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History & heritage Politics & government Society

[2808] Us during the Decadence

The Musee d’Orsay sits by the Seine in Paris. On one of the museum walls is hung a large painting by Thomas Couture. Named Romans during the Decadence, the work demands anybody passing by it to stop, decipher and contemplate Couture’s message for a minute or two.

Decadence has statues representing the better Roman spirit standing tall and looking down disapprovingly on contemporary Roman elites engaging in debauchery of various kinds. Among the living there is a boy being utterly disinterested in the immorality of his older peers. On the opposite side, two travelers stand shocked discovering the state of the Romans.

Wikipedia. Thomas Couture's The Romans during the Decadence

The Empire was on the decline and Couture captured the idea thoroughly. The painter used sex and wine to represent vices of the world but the symbols signify something bigger than excessive human pleasure. Truly, it represents corruption at its widest meaning, something relevant everywhere for all times.

Painted in 1847, Couture was not thinking about the Romans. Far from it, he wanted to depict the moral bankruptcy of another society, one which he belonged to, the French. He was utterly critical of the depravity of the ruling class then. He had the right to do so. France of the 1840s was corrupt to the bones.

At the centre of it all were the July Monarchy and its supporters. Among the worst of scandals was a corruption case involving a government minister Jean-Baptise Teste, and a military-businessman Amédée Despans-Cubières.

Desirous of a business concession, Despans-Cubières bribed Teste with ninety-four thousand francs to secure the necessary contract.

The secret ties went on for years but they were caught eventually. Despans-Cubières was allowed to retire from the military. Teste meanwhile was imprisoned in Prison du Luxembourg. Yet, the prison was more a palace than anything else. Today, it is called the Palais de Luxembourg and houses the French Senate.

Separate but concurrent to the grand corruption was a murder case involving a nobleman. Charles de Choiseul-Praslin was thought to have murdered his wife. The scandal captured the wild imagination of the French masses already unhappy with the overly luxurious life of the upper class. Unable to withstand pressure from the trial, he committed suicide.

Yet, in a society where trust was thin, rumors had it the suicide was faked to save the accused. The chattering masses were convinced the authorities had allowed him to leave France for England.

The two cases came to a head in 1847 but it was only the last among many the government experienced throughout its reign. But the people finally had enough. A year later, the February Revolution erupted and ended the monarchy.

From the corrupt ashes rose the Second French Republic.

Hafiz Noor Shams. Some rights reserved Hafiz Noor Shams. Some rights reserved Hafiz Noor Shams. Some rights reserved
First published in The Malay Mail on December 1 2015.

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Economics Humor Photography Politics & government

[2546] Market reaction to Hollande’s victory

Taken from Reuters pictures, by Mal Langsdon:

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Pop culture

[2490] Gallic gall

I am not saying anything bad about the French. I love the French. Close friends know how much I mean that. I am only quoting this just because the last sentence is witty.

Hermès, however, says that selling a sari in India is not taking coals to Newcastle. Rather, it wants to ”connect with Indian tradition and elegance,” says Bertrand Michaud, president of Hermès India. And there is precedent, thanks to Hermès’ Marwari scarves (prints inspired by the rare horses of Jodhpur) and sari-dresses designed by Jean Paul Gaultier in spring 2008 when he was creative director of the brand. Those, however, were riffs; this is a more significant collection. ”It is like Indians selling wine in France,” sniffs one Indian style expert. ”To sell a sari in India takes Gallic gall.” [Saris from Paris? Financial Times. January 14 2012]

And no, I do not typically read the fashion section of the Financial Times or anything. I spotted a hot girl in sari on the front page (or somewhere) while reading about the debt negotiation in Greece. I then decided to skip Greece and turned to the fashion section instead. Sue me. I am a guy.

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Economics

[2409] Yet another day to panic

It was earlier this week when CNBC (or was it Bloomberg?), several economics and finance commentators were highlighting the supposedly inconsistency of S&P’s downgrade of US debts. They showed that several other European countries had higher probabilities of defaulting their obligations than the US, yet these European ratings were higher than that of the US. One of the countries was France.

Yesterday, the French finance minister had to come out to defend the state of the French economy and government finance.[1] Rumors about Société Générale are flying around.[2] And the global markets tumbled just as some thought we were out of hole that was Friday and Monday. As the Asian markets open today, there seems to be a kind of pessimism as everybody braces for a bad day yet again. Yesterday, before the French fright set in, was a swallow, and it did not make a summer.

It is unclear what is driving the fear in the market at the moment. Sure, some pointed out specific events but at the end of the day, it is all a guess. There are no real definite concrete events that one can say, those are the actual causes of the fear. Nobody really knows. Right now, there are so many uncertainties that the markets do not know what to fear and being prudent, they fear everything.

Even its own shadows.

This perhaps highlights the Austrian belief that not a single person is able to process all available information in a timely manner, which is a strong defense for the free market.

Nevertheless, it seems that the markets are fighting rumors more than anything else right now. Money is moved based on the petty rumors, without its truth reasonably checked. Better safe than sorry, maybe. Although speculation itself is useful in testing the truth value of certain statements that might be true in the end, it can also be a kind of self-fulfilling prophecy, turning statement with its initial state as false to true.

Mohd Hafiz Noor Shams. Some rights reserved Mohd Hafiz Noor Shams. Some rights reserved Mohd Hafiz Noor Shams. Some rights reserved

[1] — PARIS (Dow Jones)–The French Finance Ministry Wednesday said speculation that the country is about to lose its triple-a rating is “totally unfounded. The three [ratings] agencies have confirmed there is no risk of downgrade of the French rating, and these rumors are completely unfounded,” an advisor for French Finance Minister Francois Baroin told Dow Jones Newswires. [William Horobin. French Finance Ministry:Rumors On France AAA Totally Unfounded. Wall Street Journal. August 10 2011]

[2] — PARIS (Dow Jones)–Societe Generale SA (GLE.FR, SCGLY) said Wednesday it has asked France’s financial markets watchdog Autorite des Marches Financiers to investigate the origin of rumors that caused the bank’s share price to plunge more than 20% at one point in hectic trading Wednesday. Societe Generale asked the AMF to “open an inquiry into the origin of these rumors, which are extremely harmful to the interests of its shareholders,” the bank said in a statement. [David Pearson. Societe Generale Seeks AMF Probe Of Market Rumors . Wall Street Journal. August 10 2011]

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Photography Society Travels

[2308] Of pourquoi?