Brad DeLong reminds us of Eugene Fama’s remarkable (in the worst way) claim that stimulus can’t work as a matter of logic. It was actually that claim, and its endorsement by John Cochrane , that led me to the realization that we were living in a dark age of macroeconomics.
This is, I suppose, the kind of thing that leads some people to accuse me of being uncivil and engaging in ad hominem attacks. I guess we’re supposed to be respectful when economists resurrect fallacies that were corrected three generations ago, and present those fallacies as new and important insights. But I don’t have it in me to do that, especially when those resurrected fallacies are being used to confuse public discussion in a time of economic crisis, when it matters a great deal whether we have the right policy response.
In any case, Fama’s confusion is of a fairly common type (although we should expect better from famous economists.) Call it the fallacy of immaculate causation. I first encountered it in the field of international macro, where people used the identity S-I = X-M to argue that trade balances could adjust with no need for changes in relative prices; John Williamson dubbed this the fallacy of immaculate transfer. The Fama-Cochrane fallacy is just the domestic version.
Here’s what happens: you start with an accounting identity, in this case savings = investment, and treat it as a causal relationship - savings => investment - imagining that this excuses you from the need to lay out a mechanism for this alleged causation.
The immediate thing Fama should have asked himself, even if completely ignorant of the history of macroeconomics, is why the causation necessarily runs from savings to investment. Why not the other way around? In fact, in simple Keynesian models investment (determined by animal spirits) does in fact determine the level of savings. More broadly, however, you always want to ask about the motives of economic actors; only by thinking through who does what why can you actually learn anything about the actual implications of an accounting identity.
In this case, ask what happens if consumers decide to save more. What do they actually do? They cut their spending. Now, how does the equality S=I hold? In the very short run, it’s likely to hold through involuntary actions - that is, the accounting identity doesn’t say that *desired* saving and investment are always equal. If consumers try to save more, firms may engage in involuntary investment, as inventories pile up, and consumers may find that they’re not saving as much as they intended to, because their incomes fall. Naturally, these unintended results will lead to further changes in behavior, with firms cutting production and consumers further reducing spending, until we eventually reach a sort of equilibrium in which desired saving and desired investment match up; this new equilibrium need not be one in which investment rises, and could well be one in which investment falls.
To reach the conclusion that higher desired savings lead to higher investment, you have to explain how the desire of consumers to save more gives firms an incentive to spend more. Lower interest rates could do the trick - but not in an economy where rates are already zero.
The point, in any case, is that accounting identities can only tell you so much. Anyone who claims that the identities tell you everything you know, without an actual model of how things work, is just doing bad economics. And I’m sorry, but I’m not going to be respectful or pretend that we’re having a serious debate when economists who should know better engage in such obvious fallacies.
As many people have been pointing out, the economic costs of GOP attempts to rule by extortion didn’t begin with the shutdown/debt crisis, and haven’t ended with the (temporary?) resolution of that crisis. The now widely-cited Macroeconomic Advisers report estimated the cost of crisis-driven fiscal policy at 1 percentage point off the growth rate for three years, or roughly 3 percent now. More than half of this estimated cost comes from the “fiscal drag” of falling discretionary spending, with the rest coming from a (shaky) estimate of the impacts of fiscal uncertainty on borrowing costs.
I’ve been looking a bit harder at that report, and while I am in broad agreement with its conclusion, I think it’s missing quite a lot. On balance, I’d argue that the negative effect of the crazies has been even worse than MA says.
OK, first thing: I’m not too happy with the report’s reliance on the Bloom et al uncertainty index to measure costs. As Mike Konczal pointed out a while back, that index is a strange creature, driven to an important extent by the number of times politicians talk about uncertainty. It’s really not something you want to lean on, and if you take it out, MA’s estimates of the Republican drag fall.
First, part of the fiscal cliff deal involved letting the Obama payroll tax cut - a significant, useful form of economic stimulus - expire. (Republicans only like tax cuts that go to people with high incomes.) This led to a surprisingly large tax hike in 2013, focused on workers:
Second, GOP opposition to unemployment insurance has been the biggest factor in a very rapid decline in unemployment benefits despite continuing weak job markets:
This hurts the unemployed a lot, but it also hurts the economy, because the unemployed are already living on the edge, and surely must have been forced into spending cuts as benefits expired.
The combination of the payroll take hike and the benefit cuts amounts to about $200 billion of fiscal contraction at an annual rate, or 1.25 percent of GDP, probably with a significant multiplier effect. Add this to the effects of sharp cuts in discretionary spending and the effects of economic uncertainty, however measured, and I don’t think it’s unreasonable to suggest that extortion tactics may have shaved as much as 4 percent off GDP and added 2 points to the unemployment rate.
Matthew Yglesias notes an uptick in Very Serious People warning that China might lose confidence in America and start dumping our bonds. He focuses on China’s motives, which is useful. But the crucial point, which he touches on only briefly at the end, is that whatever China’s motives, the Chinese wouldn’t hurt us if they dumped our bonds - in fact, it would probably be good for America.
But, you say, wouldn’t China selling our bonds send interest rates up and depress the U.S. economy? I’ve been writing about this issue a lot in various guises, and have yet to see any coherent explanation of how it’s supposed to work.
