Archive for June, 2017

Death by socialism: Demise of the world’s oldest bank – The Commentator

To my delight there was a honey festival locally. The Italians like this sort of thing, celebrating local produce whether it be lake fish, lentils or wild asparagus.

Tasting honey is a civilised way to live. The leaflet for the event, though, contained what for me was a bit of a surprise: it was sponsored, in part, by Banca Monte dei Paschi di Siena (MPS).

There is nothing wrong in principle with a bank funding local events. Mussolini passed a law that a percentage of a banks turnover should go to public good works, and it seems to be something the old boy got right. Its just that MPS doesnt have any money. Not even for a honey festival.

MPS, founded in 1472, is to banking what Alitalia is to airline management, and it is a tragedy that two such dreadfully managed companies should come from the same country. Whilst Alitalia decreed that all its staff should live in Rome, bussing them up daily to Milan and Venice, MPS went one step further.

You could only get on in MPS if you were a socialist. It was owned by a socialist foundation, and if your family were something in local lefty politics you could get a job in the bank. It is rather as if Alitalia had decreed all its pilots should be short-sighted.

I have an account at MPS, I should declare. Probably as a result of their entitlement, the staff were, by and large, rude and ignorant. Some of the ones higher up were corrupt as well. The organisation was not being run for the benefit of the customers, at least, and if it was for the shareholders they had a funny way of going about it.

Things had been going wrong for many years but it was not until the 2008/9 crash that they came to a head. It was the time, you will recall, that Natwest was getting itself into trouble buying ABN/AMRO. Banco Santander, one of its consortium, received as part of the deal an almost worthless Italian bank called Antonveneta.

Santander officials admit privately they were staggered when MPS offered 8 billion for Antonveneta. Staggered and delighted. And so the long decline began.

It is not as if MPS had been investing in sophisticated debt instruments: it hadnt yet got around to looking at this new stuff. MPSs problem was the traditional one of lending money to people who didnt have a hope of paying it back.

Amongst the bad debtors were friends of directors, socialist worthies and of course the Government of Italy whose debt collapsed in value after the crash. The socialist foundation which owned MPS refused to raise capital because its stake in the bank would be diluted.

So, without Collateralised Debt Obligations or anything like that, just through bad banking, the oldest bank in the world proceeded towards insolvency. Following a 2 billion bailout in 2009, by my calculations MPS got through around 8 billion in the period up to the present day. It is now of course bust again.

The late Christopher Fildes used to say that giving capital to a bank is like giving beer to a drunk. You know what he will do with it, you just dont know which wall he will choose.

Even five years ago MPS shares were at 900; today they are 15. Ten thousand euros invested in July 2012 would now be worth 170. But people did invest, many of them poor savers, persuaded into subordinated bonds which paid a bit more than the deposit rate. Even I was invited to buy this stuff; fortunately I knew what it was, a local farmer would not have.

Now the EU has allowed the Italian Government to make a final bailout, but only as part of a general resolution of the bank. Shareholders and junior debt holders will be wiped out. If the poor farmer has the wit he will claim he was mis-sold the investment and hope the government reimburses him.

MPS should have been wound up years ago. Italy has too many banks and those banks have too many branches. The foundation that owned it has learned that 95 percent of zero is worth the same as 0 percent of zero.

Italy will be better without Monte dei Paschi. The honey was good, though.

Tim Hedges,The Commentator's Italy Correspondent, had a career in corporate finance before moving to Rome where he works as afreelancewriter, novelist, and farmer. You can read more of his articles aboutItaly here

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Death by socialism: Demise of the world's oldest bank - The Commentator

Inside Venezuela: The Socialist Haven on the Brink of Total Collapse – Breitbart News

Entry visas into Venezuela remain fairly accessible, although journalists are not allowed without a special visa. Although I claimed I was there as a tourist, this seemed far-fetched even to the likely pro-government immigration authorities. What is the real motive of your visit? the officer asked me. Seeing my girlfriend, I replied.

She smiled. Welcome to Venezuela.

As you travel down from Simon Bolvar International Airport into the city center, the difference between Caracas and Bogot formerly one of the worlds major drug war battlegrounds is stark.

Armed police stand on almost every street corner. Every physical space is dedicated to promoting the success of the late Hugo Chvezs socialist revolution and Nicols Maduros authoritarian regime. The opposition undermines official government propaganda with its own graffiti, effectively accusing the regime ofdestroying the country with the highest oil reserves in the world.

The rise in anti-government messaging stands out compared to my visit last November. Pro-government propaganda shares the streets with graffiti denouncing the regime on nearly every block.

This is the new Bolivarian toilet paper a reference to Maduros proposed changes to the Venezuelan constitution, rejected by the people in a vote last year. Maduro is depicted holding a pocket constitution.

