It would be hard to imagine a worse run of events for paper money. Investment banks such as Lehman Brothers have drowned in a sea of subprime debt. Building societies such as Bradford & Bingley, once so dull and safe they made fun of it in their ads, have had to be nationalised. In the
Now that businessmen from Kazakhstan to California speak a single language, it’s perhaps not surprising that we endured a Babel of borrowing over the past ten years. And like all towers which reach too high, it fell — and great was the fall of it. So great, in fact, that the financial world was overwhelmed.
Plus ça change in the bustling hurly-burly of Westbourne Grove The chill winds are already blowing down Westbourne Grove as the recession takes hold. They would, wouldn’t they? The Grove is a peculiarly fragile and sensitive street, and has been ever since it was set up in the 1850s. At one time it was known
There’s a modern myth that food miles are bad. But measuring the carbon footprints of food items produces surprising results. We discover, for example, that bringing New Zealand lamb to our table — according to information collated by Oxford’s Environmental Change Institute — can generate fewer emissions than if the Sunday joint originated in Wales,
There are all kinds of reasons for objecting to Percy Bysshe Shelley. Selfish and often indifferent to the feelings of others (especially young women), while hypersensitive to his own, he was one of those intellectual monsters who think ideas matter more than people. But he was a great poet nonetheless. His ‘Ode to the West
Because of the economic crisis, I was waiting at the bus station: £2.80 for a bus instead of £28 for a taxi home. I had 50 minutes to wait and was reading a book by Richard Yates. I was wondering why the literature of so optimistic a country as America was so deeply pessimistic (awareness
There is probably no company in the world as iconic as General Motors. As the manufacturer of Cadillacs, Buicks and Chevrolets, as well as Opels in Europe and Vauxhalls in Britain, it would be no exaggeration to describe GM as the corporation that perfected 20th-century industrial capitalism. Henry Ford created the first mass-production car 100
In early November the head of the world’s leading multilateral agency made a remarkable public bid for survival. Speaking in São Paulo, addressing the world’s most powerful finance ministers, Dominique Strauss-Kahn, managing director of the International Monetary Fund, announced that his institution was the right one to lead us out of our financial and economic
My hopes for America lie less in Obama- mania, more in Vaud and the Villains Long before I became a journalist I taught myself to absorb the essence of an unfamiliar city by staying alert in the taxi from the airport: Los Angeles offers a particularly vivid first encounter. As the yellow cab barrels out
The other day, the 9.56 bus to the nearest train station was late and the people at the stop — of whom I was by far the youngest — began to grumble a little. Then, looming out of the mist, appeared the driver. The other day, the 9.56 bus to the nearest train station was
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,