Think about it: China selling our bonds wouldn’t drive up short-term interest rates, which are set by the Fed. It’s not clear why it would drive up long-term rates, either, since these mainly reflect expected short-term rates. And even if Chinese sales somehow put a squeeze on longer maturities, the Fed could just engage in more quantitative easing and buy those bonds up.
It’s true that China could, possibly, depress the value of the dollar. But that would be good for America! Think about Abenomics in Japan: its biggest success so far has been driving down the value of the yen, helping Japanese exporters.
But, you say, Greece. Well, Greece doesn’t have its own currency or monetary policy; capital flight there led to a fall in the money supply, which wouldn’t happen here.
The persistence of scaremongering about Chinese confidence is a remarkable thing: it continues to be what Very Serious People say, even though it literally makes no sense at all. As Dean Baker once put it, China has an empty water pistol pointed at our head.
You could, maybe, argue that Heritage did some serious work in the 80s, when it looked at health reform and proposed the solution we now call Obamacare. But it has done nothing but junk “research” at least since 2000. I’ve written in the past about the nonsense it put out about the estate tax; more recently, Heritage “experts” explained that income is automatically spent, so that stimulus can’t increase demand and running budget deficits in a recession would send interest rates soaring; they declared that Paul Ryan’s budget would cut the unemployment rate to 2.8 percent, then tried to hide the record of their blunder; and much, much more.
I guess Hatch’s lament makes some sense if you reinterpret it as dismay that Heritage isn’t even putting up a plausible facade anymore. But they took the think out of that think tank a long time ago.
Alec MacGillis attends a Fix the Debt event, and is awed to find everyone still saying the same old things:
Fix the Debt officials spoke as if they have had no role in bringing us to this point - as if, to the contrary, we arrived at this point precisely because we were not listening to them. Compared to them, the second-guessing Republicans on the Hill Wednesday were models of candor and self-awareness.
脅迫者たちの同調者
アレック・マクギリスは「財政赤字を無くせ」団体(Fix the Debt)のイベントに参加して、 皆が相変わらず同じ事を言ってるのを聞き恐れ入った。
Actually, it’s even worse than he says (a line I find myself using a lot these days.) Fix the Debt didn’t just help create a climate of crisis with its fearmongering over the deficit; the fiscal scolds actively cheered GOP hostage-taking in 2011, and were still lending support to hostage tactics this time around.
Furthermore, neutrality is not an option here. If one political party attempts to defy due process and extract concessions from the other party by threatening financial and economic catastrophe, and your response is to condemn partisanship in the abstract and suggest that both sides are equally to blame, you are in effect lending cover to the hostage-takers.
In other words, Fix the Debt isn’t just ineffectual in its pursuit of a Grand Bargain, it’s an actively malign force in our politics, in effect acting as an ally of the extortionists.
In that pleasant district of merry England which is watered by the river Don, there extended in ancient times a large forest, covering the greater part of the beautiful hills and valleys which lie between Sheffield and the pleasant town of Doncaster. The remains of this extensive wood are still to be seen at the noble seats of Wentworth, of Warncliffe Park, and around Rotherham. Here haunted of yore the fabulous Dragon of Wantley; here were fought many of the most desperate battles during the Civil Wars of the Roses; and here also flourished in ancient times those bands of gallant outlaws, whose deeds have been rendered so popular in English song.
Such being our chief scene, the date of our story refers to a period towards the end of the reign of Richard I., when his return from his long captivity had become an event rather wished than hoped for by his despairing subjects, who were in the meantime subjected to every species of subordinate oppression. The nobles, whose power had become exorbitant during the reign of Stephen, and whom the prudence of Henry the Second had scarce reduced to some degree of subjection to the crown, had now resumed their ancient license in its utmost extent; despising the feeble interference of the English Council of State, fortifying their castles, increasing the number of their dependants, reducing all around them to a state of vassalage, and striving by every means in their power, to place themselves each at the head of such forces as might enable him to make a figure in the national convulsions which appeared to be impending.
The situation of the inferior gentry, or Franklins, as they were called, who, by the law and spirit of the English constitution, were entitled to hold themselves independent of feudal tyranny, became now unusually precarious. If, as was most generally the case, they placed themselves under the protection of any of the petty kings in their vicinity, accepted of feudal offices in his household, or bound themselves by mutual treaties of alliance and protection, to support him in his enterprises, they might indeed purchase temporary repose; but it must be with the sacrifice of that independence which was so dear to every English bosom, and at the certain hazard of being involved as a party in whatever rash expedition the ambition of their protector might lead him to undertake.
Thus communed these; while to their lowly dome, The full-fed swine return'd with evening home; Compell'd, reluctant, to the several sties, With din obstreperous, and ungrateful cries. Pope's Odyssey
In that pleasant district of merry England which is watered by the river Don, there extended in ancient times a large forest, covering the greater part of the beautiful hills and valleys which lie between Sheffield and the pleasant town of Doncaster. The remains of this extensive wood are still to be seen at the noble seats of Wentworth, of Warncliffe Park, and around Rotherham. Here haunted of yore the fabulous Dragon of Wantley; here were fought many of the most desperate battles during the Civil Wars of the Roses; and here also flourished in ancient times those bands of gallant outlaws, whose deeds have been rendered so popular in English song.
