REVIEW NO. 116: FINANCIAL MARKETS

September 30, 2008 at 3:07 pm | In Economics, Financial, Globalization, Research | Leave a Comment

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BIS Review

Bank for International Settlements

BIS Review No 116 available‏

Press, Service (Press.Service@bis.org)

Publications, Service (Publications@bis.org)

bisrev116…pdf (124.4 KB)

Tue 9/30/08

Please find BIS Review No 116 attached as an Adobe Acrobat (PDF) file.

Alternatively, you can access this BIS Review on the Bank for International Settlements’ website by clicking on http://www.bis.org/review/index.htm.

What’s included?

BIS Review No 116 (30 September 2008)

Axel A Weber: Financial markets and monetary policy

Mark Carney: Reflections on recent international economic developments

Ajith Nivard Cabraal: The role of productivity improvement in achieving economic prosperity

Lorenzo Bini Smaghi: Celebrating 50 years of Europe

José Manuel González-Páramo: Central banks and the financial turmoil

________________________________

please e-mail press.service@bis.org.

BIS Review

Bank for International Settlements

BIS Review No 116 available

Press, Service (Press.Service@bis.org)

Publications, Service (Publications@bis.org)

bisrev116…pdf (124.4 KB)

Tue 9/30/08

BRAZIL MARKETS: BCB

September 30, 2008 at 2:24 pm | In Brazil, Financial, Globalization, Latin America, Research | Leave a Comment

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Focus – Market Readout – September 26, 2008

Brazil – Investor Relations Group gerin@bcb.gov.br

Mon, 29 Sep 2008

gerin@bcb.gov.br

The link to the weekly report is

Focus – Market Readout -  September 26, 2008.
I

nvestor Relations Group
Phone +55 (61) 3414-3980
Fax +55 (61) 3414-3749

E-mail: gerin@bcb.gov.br

Links:
Time Series of Market Expectations
Other Reports from Gerin (Investor Relations Group)

No e-mail transmissions can be guaranteed to be error free. The sender therefore cannot accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission.
e-mail to
gerin@bcb.gov.br

Focus – Market Readout – September 26, 2008

Brazil – Investor Relations Group gerin@bcb.gov.br

Mon, 29 Sep 2008

SUSTAINABLE ENERGY POLICIES: IEEP BRUSSELS

September 30, 2008 at 2:45 am | In Earth, Globalization, Research, World-system | Leave a Comment

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New Report – Climate Change and Sustainable

Energy Policies in Europe and the United States‏

on behalf of swithana@ieep.eu

Climate Change Info (climate-l@lists.iisd.ca)

Tue 9/30/08

Sirini Withana
Policy Analyst
Institute for European Environmental Policy (IEEP)
Quai au Foin, 55
1000 Brussels
Belgium

Dear all,

IEEP and our partner, the Natural Resources Defense Council (NRDC) have published a report on “Climate Change and Sustainable Energy Policies in Europe and the United States”. This report includes the main conclusions of our joint project – Transatlantic Platform for Action on the Global Environment (T-PAGE). T-PAGE has provided a platform for debate to stimulate dialogue and exchange of experiences between environmental NGOs, academia and other interested civil society organisations in the U.S. and EU. The project has been co-funded by the European Commission within the framework of its programme to promote transatlantic dialogues at the non-governmental level.

This report includes the series of research papers produced during the course of the project. The papers include summaries of European and U.S policies on climate change and energy; an analysis of the EU Emission Trading Scheme (ETS); a summary of the current state of U.S. policy on cap and trade; a summary of policy approaches to promoting biofuels on both sides of the Atlantic; and an analysis of EU and U.S. public perceptions of the environment and climate change.

The project culminated in a final conference held in Washington DC in April 2008. At this conference, participants agreed that greenhouse gas emissions from the transport sector should be addressed as a priority in overall climate policy through a broad mix of policy tools; while on the issue of biofuels, participants recommended a common strategy based on a combination of perspectives and called for a critical evaluation of the impact of biofuel production methods and outputs on the environment.

The report is available from: http://www.ieep.eu/publications/pdfs/tpage/tpageccfinalreport.pdf

For further information on the T-PAGE project, please visit the project website: http://www.ieep.eu/projectminisites/t-page/

Sirini Withana
Policy Analyst
Institute for European Environmental Policy (IEEP)
Quai au Foin, 55
1000 Brussels
Belgium

Direct tel: +32 (0)2 738 7479
Switchboard tel: +32 (0)2 738 7482
Fax: +32 (0)2 732 4004
email:swithana@ieep.eu

The Institute for European Environmental Policy is an independent not-for-profit institute. IEEP undertakes work for external sponsors in a range of policy areas. We also have our own research programmes and produce the Manual of Environmental Policy: The EU and Britain www.mep-online.com. For further information about IEEP, see our website at http://www.ieep.eu/ or contact any staff member

- http://www.climate-l.org – A knowledgebase of International Climate Change Activities, provided by IISD in cooperation with the United Nations System Chief Executives Board for Coordination (CEB) Secretariat

- IISD for environment and sustainable development policy professionals at http://www.iisd.ca/email/subscribe.htm

New Report – Climate Change and Sustainable Energy Policies in Europe and the United States‏

on behalf of swithana@ieep.eu

Climate Change(climate-l@lists.iisd.ca)

Tue 9/30/08

BERNANKE STATEMENT: FRB ATLANTA

September 29, 2008 at 5:34 pm | In Economics, Financial, Globalization, Research | Leave a Comment

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FRB Atlanta Circular Letters‏

AtlantaFed@frbatlanta.org

Mon 9/29/08

September 29, 2008

Statement by Chairman Bernanke on agreement by the Congress and the Administration

I welcome the agreement by the Congress and the Administration on a comprehensive plan to stabilize our financial system and support our economy. This legislation should help to restore the flow of credit to households and businesses that is essential for economic growth and job creation, while at the same time affording strong and necessary protections for taxpayers. I look forward to swift passage of the legislation.
In addition, the Federal Reserve Board supports the timely actions taken by the Federal Deposit Insurance Corporation, which demonstrate our government’s unwavering commitment to financial and economic stability.

Federal Reserve and Other Central Banks Announce Further Coordinated Actions to Expand Significantly the Capacity to Provide U.S. Dollar Liquidity
In response to continued strains in short-term funding markets, central banks today are announcing further coordinated actions to expand significantly the capacity to provide U.S. dollar liquidity. Central banks will continue to work together closely and are prepared to take appropriate steps as needed to address funding pressures.

Federal Reserve Bank of Richmond Ready to Provide Liquidity in Wachovia Transition
The banking operations of Wachovia Corp., which is headquartered in Charlotte, N.C., are being acquired by Citigroup Inc. The transaction is being facilitated by the Federal Deposit Insurance Corporation and concurred with by the Board of Governors of the Federal Reserve and the Secretary of the Treasury.

Annual Adjustments for Reserve Calculations and Deposit Reporting, Regulation D

The Federal Reserve Board announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2009. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective 2009.

http://www.frbatlanta.org/bank_info/circ_router.cfm

Visit our Web site, www.frbatlanta.org

RSS (Real Simple Syndication):

Speeches, events, circular letters, and more are available through http://www.frbatlanta.org/rss/rss.cfm

For a list of items recently posted to the Atlanta Fed’s Web site, go to http://www.frbatlanta.org/whatsnew.cfm

FRB Atlanta Circular Letters‏

AtlantaFed@frbatlanta.org

Mon 9/29/08

FEDERAL RESERVE AND U.S. DOLLAR LIQUIDITY

September 29, 2008 at 4:24 pm | In Economics, Financial, Globalization, Research, USA | Leave a Comment

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Federal Reserve and other central banks announce

further coordinated actions to expand significantly

the capacity to provide U.S. dollar liquidity‏

Federal Reserve Board Notification

Board of Governors of the Federal Reserve System

frboard-webannouncements@federalreserve.gov

Mon 9/29/08

Federal Reserve and other central banks announce further coordinated actions to expand significantly the capacity to provide U.S. dollar liquidity

http://www.federalreserve.gov/newsevents/press/monetary/20080929a.htm

Released by the Board of Governors of the Federal Reserve System

Schedule of upcoming postings to the Board’s website
List of items posted to the Board’s website over the past two weeks

If you have any questions or problems e-mail support@govdelivery.com for assistance.