If hunger kills the people, the people will take out the government.

A billboard calls for the release of opposition Leopoldo Lpez, who was imprisoned by the regime in 2014 for organizing a peaceful assembly against Maduro.

Nearly every day, anti-government marches take place across Venezuela,nearly all of which attract violence. So far, as many as 84 protesters have been killed since daily protests began in late March, as police use water cannons, rubber bullets, and smoke bombs to control the situation.

Protests have the feel of an out-of-control soccer crowd. There is a feeling of solidarity among people, most of whom are wearing Venezuelan flags. On the side of the street, salesmen sell what can only be described as protest merchandise, including Venezuelan flags, horns, and t-shirts.

Below, the shirts read from left to right: S.O.S. Venezuela; Whosoever Tires Will Lose; Resistance: Dont Surrender!

Closer to police and military barriers, the protests become more tense, with the menace of violence constantly present. Many of those protesting are boys and young men in their mid-teens.

This is a fight for our families, for our future, a group of masked protesters tell me. We will risk our lives every day for as long as it takes to bring down this dictatorship.

A group of young protesters pump themselves up as they prepare to face off with police.

On a visit to the Universidad Central de Venezuela,the countrys biggest university, something seemed not quite right. The university itself seemslike any other, with department buildings scattered around a campus, as well as grandiose facilities such as sports stadiums anda stunningconcert hall.

Yet, despite it being a Wednesday, there are barely any students around.The situation is too serious right now for students to dedicate sufficienttime to studying, English professor Lilliana Cspedes tells me. Many prioritize attending anti-government marches or trying to earn money to support their families. During some of my classes, just a handful of students turn up.

One of the most frustrating things about trying to understand Venezuela is the high level of security atplaces the regime would like to hide. As I enter a government-run supermarket, security guards check my pockets to see what I am carrying. They find my camera. No photos here, they say. A similar routine takes place on the way out.

I also tried my luck at a Venezuelan state hospital, althoughthis time armed guards asked me to put the camera away. Nearly every public place in Caracas is guarded by police keeping a watchful eye over the situation. Most are very meagerly paid, but still officially remain supportive of the government.

Sitting in a hospital waiting room, armed guards soon ask me to put away my camera. Failing to comply would likely mean facing arrest.

Amid the crisis, some Venezuelans have accused others of not doing enough to fight the Maduro regime. The only way I see out of the current regime is a military coup, my taxi driver, Nelson lvarez, tells me. Some people have accused me ofindifference towards the current political situation, but I have a family to look after. No matter how many or how violent the opposition protests, the key to bringing down this government are the military.

Everything about Venezuela suggests this is a nation on the brink of collapse. Whether it is the ongoing violence, the extreme poverty, or the enormous piles of garbage in the street, nothing is working as it should be. In January, inflation reached over 800 percent, while some analysts predicting it could reach 1500 percent by the end of the year. Even at one of the citys most exclusive hotels, breakfast offerings remain scarce and electricity and internet connection regularly cut out.

Thousands of notes are now required to buy anything of value. However, the government recently introduced higher denominations.

Many streets are covered in landfill. People can be regularly seen searching through garbage for scraps.

Im Hungry

While some still solely blame the current crisis on the collapse in oil prices in 2012,a vast majority of Venezuelans believe the country needs serious economic reform. After 17 years of hardcore socialism, egged on by left-wing elites around the world, many in leadership appear hesitant to accuse the socialist system itself and not the people running it of being the problem.

Many within the oppositions leadership structure are members of the Socialist International (SI). Popular Will, the party led by Leopoldo Lpez before his arrest, belongs to the SI. Lpezs colleagues often find it easier to lay the blame at Maduros feet and call for elections, rather than demand a free, capitalist society, rebuilt from the ground up.

Yet the students and street protesters, who have put their lives on pause to fight Maduro, seem to understand that the institutional rot goes way beyond Maduro.

As one student put it to me: Chvez succeeded in creating an equal society by making everyone poor.

You can follow Ben Kew on Facebook, on Twitter at @ben_kew,oremail him at bkew@breitbart.com

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Inside Venezuela: The Socialist Haven on the Brink of Total Collapse - Breitbart News

The Boston Tea Party – Dec 16, 1773 – HISTORY.com

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The Boston Tea Party - Dec 16, 1773 - HISTORY.com

Victorian Tea Party – How to Host a Victorian Afternoon Tea

An afternoon tea or Victorian tea party may be one of the most delightful and informal affairs in the whole social round or it may be an unmitigated bore. It all depends upon the hostess. If she is a wise woman she will limit her guests to the afternoon tea to the number her house can accommodate with ease, and have her hours long enough to avoid all coming at the same time; she will have some regard to making her guests to her afternoon tea acquainted if they have not already met; and she will furnish forth her tea table so invitingly that those who come perfunctorily will remain to chat over the teacups, and pay her the compliment of forgetting the time of day.

