hippity-hoppity

brinksmanship or no quarter

On the surface of things, the evolving situation in Cyprus’ finances does not seem to make complete sense. There was originally a strange sort stoical solidarity as the idea of levying a deposit tax as collateral against the Euro-Group’s line of credit from the island’s government but public outrage and fears of precipitating such seizures ultimately led to the collapse in negotiations. Presently, the Cypriots look poised to renege on the terms of this rescue package, and the EU looks willing to cut its losses, recognizing the grave realities of a marshal-economy. The transformation was quick, from darling of people seeking out a safe berth for the money to anathema, over-exposed—though fundamentally, the shenanigans were no different than what when on in other crisis lands, or for that matter, what is still tolerable, attractive about other safe harbours, like Luxembourg or the Channel Islands.

Further, that stoicism belied a calmness, which was not entirely unheard over the uproar, with the church offering certain securities and pawning pension funds. The Euro-Group rejected these avenues, which seem to be no longer options for the Cypriot administration either, as untenable and just setting up the country for a deferred failure with an unsustainable burden of debt, as well as intervention by the Russians. Though there may be some interest not brought openly to the bargaining-table, Russia seems to be snubbing Cyprus, even with its untapped natural gas reserves, and will let the banking system fail, despite standing to lose a lot of private money and its chief correspondent bank for clearing its transactions with Europe. To be sure, it’s chaotic and the most robust economist probably could not deftly navigate these waters, but things just stopped making sense. It almost seems like warfare-by-proxy, with vested interests in seeing the EU experiment crumble. I suppose too that as the crises initially began to unravel, for example, with the real-estate bubble in Ireland or Spain or the overvaluing of the Swiss franc, could also be shown in the harsh light of conspiracy. Perhaps, hopefully, Cyprus can emerge from this dilemma, bravely and ultimately stronger, like Iceland has done.

an embarrassment of riches

The latest reconnaissance from the superb BLDRBLOG documents the recent trophies of an internet entrepreneur, recovering the artefacts of the Apollo mission to the Moon—sunk and a repurposed as components of a natural environment, and poses the interesting question if such exploits and adventures will become signature for the fabulously wealthy—at least from those with a flair for conquests. Mounting the highest mountains, delving the deepest oceans, and even prospecting asteroids could become serious attractions, like record-setting feats gone unbroken since the Machine-Age. I just hope that the endowed buccaneers choose good and responsible investments for their exploits, legacy and a damaging spirit of competition does not arise.

jail-break, jail-bait

While most conversations about the architecture of Digital Rights Management (DRM, sometimes referred to as Digital Restriction Management) tend to focus the on fact that such platforms are an unwieldy punishment, which does not deter piracy, yields a bunch of play-devices that become quickly incompatible and even stifles creativity.

The happy mutants at Boing Boing share a surprisingly direct confession that this convoluted legislation on media is fundamentally flawed by design. In essence, the whole rationale behind DRM is to give proprietary rights holders leverage over, by analogy, philharmonics, operas, playhouses, the makers of phonographs, video cassette recorders and their more modern avatars, to adhere to the content licensees’ rules or risk facing a quickly creeping obsolesce. The efficacy of the methods do not matter, since the media conglomerates are drafting the laws as they go along and there is the impression of invention openness encroaching.