Visit us on the web at www.federalreserve.gov.

20th Street and Constitution Avenue NW · Washington DC 20551 · Phone: 202-452-3000

Federal Reserve and other central banks announce further coordinated actions to expand significantly the capacity to provide U.S. dollar liquidity‏

Federal Reserve Board Notification

frboard-webannouncements@federalreserve.gov

Mon 9/29/08

U.S. GDP AND CORPORATE PROFITS: SECOND QUARTER 2008

September 28, 2008 at 3:49 pm | In Economics, Financial, Research, USA | Leave a Comment

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BEA News: GDP and Corporate Profits 2nd Qtr 2008

(final)‏

U.S. Bureau of Economic Analysis (subscribe@bea.gov)

Fri 9/26/08

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.8 percent in the second quarter of 2008, (that is, from the first quarter to the second quarter), according to final estimates released by the Bureau of Economic Analysis.

The full text of the release on BEA’s Web site can be found at
http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

The Bureau of Economic Analysis is on the web at http://www.bea.gov..

If you have questions or need assistance, please e-mail subscribe@bea.gov.

U.S. Bureau of Economic Analysis · 1441 L Street NW · Washington DC

20230 · 202-606-9900

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa Mataloni:

(202) 606-5356

(GDP)

Recorded message:

(202) 606-5306

GROSS DOMESTIC PRODUCT: SECOND QUARTER 2008 (FINAL)
CORPORATE PROFITS: SECOND QUARTER 2008 (FINAL)

Real gross domestic product — the output of goods and services produced by labor and property

located in the United States — increased at an annual rate of 2.8 percent in the second quarter of 2008,

(that is, from the first quarter to the second quarter), according to final estimates released by the Bureau

of Economic Analysis. In the first quarter, real GDP increased 0.9 percent.

The GDP estimates released today are based on more complete source data than were available for the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was 3.3 percent (see “Revisions” on page 3).

The increase in real GDP in the second quarter primarily reflected positive contributions from exports, personal consumption expenditures (PCE), nonresidential structures, federal government spending, and state and local government spending that were partly offset by negative contributions

from private inventory investment, residential fixed investment, and equipment and software. Imports, which are a subtraction in the calculation of GDP, decreased.

The acceleration in real GDP growth in the second quarter primarily reflected a larger decrease in imports than in the first quarter, an acceleration in exports, a smaller decrease in residential fixed investment,an acceleration in nonresidential structures, an upturn in state and local government spending, and an acceleration in PCE that were partly offset by larger decreases in inventory investment and in equipment and software.

FOOTNOTE.–Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2000) dollars. Price indexes are chain-type

measures.

This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release.

Final sales of computers contributed 0.17 percentage point to the second-quarter growth in real GDP after contributing 0.05 percentage point to the first-quarter growth. Motor vehicle output subtracted 1.01 percentage points from the second-quarter growth in real GDP after subtracting 0.41 percentage point from the first-quarter growth.

The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 4.2 percent in the second quarter, the same as in the preliminary estimate; this index increased 3.5 percent in the first quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 2.2 percent in the second quarter, the same increase as in the first quarter.

Real personal consumption expenditures increased 1.2 percent in the second quarter, compared with an increase of 0.9 percent in the first. Real nonresidential fixed investment increased 2.5 percent, compared with an increase of 2.4 percent. Nonresidential structures increased 18.5 percent, compared with an increase of 8.6 percent. Equipment and software decreased 5.0 percent, compared with a decrease of 0.6 percent. Real residential fixed investment decreased 13.3 percent, compared with a decrease of 25.1 percent.

Real exports of goods and services increased 12.3 percent in the second quarter, compared with an increase of 5.1 percent in the first. Real imports of goods and services decreased 7.3 percent, compared with a decrease of 0.8 percent.

Real federal government consumption expenditures and gross investment increased 6.6 percent in

the second quarter, compared with an increase of 5.8 percent in the first. National defense increased 7.3

percent, the same increase as in the first. Nondefense increased 5.0 percent, compared with an increase

of 2.9 percent. Real state and local government consumption expenditures and gross investment

increased 2.5 percent, in contrast to a decrease of 0.3 percent.

The real change in private inventories subtracted 1.50 percentage points from the second-quarter

change in real GDP, after subtracting 0.02 percentage point from the first-quarter change. Private

businesses decreased inventories $50.6 billion in the second quarter, following a decrease of $10.2

billion in the first quarter and a decrease of $8.1 billion in the fourth.

Real final sales of domestic product — GDP less change in private inventories — increased 4.4 percent in the second quarter, compared with an increase of 0.9 percent in the first.

Gross domestic purchases

Real gross domestic purchases — purchases by U.S. residents of goods and services wherever produced — decreased 0.1 percent in the second quarter, in contrast to an increase of 0.1 percent in the first.

Gross national product

Real gross national product — the goods and services produced by the labor and property supplied by U.S. residents — increased 2.1 percent in the second quarter, compared with an increase of 0.1 percent in the first. GNP includes, and GDP excludes net receipts of income from the rest of the world, which decreased $20.2 billion in the second quarter after decreasing $22.6 billion in the first; in the second quarter, receipts decreased $23.7 billion, and payments decreased $3.6 billion.

Current-dollar GDP

Current-dollar GDP — the market value of the nation’s output of goods and services — increased 4.1 percent, or $143.7 billion, in the second quarter to a level of $14,294.5 billion. In the first quarter, current-dollar GDP increased 3.5 percent, or $119.6 billion.

Revisions

The final estimate of the second-quarter increase in real GDP is 0.5 percentage point, or $12.9 billion, less than the preliminary estimate issued last month. The downward revision to the percent change in real GDP primarily reflected downward revisions to personal consumption expenditures, to exports, and to equipment and software that were partly offset by an upward revision to nonresidential structures.

Advance Preliminary Final

(Percent change from preceding quarter)

Real GDP……………………………………….. 1.9 3.3 2.8

Current-dollar GDP………………………………. 3.0 4.6 4.1

Gross domestic purchases price index………………. 4.2 4.2 4.2

Corporate Profits

Profits from current production (corporate profits with inventory valuation and capital

consumption adjustments) decreased $60.2 billion in the second quarter, compared with a decrease of

$17.6 billion in the first quarter. Current-production cash flow (net cash flow with inventory valuation and capital consumption adjustments) — the internal funds available to corporations for investment — decreased $60.5 billion in the second quarter, in contrast to an increase of $10.1 billion in the first.

Taxes on corporate income increased $3.9 billion in the second quarter, in contrast to a decrease of $30.6 billion in the first. Profits after tax with inventory valuation and capital consumption adjustments decreased $64.1 billion in the second quarter, in contrast to an increase of $13.0 billion in the first. Dividends increased $13.9 billion, compared with an increase of $16.1 billion; current-production undistributed profits decreased $78.1 billion, compared with a decrease of $3.1 billion.

Domestic profits of financial corporations decreased $31.0 billion in the second quarter, in contrast to an increase of $37.3 billion in the first. Domestic profits of nonfinancial corporations decreased $4.2 billion in the second quarter, compared with a decrease of $32.1 billion in the first. In the second quarter, real gross corporate value added increased, and profits per unit of real value added decreased. The decrease in unit profits reflected a decrease in unit prices and an increase in nonlabor costs that were partly offset by a decrease in unit labor costs.

The rest-of-the-world component of profits decreased $25.0 billion in the second quarter,

compared with a decrease of $22.8 billion in the first. This measure is calculated as (1) receipts by U.S.residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The second-quarter decrease was accounted for by a smaller increase in receipts than in payments.