Such being our chief scene, the date of our story refers to a period towards the end of the reign of Richard I., when his return from his long captivity had become an event rather wished than hoped for by his despairing subjects, who were in the meantime subjected to every species of subordinate oppression. The nobles, whose power had become exorbitant during the reign of Stephen, and whom the prudence of Henry the Second had scarce reduced to some degree of subjection to the crown, had now resumed their ancient license in its utmost extent; despising the feeble interference of the English Council of State, fortifying their castles, increasing the number of their dependants, reducing all around them to a state of vassalage, and striving by every means in their power, to place themselves each at the head of such forces as might enable him to make a figure in the national convulsions which appeared to be impending.
The situation of the inferior gentry, or Franklins, as they were called, who, by the law and spirit of the English constitution, were entitled to hold themselves independent of feudal tyranny, became now unusually precarious. If, as was most generally the case, they placed themselves under the protection of any of the petty kings in their vicinity, accepted of feudal offices in his household, or bound themselves by mutual treaties of alliance and protection, to support him in his enterprises, they might indeed purchase temporary repose; but it must be with the sacrifice of that independence which was so dear to every English bosom, and at the certain hazard of being involved as a party in whatever rash expedition the ambition of their protector might lead him to undertake.
On the other hand, such and so multiplied were the means of vexation and oppression possessed by the great Barons, that they never wanted the pretext, and seldom the will, to harass and pursue, even to the very edge of destruction, any of their less powerful neighbours, who attempted to separate themselves from their authority, and to trust for their protection, during the dangers of the times, to their own inoffensive conduct, and to the laws of the land.
On the other hand, such and so multiplied were the means of vexation and oppression possessed by the great Barons, that they never wanted the pretext, and seldom the will, to harass and pursue, even to the very edge of destruction, any of their less powerful neighbours, who attempted to separate themselves from their authority, and to trust for their protection, during the dangers of the times, to their own inoffensive conduct, and to the laws of the land.
A circumstance which greatly tended to enhance the tyranny of the nobility, and the sufferings of the inferior classes, arose from the consequences of the Conquest by Duke William of Normandy. Four generations had not sufficed to blend the hostile blood of the Normans and Anglo-Saxons, or to unite, by common language and mutual interests, two hostile races, one of which still felt the elation of triumph, while the other groaned under all the consequences of defeat.
The power had been completely placed in the hands of the Norman nobility, by the event of the battle of Hastings, and it had been used, as our histories assure us, with no moderate hand. The whole race of Saxon princes and nobles had been extirpated or disinherited, with few or no exceptions; nor were the numbers great who possessed land in the country of their fathers, even as proprietors of the second, or of yet inferior classes.
The royal policy had long been to weaken, by every means, legal or illegal, the strength of a part of the population which was justly considered as nourishing the most inveterate antipathy to their victor. All the monarchs of the Norman race had shown the most marked predilection for their Norman subjects; the laws of the chase, and many others equally unknown to the milder and more free spirit of the Saxon constitution, had been fixed upon the necks of the subjugated inhabitants, to add weight, as it were, to the feudal chains with which they were loaded.
At court, and in the castles of the great nobles, where the pomp and state of a court was emulated, Norman-French was the only language employed; in courts of law, the pleadings and judgments were delivered in the same tongue. In short, French was the language of honour, of chivalry, and even of justice, while the far more manly and expressive Anglo-Saxon was abandoned to the use of rustics and hinds, who knew no other.
Still, however, the necessary intercourse between the lords of the soil, and those oppressed inferior beings by whom that soil was cultivated, occasioned the gradual formation of a dialect, compounded betwixt the French and the Anglo-Saxon, in which they could render themselves mutually intelligible to each other; and from this necessity arose by degrees the structure of our present English language, in which the speech of the victors and the vanquished have been so happily blended together; and which has since been so richly improved by importations from the classical languages, and from those spoken by the southern nations of Europe.
Thus communed these; while to their lowly dome, The full-fed swine return'd with evening home; Compell'd, reluctant, to the several sties, With din obstreperous, and ungrateful cries. Pope's Odyssey
In that pleasant district of merry England which is watered by the river Don, there extended in ancient times a large forest, covering the greater part of the beautiful hills and valleys which lie between Sheffield and the pleasant town of Doncaster. The remains of this extensive wood are still to be seen at the noble seats of Wentworth, of Warncliffe Park, and around Rotherham. Here haunted of yore the fabulous Dragon of Wantley; here were fought many of the most desperate battles during the Civil Wars of the Roses; and here also flourished in ancient times those bands of gallant outlaws, whose deeds have been rendered so popular in English song.
Such being our chief scene, the date of our story refers to a period towards the end of the reign of Richard I., when his return from his long captivity had become an event rather wished than hoped for by his despairing subjects, who were in the meantime subjected to every species of subordinate oppression. The nobles, whose power had become exorbitant during the reign of Stephen, and whom the prudence of Henry the Second had scarce reduced to some degree of subjection to the crown, had now resumed their ancient license in its utmost extent; despising the feeble interference of the English Council of State, fortifying their castles, increasing the number of their dependants, reducing all around them to a state of vassalage, and striving by every means in their power, to place themselves each at the head of such forces as might enable him to make a figure in the national convulsions which appeared to be impending.
