by Thomas McQuade
In looking back over the many excellent posts and comments that have graced ThinkMarkets in its first year, I was struck by the fact that, while many of the literary virtues have been displayed, there has been – surprisingly – nothing that could pass as poetry. I hope to be forgiven the presumption of attempting to rectify that omission with the following submission, vile doggerel though it may be.
I have a tale to tell, O! (A sad, sorry tale, O!) …
It is told in the hope there’s no slipp’ry slope
And that prudence can prevail, O!
Tells the cause of a crisis, cruelly cast
Hitting hard-won savings, thought amassed.
It involves good intentions gone astray,
And the misplaced myth that some experts may
By their brains and their brilliance brave the way
To ensure economic ease, O!
I have a tale to tell, O! (Why such frustrations?) …
It’s the tale of a myth I debunk herewith –
The conceit that regulations
Are a sure-fire fix for faults perceived
And work just exactly as conceived.
Instead they have unforeseen effect
As they interact and redirect
In ways that their authors can’t suspect
To foster financial folly!
I have a tale to tell, O! (What makes me fret thus?) …
It’s the tale of the bank that we have to thank
For the booms and the busts that beset us.
Mark the mandarins who man the Fed,
Who claim they can clearly call ahead
And invoke any interest rate thought best;
Who can more money make at their own behest
And can know who to help, where to reinvest –
Great gods of the guess, these gurus!
I have a wish to make, O! (No grant is on offer!) …
It’s to wish we’d abjure the simplistic cure
Politicians promptly proffer;
That we’d understand we must separate
The economy from the grip of State,
So we’d not be conned by a cosy clique,
And big businessmen couldn’t favors seek –
Opportunity for both strong and weak:
It seems such a small thing to ask, O!
Apologies are due to the great W.S. Gilbert for parodying his duet “I have a song to sing, O!” from the opera “The Yeomen of the Guard”.