Artes - "No Trespassing" de Arthur Wardle

Arthur Wardle (British, 1864-1949)

Increasing the money supply (CGD)

The eventual winding up of the European Central Bank's massive bond-buying programme will create problems for highly indebted euro zone countries such as Italy and Portugal, the Greek finance minister said on Thursday. Euclid Tsakalotos warned that their borrowing costs could surge when the ECB ends the now 80-billion-euro-a-month stimulus programme it launched in January 2015 and which has driven down sovereign bond yields across the euro zone. "Quantitative easing has problems and will not last forever" (...) The ECB has pledged to maintain its stimulus programme until March 2017, and possibly beyond, to counter ultra-low inflation in the 19 countries of the currency bloc. "It is very important that we remember that when QE does finish there will be a lot of economies that are now high-debt economies that will have a problem," Tsakalotos told the Brussels Economic Forum. "Interest rates of Portugal or Italy now reflect the fact they have got QE." Greece has so far not been a beneficiary of quantitative easing, but it aims to join the programme soon after the conclusion of a reform review under a bailout programme negotiated with euro zone lenders. (Reuters, Reporting by Francesco Guarascio; Editing by Catherine Evans) 09, Junho, 2016 

Quantitative easing (QE) is a monetary policy used by central banks to stimulate the economy when standard monetary policy has become ineffective. A central bank implements quantitative easing by buying financial assets from commercial banks and other financial institutions, thus raising the prices of those financial assets and lowering their yield, while simultaneously increasing the money supply.This differs from the more usual policy of buying or selling short-term government bonds to keep interbank interest rates at a specified target value.

Poesia

Lisboa em cenário de verão

Forte sol e cigarra

Seco pleno céu

Horta, vegetal alinho

Verde jardim de laranjeira

Luz e sombra generosa

Água líquida movente

Perfeita redonda linha

Esquadria útil infinita

Mármore janela armada

Cor natural e sóbria

Arvoredo e vigorosa planta

Gente sossegada ou lamentosa

14/15Set2011

Poesia

João Pedroso, 1877

O mar azul se encrespa 

Coa vespertina brisa, 

E no casal da serra 

A luz já se divisa. 

Alexandre Herculano, «AVoz» (excerto),  

in A Harpa do Crente

ExCertos

«Acredito profundamente na Monarquia, na instituição Real como a solução mais civilizada para a chefia dum Estado europeu e quase milenar como o nosso. Num tempo de relativismo moral, de fragmentação cultural e de enfraquecimento das nacionalidades, mais do que nunca há urgência numa sólida referência no topo da hierarquia do Estado: o Rei, corporização dum legado simbólico identitário nacional, garante dos equilíbrios políticos e reserva moral dum povo e seus ideais. O Rei, primus inter pares, é verdadeiramente livre e, por inerência, assim será o povo.»

João Távora, Liberdade 232, Aldeiabook, Abril de 2013, pág.104

ExCertos

João Carlos Tavares

«(...) [A] vigilância laica que a esquerda dedica ao catolicismo transforma-se em paixão multicultural (...).» in Público