The situation of the inferior gentry, or Franklins, as they were called, who, by the law and spirit of the English constitution, were entitled to hold themselves independent of feudal tyranny, became now unusually precarious. If, as was most generally the case, they placed themselves under the protection of any of the petty kings in their vicinity, accepted of feudal offices in his household, or bound themselves by mutual treaties of alliance and protection, to support him in his enterprises, they might indeed purchase temporary repose; but it must be with the sacrifice of that independence which was so dear to every English bosom, and at the certain hazard of being involved as a party in whatever rash expedition the ambition of their protector might lead him to undertake.
On the other hand, such and so multiplied were the means of vexation and oppression possessed by the great Barons, that they never wanted the pretext, and seldom the will, to harass and pursue, even to the very edge of destruction, any of their less powerful neighbours, who attempted to separate themselves from their authority, and to trust for their protection, during the dangers of the times, to their own inoffensive conduct, and to the laws of the land.
A circumstance which greatly tended to enhance the tyranny of the nobility, and the sufferings of the inferior classes, arose from the consequences of the Conquest by Duke William of Normandy. Four generations had not sufficed to blend the hostile blood of the Normans and Anglo-Saxons, or to unite, by common language and mutual interests, two hostile races, one of which still felt the elation of triumph, while the other groaned under all the consequences of defeat.
The power had been completely placed in the hands of the Norman nobility, by the event of the battle of Hastings, and it had been used, as our histories assure us, with no moderate hand. The whole race of Saxon princes and nobles had been extirpated or disinherited, with few or no exceptions; nor were the numbers great who possessed land in the country of their fathers, even as proprietors of the second, or of yet inferior classes.
The royal policy had long been to weaken, by every means, legal or illegal, the strength of a part of the population which was justly considered as nourishing the most inveterate antipathy to their victor. All the monarchs of the Norman race had shown the most marked predilection for their Norman subjects; the laws of the chase, and many others equally unknown to the milder and more free spirit of the Saxon constitution, had been fixed upon the necks of the subjugated inhabitants, to add weight, as it were, to the feudal chains with which they were loaded.
At court, and in the castles of the great nobles, where the pomp and state of a court was emulated, Norman-French was the only language employed; in courts of law, the pleadings and judgments were delivered in the same tongue. In short, French was the language of honour, of chivalry, and even of justice, while the far more manly and expressive Anglo-Saxon was abandoned to the use of rustics and hinds, who knew no other.
At court, and in the castles of the great nobles, where the pomp and state of a court was emulated, Norman-French was the only language employed; in courts of law, the pleadings and judgments were delivered in the same tongue. In short, French was the language of honour, of chivalry, and even of justice, while the far more manly and expressive Anglo-Saxon was abandoned to the use of rustics and hinds, who knew no other.
Still, however, the necessary intercourse between the lords of the soil, and those oppressed inferior beings by whom that soil was cultivated, occasioned the gradual formation of a dialect, compounded betwixt the French and the Anglo-Saxon, in which they could render themselves mutually intelligible to each other; and from this necessity arose by degrees the structure of our present English language, in which the speech of the victors and the vanquished have been so happily blended together; and which has since been so richly improved by importations from the classical languages, and from those spoken by the southern nations of Europe.
This state of things I have thought it necessary to premise for the information of the general reader, who might be apt to forget, that, although no great historical events, such as war or insurrection, mark the existence of the Anglo-Saxons as a separate people subsequent to the reign of William the Second; yet the great national distinctions betwixt them and their conquerors, the recollection of what they had formerly been, and to what they were now reduced, continued down to the reign of Edward the Third, to keep open the wounds which the Conquest had inflicted, and to maintain a line of separation betwixt the descendants of the victor Normans and the vanquished Saxons.
The sun was setting upon one of the rich grassy glades of that forest, which we have mentioned in the beginning of the chapter. Hundreds of broad-headed, short-stemmed, wide-branched oaks, which had witnessed perhaps the stately march of the Roman soldiery, flung their gnarled arms over a thick carpet of the most delicious green sward; in some places they were intermingled with beeches, hollies, and copsewood of various descriptions, so closely as totally to intercept the level beams of the sinking sun; in others they receded from each other, forming those long sweeping vistas, in the intricacy of which the eye delights to lose itself, while imagination considers them as the paths to yet wilder scenes of silvan solitude.
>>214 This state of things I have thought it necessary to premise for the information of the general reader, who might be apt to forget, that, although no great historical events, such as war or insurrection, mark the existence of the Anglo-Saxons as a separate people subsequent to the reign of William the Second; yet the great national distinctions betwixt them and their conquerors, the recollection of what they had formerly been, and to what they were now reduced, continued down to the reign of Edward the Third, to keep open the wounds which the Conquest had inflicted, and to maintain a line of separation betwixt the descendants of the victor Normans and the vanquished Saxons.
