History

Oh the relief of quantitative easing! Who could fail to welcome a fiscal laxative guaranteed to loosen the bankers’ constipated hold on credit? But before much more of the mixture is gulped down, it may be salutary to glance at the effect of the purgatives administered to ease economic bowels in the late 17th century. The credit crunch that afflicted the country in the 1690s produced results with which we are familiar. In the words of Lord Macaulay, ‘the great instrument of exchange became thoroughly deranged, all trade, all industry were smitten as with a palsy’.

David Crane’s latest book is much more interesting than its title would lead you to believe. If you buy it hoping for a collection of stories of derring-do and British pluck, you won’t be wholly disappointed: you will indeed learn how Frank Abney Hastings, having got himself sacked from the Royal Navy for behaving like a petulant teenager when given his first command, went on almost single-handed to invent naval steam-powered gunboats, and used the first one he built to sink a ridiculous number of Turkish ships in the Greek War of Independence.

Given the nature of his own work there was something delightfully, shall we say, mischievous about David Brooks' review of Simon Schama's (absurdly titled) The American Future: A History. The into was especially good: Some people collect stamps, and others butterflies, but I have a thing for Brilliant Books. The Brilliant Book is the sort of book written by a big thinker who comes to capture the American spirit while armed only with his own brilliance. He usually comes during an election year so he can observe the spectacle of the campaign and peer into the nation’s exposed soul. He visits the stationsof officially prescribed American exotica. He will enjoya moment of soulful rapture at a black church.

D-Day: The Battle for Normandy, by Anthony Beevor The Forgotten Voices of D-Day, by Roderick Bailey, in association with the Imperial War Museum Sixty-five years ago the largest seaborne assault force in history was put ashore on the beaches of Normandy. Memory of the day is now confined to a diminishing number of great-grandfathers, but the sheer scale of the landing, its drama, and its pivotal importance in the war guarantee its enduring grip on people’s imaginations. Two generations have grown up with their own versions of what happened. The first learned about it, either directly from participants or through a cascade of memoirs from ageing commanders who portrayed it as the highpoint of a triumphal progression from El Alamein to the Rhine.

A passage in that most insidiously influential of histories, 1066 And All That, tries to explain who the Scots, Irish and Picts really were: The Scots (originally Irish, but by now Scotch) were at this time inhabiting Ireland, having driven the Irish (Picts) out of Scotland; while the Picts (originally Scots) were now Irish (living in brackets) and vice versa. Gordon Thomas’s account of MI5 and MI6 could lead to similar confusion. He correctly says they were founded in 1909 with Vernon Kell heading MI5, responsible for counter-espionage, and Mansfield Cumming MI6, responsible for espionage. Subsequently he says they both ‘emerged’ two years later out of the 1911 Official Secrets Act, when Churchill appointed the ‘wheezing and coughing’ Kell.

Fool’s Gold, by Gillian Tett Millions of words and scores of official reports on the credit crisis have poured out. There has been no shortage of criticism, especially from political leaders eager to deflect responsibility from themselves. The catastrophe is a man-made disaster, and in years to come historians will ask how it could possibly have been allowed to happen. Gillian Tett’s Fool’s Gold is the book they will turn to. The story she tells reveals in painful detail how credit derivatives came to be invented and then misused on an unimaginable scale. It is a thriller. The idea emerged from a wild weekend party of J. P. Morgan ‘rocket scientists’ (as they used to be called) in 1994 at Boca Raton, a Florida resort.

With the economy in recession, the close attentions of the IMF, taxation rising to punitive levels and a general sense of our having lived beyond our means, reminders of the 1970s are all around us at present. Last week, both the death of the union leader Jack Jones and Alistair Darling’s extraordinary budget in their different ways took us back to the atmosphere of 30 years ago. Andy Beckett’s history of the political engagement of those years comes at a highly opportune time. He rightly focuses not on the familiar popular culture — there is no mention of flared trousers, the Osmonds, platform shoes or space-hoppers — but on the much stranger political landscape of the time.

South Africa’s Brave New World: The Beloved Country since Apartheid, by R. W. Johnson After the Party: Corruption and the ANC, by Andrew Feinstein I am writing this in Cape Town on the very day that Jacob Zuma is exonerated of all charges of corruption, racketeering and money-laundering — not by a judge, but by an ANC-appointed acting Director of the National Prosecuting Authority. This man defended his decision by claiming that there had been an abuse of due process when the head of the Scorpions anti-corruption unit was recorded by the National Intelligence Agency talking with ANC high-ups, including Thabo Mbeki, about the timing of Zuma’s prosecution. This abuse of process has apparently made the strong case against Zuma unwinnable.

A combination of art history ‘lite’ and the personal touch — a common yoking together these days, even in books supposedly of art history ‘full strength’ — makes for, in Philip Hook’s hands, an engaging read. As a dealer and auctioneer, and the author of several thrillers, he has advantages not given to the general run of such investigative writers. His subject is the rise of French Impressionist painting, after its initial years of critical contempt and commercial failure, to international mass appeal and soaring value. It’s a familiar story, frequently told, and a reader looking for new light on the fortunes of Monet, Pissarro, Renoir, Sisley et al. will search in vain. Where Hook scores is in his practical experience.