[Source:Harper's Bazaar, 1890-1907]

On a cold winter's afternoon a bright open fire is one of the things to have at a truly Victorian tea party. Near enough to the fire to look cozy should stand the prettiest of afternoon tea tables; not one of the small affairs which will hold only a half-dozen cups, but a good-sized one capable of practical service.

In the center should be a bowl of flowers and about it two candelabra or several individual candlesticks with or without candleshades. Scattered between will be room for plates of sandwiches, cakes, bonbons, and salted nuts or crystallized fruits, while at one side the tea or coffee urn may stand, or the chocolate pot, and at the other side may be a large punch bowl of lemonade or tea punch.

Of course the quantity and variety of the refreshments at a Victorian tea party must depend on the size of the gathering. If only a dozen or two are invited, then the simpler things are the better, but if the afternoon tea is really a function, then something more elaborate is in keeping. If one plans to have tea, chocolate, and lemonade for beverages, she must consider how most easily she can handle them. Tea made with a kettle of boiling water and a tea-ball is all very well for three or four persons, but one cannot serve more at a large afternoon tea without a delay while the water slowly comes to the boiling-point.

The urn is the best thing to use for a large number of guests at an afternoon tea. Have the tea made in the kitchen and carefully strained; then put it in the urn and light the lamp and it will keep fresh for hours. Serve your refreshments in an antique tea service , such as this rare Tiffany & Company tea service, for a truly Victorian tea party.Other silver serving pieces in a more affordable range can be found in local antique stores.

Have cream, sugar, and sliced lemons on the table, and, if you fancy a novelty, try putting two cloves in each cup and pouring the hot tea upon them, removing them before passing the cup. Coffee and bouillon should be served from an urn, and the cups used for either of these, and for tea as well, should be the small flaring teacups, not after-dinner coffee cups.

If you are so fortunate as to own a Russian samovar, and it certainly gives the best tea in the world for a Victorian tea party, do not use cups at all, but tall, slender glasses, passed on small plates, and put a slice of lemon in each glass.

Antique chocolate pots resemble vases or urns, and the cups which are used with them flare at the top somewhat as the teacups do. Of course when chocolate is offered at an afternoon tea, whipped cream is put on it when it is served.

When the lemonade is made, shredded oranges, bananas, and pineapple may be used, but it is to be strained before it is put in the bowl, and a few maraschino or preserved cherries added. A small ladle is used for filling the glass cups which invariably accompany a punch bowl. Tea punch is made by using hot tea instead of water for lemonade, adding the fruits as before, but putting it, when ice cold, into a glass pitcher instead of a bowl, and placing a large bunch of sugared mint in the mouth.

Caf frapp is strong coffee, well sweetened, and with a good deal of cream which is frozen to the consistency of wet snow. It is served from the bowl in glasses at a simple Victorian tea party.

The sandwiches offered at afternoon teas are of infinite variety; sometimes they are filled with a salad mixture, sometimes with a sweet, and often with some sort of nuts with cream or fruit. They are cut in circles or triangles or hearts, or else rolled. To make salad sandwiches, chop and pound chicken or turkey to a paste, and mix with mayonnaise, or spread crisp lettuce leaves with mayonnaise and put between the slices. Olives, chopped very fine, make an excellent salad sandwich, either plain or, like the others, with a dressing. Delicious sandwiches are made by using the very thinnest possible shavings of lemon, and cucumbers with French dressing are also appetizing, provided not too much of the rather strongly flavored vegetable is used.

Sweet sandwiches for an afternoon tea are made of orange marmalade or pear conserve, which is a rich jam with considerable ginger cooked in it. Jelly is sometimes used, but it is not sufficiently stiff to be practical; jam or marmalade is far better. Peach or apricot is most delicate; red raspberry is occasionally seen, but the seeds are decidedly objectionable. Besides these two kinds of sandwiches there are many prepared with nuts which are also very nice for a Victorian tea party. Boston brown bread two days old, cut very thin, spread first with a little butter and then with cream cheese mixed with chopped peanuts is one of the best of sandwiches, but care must be taken not to have the bread damp or soggy. Whole wheat bread may be prepared with this same filling. Raisins and chopped English walnuts are nice, and so are chopped dates and almonds together. Often whipped cream is used with those nut fillings, to bind them.

The cake served at an afternoon tea should always be of the lightest sort. It is never wise to offer any sort of layer or fruit cake, or anything which is sticky. There are all kinds of wafers and nut strips which are easily prepared at home which are delicious, and certainly far more tempting than the ordinary things bought from the baker. A variety of choices will make a successful Victorian tea party.

