Martin Jacomb assesses the extent of the damage to the banking system so far — and the effectiveness of responses by central banks, regulators and lawmakers Will it be short and sharp, or drawn out and deep, with lasting damage? A recession is upon us, but no one knows its path. Its course and its
If Britain’s housebuilders really want to sell more homes, they ought to slash their prices rather than lobby the government for packages like last week’s ill-conceived attempt to boost the property market. That’s what the rest of us have done, but while prices of all other houses have plunged, new homes have still been selling
When is too old? When too young? Almost every day I hear a story of someone, at the height of his power and energy, being compulsorily retired at 60. Or there is a fuss because a girl wants to get married at 15. I recall that Lydia, youngest of the Bennet girls in Pride and
Labour’s climate change levy has led to lower emissions, says Elisabeth Jeffries, but can the Conservative alternative yield better results — or command business support? There are many ways to eat a potato: chopped into chips and deep-fried, baked in the oven or slivered as crisps. Not many consumers care about the dozens of ways
When I first experienced literary life in London it was 1955 and poor Anthony Eden was prime minister. His delightful wife Clarissa was to be seen at literary parties and, amazingly enough, still is. The great panjandrums were Cyril Connolly and Raymond Mortimer on the Sunday Times, Philip Toynbee and Harold Nicolson on the Observer,
Judi Bevan finds her local Lidl discount store full of bargains — but not Boden-clad middle-class shoppers Intrigued by reports that the middle classes are shopping at the German discount stores Aldi and Lidl — and even stuffing their purchases in Waitrose bags — I set off to track them down. My nearest Lidl is
Neil Barnett says the miners’ union that took on Margaret Thatcher and lost is now talking surprisingly good sense about Britain’s future energy security The National Union of Mineworkers’ headquarters in Barnsley has a splendid retro feel. In the assembly hall hang banners celebrating the struggles of the working class: from one of them, Arthur
The credit crunch reaches the home of the rotten apple and the ‘Rolexo’ watch James Gregory Pool III is an elderly, stooping Canadian with a most un-usual job. Every month he boards a plane from Canada with 200 sedated heifers and flies with them to Almaty to beef up and variegate Kazakhstan’s breeding livestock. He’s
The spectacular increase in scientific knowledge during the last hundred years tempts me to ask: cui bono? We now live on average twice as long as in the early 19th century. But what does our ability to repair our bodies and fend off fatal diseases do except prepare us for a long twilight of Alzheimer’s
I think I should abandon the world: I am too easily irritated by it. I should follow the example of Xavier de Maistre, brother of the brilliantly reactionary philosopher, Joseph, and stick henceforth to my room. In his Voyage autour de ma chambre, de Maistre tells us that by describing his journey he is offering
It is an indictment of our society that, despite huge scientific advances in the last century, particularly in the production of food, millions of people, perhaps hundreds of millions, do not get enough to eat. The principal culprit is the Green movement, in its many species or fanaticisms. The Prince of Wales, who might be
When Britain had a secondary banking crisis in the 1970s the big banks launched a lifeboat to rescue the sinking smaller lenders. Today we have a primary banking crisis. It is the big banks that are in trouble — but this time there are no bigger brethren, at home or abroad, to launch the lifeboats.
Bill Jamieson says calls for a Rooseveltian New Deal to stave off US recession are misinformed; it was FDR’s much-maligned predecessor who set the course for recovery A year into the credit crunch and the world’s leading economies seem locked in a macabre race to be first over the recession line. America, a few months
Recently while travelling on the London Underground, the opening words of Marx’s The Eighteenth Brumaire of Louis Bonaparte ran through my mind like a refrain: ‘Hegel remarks somewhere that all great world-historic events and personages appear, so to speak, twice. He forgot to add: the first time as tragedy, the second time as farce.’ Why,
Does Medvedev really believe in the rule of law? The fate of TNK-BP is the test Is President Dmitri Medvedev of Russia — who looks and sounds like a liberal-leaning modern technocrat — really his own man, or is he merely the stooge of his predecessor, the sinister, warmongering Vladimir Putin? The mad situation engulfing
One of the great paradoxes, for most of us, is the hatred of work, and the need for it to fill what Dr Johnson called ‘the great vacancies of life’. We sigh for leisure, then don’t know how to handle it when it comes in abundance. Occupation is wearisome, but essential, and retirement is longed-for
After years of financial struggle, say Christian Sylt and Caroline Reid, the Paris theme park has finally found a path to profit — just as the European economy hits a downturn Disney and happy endings go hand in hand. But after 16 years, shareholders in Disney’s theme park near Paris are still waiting for their
Splendours and miseries of the Queen’s English in the 21st century The wonderful thing about language, and especially English, with its enormous vocabulary, is the existence of groups of words with broadly similar meanings but each of which conveys something slightly different. Such subtle distinctions add to the richness of meaning, in speech and writing,
Paul Theroux, in The Great Railway Bazaar, paints a louche portrait of the capital of Laos. ‘The brothels are cleaner than the hostels, marijuana is cheaper than pipe tobacco and opium is easier to find than a cold glass of beer,’ he wrote in 1975. When Theroux finally got his beer, the waitress told him
David Crow says the record industry’s attempt to clamp down on illegal downloads is belated and befuddled — but the good news is that live music is thriving again Back in the late 1990s when the music download revolution was gathering pace, sentimentalists predicted the death of music. Those who spent their youth in rented