Features

Thursday

Andrew Smith

Banking like it’s 1999

Ten years ago next week, the tech-heavy Nasdaq stock exchange hit its lowest point ever, as the dotcom crash shuddered to an excruciating conclusion. With Facebook shares now approaching half their May offer price and debate raging over the role of banks in society, this is a good time to ask what we learnt from that enigmatic earlier shock — the answer being not enough. Even by the standard of bubble-induced collapses, the dotcom crash was thorough. The Nasdaq Composite index, which had peaked in March 2000 at over 5,000 points and halved by that year’s end, hit a low of 1,114 in October 2002. By then, almost nothing was left of this pioneering sector, save a trail of eery ‘ghost sites’ on the Web — whose first version, 1.0, was essentially demolished.

James Forsyth

Labour’s lady in waiting

Harriet Harman’s office reflects her status as the grande dame of British politics. Ensconced in a corner of Portcullis House, she enjoys two of the finest views in London, over both the Palace of Westminster itself and Parliament Square. As she ushers me in, the imposing effect is only spoiled by the fact that the windows are in dire need of cleaning. As deputy leader, Harman is, officially, the second most important person in the Labour party after Ed Miliband. She has been an MP for 30 years and is married to a unionist-turned-parliamentarian, Jack Dromey. She knows the party like few others on the Labour front bench. Several of her colleagues, including Miliband, have worked as her advisers.

Jonathan Fenby

Très difficile

François Hollande is nothing if not a traditionalist. French governments of the left usually come to office promising to reject austerity and pursue a holy grail of growth, only to hit the buffers of economic reality on election. In 1936, the Popular Front sought to overturn the orthodoxy of its predecessors after the Great Slump and in 1981 François Mitterrand pledged to escape from Giscard d’Estaing’s rigorous policies in reaction to the first oil shock. After being appointed as the country’s latest finance minister this summer, Pierre Moscovici duly declared that ‘austerity’ was a word he did not like.

John R. MacArthur

The friends Rushdie forgot

One hundred pages into his absorbing new memoir, written entirely in the third person, Salman Rushdie declares that ‘Friendship had always been of great importance to him,’ since so much of his life had been spent separated, physically and emotionally, from his own family. ‘Friends,’ writes Rushdie, ‘were the family one chose.’ The conceit of third person remove can be annoying, but I understand why the author chose it for Joseph Anton, the title of the book and Rushdie’s assumed name during his long period in hiding after the Ayatollah -Khomeini sentenced him to death.

Wednesday

Con Coughlin

Black flags in Timbuktu

The drawback to waging a global counter-terrorism campaign is that, just when you think you have one bunch of Islamist militants on the run, another one pops up to take its place. For all the breakthroughs chalked up by those prosecuting the war against al-Qa’eda, the movement has re-emerged in new guises in Somalia and Yemen. The murderous riots in Libya last week, ostensibly triggered by a homemade American video, were being quickly traced back to what may be the latest and safest home for al-Qa’eda: northern Mali. Those who hoped the war on terror was about to end in Afghanistan have not wanted to think about Mali. But it is growing harder to ignore the fact that al-Qa’eda in the Islamic Maghreb now runs a chunk of territory three times larger than Britain.

James Forsyth

In this together

Jeremy Browne looks more like a young subaltern preparing to go to India in 1860 than a typical Lib Dem. He stands ramrod straight, his reddish hair has an officer-class cut. He is always impeccably dressed. Whitehall gossip has it that when he was first appointed to the Foreign Office, the officials couldn’t believe that he was the Lib Dem. He is also, unlike many in his party, comfortable with being in power. ‘I don’t want Liberal Democrats to think we are having to endure these five years of government before we can breathe a sigh of relief, let our hair down and return to the relative comfort of opposition,’ he tells me. When we meet in a drab Westminster interview room, Browne is in robust form.

James Forsyth

The passion of Nick Clegg

In the days before conference, a party leader is usually up to his ears in drafts of his speech, worrying how best to please the crowd. But last Monday, Nick Clegg wasn’t slaving away at his speech. He was at Chequers with the Prime Minister and the Chancellor, discussing, according to one participant, a new set of coalition commitments on the economy, education, welfare, childcare and social mobility. It will not please Clegg’s people to hear this. Lib Dems don’t like Tories or mansions, and that their leader was making policy with Dave and George on the brink of conference will cause anxiety.

