Search Results

“... During 2009, it was difficult to find anybody inside the newspaper business who was not profoundly depressed about the future of the industry. All the trend lines were downwards. The migration of readers and advertisers towards digital media was already a long-standing headache for the industry. Then came the credit crunch, whose aftermath brought recession, further decline in sales, and a sharp downturn in advertising ...”

“... Fanfares, ticker-tape parades and pompom-wielding cheerleaders failed to greet the news that the UK economy grew by 0.1 per cent in the quarter-year to December. That’s as it should be, because this is as fragile as a recovery can possibly be, after six quarters of economic contraction. This is assuming we can trust the figures, which we almost certainly can’t, not because of government fiddling but because the data come in over time, and retrospectively alter the GDP estimate ...”

“... MondayI realised that things had gone wrong as soon as I arrived at my hotel. The receptionists spoke no English. Only when I showed them my passport did they seem to accept, with reluctance, that I had a booking. I was given a key and took my own bag upstairs. The room was a cramped, overfurnished space with thin brown walls. On the desk was an envelope of conference materials including a laminated pass on a lanyard and a printed programme ...”

“... to put it, not quite so serious as all that? On 5 March this year, the chairman of the bank, Sir John Peace, said the following clunky thing: ‘We had no wilful act to avoid sanctions; you know, mistakes are made – clerical errors – and we talked about, last year, a number of transactions which clearly were clerical errors or mistakes that were ...”

“... to the current condition of the financial industry, Other People’s Money, published in 2015, John Kay talks about the state of the UK banking sector, whose assets then were about £7 trillion, four times the aggregate income of everyone in the country. But the assets of British banks ‘mostly consist of claims on other banks. Their liabilities are ...”

“... complexity of the mathematics involved in derivatives can’t be exaggerated. This was the reason John Meriwether, a famous bond trader, employed Myron Scholes – of the Scholes-Black equation – and the man with whom Scholes shared the 1997 Nobel Prize in Economics, Robert Merton, to be directors and co-founders of his new hedge fund Long-Term Capital ...”

“... they are the crimes I would have committed if I had not got away.’I once met Simenon’s son John and was talking to him about the wave of gory, dark Scandinavian crime stories which at that point (it was 2013) were all over the airwaves. He said he liked them, and that his father would have liked them too. ‘But they are the opposite of my father’s ...”

“... The​ broad outline of 21st-century history, its first couple of decades anyway, is starting to become clear. A period of credit-fuelled expansion and runaway financialisation ended with an abrupt crash and an unprecedented bank bailout. The public’s reward for assuming the bankers’ losses was austerity, which crippled the recovery and led to an interminable Great Recession ...”

“... Some stories​ are so well known in outline that we don’t really know them at all. The headline news about the Wright brothers’ invention of powered flight is so familiar that it’s easy to think we know all about it. David McCullough’s excellent biography The Wright Brothers brings the story back to life with facts that the non-specialist either doesn’t know or has blotted out with a misplaced broad brush ...”

“... If we follow the logic of Fredric Jameson’s Postmodernism, or the Cultural Logic of Late Capitalism, we could say that Rupert Murdoch is not so much a man, or a cultural force, as a portrait of the modern world. He is the way we live now; he is the media magnate we deserve. It is almost impossible to say a single conclusive, summing-up thing about him ...”

“... The​ People’s Republic of China had its seventieth birthday on 1 October. ‘Sheng ri kuai le’ to the world’s biggest and most populous example of … of … well, actually, that sentence is hard to finish. There’s no off-the-shelf description for China’s political and economic system. ‘Socialism with Chinese characteristics’ is the Chinese Communist Party’s preferred term, but the s-word makes an odd fit with a country that is the world’s most important market for luxury goods, has the second largest number of billionaires, stages the world’s biggest one-day shopping event, ‘Singles’ Day’, and is home to the world’s biggest, fastest-expanding, spendiest, most materially aspirational middle class ...”

“... As the new governor of the Bank of England, Mark Carney, takes up his job, it’s a good moment to reflect on the nature and scale of the work ahead of him. In the rear-view mirror, he can see how our banks reached their current condition – a story full of failure, scandal, greed and incompetence. That, as far as the overall picture of modern Britain is concerned, is the fun part ...”

“... back out into space. The existence of the effect was first posited in 1859 by the Irish scientist John Tyndall, who said that without the greenhouse effect ‘the warmth of our fields and gardens would pour itself unrequited into space, and the sun would rise upon an island held fast in the iron grip of frost’. The Swedish chemist Svante Arrhenius added to ...”

“... When​ Iona woke up in the house she knew where she was straightaway, and she knew she was alone. There was none of that blurry intermediate state of semi-consciousness that people usually get when they’re in an unfamiliar place. Everything about the bed, the clean low modern furniture, the white painted walls, the angled light coming in through the edges of the blackout blinds – it was all crisp and distinct ...”