Here the red rays of the sun shot a broken and discoloured light, that partially hung upon the shattered boughs and mossy trunks of the trees, and there they illuminated in brilliant patches the portions of turf to which they made their way. A considerable open space, in the midst of this glade, seemed formerly to have been dedicated to the rites of Druidical superstition; for, on the summit of a hillock, so regular as to seem artificial, there still remained part of a circle of rough unhewn stones, of large dimensions.
Seven stood upright; the rest had been dislodged from their places, probably by the zeal of some convert to Christianity, and lay, some prostrate near their former site, and others on the side of the hill. One large stone only had found its way to the bottom, and in stopping the course of a small brook, which glided smoothly round the foot of the eminence, gave, by its opposition, a feeble voice of murmur to the placid and elsewhere silent streamlet.
The human figures which completed this landscape, were in number two, partaking, in their dress and appearance, of that wild and rustic character, which belonged to the woodlands of the West-Riding of Yorkshire at that early period. The eldest of these men had a stern, savage, and wild aspect. His garment was of the simplest form imaginable, being a close jacket with sleeves, composed of the tanned skin of some animal, on which the hair had been originally left, but which had been worn off in so many places, that it would have been difficult to distinguish from the patches that remained, to what creature the fur had belonged.
>>244 The human figures which completed this landscape, were in number two, partaking, in their dress and appearance, of that wild and rustic character, which belonged to the woodlands of the West-Riding of Yorkshire at that early period. The eldest of these men had a stern, savage, and wild aspect. His garment was of the simplest form imaginable, being a close jacket with sleeves, composed of the tanned skin of some animal, on which the hair had been originally left, but which had been worn off in so many places, that it would have been difficult to distinguish from the patches that remained, to what creature the fur had belonged.
This primeval vestment reached from the throat to the knees, and served at once all the usual purposes of body-clothing; there was no wider opening at the collar, than was necessary to admit the passage of the head, from which it may be inferred, that it was put on by slipping it over the head and shoulders, in the manner of a modern shirt, or ancient hauberk. Sandals, bound with thongs made of boars' hide, protected the feet, and a roll of thin leather was twined artificially round the legs, and, ascending above the calf, left the knees bare, like those of a Scottish Highlander.
To make the jacket sit yet more close to the body, it was gathered at the middle by a broad leathern belt, secured by a brass buckle; to one side of which was attached a sort of scrip, and to the other a ram's horn, accoutred with a mouthpiece, for the purpose of blowing. In the same belt was stuck one of those long, broad, sharp-pointed, and two-edged knives, with a buck's-horn handle, which were fabricated in the neighbourhood, and bore even at this early period the name of a Sheffield whittle. The man had no covering upon his head, which was only defended by his own thick hair, matted and twisted together, and scorched by the influence of the sun into a rusty dark-red colour, forming a contrast with the overgrown beard upon his cheeks, which was rather of a yellow or amber hue.
>>228 The sun was setting upon one of the rich grassy glades of that forest, which we have mentioned in the beginning of the chapter. Hundreds of broad-headed, short-stemmed, wide-branched oaks, which had witnessed perhaps the stately march of the Roman soldiery, flung their gnarled arms over a thick carpet of the most delicious green sward; in some places they were intermingled with beeches, hollies, and copsewood of various descriptions, so closely as totally to intercept the level beams of the sinking sun; in others they receded from each other, forming those long sweeping vistas, in the intricacy of which the eye delights to lose itself, while imagination considers them as the paths to yet wilder scenes of silvan solitude.
>>268 To make the jacket sit yet more close to the body, it was gathered at the middle by a broad leathern belt, secured by a brass buckle; to one side of which was attached a sort of scrip, and to the other a ram's horn, accoutred with a mouthpiece, for the purpose of blowing. In the same belt was stuck one of those long, broad, sharp-pointed, and two-edged knives, with a buck's-horn handle, which were fabricated in the neighbourhood, and bore even at this early period the name of a Sheffield whittle. The man had no covering upon his head, which was only defended by his own thick hair, matted and twisted together, and scorched by the influence of the sun into a rusty dark-red colour, forming a contrast with the overgrown beard upon his cheeks, which was rather of a yellow or amber hue.
One part of his dress only remains, but it is too remarkable to be suppressed; it was a brass ring, resembling a dog's collar, but without any opening, and soldered fast round his neck, so loose as to form no impediment to his breathing, yet so tight as to be incapable of being removed, excepting by the use of the file. On this singular gorget was engraved, in Saxon characters, an inscription of the following purport:--"Gurth, the son of Beowulph, is the born thrall of Cedric of Rotherwood."
>>238 Here the red rays of the sun shot a broken and discoloured light, that partially hung upon the shattered boughs and mossy trunks of the trees, and there they illuminated in brilliant patches the portions of turf to which they made their way. A considerable open space, in the midst of this glade, seemed formerly to have been dedicated to the rites of Druidical superstition; for, on the summit of a hillock, so regular as to seem artificial, there still remained part of a circle of rough unhewn stones, of large dimensions.