Anonymous

Dumped by Dave

Divorce is something I have yet to experience personally but Dave’s reshuffle has set me up nicely for any future threat to my own nuptial bliss. Out of the blue comes the call. It’s Dave’s office. ‘We need to talk — can you come over?’ And better I come round the back way to 10 Downing St, apparently, because there’s workmen all over the place at the front. And thus the bell tolls: on reshuffle day, winners are invited through the front door to smile for the cameras. The victims are roughed up around the back. Tentatively, I turn up at Dave’s office. His flunkies, who usually don’t give you the time of day on your rare visits to the No. 10 bunker, are eerily fawning.

Douglas Murray

Free speech betrayed

In Benghazi the ‘spontaneous protestors’ arrived with rocket-propelled grenades and killed the US ambassador. In Kabul the crowds chanted ‘Death to America’. American flags were torched from London to Sydney. But in Washington the Obama administration showed that they weren’t taking any of this personally. It wasn’t about them, but about an excerpt from an amateur film on Youtube called Innocence of Muslims. As they say, keep telling yourself that. If there is one thing people ought to have learnt from a decade of groundhog jihad, it is that there is always a film, novel or cartoon — always an excuse to riot and loot and burn. The odd thing is not that there are people who seize these excuses, but that Western leaders keep supplying them.

Molly Guinness

Applying myself

The harvest is in, the smell of dried leaves is in the air, Parliament’s back in session, and pretty soon the 17-year-olds will start ringing: the university admissions deadline is approaching and someone will need to write their personal statements for them. Everyone who wants to go to university is required to fill in a Ucas form. It’s an administrative task until you get to the dreaded personal statement section, and then you have to call for back-up. The Ucas website encourages students to commit their personality to paper. In no more than 4,000 characters, they should outline key skills and hobbies and explain what’s drawn them to their chosen subject.

Andrew Watts

The new Establishment

The Establishment Club reopens in Soho this week, and it is easy to see why. Peter Cook started the original club in 1961, when there was an unpopular Conservative government, led by a cabal of Old Etonians, presiding over a recession; and the Establishment Club’s Soho premises were at the centre of the satire boom that mocked the Tories and led to their losing the 1964 election. Aside from the satire on the stage, Private Eye briefly had its offices in the club; upstairs there was the studio where Lewis Morley took the photograph of Christine Keeler naked astride a chair which illustrates every article about the Profumo affair. This is the reason for the club’s legend: for the first and only time in English history, it seemed that satire worked.

Matt Ridley

Where there’s smoke

Rachel Carson’s Silent Spring, published 50 years ago this month, effectively marked the birth of the modern environmental movement. ‘Silent Spring came as a cry in the wilderness, a deeply felt, thoroughly researched, and brilliantly written argument that changed the course of history,’ wrote Al Gore in his introduction to the 1994 edition. Mr Gore reprised this theme on his website earlier this year, proudly comparing Carson’s call to arms over pesticides to his own campaigning on the issue of climate change. He frequently compares the resistance he meets, and Carson met, to that which impeded the battle to establish the link between cancer and cigarette smoking.

Thursday

John Simpson

Rebel island

Hong Kong isn’t what it was. Under British rule it was meek and mild, careful not to rock the boat, forever nervous about its future under China. The rich bought property in Chelsea and Vancouver, put their children into good schools and universities in Britain and America, and did whatever it took to get another passport. Nowadays Hong Kong fizzes with political radicalism. Last week mass student protests obliged the Chief Executive, C.Y. Leung, to cancel the introduction of mandatory ‘patriotism’ classes in schools — that is, lessons for children about the superior nature of Chinese Communism. And the following day, at the Legislative Council elections, the democratic groups won enough seats to make life a lot harder for poor old C.Y.