Strips of puff paste may be covered with chopped almonds mixed with the slightly beaten white of one egg, and just browned in the oven; lady-fingers may be rolled in boiled frosting and allowed to dry; saltines may be covered with sweet melted chocolate, with a very little butter mixed in.

Little cakes may be made in small baking-dishes, the smaller the better, and rolled in boiled icing colored and flavored with orange, rose, lemon, or pistachio, and these may be ornamented, if desired, with tiny strips of angelica, or bits of candied cherries or nuts cut in lengths.

Ice cream sandwiches are new at an afternoon tea, but many are afraid to attempt them, as they seem difficult to manage; they are very simple, on the contrary. Get white ice cream in bricks, as firmly packed as possible, and slice it on a marble slab; then with a round biscuit cutter cut out circles from the slices, and put them between macaroons. Or cut the slices in strips of the right size to fit between two sugar wafers. Serve these sandwiches on small plates with forks for a fun treat at a Victorian tea party for children.

The bonbons used at afternoon teas may be all chocolates, or else peppermints or creams, matching the flowers in color, or they may be delicious confections in paper cases, such as marrons glacs or strips of orange and lemon candied. In any case they should be something dainty, and, if possible, something not seen on every table. If salted nuts are used, try having pecans instead of almonds, and mix a few green pistachio nuts with them; the contrast is pretty, and almonds have been used so long as to be tiresome.

Sometimes an afternoon tea is really an elaborate reception more than a Victorian tea party; in that case it is almost essential to have a caterer, for the decorations and refreshments are too troublesome for the ordinary hostess to prepare. There must be flowers and light in profusion, a table loaded with delicacies, and many waiters to serve. There is usually a first course of bouillon, followed by something in the way of shell-fish, perhaps creamed oysters or lobster, with sandwiches; after that is a salad, chicken, or shrimp, and then ices in forms, fancy cakes, bonbons, and coffee, lemonade, or punch. The table at an afternoon tea has a centerpiece of roses and ferns, candles in silver candelabra, set pieces of spun sugar with fruits and sweets; and sometimes arrangements of whipped cream in colored sugar shapes.

Tea drinkers at the 1894 Worlds Columbian Exposition in Chicago had a chance to revel in their favorite beverage as never before. In the fairs tiny Japanese tea garden, that was like a bit out of another world, visitors thronged all day long with people who drank tea all their lives and who stopped for a fleeting moment to enjoy an afternoon tea. On the porch of the ceremonial tea house in the Japanese Tea Garden they were always making tea, and such strong, rich, fragrant tea it was, too. The visitor sat on a brightly colored soft cushion and sipped tea and nibbled on the sugar cakes which accompanied it. Afterward went peering around in the tiny rooms of the doll house that the tea people called home. Today, California possesses one of the most unique bits of landscape gardening in America a miniature Japanese tea garden, faithfully reproduced in the prettiest portion of the Golden Gate Park, San Francisco.

Hand-painting china was an easy and popular pastime for ladies during the Victorian era. An admired project was decorating white china tea and dessert sets with floral motifs. See how to make a Victorian tea set with original Victorian designs and instructions for a teacup, saucer, and dessert plate featuring a colorful floral pattern and a hummingbird. Create a set for entertaining Victorian style.

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Victorian Tea Party - How to Host a Victorian Afternoon Tea

Mad Hatter Tea Party for elementary students – Thehour.com

Wilton Historical Society invites all first- to fifth-graders to a magical Mad Hatter Tea Party to celebrate the end of the school year from 3:30-4:30 p.m. on Wednesday, June 21.

Wilton Historical Society invites all first- to fifth-graders to a magical Mad Hatter Tea Party to celebrate the end of the school year from 3:30-4:30 p.m. on Wednesday, June 21.

Mad Hatter Tea Party for elementary students

WILTON Wilton Historical Society invites all first- to fifth-graders to a magical Mad Hatter Tea Party to celebrate the end of the school year from 3:30-4:30 p.m. on Wednesday, June 21.

Youngsters in grades one through five will gather on the lawn wearing party clothes and a hat in honor of the occasion. Museum educator Lola Chen will be supervising the madcap fun.

There will be plenty of lawn games, including sack races, a teacup relay, and flamingo croquet. It wouldnt be a tea party without tea sandwiches, teacakes and cookies (nut free) and, of course, Mad Hatter-style tea.

The cost to attend is $15 for members and $25 for non-members. To register, email info@wiltonhistorical.org or call 203-762-7257. The Wilton Historical Society is at 224 Danbury Road.

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Mad Hatter Tea Party for elementary students - Thehour.com