9 nov

Went for a walk today. The path to Durro was only 2,4 kilometres, 1.5 mile, but it was straight up hill and it would take 1,5 hrs according to the folder with area walks. My plan was to walk after that to Boi 3,4 km/1,5 hrs and from Boi back to Barruera 3,9 km/1hr 40 mins. Had to hurry to start after 12.30 because first I wanted to finish new book from Alan Greenspan. Was kind of nervous that I would not be able to return in daylight – not a good idea in these Pyrennees where there are poisonous snakes and also bears (not in this area though, the bears). Should not have worried. They must have taken the speed from someone who does not like walking, or likes to take long pauses to admire the landscape (I call it the Julie style of walking!) but it was easily possible to walk this path in 2/3 of the time, including lengthy periods of admiring the church in Durro (not open though) and taking plenty of photographs.
Only the first part was seriously uphill. It is a good way to remind one which organs are where in the body. It was quite some time ago that I realized that I still own a milt, for example. But it is kind of reassuring to be reminded.
All the way while walking in the far distance I heard the sound of cowbells. They have the friendliest cows here. Quite small with large ears, which gives them a kind of kooky expression. Never the smartest animals, cows are, but this breed is on the bottom part of the ladder of Cow IQ’s. The sound of the bells is lovely. More wooden than metal like. Julie already told me she wanted to go and buy this bell for Merlin. Which sounds like a funny idea to me. I already see these amazed people lifting up their head from their newspaper, or iPad, when we pass through their village, wondering: ‘My goodness, that cow is going fast!’.
The autumn landscape on the mountains is breathtaking. Pity the reds have disappeared, a man told us yesterday. They were still here last week. But we see different shades of yellow, orange and some amazingly springish green colours, next to the deep green of the pine trees. Stunning.
Most of my thoughts were with Alan Greenspan, though. My goodness, what a book. To start with the end. He brings us back to 1940, declaring it a period of hope. The economy was in turmoil, Greenspan claims (rightly), just as now. But then ten years later the American economy was humming on all cylinders, according to Greenspan. I have never really met anyone hoping for a world war to jumpstart an economy.
Greenspan is 87, but still very active, including writing this book. It is intended, one might imagine, to re-establish his tarnished reputation. Some people blame Greenspan, with his accommodating monetary policy, the main cause for the crisis. Which is nonsense in my opinion. But he did things wrong, naturally. He thought, with so many other people, that the financial sector had found a solution for the problem ‘risk’. Which turned out not to be true. It isn’t very reassuring though to hear a central banker admit he underestimated the problem of leverage within banks.
Ah well, this might be too technical for this medium, but realize I hit quite a few stones very hard down the path when I was thinking about all this. Another ridiculous thing. Greenspan is trying to make himself loved by the Tea Party, the anti-intellectual movement in the US that makes one believe that government is something awful. Greenspan thinks extravagant expenses on social security and medicare are the reason the savings rate is so low in the US.
It is like Greenspan doesn’t know about all those civilized countries in Europe with much higher government expenses and (wonder, wonder) much higher savings rates . At one point Greenspan even cites the example of Sweden that after their own crisis in the beginning of the 90’s saw the light and cut down their government expenses. Yes that happened, but maybe Greenspan should also mention that the role of the government is still extremely large, according to US standards, in Sweden. Maybe he should look up these statistics. I advise him to take his heart medicine before he does it.
Much nonsense, I mean real nonsense – stuff that somebody should have advised him not to publish, and some reasonable concerns, that have been uttered many times before, like about banks that are still too large to fail and the quite un precedented quantitative easing. Maybe Greenspan should think about taking up his game of golf that he still thinks he is too busy for to spend serious time at. He deserves a few rounds of what Mark Twain called ‘ a good walk spoiled’. He, Greenspan, almost spoiled mine. But the, I emphasize the word ‘almost’. It was very good after all. Like life is, really.