>>268 To make the jacket sit yet more close to the body, it was gathered at the middle by a broad leathern belt, secured by a brass buckle; to one side of which was attached a sort of scrip, and to the other a ram's horn, accoutred with a mouthpiece, for the purpose of blowing. In the same belt was stuck one of those long, broad, sharp-pointed, and two-edged knives, with a buck's-horn handle, which were fabricated in the neighbourhood, and bore even at this early period the name of a Sheffield whittle. The man had no covering upon his head, which was only defended by his own thick hair, matted and twisted together, and scorched by the influence of the sun into a rusty dark-red colour, forming a contrast with the overgrown beard upon his cheeks, which was rather of a yellow or amber hue.
>>228 The sun was setting upon one of the rich grassy glades of that forest, which we have mentioned in the beginning of the chapter. Hundreds of broad-headed, short-stemmed, wide-branched oaks, which had witnessed perhaps the stately march of the Roman soldiery, flung their gnarled arms over a thick carpet of the most delicious green sward; in some places they were intermingled with beeches, hollies, and copsewood of various descriptions, so closely as totally to intercept the level beams of the sinking sun; in others they receded from each other, forming those long sweeping vistas, in the intricacy of which the eye delights to lose itself, while imagination considers them as the paths to yet wilder scenes of silvan solitude.
Beside the swine-herd, for such was Gurth's occupation, was seated, upon one of the fallen Druidical monuments, a person about ten years younger in appearance, and whose dress, though resembling his companion's in form, was of better materials, and of a more fantastic appearance. His jacket had been stained of a bright purple hue, upon which there had been some attempt to paint grotesque ornaments in different colours. To the jacket he added a short cloak, which scarcely reached half way down his thigh; it was of crimson cloth, though a good deal soiled, lined with bright yellow; and as he could transfer it from one shoulder to the other, or at his pleasure draw it all around him, its width, contrasted with its want of longitude, formed a fantastic piece of drapery.
He had thin silver bracelets upon his arms, and on his neck a collar of the same metal bearing the inscription, "Wamba, the son of Witless, is the thrall of Cedric of Rotherwood." This personage had the same sort of sandals with his companion, but instead of the roll of leather thong, his legs were cased in a sort of gaiters, of which one was red and the other yellow. He was provided also with a cap, having around it more than one bell, about the size of those attached to hawks, which jingled as he turned his head to one side or other; and as he seldom remained a minute in the same posture, the sound might be considered as incessant.
>>285 He had thin silver bracelets upon his arms, and on his neck a collar of the same metal bearing the inscription, "Wamba, the son of Witless, is the thrall of Cedric of Rotherwood." This personage had the same sort of sandals with his companion, but instead of the roll of leather thong, his legs were cased in a sort of gaiters, of which one was red and the other yellow. He was provided also with a cap, having around it more than one bell, about the size of those attached to hawks, which jingled as he turned his head to one side or other; and as he seldom remained a minute in the same posture, the sound might be considered as incessant.
基本、直訳だからあんま文句もでない。文体そのものを全部練り直す のは、非常にめんどくさいよ。もうすこし節の流れがって思うところもある。 The sun was setting upon one of the rich grassy glades of that forest, which we have mentioned in the beginning of the chapter. 「was setting」のニュアンスと、非制限のwhichを訳し上げてるところが もったいない。なんとか節の流れそのままで。
Around the edge of this cap was a stiff bandeau of leather, cut at the top into open work, resembling a coronet, while a prolonged bag arose from within it, and fell down on one shoulder like an old-fashioned nightcap, or a jelly-bag, or the head-gear of a modern hussar. It was to this part of the cap that the bells were attached; which circumstance, as well as the shape of his head-dress, and his own half-crazed, half-cunning expression of countenance, sufficiently pointed him out as belonging to the race of domestic clowns or jesters, maintained in the houses of the wealthy, to help away the tedium of those lingering hours which they were obliged to spend within doors. He bore, like his companion, a scrip, attached to his belt, but had neither horn nor knife, being probably considered as belonging to a class whom it is esteemed dangerous to intrust with edge-tools. In place of these, he was equipped with a sword of lath, resembling that with which Harlequin operates his wonders upon the modern stage.
>>268 To make the jacket sit yet more close to the body, it was gathered at the middle by a broad leathern belt, secured by a brass buckle; to one side of which was attached a sort of scrip, and to the other a ram's horn, accoutred with a mouthpiece, for the purpose of blowing. In the same belt was stuck one of those long, broad, sharp-pointed, and two-edged knives, with a buck's-horn handle, which were fabricated in the neighbourhood, and bore even at this early period the name of a Sheffield whittle. The man had no covering upon his head, which was only defended by his own thick hair, matted and twisted together, and scorched by the influence of the sun into a rusty dark-red colour, forming a contrast with the overgrown beard upon his cheeks, which was rather of a yellow or amber hue.
The outward appearance of these two men formed scarce a stronger contrast than their look and demeanour. That of the serf, or bondsman, was sad and sullen; his aspect was bent on the ground with an appearance of deep dejection, which might be almost construed into apathy, had not the fire which occasionally sparkled in his red eye manifested that there slumbered, under the appearance of sullen despondency, a sense of oppression, and a disposition to resistance. The looks of Wamba, on the other hand, indicated, as usual with his class, a sort of vacant curiosity, and fidgetty impatience of any posture of repose, together with the utmost self-satisfaction respecting his own situation, and the appearance which he made.
