Words on Sunday

Posted by MadScientist (Düsseldorf, Germany) on 5 October 2008 in Architecture.

As is generally known, the Franciscans (in each flavour) started as mendicant order, devoting wholly to a life of apostolic poverty. This life style could experience a renaissance very soon: if the Irish government pulls through its plan to issue a blank check for six big Irish banks (up to the tremendous sum of 400 billion Euros (US $551 billion), this will have its effects on the Euro itself. Not only have they initiated the rat race for the smallest business taxes in Europe (in order to attract as many enterprises to the green island as possible); now their expert-led banks receive absolution at the taxpayer's cost. Unfortunately Ireland is a small country with less than 6 million people. Eventually all cheques will be paid by the European Union. In the meantime, an 'Irish Nationwide Building Society' starts an ad campaign in the UK for assets at rates above 6%. You have three guesses what will happen in the next week: several millions of British money will cross the Irish sea. If this business will blow one day (and why should it not, Irish banks are going bankrupt like so many others), the Republic of Ireland and the EU will pay the bill.

Did we already mention Iceland?

And what would you think about your bank if it pays its shareholders in shares and calls this a dividend? Unicredit does, and it's one of the bigger European banks. Who wonders about rumours on liquidity problems of Unicredit? (via - my main resource for rants on the crisis)

St. Maximilian (first: St. Antonius) was built in the 18th century (late Baroque), saved from destruction in the 19th century during the secularization by inhabitants of Düsseldorf and largely preserved in its original state. The Franciscans are gone, Maximilian became parish church (homepage), but I wouldn't mind if they would come back, as they offered care of the sick, feeding the poor, maintained a brewery and a school. Important things when you have lost your money. Anyway! I ordered a new 40D as long as my money has some value.

Download my coffee-table book of selected postings here. Enjoy!