Profits before tax with inventory valuation adjustment is the best available measure of industry profits because estimates of the capital consumption adjustment by industry do not exist. This measure reflects depreciation-accounting practices used for federal income tax returns. According to this measure, domestic profits of financial corporations decreased, while domestic profits of nonfinancial corporations increased. The increase in nonfinancial corporations reflected increases in “other” nonfinancial industries, in utilities, in wholesale trade, in information, and in transportation and

warehousing, that were partly offset by decreases in manufacturing and in retail trade. Within manufacturing, a decrease in durable goods industries was partly offset by an increase in nondurable goods industries. Within durables, all the industries shown decreased. Within nondurables, the largest increase was in chemical products, and the largest decrease was in petroleum and coal products.

Profits before tax decreased $0.9 billion in the second quarter, compared with a decrease of $143.4 billion in the first. The before-tax measure of profits does not reflect, as does profits from current production, the capital consumption and inventory valuation adjustments. These adjustments convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to the current-cost measures used in the national income and product accounts. The capital consumption adjustment decreased $14.7 billion in the second quarter (from -$48.0 billion to -$62.7 billion), in contrast to an increase of $161.2 billion in the first. The inventory valuation adjustment decreased $44.6 billion (from -$109.4 billion to -$154.0 billion), compared with a decrease of $35.3 billion.

BEA’s national, international, regional, and industry estimates; the Survey of Current Business;and BEA News releases are available on BEA’s Web site at www.bea.gov.

Next release — October 30, 2008, at 8:30 A.M. EDT for:

Gross Domestic Product: Third Quarter 2008 (Advance)

BEA News: GDP and Corporate Profits 2nd Qtr 2008 (final)‏

U.S. Bureau of Economic Analysis · 1441 L Street NW · Washington DC

20230 · 202-606-9900

U.S. Bureau of Economic Analysis (subscribe@bea.gov)

Fri 9/26/08

FINANCIAL STABILITY FORUM ALERT SEPTEMBER 26 2008: BIS BASEL

September 27, 2008 at 2:11 pm | In Economics, Financial, Globalization, Research | Leave a Comment

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FSF E-Mail Alert‏

FINANCIAL STABILITY FORUM

BIS

fsforum@bis.org

Sat 9/27/08

FSF e-mail alert

on 27.09.2008 06:00 (GMT)

daily news on phrase financial stability international(any word) at a glance:

1 new document(s) found since 26.09.2008.

1. Twentieth Meeting of the FSF, Amsterdam (29-30 Sept 08)

(26.09.2008 09:47) – PDF, 18295 bytes

Press Alert

FDRAR FINANCIAL STABILITY FORUM

Centralbahnplatz 2 · CH-4002 Basel · Switzerland

Tel: +41 61 280 8080 · Fax: +41 61 280 9100 ·

Service.FSForum@bis.org 1/1 Press alert

Press enquiries: BIS Press Office press.service@bis.org

+41 61 280 8080

http://www.fsforum.org/press/pr_080926.pdf

FSF e-mail alert

FSF E-Mail Alert‏

fsforum@bis.org

Sat 9/27/08

INTERNATIONAL BONDS: “FRBSF ECONOMIC LETTER”

September 27, 2008 at 1:40 am | In Economics, Financial, Globalization, Research | Leave a Comment

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FRBSF Economic Letter:

The EMU Effect on the Currency Denomination of

International Bonds

Researchpubs.sf@sf.frb.org

Fri 9/26/08

FRBSF Economic Letter 2008-30 has been posted on the Federal

Reserve Bank of San Francisco’s Web site

http://www.frbsf.org/publications/economics/letter/2008/el2008-30.html

Title:The EMU Effect on the Currency Denomination of International

Bonds

By: Galina Hale and Mark M. Spiegel

This Letter reviews recent work that focuses on micro-level data to study the impact of the launch of the EMU on the currency denomination of international bonds.

Fed in Print at

http://www.frbsf.org/publications/fedinprint/index.html

http://www.frbsf.org/tools/allsubscriptions/login.cfm?chooseLayer=economics

please email Researchpubs.sf@sf.frb.org

FRBSF Economic Letter: The EMU Effect on the Currency Denomination

of International Bonds

Researchpubs.sf@sf.frb.org

Fri 9/26/08

“SMART ENERGY”: FOURTH ANNUAL NORTH AMERICAN CONFERENCE OCTOBER 16 2008

September 26, 2008 at 11:34 pm | In Economics, Financial, Research, Science & Technology | Leave a Comment

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UtiliPoint’s Fourth Annual North American Conference‏

October 16 & 17, 2008

The Woodlands, in Houston, TX

Energy Industry Issues Newsletter (issuealerthtml@vlist.atwk.com)

on behalf of IssueAlert@UTILIPOINT.COM

IssueAlert@UTILIPOINT.COM

Fri 9/26/08

A Smart utility and energy company will be one that recognizes that “Smart Energy” is not just a fad, but rather a trend that will affect every aspect of the industry and will continue to grow with technologies incentives including: smart meters; smart distribution technologies; emission technology mandates; renewable mandates such as wind, solar and biomass; federal and state government legislation encouraging the use of emission-free electricity; and customer management of their energy consumption through new tools and applications.

UtiliPoint’s 2008 North American Conference, October 16 & 17, 2008, at The Woodlands, in Houston, TX will bring together utility and energy industry leaders to address what makes up a smart utility or energy company. Including answers to critical questions:

  • Is Smart Metering required for the Smart Grid?

  • What role will energy efficiency play in the future?

  • Will we see a cap and trade mandate in the next 12 months?

  • Will dynamic pricing be the norm for residential customers?

  • How will we provide customer service in a Smart Grid world?

  • And much more

Who should attend:

Billing
CIS/CRM
Energy Management
Environmental Compliance
Financial
Generation
Information Technology

WHO SHOULD ATTEND

Mergers & Acquisitions
Metering
Regulatory
T&D Automation
Trading & Risk Management
Transmission & Distribution

The Woodlands Resort & Conference Center
2301 N. Millbend Drive
The Woodlands, Texas 77380
www.woodlandsresort.com

The Woodlands Resort & Conference Center

Due to Hurricane Ike, and the outages currently being experienced throughout Houston and The Woodlands, you may not be able to make your hotel reservation at The Woodlands Resort & Conference Center by telephone. If you are unable to reach them by telephone, you may email your reservation request to Ms. Ceci Hernandez at Ceci.Hernandez@woodlandsresort.com. She will coordinate your reservation directly with the reservation department and provide final confirmation to you via e-mail.

In addition, The Woodlands has agreed to extend our group rate per night until Monday, September 29, 2008.

Please include your complete contact information, arrival date, departure date, and any special reservation needs you may have. You will also need to reference UtiliPoint’s Group Reservation ID #60K7CS.

If you have any questions, please feel free to contact Nannette Schervone at (818) 907-6707.

To make your reservation, please contact The Woodlands Resort ‘s Reservation Department at (800) 433-2624 or (281) 367-1100 and reference our group’s Reservation ID #60K7CS


www.woodlandsresort.com

For additional information about UtiliPoint’s 2008 North American Conference, please contact Nannette Schervone at (818) 907-6707 or via e-mail at nschervone@utilipoint.com

The AMI MDM Working Group’s Fall 2008 Workshop is co-located with UtiliPoint’s Fourth Annual North American Conference. This Workshop will include a tour of CenterPoint Energy’s SmartGrid Lab. For more information on the AMI MDM Working Group Workshop, please visit www.amimdm.com.