The dialogue which they maintained between them, was carried on in Anglo-Saxon, which, as we said before, was universally spoken by the inferior classes, excepting the Norman soldiers, and the immediate personal dependants of the great feudal nobles. But to give their conversation in the original would convey but little information to the modern reader, for whose benefit we beg to offer the following translation:
>>314 The overarching problem for the man at the center of the budget fight, say allies and opponents, is that he and his leadership team have no real idea how to resolve the fiscal showdown. They are only trying to survive another day, Republican strategists say, hoping to maintain unity as long as possible so that when the Republican position collapses, they can capitulate on two issues at once — financing the government and raising the debt ceiling — and head off any internal party backlash.
"The curse of St Withold upon these infernal porkers!" said the swine-herd, after blowing his horn obstreperously, to collect together the scattered herd of swine, which, answering his call with notes equally melodious, made, however, no haste to remove themselves from the luxurious banquet of beech-mast and acorns on which they had fattened, or to forsake the marshy banks of the rivulet, where several of them, half plunged in mud, lay stretched at their ease, altogether regardless of the voice of their keeper.
>>320 "The curse of St Withold upon these infernal porkers!" said the swine-herd, after blowing his horn obstreperously, to collect together the scattered herd of swine, which, answering his call with notes equally melodious, made, however, no haste to remove themselves from the luxurious banquet of beech-mast and acorns on which they had fattened, or to forsake the marshy banks of the rivulet, where several of them, half plunged in mud, lay stretched at their ease, altogether regardless of the voice of their keeper.
>>214 This state of things I have thought it necessary to premise for the information of the general reader, who might be apt to forget, that, although no great historical events, such as war or insurrection, mark the existence of the Anglo-Saxons as a separate people subsequent to the reign of William the Second; yet the great national distinctions betwixt them and their conquerors, the recollection of what they had formerly been, and to what they were now reduced, continued down to the reign of Edward the Third, to keep open the wounds which the Conquest had inflicted, and to maintain a line of separation betwixt the descendants of the victor Normans and the vanquished Saxons.
>>320 "The curse of St Withold upon these infernal porkers!" said the swine-herd, after blowing his horn obstreperously, to collect together the scattered herd of swine, which, answering his call with notes equally melodious, made, however, no haste to remove themselves from the luxurious banquet of beech-mast and acorns on which they had fattened, or to forsake the marshy banks of the rivulet, where several of them, half plunged in mud, lay stretched at their ease, altogether regardless of the voice of their keeper.
おいらが訳に「ちょっと自信がない」と書いた理由のひとつはまさに his leadership team の解釈だった。 しかし、「側近」ではないという根拠、「議員」を含む根拠が簡単には 見つからなかった。 もし何か根拠があるなら書いてくれ。 ただし、おいらはこれ以上この問題に時間を割くつもりはない。 俺は俺なりに忙しいんでね。
>>305 The outward appearance of these two men formed scarce a stronger contrast than their look and demeanour. That of the serf, or bondsman, was sad and sullen; his aspect was bent on the ground with an appearance of deep dejection, which might be almost construed into apathy, had not the fire which occasionally sparkled in his red eye manifested that there slumbered, under the appearance of sullen despondency, a sense of oppression, and a disposition to resistance. The looks of Wamba, on the other hand, indicated, as usual with his class, a sort of vacant curiosity, and fidgetty impatience of any posture of repose, together with the utmost self-satisfaction respecting his own situation, and the appearance which he made.
Allies and opponents say (that) the overarching problem for the man at the center of the budget fight is that he and his leadership team have no real idea how to resolve the fiscal showdown.
Republican strategists say (that) they are only trying to survive another day, hoping to maintain unity as long as possible so that (when the Republican position collapses) they can capitulate on two issues at once ― financing the government and raising the debt ceiling ― and head off any internal party backlash.
>>305 The outward appearance of these two men formed scarce a stronger contrast than their look and demeanour. That of the serf, or bondsman, was sad and sullen; his aspect was bent on the ground with an appearance of deep dejection, which might be almost construed into apathy, had not the fire which occasionally sparkled in his red eye manifested that there slumbered, under the appearance of sullen despondency, a sense of oppression, and a disposition to resistance. The looks of Wamba, on the other hand, indicated, as usual with his class, a sort of vacant curiosity, and fidgetty impatience of any posture of repose, together with the utmost self-satisfaction respecting his own situation, and the appearance which he made.
hopingは分詞構文の付帯状況。 so that canが目的 they can capitulate on two issues at once ― financing the government and raising the debt ceiling ― and head off any internal party backlash.
>>351 お前は分かってないだろ >they can capitulate on two issues at once ― financing the government and raising the debt ceiling ― and head off any internal party backlash.
"The curse of St Withold upon them and upon me!" said Gurth; "if the two-legged wolf snap not up some of them ere nightfall, I am no true man. Here, Fangs! Fangs!" he ejaculated at the top of his voice to a ragged wolfish-looking dog, a sort of lurcher, half mastiff, half greyhound, which ran limping about as if with the purpose of seconding his master in collecting the refractory grunters; but which, in fact, from misapprehension of the swine-herd's signals, ignorance of his own duty, or malice prepense, only drove them hither and thither, and increased the evil which he seemed to design to remedy.
