Day 1,590: largesse, sugar rush, tacitly, backstop
Fiscal largesse has added to the world economy’s sugar rush.
The ecb’s bondholdings are already becoming skewed towards the Italian government debt that it tacitly backstops—a task that has become far harder in a high-rate world.
Artwork of the day
Sugar Ray Robinson
Jean-Michel BasquiatDate:1982Style:Neo-Expressionism,Street artGenre:figurativeMedia:acrylic, crayon,canvasDimensions:106.5 x 106.5 cm
Word of the day
largesse: willingness to give money, or money given to poor people by rich people
sugar rush: a sudden and brief burst of energy supposedly experienced after the consumption of food or drink with a high sugar content
tacitly: without expressing something directly
backstop:(in baseball) a high fence behind the playerhitting the ball, that prevents balls from leavingthe playing area if they are not hit or caught; (in rounders) a player who stands directly behind the player from the opposing team who is trying to hit the ball, and attempts to catch the ball after it has been thrown if the person does not hit it
Quote of the day
“I do not know much. But there are certain advantages in not knowing. Like virgin territory, the mind is free of preconceptions. Everything I do not know forms the greater part of me: This is my largesse. And with this I understand everything. The things I do not know constitute my truth.”
― Clarice Lispector