UtiliPoint is a leader in providing research and consulting services to the utility and energy industries. Our 75-year history and over 500 clients worldwide have led us to currently operate as a utility and energy consulting and issues analysis firm. Our staff is comprised of leading experts with diverse backgrounds in utility generation, transmission & distribution, retail markets, mergers and acquisitions, new technologies, venture capital, information technology, outsourcing, customer service, advanced metering, meter data management, renewable energy, regulatory affairs, and international issues. Learn more at www.utilipoint.com.

contactus@utilipoint.com

www.utilipoint.com

UtiliPoint’s Fourth Annual North American Conference‏

October 16 & 17, 2008

The Woodlands, in Houston, TX

Energy Industry Issues Newsletter (issuealerthtml@vlist.atwk.com)

on behalf of IssueAlert@UTILIPOINT.COM

IssueAlert@UTILIPOINT.COM

Fri 9/26/08

CANTO 12 OF LORD BYRON’S “DON JUAN” AS A CRITIQUE OF GLOBALIZATION AND THE ROTHSCHILDS

September 26, 2008 at 9:56 pm | In Art, Books, Globalization, Literary, Philosophy, United Kingdom, World-system | Leave a Comment

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Lord Byron’s poetical critique of globalizing

capitalism and the Rothschilds…

Byron’s Don Juan as a global allegory.(Lord Byron)

“Who hold the balance of the world? Who reign

O’er congress, whether royalist or liberal?

Who rouse the shirtless patriots of Spain? [*]

(That make old Europe’s journals squeak and gibber all.)

Who keep the world, both old and new, in pain

Or pleasure? Who make politics run glibber all?

The shade of Buonaparte’s noble daring? —

Jew Rothschild, and his fellow-Christian, Baring.

VI

Those, and the truly liberal Lafitte,

Are the true lords of Europe. Every loan

Is not a merely speculative hit,

But seats a nation or upsets a throne.

Republics also get involved a bit;

Columbia’s stock hath holders not unknown

On ‘Change; and even thy silver soil, Peru,

Must get itself discounted by a Jew.”

THE DEDICATION IS ONE OF THE MOST CITED PASSAGES IN DON JUAN,

The Dedication, then, is treated as literary and political criticism, but what is overlooked is its specifically economic content. For Byron, Robert Southey and Wordsworth are “sellouts” in the first sense–they have compromised themselves for money:

I would not imitate the petty thought, Nor coin my self-love to so base a vice, For all the glory your conversion brought, Since gold alone should not have been its price. You [Southey] have your salary–was’t for that you wrought? And Wordsworth has his place in the Excise. (1)

Byron then departs from this critique of poets to make a larger attack upon British foreign policy, upon the ‘”intellectual eunuch Castlereagh” and the Holy Alliance, the “Conspiracy or congress to be made– / Cobbling at manacles for all mankind– / A tinkering slavemaker, who mends old chains, / With God and man’s abhorrence for its gains” (14). There is a movement from the micro-level of individual behavior, to the national level, to the international level–from Wordsworth’s gold to Castlereagh’s gains–and to explore this movement is to see the nature of Byron’s critique of globalizing capitalism.

Byron’s uneasy relationship with the British economic empire is found as early as The Curse of Minerva. Although Minerva’s narrator tries to fend off her curse by arguing that the plunderer of Greek ruins, Lord Elgin, was a Scot, she negates the distinction, responding that Elgin is a “lawless son / … do[ing] what oft Britannia’s self had done” (211-12). Elgin’s sin is to turn sacred ruins into commerce. “Long of their Patron’s gusto let them tell, / Whose noblest, native gusto is–to sell: / To sell, and make, may Shame record the day, / The State receiver of his pilfer’d prey” (171-74; author’s emphasis). Hence, Minerva’s analysis of the corruption of British society, and her retributive curse, is economic in nature; after a scathing critique of British imperialism, which includes the prediction of a nationalist rebellion in India, she turns to London:

Now fare ye well, enjoy your little hour, Go grasp the shadow of your vanish’d power; Gloss o’er the failure of each fondest scheme, Your strength a name, your bloated wealth a dream: Gone is that Gold, the marvel of mankind, And Pirates barter all that’s left behind. No more the hirelings, purchas’d near and far, Crowd to the ranks of mercenary war. The idle merchant on the useless quay, Droops o’er the bales no bark may bear away; Or back returning sees rejected stores Rot piecemeal on his own encumber’d shores: The starv’d mechanic breaks his rusting loom, And desperate roans him ‘gainst the common doom. Then in the Senate of your sinking state, Show me the man whose counsels may have weight. Vain is each voice where tones could once command, E’en factions cease to charm a factious land; Yet jarring sects convulse a sister isle, And light with maddening hands the mutual pile. (259-78)

The poem’s commercialized world fits

Wallerstein and Fernand Braudel’s model of

a “world-system”

Byron’s economic views were internationalist in scope.

Don Juan does not focus on a labor-based class struggle; we are never taken inside a factory, or onto a plantation raising crops for export to the core powers (a major element in Immanuel Wallerstein’s globalized model of capitalism).

However, the poem’s commercialized world fits Wallerstein and Fernand Braudel’s model of a “world-system,” as Byron depicts countries sewn ever closer together by trade and finance, a process guided by the hegemonic core of the order, Great Britain.  Braudel emphasizes that although the world is composed of various orders–cultural, social, political, and economic–”[w]ith modern times, nevertheless, the primacy of economics became more and more overwhelming,” an observation mirrored in Byron’s cynical statement from an 1814 letter: “I have simplified my politics into an utter detestation of all existing governments…. The fact is, riches are power, and poverty is slavery all over the earth, and one sort of establishment is no better, nor worse, for a people than another.”

Hence we see globalization is a not fundamentally contemporary event and we must recognize that it has a long history.

I

Begin with canto 12, the economic heart of Don Juan.

Byron had a love/hate relationship with Napoleon, alternately celebrating him as a liberator, denouncing him as a tyrant, and criticizing him on a purely aesthetic level (in the Ode to Napoleon Buonaparte, Byron judges Napoleon’s handling of his fall from power against classical models and finds him lacking). Here, however, he gives an entirely new perspective on Napoleon’s historical significance, on why he fell and the power that guides the world:

Who hold the balance of the world? Who reign O’er Congress, whether royalist or liberal? Who rouse the shirtless patriots of Spain? (That make old Europe’s journals squeak and gibber all.) Who keep the world, both old and new, in pain Or pleasure? Who make politics run glibber all? The shade of Bonaparte’s noble daring?– Jew Rothschild, and his fellow Christian Baring. (12.5)

Rothschild and Baring were, of course, bankers who played key parts in the consolidation of post-1815 Europe’s political structure, while Rothschild was the major financial element in Britain’s defeat of Napoleon, conveying gold specie to the cash-poor Wellington.  As the statesman Henry Dundas famously told William Pitt at the beginning of the wars with Revolutionary France, “All modern Wars are a Contention of Purse,” and Nathan Rothschild, considered a “Napoleon of finance” by his brothers, was “the principal conduit of money from the British government to the continental battlefields on which the fate of Europe was decided in 1814 and 1815.”

According to Niall Ferguson, after Waterloo the Rothschilds outpaced the Barings as the main developers of the international bond market, becoming the “chief ally of the Holy Alliance”: “In so far as they helped to finance Austrian intervention in Italy and French intervention in Spain, the Rothschilds deserve to be thought of as financiers of ‘reaction’” (Ferguson 137). However, Ferguson emphasizes that what was important to the bankers was not politics per se, but business opportunities; “[t]he attraction of counter-revolution … was not that it restored despots, but that it developed new financial needs” (142).

“Who hold the balance of the world?” For Byron, the world is balanced in England, although significantly it is not politicians (“run[ning] glibber all”) who do the balancing, but businessmen. It would be a mistake to view the opening of canto 12 as an attack on Jewish financiers; nor is it merely describing bankers, as Byron discusses not just banking but trade in general. The figure he describes is not specifically a banker, or merchant, but the “miser,” guided by the rational spirit of accumulation, and Byron describes the miser’s “pleasure that can never pall” (12.3) in a Weberian manner:

… the frugal life is his, Which in a saint or cynic ever was The theme of praise: a hermit would not miss Canonization for the self-same cause, And wherefore blame gaunt Wealth’s austerities? Because, you’ll say, nought calls for such a trial;– Then there’s more merit in his self-denial. (12.7)

Whatever “great projects [are] in his mind, / To build a college, or to found a race” (12.10), his primary purpose is to accumulate. Citing these passages,  some have argued that the misers do not represent dynamic economic expansion, but rather create a sinkhole, “fetishizing the tokens of commerce and blocking exchange.” Yet the misers’ wealth is based on exchange, as “The lands on either side are his: the ship / From Ceylon, Inde, or far Cathay, unloads / For him the fragrant produce of each trip” (12.9).