"A devil draw the teeth of him," said Gurth, "and the mother of mischief confound the Ranger of the forest, that cuts the foreclaws off our dogs, and makes them unfit for their trade! [8] Wamba, up and help me an thou be'st a man; take a turn round the back o' the hill to gain the wind on them; and when thous't got the weather-gage, thou mayst drive them before thee as gently as so many innocent lambs."
>>365 "A devil draw the teeth of him," said Gurth, "and the mother of mischief confound the Ranger of the forest, that cuts the foreclaws off our dogs, and makes them unfit for their trade! [8] Wamba, up and help me an thou be'st a man; take a turn round the back o' the hill to gain the wind on them; and when thous't got the weather-gage, thou mayst drive them before thee as gently as so many innocent lambs."
>>366 "A devil draw the teeth of him," said Gurth, "and the mother of mischief confound the Ranger of the forest, that cuts the foreclaws off our dogs, and makes them unfit for their trade! [8] Wamba, up and help me an thou be'st a man; take a turn round the back o' the hill to gain the wind on them; and when thous't got the weather-gage, thou mayst drive them before thee as gently as so many innocent lambs."
>>365 "A devil draw the teeth of him," said Gurth, "and the mother of mischief confound the Ranger of the forest, that cuts the foreclaws off our dogs, and makes them unfit for their trade! [8] Wamba, up and help me an thou be'st a man; take a turn round the back o' the hill to gain the wind on them; and when thous't got the weather-gage, thou mayst drive them before thee as gently as so many innocent lambs."
>>268 To make the jacket sit yet more close to the body, it was gathered at the middle by a broad leathern belt, secured by a brass buckle; to one side of which was attached a sort of scrip, and to the other a ram's horn, accoutred with a mouthpiece, for the purpose of blowing. In the same belt was stuck one of those long, broad, sharp-pointed, and two-edged knives, with a buck's-horn handle, which were fabricated in the neighbourhood, and bore even at this early period the name of a Sheffield whittle. The man had no covering upon his head, which was only defended by his own thick hair, matted and twisted together, and scorched by the influence of the sun into a rusty dark-red colour, forming a contrast with the overgrown beard upon his cheeks, which was rather of a yellow or amber hue.
"Truly," said Wamba, without stirring from the spot, "I have consulted my legs upon this matter, and they are altogether of opinion, that to carry my gay garments through these sloughs, would be an act of unfriendship to my sovereign person and royal wardrobe; wherefore, Gurth, I advise thee to call off Fangs, and leave the herd to their destiny, which, whether they meet with bands of travelling soldiers, or of outlaws, or of wandering pilgrims, can be little else than to be converted into Normans before morning, to thy no small ease and comfort."
>>370 "Truly," said Wamba, without stirring from the spot, "I have consulted my legs upon this matter, and they are altogether of opinion, that to carry my gay garments through these sloughs, would be an act of unfriendship to my sovereign person and royal wardrobe; wherefore, Gurth, I advise thee to call off Fangs, and leave the herd to their destiny, which, whether they meet with bands of travelling soldiers, or of outlaws, or of wandering pilgrims, can be little else than to be converted into Normans before morning, to thy no small ease and comfort."
>>365 "A devil draw the teeth of him," said Gurth, "and the mother of mischief confound the Ranger of the forest, that cuts the foreclaws off our dogs, and makes them unfit for their trade! [8] Wamba, up and help me an thou be'st a man; take a turn round the back o' the hill to gain the wind on them; and when thous't got the weather-gage, thou mayst drive them before thee as gently as so many innocent lambs."
>>365 "A devil draw the teeth of him," said Gurth, "and the mother of mischief confound the Ranger of the forest, that cuts the foreclaws off our dogs, and makes them unfit for their trade! [8] Wamba, up and help me an thou be'st a man; take a turn round the back o' the hill to gain the wind on them; and when thous't got the weather-gage, thou mayst drive them before thee as gently as so many innocent lambs."
>>365 "A devil draw the teeth of him," said Gurth, "and the mother of mischief confound the Ranger of the forest, that cuts the foreclaws off our dogs, and makes them unfit for their trade! [8] Wamba, up and help me an thou be'st a man; take a turn round the back o' the hill to gain the wind on them; and when thous't got the weather-gage, thou mayst drive them before thee as gently as so many innocent lambs."
>>370 "Truly," said Wamba, without stirring from the spot, "I have consulted my legs upon this matter, and they are altogether of opinion, that to carry my gay garments through these sloughs, would be an act of unfriendship to my sovereign person and royal wardrobe; wherefore, Gurth, I advise thee to call off Fangs, and leave the herd to their destiny, which, whether they meet with bands of travelling soldiers, or of outlaws, or of wandering pilgrims, can be little else than to be converted into Normans before morning, to thy no small ease and comfort."
I There are a lot of mistranslation delivery barrage of the computer below. Then, translation agencies all over the world through the trial, Tend to ensure a large amount of the translation unpaid volunteers from now It intensifies much.
>>706 I There are a lot of mistranslation delivery barrage of the computer below. Then, translation agencies all over the world through the trial, Tend to ensure a large amount of the translation unpaid volunteers from now It intensifies much.