Bank Holiday Poem: Ozymandias

Monday, May 25, 2009

With apologies to P.B. Shelley....

I met investors from a foreign shore
Who said: "Two trillion dollars we are long.
Until we can deploy them and earn four
Percent, without taking duration risk
'Twould be folly to purchase any more.
Yet when our new-world counterparts we meet,
Reclining for a chat under palm fronds,
Ere we take the slightest moment to greet
Our friends stand and declaim into the air
'My name is Ozymandias, buy my bonds:
Else we shall not import and all despair!'
The proud land's reputation's in decay
From that colossal wreck, boundless and bare
Our investment dollars shall stay away."

Posted by Macro Man at 12:24 PM  

7 comments:

nice

no apologies necessary

P.B. Shelley said...
1:59 PM  

"An idea not to be sneezed at!"

Anonymous said...
2:02 PM  

Apparently the trips by Obama administration official begging the Chinese to buy Treasuries didn't give them confidence that Treasuries are a bargain.

Perhaps they're calculated the returns from Larry Summers' 2007 advice on behalf of DE Shaw to China's sovereign wealth funds to buy structured real estate securities, and decided buy recommendations from Obama officials are sell signals.

Anonymous said...
7:23 PM  

China's talk of ditching the dollar is odd in the face of no real effort to diversity if massive holdings of foriegn exchange.

Even though, among other things, it has been signing up swap agreements with central banks from Indonesia to Argentina, giving them access to billions of dollars worth of yuan in a crisis, this seems to smack more of political posturing than anything else.

Given most Chinese exporters invoice in American dollars its difficult to see, in the near term anyway, who will want all of those Yuan.

fodacadillac said...
8:28 PM  

That is truly amazing that you could write such a beautiful poem.

thanks

Casey Stubbs said...
1:05 AM  

Nice work, MM, even down to a fair imitation of Shelley's tortured scanning.

So far you've done Houseman, Shelley, Conan Doyle, and Keats (?)--are you by chance a 19th century scholar by training?

But What do I Know? said...
1:24 PM  

I can't remember doing Keats...somehow I think Ode on a Grecian Urn doesn't have to much to offer the modern financial poet. I did do William Blake though, which just managed to stay in the 18th century. I'm no literary scholar...just had a liberal arts education and a good memory!

Macro Man said...
1:42 PM  

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