Moreover, this wealth directs political affairs and determines the outcome of revolutions: “Every loan / Is not a merely speculative hit, / But seats a nation or upsets a throne” (12.6). For all Castlereagh’s power as a foreign secretary, Byron referred to him as a weak figure, an “intellectual eunuch” (Dedication I I). Now we see why. The source of the “wealth of worlds (a wealth of tax and paper)” (10.83) is the misers, who are dealing with the real thing–the “ore” and “ingots,” or, in a word, the capital.

In fact, despite the paper-based nature of loans, if anything had permanence in Byron’s poetic depiction of a fallen world with its golden age long past, it is misers and their moneymaking. All is transitory, politicians rise and fall, “Weigh’d in the balance, hero dust / Is vile as vulgar clay” (Ode to Napoleon Buonaparte 100-101), and the thoughtful observer can find nothing of lasting value; in Childe Harold’s Pilgrimage IV Byron had lamented, “What from this barren being do we reap? / Our senses narrow, and our reason frail, / Life short, and truth a gem which loves the deep, / And all things weigh’d in custom’s falsest scale” (93). By contrast, the miser, with no place in the public mythology of leadership, has both poetic and social power:

He is your only poet;–passion, pure And sparkling on from heap to heap, displays Possess’d, the ore, of which mere hopes allure Nations athwart the deep … His very cellars might be kings’ abodes; While he, despising every sensual call, Commands–the intellectual lord of all. (12.8-9)

Overall, the passage functions as a sophisticated thematic rewriting of its clear influence in terms of imagery, the Cave of Mammon canto in Book 2 of Spenser’s The Faerie Queene. Mammon’s “masse of coyne,” “great Ingoes” and “wedges square” (2.7.4-5) make him the “greatest god below the skye,” overseeing “Riches, renowme, and principality, / Honour, estate, and all this worldes good” (2.7.8).

The influence of his wealth does not, at least explicitly, represent any particular economic system, but rather the temptation of the World, the Flesh and the Devil…

Don Juan: CANTO THE TWELFTH

I.

Of all the barbarous middle ages, that

Which is most barbarous is the middle age

Of man; it is — I really scarce know what;

But when we hover between fool and sage,

And don’t know justly what we would be at —

A period something like a printed page,

Black letter upon foolscap, while our hair

Grows grizzled, and we are not what we were; —

II

Too old for youth, — too young, at thirty-five,

To herd with boys, or hoard with good threescore, —

I wonder people should be left alive;

But since they are, that epoch is a bore:

Love lingers still, although ‘t were late to wive;

And as for other love, the illusion’s o’er;

And money, that most pure imagination,

Gleams only through the dawn of its creation.

III

O Gold! Why call we misers miserable?

Theirs is the pleasure that can never pall;

Theirs is the best bower anchor, the chain cable

Which holds fast other pleasures great and small.

Ye who but see the saving man at table,

And scorn his temperate board, as none at all,

And wonder how the wealthy can be sparing,

Know not what visions spring from each cheese-paring.

IV

Love or lust makes man sick, and wine much sicker;

Ambition rends, and gaming gains a loss;

But making money, slowly first, then quicker,

And adding still a little through each cross

(Which will come over things), beats love or liquor,

The gamester’s counter, or the statesman’s dross.

O Gold! I still prefer thee unto paper,

Which makes bank credit like a bank of vapour.

V

Who hold the balance of the world? Who reign

O’er congress, whether royalist or liberal?

Who rouse the shirtless patriots of Spain? [*]

(That make old Europe’s journals squeak and gibber all.)

Who keep the world, both old and new, in pain

Or pleasure? Who make politics run glibber all?

The shade of Buonaparte’s noble daring? —

Jew Rothschild, and his fellow-Christian, Baring.

VI

Those, and the truly liberal Lafitte,

Are the true lords of Europe. Every loan

Is not a merely speculative hit,

But seats a nation or upsets a throne.

Republics also get involved a bit;

Columbia’s stock hath holders not unknown

On ‘Change; and even thy silver soil, Peru,

Must get itself discounted by a Jew.

VII

Why call the miser miserable? as

I said before: the frugal life is his,

Which in a saint or cynic ever was

The theme of praise: a hermit would not miss

Canonization for the self-same cause,

And wherefore blame gaunt wealth’s austerities?

Because, you’ll say, nought calls for such a trial; —

Then there’s more merit in his self-denial.

VIII

He is your only poet; — passion, pure

And sparkling on from heap to heap, displays,

Possess’d, the ore, of which mere hopes allure

Nations athwart the deep: the golden rays

Flash up in ingots from the mine obscure;

On him the diamond pours its brilliant blaze,

While the mild emerald’s beam shades down the dies

Of other stones, to soothe the miser’s eyes.

IX

The lands on either side are his; the ship

From Ceylon, Inde, or far Cathay, unloads

For him the fragrant produce of each trip;

Beneath his cars of Ceres groan the roads,

And the vine blushes like Aurora’s lip;

His very cellars might be kings’ abodes;

While he, despising every sensual call,

Commands — the intellectual lord of all.

X

Perhaps he hath great projects in his mind,

To build a college, or to found a race,

A hospital, a church, — and leave behind

Some dome surmounted by his meagre face:

Perhaps he fain would liberate mankind

Even with the very ore which makes them base;

Perhaps he would be wealthiest of his nation,

Or revel in the joys of calculation.

XI

But whether all, or each, or none of these

May be the hoarder’s principle of action,

The fool will call such mania a disease: —

What is his own? Go — look at each transaction,

Wars, revels, loves — do these bring men more ease

Than the mere plodding through each “vulgar fraction”?

Or do they benefit mankind? Lean miser!

Let spendthrifts’ heirs enquire of yours — who’s wiser?

XII

How beauteous are rouleaus! how charming chests

Containing ingots, bags of dollars, coins

(Not of old victors, all whose heads and crests

Weigh not the thin ore where their visage shines,

But) of fine unclipt gold, where dully rests

Some likeness, which the glittering cirque confines,

Of modern, reigning, sterling, stupid stamp: —

Yes! ready money is Aladdin’s lamp.

XIII

“Love rules the camp, the court, the grove,” — “for love

Is heaven, and heaven is love:” — so sings the bard;

Which it were rather difficult to prove

(A thing with poetry in general hard).

Perhaps there may be something in “the grove,”

At least it rhymes to “love;” but I’m prepared

To doubt (no less than landlords of their rental)

If “courts” and “camps” be quite so sentimental.

XIV

But if Love don’t, Cash does, and Cash alone:

Cash rules the grove, and fells it too besides;

Without cash, camps were thin, and courts were none;

Without cash, Malthus tells you — “take no brides.”

So Cash rules Love the ruler, on his own

High ground, as virgin Cynthia sways the tides:

And as for Heaven “Heaven being Love,” why not say honey

Is wax? Heaven is not Love, ‘t is Matrimony.

XV

Is not all love prohibited whatever,

Excepting marriage? which is love, no doubt,

After a sort; but somehow people never

With the same thought the two words have help’d out:

Love may exist with marriage, and should ever,

And marriage also may exist without;

But love sans bans is both a sin and shame,

And ought to go by quite another name.

XVI

Now if the “court,” and “camp,” and “grove,” be not

Recruited all with constant married men,

Who never coveted their neighbour’s lot,

I say that line’s a lapsus of the pen; —

Strange too in my “buon camerado” Scott,

So celebrated for his morals, when

My Jeffrey held him up as an example

To me; — of whom these morals are a sample.

XVII

Well, if I don’t succeed, I have succeeded,

And that’s enough; succeeded in my youth,

The only time when much success is needed:

And my success produced what I, in sooth,

Cared most about; it need not now be pleaded —

Whate’er it was, ‘t was mine; I’ve paid, in truth,

Of late the penalty of such success,

But have not learn’d to wish it any less.

