Next year will be a good one for anniversaries. A century since Lloyd George’s People’s Budget, 60 years since Attlee’s devaluation, 25 since inflation swept away the ha’penny coin and £1 note. And it’s the golden jubilee of the reverse yield gap. Yet the reverse yield gap will not be present at its own celebrations.
Zero interest rates, record borrowing, printing money; the government has indicated that it is prepared to consider anything to slay the spectre of deflation. But if deflation is really such a bad thing — and I’m not convinced that, in a mild form, it is — then perhaps ministers should look at reining in a
A simple explanation for the origins of the universe — and us too Some people maintain that, in the age of the internet and Google, public lectures are an outmoded way of acquiring knowledge. I don’t agree. They demand effort to get to, fighting London’s horrid traffic, crowded tubes, parking problems etc., and that is
I am old enough to remember the last slump — I was three in 1932 and lived in the Potteries in North Staffordshire, always a precarious area economically, and badly hit by slack trade. Most of the workers in the pot bank were women and girls, traditionally paid low wages, and now subjected to pay
On my walk from Charing Cross station each morning I see Steven outside Boots, rain or shine, his outstretched arm holding the latest Big Issue at eye level for passing commuters. He’s part vendor, part performance artist. Many, like me, stop to buy; others look down and hurry on. Though passers-by might pretend he’s invisible,
David Young, who later served in Margaret Thatcher’s cabinet and as chairman of Cable & Wireless, recalls his struggle for survival as an up-and-coming entrepreneur There are some days you just never forget. It was Monday morning, 12 November 1973, and I was in my office at Town & City Properties in Carlton Gardens. I
Katrina Manson explores Africa’s extraordinary multimillion-pound trade in secondhand clothing, much of it imported from Britain and the United States Christmas might be a time for cheer and charity but, just as emotionally consuming, it’s also a time for clear-outs. As the annual wander through your wardrobe beckons, consider what happens to cast-offs dispatched to
At last, a fine statue of Brian Clough — but still not even a plaque for Jesse Boot ‘All Nottingham has is Robin Hood — and he’s dead,’ said Brian Roy, a Dutch footballer who starred, briefly, for Nottingham Forest in the 1990s. Roy’s assessment of this bleak East Midlands city, as wounding as Orson
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