Nick Cohen

Nowhere to hide | 13 September 2012

Ever since the millennium, I have wondered how long the utopian faith in the emancipatory potential of the web will last. Of course, we know the new technologies give the citizen new powers to communicate and connect. We hear this praised so loudly and so often, how could we not know? But what benefits the individual also benefits the powerful, and gives states and corporations surveillance powers the secret police forces of the 20th century could only dream of. If you doubt me, consider how today’s scandals are technologically enabled. The Telegraph’s publication of MPs’ expenses would have been impossible 30 years ago. The source would have had to photocopy hundreds of thousands of pieces of paper.

Tanya Gold

Fights of the feminists

Naomi Wolf’s Vagina is not an organ so significant it needs italics; it is a book, and a catalyst for a swiftly assembled feminist lynch mob. In the New Statesman, Laurie Penny wrote, ‘Naomi Wolf’s Vagina is crassly attention-seeking… It’s upsetting to see a prominent feminist having what can only be described as a dramatic public meltdown.’ She had another go in the Independent: ‘Claims that the vagina is “not only co-extensive with the female brain but also is part of the female soul” are frankly offensive… today’s young women deserve better.’ In the Times Janice Turner complained that Wolf had ‘medically unnecessary major spinal surgery’ to restore her vaginal orgasms.

James Forsyth

Hancock’s hour

David Cameron has made clear where he thinks the future of the Conservative party lies. In his reshuffle last week, he brought 12 of the 2010 Tory intake into government. This chosen dozen are clearly on a fast track to the Cabinet. The promotion of some of these newbies was a surprise. But one of them has been marked out for preferment since before he was even selected as a prospective parliamentary candidate. Matt Hancock’s head-start came from having demonstrated his talents as George Osborne’s chief of staff, working in the same offices as Cameron and Osborne throughout their time in opposition. In government, he has helped prepare Cameron for Prime Minister’s Questions.

Quentin Letts

A speech for Europe

On Wednesday the President of the European Commission, José Manuel Barroso, gave a ‘State of the Union’ address at the European Parliament in Strasbourg. Here is the text of the speech Senhor Barroso did not give: Amigos! Citoyens! You there! This is my State of the Union address. Our European Union is, after all, in a right old state so I thought I would make a speech about it. Anything Mr Obama can do, your unelected president José Manuel Barroso can do better. It has been another magnificent year. Borders have crumbled. National sovereignty has shrivelled. As you can see, all is going according to plan. Here on the mothership, even we have been surprised at how fast things have developed.

Thursday

Theo Hobson

False idols | 6 September 2012

It is widely agreed that 9/11 had a silver lining: that frightening day prodded us into thinking about religion, into taking it seriously. It nudged us away from our embarrassed evasion and forced us to admit that religion is a huge cultural and political force, even in Britain. It helped to bury the myth that gradual secularisation was making religion less important each year, something that sophisticated people could safely ignore or sneer at. It led us to begin a loud, boisterous, but also serious and nuanced, debate on the place of religion in public life. But did it? Is it true that we began to think more clearly about our complex religious inheritance? That we now honestly and intelligently grapple with the fundamental issues around religion’s relationship to politics?

Nick Booth

Making me violent | 6 September 2012

When the Criminal Records Bureau says you’re a violent criminal, it’s not easy to put the record straight. Recently, I decided to volunteer with The Samaritans. It won’t surprise you to hear I found out a good deal about myself in the process. What might surprise you is that what I found out was that I was a violent criminal. The revelation came after I’d sent off my details for what is know as an ‘enhanced disclosure’ check by the Criminal Records Bureau (CRB). Anyone who applies to work with children or vulnerable adults is usually checked, so I wasn’t anxious about it at all.

Michael Lind

All right now

From the US elections in November, the American left will be largely absent. Americans voters will choose between the forces of moderate conservatism, headed by President Barack Obama, and the forces of radicalism, led by Republican presidential candidate Mitt Romney. Obama and most of his fellow Democrats are conservatives in two senses. To begin with, most of their policy agenda originated on the right, not the left. Obama’s foreign policy has its roots in the tradition of Republican realists like Colin Powell, Brent Scowcroft, Henry Kissinger, Richard Nixon and his first defence secretary, Robert Gates, who was a carry-over from the Bush administration.