XVIII

That suit in Chancery, — which some persons plead

In an appeal to the unborn, whom they,

In the faith of their procreative creed,

Baptize posterity, or future clay, —

To me seems but a dubious kind of reed

To lean on for support in any way;

Since odds are that posterity will know

No more of them, than they of her, I trow.

XIX

Why, I’m posterity — and so are you;

And whom do we remember? Not a hundred.

Were every memory written down all true,

The tenth or twentieth name would be but blunder’d;

Even Plutarch’s Lives have but pick’d out a few,

And ‘gainst those few your annalists have thunder’d;

And Mitford in the nineteenth century [*]

Gives, with Greek truth, the good old Greek the lie.

XX

Good people all, of every degree,

Ye gentle readers and ungentle writers,

In this twelfth Canto ‘t is my wish to be

As serious as if I had for inditers

Malthus and Wilberforce: — the last set free

The Negroes and is worth a million fighters;

While Wellington has but enslaved the Whites,

And Malthus does the thing ‘gainst which he writes.

XXI

I’m serious — so are all men upon paper;

And why should I not form my speculation,

And hold up to the sun my little taper?

Mankind just now seem wrapt in mediation

On constitutions and steam-boats of vapour;

While sages write against all procreation,

Unless a man can calculate his means

Of feeding brats the moment his wife weans.

XXII

That’s noble! That’s romantic! For my part,

I think that “Philo-genitiveness” is

(Now here’s a word quite after my own heart,

Though there’s a shorter a good deal than this,

If that politeness set it not apart;

But I’m resolved to say nought that’s amiss) —

I say, methinks that “Philo-genitiveness”

Might meet from men a little more forgiveness.

XXIII

And now to business. — O my gentle Juan,

Thou art in London — in that pleasant place,

Where every kind of mischief’s daily brewing,

Which can await warm youth in its wild race.

‘T is true, that thy career is not a new one;

Thou art no novice in the headlong chase

Of early life; but this is a new land,

Which foreigners can never understand.

XXIV

What with a small diversity of climate,

Of hot or cold, mercurial or sedate,

I could send forth my mandate like a primate

Upon the rest of Europe’s social state;

But thou art the most difficult to rhyme at,

Great Britain, which the Muse may penetrate.

All countries have their “Lions,” but in thee

There is but one superb menagerie.

XXV

But I am sick of politics. Begin,

Paulo Majora.” Juan, undecided

Amongst the paths of being “taken in,”

Above the ice had like a skater glided:

When tired of play, he flirted without sin

With some of those fair creatures who have prided

Themselves on innocent tantalisation,

And hate all vice except its reputation.

XXVI

But these are few, and in the end they make

Some devilish escapade or stir, which shows

That even the purest people may mistake

Their way through virtue’s primrose paths of snows;

And then men stare, as if a new ass spake

To Balaam, and from tongue to ear o’erflows

Quicksilver small talk, ending (if you note it)

With the kind world’s amen — “Who would have thought it?”

XXVII

The little Leila, with her orient eyes,

And taciturn Asiatic disposition

(Which saw all western things with small surprise,

To the surprise of people of condition,

Who think that novelties are butterflies

To be pursued as food for inanition),

Her charming figure and romantic history

Became a kind of fashionable mystery.

XXVIII

The women much divided — as is usual

Amongst the sex in little things or great.

Think not, fair creatures, that I mean to abuse you all —

I have always liked you better than I state:

Since I’ve grown moral, still I must accuse you all

Of being apt to talk at a great rate;

And now there was a general sensation

Amongst you, about Leila’s education.

XXIX

In one point only were you settled — and

You had reason; ‘t was that a young child of grace,

As beautiful as her own native land,

And far away, the last bud of her race,

Howe’er our friend Don Juan might command

Himself for five, four, three, or two years’ space,

Would be much better taught beneath the eye

Of peeresses whose follies had run dry.

XXX

So first there was a generous emulation,

And then there was a general competition,

To undertake the orphan’s education.

As Juan was a person of condition,

It had been an affront on this occasion

To talk of a subscription or petition;

But sixteen dowagers, ten unwed she sages,

Whose tale belongs to “Hallam’s Middle Ages,”

XXXI

And one or two sad, separate wives, without

A fruit to bloom upon their withering bough —

Begg’d to bring up the little girl and “out,” —

For that’s the phrase that settles all things now,

Meaning a virgin’s first blush at a rout,

And all her points as thorough-bred to show:

And I assure you, that like virgin honey

Tastes their first season (mostly if they have money).

XXXII

How all the needy honourable misters,

Each out-at-elbow peer, or desperate dandy,

The watchful mothers, and the careful sisters

(Who, by the by, when clever, are more handy

At making matches, where “‘t is gold that glisters,”

Than their he relatives), like flies o’er candy

Buzz round “the Fortune” with their busy battery,

To turn her head with waltzing and with flattery!

XXXIII

Each aunt, each cousin, hath her speculation;

Nay, married dames will now and then discover

Such pure disinterestedness of passion,

I’ve known them court an heiress for their lover.

Tantæne!” Such the virtues of high station,

Even in the hopeful Isle, whose outlet ’s “Dover!”

While the poor rich wretch, object of these cares,

Has cause to wish her sire had had male heirs.

XXXIV

Some are soon bagg”d, and some reject three dozen.

‘T is fine to see them scattering refusals

And wild dismay o’er every angry cousin

(Friends of the party), who begin accusals,

Such as — “Unless Miss (Blank) meant to have chosen

Poor Frederick, why did she accord perusals

To his billets? Why waltz with him? Why, I pray,

Look yes last night, and yet say no to-day?

XXXV

“Why? — Why? — Besides, Fred really was attach’d;

‘T was not her fortune — he has enough without:

The time will come she’ll wish that she had snatch’d

So good an opportunity, no doubt: —

But the old marchioness some plan had hatch’d,

As I’ll tell Aurea at to-morrow’s rout:

And after all poor Frederick may do better —

Pray did you see her answer to his letter?”

XXXVI

Smart uniforms and sparkling coronets

Are spurn’d in turn, until her turn arrives,

After male loss of time, and hearts, and bets

Upon the sweepstakes for substantial wives;

And when at last the pretty creature gets

Some gentleman, who fights, or writes, or drives,

It soothes the awkward squad of the rejected

To find how very badly she selected.

XXXVII

For sometimes they accept some long pursuer,

Worn out with importunity; or fall

(But here perhaps the instances are fewer)

To the lot of him who scarce pursued at all.

A hazy widower turn’d of forty’s sure [*]

(If ‘t is not vain examples to recall)

To draw a high prize: now, howe’er he got her, I

See nought more strange in this than t’ other lottery.

XXXVIII

I, for my part (one “modern instance” more,

“True, ‘t is a pity — pity ‘t is, ‘t is true”),

Was chosen from out an amatory score,

Albeit my years were less discreet than few;

But though I also had reform’d before

Those became one who soon were to be two,

I’ll not gainsay the generous public’s voice,

That the young lady made a monstrous choice.

XXXIX

Oh, pardon my digression — or at least

Peruse! ‘T is always with a moral end

That I dissert, like grace before a feast:

For like an aged aunt, or tiresome friend,

A rigid guardian, or a zealous priest,

My Muse by exhortation means to mend

All people, at all times, and in most places,

Which puts my Pegasus to these grave paces.

XL

But now I’m going to be immoral; now

I mean to show things really as they are,

Not as they ought to be: for I avow,

That till we see what’s what in fact, we’re far

From much improvement with that virtuous plough

Which skims the surface, leaving scarce a scar

Upon the black loam long manured by Vice,

Only to keep its corn at the old price.

XLI

But first of little Leila we’ll dispose;

For like a day-dawn she was young and pure,

Or like the old comparison of snows,

Which are more pure than pleasant to be sure.

