At times of financial crisis there is often a feeling that all the old certainties have been blown away. But what is striking about the entire history of stock-market crises is that they fall into a pattern — and this pattern makes it possible to make broad predictions about the panic cycles that have been
Judi Bevan meets Sir John Parker, who chairs National Grid and the Court of the Bank of England — and takes an optimistic view of the deepening recession Few people would have dared to walk out of lunch at the Savoy Grill leaving behind the irascible Lord King. Sir John Parker, the softly spoken Irish
Now that I am in my 81st year I have been wondering what to do about my art library, which has more or less taken over my country house in Over Stowey and occupies all the available space there. I originally began collecting it seriously 30 years ago, to help me write a general history
So many ways to say we’re in trouble Without an Inuit thesaurus I have no way of checking how many words the Eskimos really have for snow, but each day’s newspapers reveal just how large a lexicon we have for an economy going into reverse. Recession, depression, downturn, decline, disinflation, slump, slowdown, squeeze, freeze, meltdown,
Not long before he died, Simon Gray and I discussed the extraordinary paradox: why was it that New Labour does everything in its power to discourage smoking and everything in its power (notably longer licensing hours) to encourage drinking? After all, we agreed, drink caused infinitely more human misery, both to drinkers themselves and to
Anyone who doubts that, at least from the cultural point of view, the Soviet Union won the Cold War in Britain hands down should attend a conference organised for doctors about impending organisational changes in the National Health Service (and organisational changes are always impending in the NHS). There he will be convinced that every
James Doran assesses the qualities needed to be Obama’s Treasury secretary at a time of unprecedented crisis, and wonders whether the front-runners measure up As situations vacant go, the position of Secretary of the United States Treasury is unique. The job requires a politician of presidential fortitude, a world-class economist and a magician capable of
There’s plenty of goodies yet in the English word-factory The most overused word this autumn has been ‘crunch’ in the sense of ‘crisis’, as in the phrase ‘credit crunch’. Not many know that it was first used thus by Winston Churchill, so adding to his many other claims to fame that of being a neologist.
Staying recently on the Herengracht in Amsterdam, I found myself trying to solve a psychological puzzle. How could anyone have thought for a moment, how could any mind have entertained even for an infinitesimal fraction of an instant, that 17th- and 18th-century Dutch domestic architecture — as elegant as any in the whole history of
Psychotherapist and former banker Lucy Beresford says we’re all in denial about our guilt for the debt crisis During the recent economic nervous breakdown, pundits everywhere put forward every possible financial cause. But they only told part of the story. Economics is also governed partly by human behaviour. So a fuller understanding of the crisis,
I ought to be a natural Warren Buffett. I’ve never had any difficulty doing the opposite of what everyone else is doing. If there ever was anyone capable of being ‘fearful when everyone else is greedy and greedy when everyone else is fearful’, it’s me. Why, then, is Warren Buffett worth tens of billions and
Financial crisis has transformed Robert Peston from egghead to celebrity, says Dominic Midgley, but the BBC business editor indignantly denies he’s a government mouthpiece The cover of the hardback version of Who Runs Britain?, Robert Peston’s masterly dissection of how the global economy got into the mess it’s in today, features an abstract version of
Moderation has never been popular in Shanghai. Over the years the city has been home to many types of excess, from opium and sing-song girls to Red Guards. At the moment the favourite is construction, and its partner, destruction. One of the newest and boldest examples of the immoderate is the Shanghai World Financial Center.
In 2003, during a long night of swilling fine French wines in Beijing, talk turned to China’s rising economic fortunes. Old China hands at the table reminisced about camel trains clattering through the capital’s dim 1970s streets. Then a mysterious American chipped in with an extraordinary tale. Back in 1983, he said, China’s coffers were
Moderation has never been popular in Shanghai. Over the years the city has been home to many types of excess, from opium and sing-song girls to Red Guards. At the moment the favourite is construction, and its partner, destruction. One of the newest and boldest examples of the immoderate is the Shanghai World Financial Center.
The real economy has taken only the first step towards recession but the housing market has already clocked up four successive quarters of negative growth. Indeed, house prices have now fallen further in 13 months, according to the Halifax, than they plunged in the whole three years of the 1989-91 crash. And like the rest
A little over a year ago, when it was already obvious to virtually everybody that the boom was over, the City’s Panglossian crowd came up with one last, seemingly profound, argument to allow them to continue to deny reality. Going by the ugly name of ‘decoupling’, the theory was that the emerging economies were no
V.S. Naipaul, that clever and often wise man, once laid down: ‘One always writes comedy at the moment of deepest hysteria.’ Well, where’s the comedy now? There is certainly plenty of hysteria. Old Theodore Roosevelt used to say: ‘Men are seldom more unreasonable than when they lose their money. They do not seek to apportion
In times of anxiety, I always turn to Jane Austen’s novels for tranquil distraction. Not that Jane was unfamiliar with financial crises and banking failures. On the contrary: she knew all about them from personal experience. As a young girl she seems to have regarded bankers as rather glamorous figures. In Lady Susan, written when
‘Whenever there’s a catastrophe on Wall Street, our business just gets better — because our products become more collectable.’ So says Bob Kerstein, founder of Virginia-based Scripophily.com, the world’s largest buyer and seller of historic bonds and share certificates. The recent blizzard of insurance and investment banking failures has brought Kerstein particularly brisk business. ‘Our