Monday 25 July 2011

Ulysses unbound

I think of all the Epic Cycle of Greek mythology, my favourite episode is where Odysseus returns home.

It turns out that Tyresias's prophecy of non-inflationary constant expansion was rubbish. Ithaca is running a massive debt, as a result of investing in a giant wooden horse - despite still claiming subsidies on the olive groves they'd cut down to make it. The Greek Central Bank declares that Ithaca needs to make its books balance, otherwise it could bring Corinth, Athens, Thermopylae and Sparta (the "CATS" group) down with it.

Odysseus himself,  having been "offshore" for twenty years, is accused by Athens Uncut of tax avoidance. In particular they note that the entire Trojan Horse venture has been written off, and the losses set against tax.

Having seen the mess into which his country has descended, Odysseus realises he'll have to "take a haircut'. Literally - he's not had one these last ten years. Then he runs back to sea, figuring that even living with the Cyclops is better than this. At least, by living off stranded seafarers, they manage to balance the budget over the economic cycle.

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