Like many people everybody knows,

Don Juan was delighted to secure

A goodly guardian for his infant charge,

Who might not profit much by being at large.

XLII

Besides, he had found out he was no tutor

(I wish that others would find out the same);

And rather wish’d in such things to stand neuter,

For silly wards will bring their guardians blame:

So when he saw each ancient dame a suitor

To make his little wild Asiatic tame,

Consulting “the Society for Vice

Suppression,” Lady Pinchbeck was his choice.

XLIII

Olden she was — but had been very young;

Virtuous she was — and had been, I believe;

Although the world has such an evil tongue

That — but my chaster ear will not receive

An echo of a syllable that’s wrong:

In fact, there’s nothing makes me so much grieve,

As that abominable tittle-tattle,

Which is the cud eschew’d by human cattle.

XLIV

Moreover I’ve remark’d (and I was once

A slight observer in a modest way),

And so may every one except a dunce,

That ladies in their youth a little gay,

Besides their knowledge of the world, and sense

Of the sad consequence of going astray,

Are wiser in their warnings ‘gainst the woe

Which the mere passionless can never know.

XLV

While the harsh prude indemnifies her virtue

By railing at the unknown and envied passion,

Seeking far less to save you than to hurt you,

Or, what’s still worse, to put you out of fashion, —

The kinder veteran with calm words will court you,

Entreating you to pause before you dash on;

Expounding and illustrating the riddle

Of epic Love’s beginning, end, and middle.

XLVI

Now whether it be thus, or that they are stricter,

As better knowing why they should be so,

I think you’ll find from many a family picture,

That daughters of such mothers as may know

The world by experience rather than by lecture,

Turn out much better for the Smithfield Show

Of vestals brought into the marriage mart,

Than those bred up by prudes without a heart.

XLVII

I said that Lady Pinchbeck had been talk’d about —

As who has not, if female, young, and pretty?

But now no more the ghost of Scandal stalk’d about;

She merely was deem’d amiable and witty,

And several of her best bons-mots were hawk’d about:

Then she was given to charity and pity,

And pass’d (at least the latter years of life)

For being a most exemplary wife.

XLVIII

High in high circles, gentle in her own,

She was the mild reprover of the young,

Whenever — which means every day — they’d shown

An awkward inclination to go wrong.

The quantity of good she did’s unknown,

Or at the least would lengthen out my song:

In brief, the little orphan of the East

Had raised an interest in her, which increased.

XLIX

Juan, too, was a sort of favourite with her,

Because she thought him a good heart at bottom,

A little spoil’d, but not so altogether;

Which was a wonder, if you think who got him,

And how he had been toss’d, he scarce knew whither:

Though this might ruin others, it did not him,

At least entirely — for he had seen too many

Changes in youth, to be surprised at any.

L

And these vicissitudes tell best in youth;

For when they happen at a riper age,

People are apt to blame the Fates, forsooth,

And wonder Providence is not more sage.

Adversity is the first path to truth:

He who hath proved war, storm, or woman’s rage,

Whether his winters be eighteen or eighty,

Hath won the experience which is deem’d so weighty.

LI

How far it profits is another matter. —

Our hero gladly saw his little charge

Safe with a lady, whose last grown-up daughter

Being long married, and thus set at large,

Had left all the accomplishments she taught her

To be transmitted, like the Lord Mayor’s barge,

To the next comer; or — as it will tell

More Muse-like — like to Cytherea’s shell.

LII

I call such things transmission; for there is

A floating balance of accomplishment

Which forms a pedigree from Miss to Miss,

According as their minds or backs are bent.

Some waltz; some draw; some fathom the abyss

Of metaphysics; others are content

With music; the most moderate shine as wits;

While others have a genius turn’d for fits.

LIII

But whether fits, or wits, or harpsichords,

Theology, fine arts, or finer stays,

May be the baits for gentlemen or lords

With regular descent, in these our days,

The last year to the new transfers its hoards;

New vestals claim men’s eyes with the same praise

Of “elegant” et cætera, in fresh batches —

All matchless creatures, and yet bent on matches.

LIV

But now I will begin my poem. ‘T is

Perhaps a little strange, if not quite new,

That from the first of Cantos up to this

I’ve not begun what we have to go through.

These first twelve books are merely flourishes,

Preludios, trying just a string or two

Upon my lyre, or making the pegs sure;

And when so, you shall have the overture.

LV

My Muses do not care a pinch of rosin

About what’s call’d success, or not succeeding:

Such thoughts are quite below the strain they have chosen;

‘T is a “great moral lesson” they are reading.

I thought, at setting off, about two dozen

Cantos would do; but at Apollo’s pleading,

If that my Pegasus should not be founder’d,

I think to canter gently through a hundred.

LVI

Don Juan saw that microcosm on stilts,

Yclept the Great World; for it is the least,

Although the highest: but as swords have hilts

By which their power of mischief is increased,

When man in battle or in quarrel tilts,

Thus the low world, north, south, or west, or east,

Must still obey the high — which is their handle,

Their moon, their sun, their gas, their farthing candle.

LVII

He had many friends who had many wives, and was

Well look’d upon by both, to that extent

Of friendship which you may accept or pass,

It does nor good nor harm being merely meant

To keep the wheels going of the higher class,

And draw them nightly when a ticket’s sent:

And what with masquerades, and fetes, and balls,

For the first season such a life scarce palls.

LVIII

A young unmarried man, with a good name

And fortune, has an awkward part to play;

For good society is but a game,

“The royal game of Goose,” as I may say,

Where every body has some separate aim,

An end to answer, or a plan to lay —

The single ladies wishing to be double,

The married ones to save the virgins trouble.

LIX

I don’t mean this as general, but particular

Examples may be found of such pursuits:

Though several also keep their perpendicular

Like poplars, with good principles for roots;

Yet many have a method more reticular —

“Fishers for men,” like sirens with soft lutes:

For talk six times with the same single lady,

And you may get the wedding dresses ready.

LX

Perhaps you’ll have a letter from the mother,

To say her daughter’s feelings are trepann’d;

Perhaps you’ll have a visit from the brother,

All strut, and stays, and whiskers, to demand

What “your intentions are?” — One way or other

It seems the virgin’s heart expects your hand:

And between pity for her case and yours,

You’ll add to Matrimony’s list of cures.

LXI

I’ve known a dozen weddings made even thus,

And some of them high names: I have also known

Young men who — though they hated to discuss

Pretensions which they never dream’d to have shown —

Yet neither frighten’d by a female fuss,

Nor by mustachios moved, were let alone,

And lived, as did the broken-hearted fair,

In happier plight than if they form’d a pair.

LXII

There’s also nightly, to the uninitiated,

A peril — not indeed like love or marriage,

But not the less for this to be depreciated:

It is — I meant and mean not to disparage

The show of virtue even in the vitiated —

It adds an outward grace unto their carriage —

But to denounce the amphibious sort of harlot,

Couleur de rose,” who’s neither white nor scarlet.

LXIII

Such is your cold coquette, who can’t say “No,”

And won’t say “Yes,” and keeps you on and off-ing

On a lee-shore, till it begins to blow —

Then sees your heart wreck’d, with an inward scoffing.

This works a world of sentimental woe,

And sends new Werters yearly to their coffin;

But yet is merely innocent flirtation,

Not quite adultery, but adulteration.

LXIV

“Ye gods, I grow a talker!” Let us prate.

The next of perils, though I place it sternest,

Is when, without regard to “church or state,”

A wife makes or takes love in upright earnest.

Abroad, such things decide few women’s fate —

(Such, early traveller! is the truth thou learnest) —

But in old England, when a young bride errs,

Poor thing! Eve’s was a trifling case to hers.

LXV

For ‘t is a low, newspaper, humdrum, lawsuit

Country, where a young couple of the same ages

Can’t form a friendship, but the world o’erawes it.

Then there’s the vulgar trick of those damned damages!

A verdict — grievous foe to those who cause it! —

Forms a sad climax to romantic homages;

Besides those soothing speeches of the pleaders,

And evidences which regale all readers.

LXVI

But they who blunder thus are raw beginners;

A little genial sprinkling of hypocrisy

Has saved the fame of thousand splendid sinners,

The loveliest oligarchs of our gynocracy;

You may see such at all the balls and dinners,

Among the proudest of our aristocracy,

So gentle, charming, charitable, chaste —

And all by having tact as well as taste.

LXVII

Juan, who did not stand in the predicament

Of a mere novice, had one safeguard more;

For he was sick — no, ‘t was not the word sick I meant —

But he had seen so much love before,

That he was not in heart so very weak; — I meant

But thus much, and no sneer against the shore

Of white cliffs, white necks, blue eyes, bluer stockings,

Tithes, taxes, duns, and doors with double knockings.

LXVIII

But coming young from lands and scenes romantic,

Where lives, not lawsuits, must be risk’d for Passion,

And Passion’s self must have a spice of frantic,

Into a country where ‘t is half a fashion,

Seem’d to him half commercial, half pedantic,

Howe’er he might esteem this moral nation:

Besides (alas! his taste — forgive and pity!)

At first he did not think the women pretty.

LXIX

I say at first — for he found out at last,

But by degrees, that they were fairer far

Than the more glowing dames whose lot is cast

Beneath the influence of the eastern star.

A further proof we should not judge in haste;

Yet inexperience could not be his bar

To taste: — the truth is, if men would confess,

That novelties please less than they impress.

LXX

Though travell’d, I have never had the luck to

Trace up those shuffling negroes, Nile or Niger,

To that impracticable place, Timbuctoo,

Where Geography finds no one to oblige her

With such a chart as may be safely stuck to —

For Europe ploughs in Afric like “bos piger:”

But if I had been at Timbuctoo, there

No doubt I should be told that black is fair.

LXXI

It is. I will not swear that black is white;

But I suspect in fact that white is black,

And the whole matter rests upon eyesight.

Ask a blind man, the best judge. You’ll attack

Perhaps this new position — but I’m right;

Or if I’m wrong, I’ll not be ta’en aback: —

He hath no morn nor night, but all is dark

Within; and what seest thou? A dubious spark.

LXXII

But I’m relapsing into metaphysics,

That labyrinth, whose clue is of the same

Construction as your cures for hectic phthisics,

Those bright moths fluttering round a dying flame;

And this reflection brings me to plain physics,

And to the beauties of a foreign dame,

Compared with those of our pure pearls of price,

Those polar summers, all sun, and some ice.

LXXIII

Or say they are like virtuous mermaids, whose

Beginnings are fair faces, ends mere fishes; —

Not that there’s not a quantity of those

Who have a due respect for their own wishes.

Like Russians rushing from hot baths to snows [*]

Are they, at bottom virtuous even when vicious:

They warm into a scrape, but keep of course,

As a reserve, a plunge into remorse.

LXXIV

But this has nought to do with their outsides.

I said that Juan did not think them pretty

At the first blush; for a fair Briton hides

Half her attractions — probably from pity —

And rather calmly into the heart glides,

Than storms it as a foe would take a city;

But once there (if you doubt this, prithee try)

She keeps it for you like a true ally.

LXXV

She cannot step as does an Arab barb,

Or Andalusian girl from mass returning,

Nor wear as gracefully as Gauls her garb,

Nor in her eye Ausonia’s glance is burning;

Her voice, though sweet, is not so fit to warb-

le those bravuras (which I still am learning

To like, though I have been seven years in Italy,

And have, or had, an ear that served me prettily); —

LXXVI

She cannot do these things, nor one or two

Others, in that off-hand and dashing style

Which takes so much — to give the devil his due;

Nor is she quite so ready with her smile,

Nor settles all things in one interview

(A thing approved as saving time and toil); —

But though the soil may give you time and trouble,

Well cultivated, it will render double.

LXXVII

And if in fact she takes to a “grande passion,”

It is a very serious thing indeed:

Nine times in ten ‘t is but caprice or fashion,

Coquetry, or a wish to take the lead,

The pride of a mere child with a new sash on,

Or wish to make a rival’s bosom bleed:

But the tenth instance will be a tornado,

For there’s no saying what they will or may do.

LXXVIII

The reason’s obvious; if there’s an éclat,

They lose their caste at once, as do the Parias;

And when the delicacies of the law

Have fill’d their papers with their comments various,

Society, that china without flaw

(The hypocrite!), will banish them like Marius,

To sit amidst the ruins of their guilt:

For Fame’s a Carthage not so soon rebuilt.

LXXIX

Perhaps this is as it should be; — it is

A comment on the Gospel’s “Sin no more,

And be thy sins forgiven:” — but upon this

I leave the saints to settle their own score.

Abroad, though doubtless they do much amiss,

An erring woman finds an opener door

For her return to Virtue — as they call

That lady, who should be at home to all.

LXXX

For me, I leave the matter where I find it,

Knowing that such uneasy virtue leads

People some ten times less in fact to mind it,

And care but for discoveries and not deeds.

And as for chastity, you’ll never bind it

By all the laws the strictest lawyer pleads,

But aggravate the crime you have not prevented,

By rendering desperate those who had else repented.

LXXXI

But Juan was no casuist, nor had ponder’d

Upon the moral lessons of mankind:

Besides, he had not seen of several hundred

A lady altogether to his mind.

A little “blasé” — ‘t is not to be wonder’d

At, that his heart had got a tougher rind:

And though not vainer from his past success,

No doubt his sensibilities were less.

LXXXII

He also had been busy seeing sights —

The Parliament and all the other houses;

Had sat beneath the gallery at nights,

To hear debates whose thunder roused (not rouses)

The world to gaze upon those northern lights

Which flash’d as far as where the musk-bull browses; [*]

He had also stood at times behind the throne —

But Grey was not arrived, and Chatham gone.

LXXXIII

He saw, however, at the closing session,

That noble sight, when really free the nation,

A king in constitutional possession

Of such a throne as is the proudest station,

Though despots know it not — till the progression

Of freedom shall complete their education.

‘T is not mere splendour makes the show august

To eye or heart — it is the people’s trust.

LXXXIV

There, too, he saw (whate’er he may be now)

A Prince, the prince of princes at the time,

With fascination in his very bow,

And full of promise, as the spring of prime.

Though royalty was written on his brow,

He had then the grace, too, rare in every clime,

Of being, without alloy of fop or beau,

A finish’d gentleman from top to toe.

LXXXV

And Juan was received, as hath been said,

Into the best society: and there

Occurr’d what often happens, I’m afraid,

However disciplined and debonnaire: —

The talent and good humour he display’d,

Besides the mark’d distinction of his air,

Exposed him, as was natural, to temptation,

Even though himself avoided the occasion.

LXXXVI

But what, and where, with whom, and when, and why,

Is not to be put hastily together;

And as my object is morality

(Whatever people say), I don’t know whether

I’ll leave a single reader’s eyelid dry,

But harrow up his feelings till they wither,

And hew out a huge monument of pathos,

As Philip’s son proposed to do with Athos. [*]

LXXXVII

Here the twelfth Canto of our introduction

Ends. When the body of the book’s begun,

You’ll find it of a different construction

From what some people say ‘t will be when done:

The plan at present’s simply in concoction,

I can’t oblige you, reader, to read on;

That’s your affair, not mine: a real spirit

Should neither court neglect, nor dread to bear it.

LXXXVIII

And if my thunderbolt not always rattles,

Remember, reader! you have had before

The worst of tempests and the best of battles

That e’er were brew’d from elements or gore,

Besides the most sublime of — Heaven knows what else:

An usurer could scarce expect much more —

But my best canto, save one on astronomy,

Will turn upon “political economy.”

LXXXIX

That is your present theme for popularity:

Now that the public hedge hath scarce a stake,

It grows an act of patriotic charity,

To show the people the best way to break.

My plan (but I, if but for singularity,

Reserve it) will be very sure to take.

Meantime, read all the national debt-sinkers,

And tell me what you think of your great thinkers.

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