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Deep Sea Mining: Economic Bonanza or Environmental Boondoggle?

After decades of dreaming and scheming, companies say they’re finally ready to start mining the bottom of the world’s oceans for valuable minerals. Christopher Werth reports from London on one company’s plans, how environmental scientists view the prospect of digging up the sea floor, and how Howard Hughes and the CIA helped pave the way.


The World couldn’t afford to send me out to sea for this story. But for Adrian Glover, a marine biologist at London’s Natural History Museum, the furthest depths of the seas are familiar territory.

He shows me a photograph of a flat, seemingly barren terrain nearly two and a half miles down – part of what’s called the abyssal Pacific Ocean floor, off the coast of the United States.

Glover says it’s an area almost the size of the US, and the sea floor there is carpeted in potato-sized accretions known as manganese nodules.

He hands me what looks like a lump of coal, but is surprisingly light and crumbly.

“They’re peculiar things,” Glover says. “They were first studied in the 1960’s, and people quickly realized that they’re rich in minerals.”

Including not just manganese but also copper, cobalt, nickel and rare earths – materials essential these days in the production of everything from high-grade steel to smart phones and tablet computers.

Stephen Ball of Lockheed Martin says the global appetite for these sorts of minerals is growing all the time.

Manganese nodules from the Central Pacific Abyss litter the top of a sediment sample from the deep seabed. (Photo: Adrian Glover, The Natural History Museum, London)

Manganese nodules from the Central Pacific Abyss litter the top of a sediment sample from the deep seabed. (Photo: Adrian Glover, The Natural History Museum, London)

Lockheed is a defense contractor that hopes to be among the first to get into the deep-sea mining game.

And the company has a long, strange history in the development of the industry. It’s an elaborate tale that involves a top-secret CIA mission during the Cold War, and the eccentric American billionaire Howard Hughes.

The short version of the story begins when Hughes was hired to go look for a lost nuclear-armed Soviet submarine that sank in the deep Pacific in 1968.

Ball says Lockheed worked with Hughes to help raise the submarine in the 70’s to collect intelligence on the Soviet military.

The connection to deep-sea mining is that the official story at the time was that the mission was actually a search for manganese nodules.

Ball says the effort actually did involve surveying the ocean floor, which ended up giving the company detailed data on the nodules.

It’s only now – with rising mineral prices and new technologies – that mining the deep sea finally looks economically viable. And earlier this year, the International Seabed Authority granted a British subsidiary of Lockheed an exploration license for a huge stretch of the Pacific.

The company’s plan calls for vehicles to rove across the sea floor scooping up nodules like a vacuum cleaner and sending them up pipes to ships on the surface.

But of course this type of mining has never been done before, and it raises a raft of environmental concerns.

To begin with, although the bottom of the deep ocean looks barren, it’s actually teeming with life. And Rod Fujita, of the Environmental Defense Fund, says no one knows how long it would take these ecosystems to bounce back from mining.

“The recovery rates are likely to be very, very, very long,” Fujita says, “because biological productivity is very low, and growth rates are very low down there.”

In fact, some ecologists are very blunt on the matter.

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Although the areas of the deep sea where manganese nodules are found may look barren, they’re actually abundant with life, such as sea cucumbers like the one pictured here. (Photo: Adrian Glover, The Natural History Museum, London)

George Woodwell, of the Woods Hole Research Center in Massachusetts, calls deep-sea mining “just plain crazy.”

Woodwell says the operations would be highly destructive and could disrupt the chemistry of large parts of the oceans at a time when they’re already under stress from climate change.

Lockheed Martin says it takes environmental concerns seriously. In line with international rules, the company says it’s collaborating with scientists like Adrian Glover at London’s Natural History Museum to study its patch of the sea floor before it mines.

In fact, some marine biologists see teaming up with industry now as an opportunity to lay effective ground rules before full-scale mining gets underway.

Cindy Lee Van Dover of Duke University says the people involved “have to get it right. We don’t want a hundred years from now conservation scientists to say, ‘Oh my god, what they were they thinking?’”

Van Dover has worked with a company that plans to mine another type of mineral-rich deep-sea ecosystem known as hydrothermal vents. She’s conflicted about the work, calling herself a tree hugger who’s spent her life studying the deep sea animals. But she says she has to be pragmatic.

She says the question it not “is it right or wrong? It’s, I think it’s going to happen. And I think it can happen in a way that we can get the minerals and still protect those animals.”

If it is going to happen, it’s because there could be lots of money to be made—more than 60 billion dollars over thirty years for UK businesses alone, according Lockheed Martin.

The company hopes to realize that bonanza in the next decade and plans to begin environmental research in the Pacific this summer.

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History favors Jamie Dimon in chairman-CEO debate – USA Today

The fight about whether to demote JPMorgan Chase CEO Jamie Dimon by stripping him of the board chairman’s title is part of a long-running argument about how best to run big companies — but history suggests splitting the jobs might hurt more than it helps.

Most JPMorgan shareholders have already voted on an advisory resolution calling on the bank to split the two roles. The results are set to be announced Tuesday at the bank’s annual shareholder meeting in Tampa. A similar proposal last year won 40%, and the result this year may be too close to call, with different analysts offering different predictions. JPMorgan’s board will make the final decision.

The controversy is grounded in last year’s “London Whale” episode, which led to a $6 billion trading loss for JPMorgan, sparked government investigations — some still ongoing, and revived concerns about big banks have become too big to manage.

History suggests that a change in Dimon’s role, if it occurred, wouldn’t affect Morgan’s short-term performance much. Corporate governance is only one of many factors that affect a firm’s profitability, or its stock price, said Amy Borrus, deputy director of the Council of Institutional Investors, a Washington trade association that favors having companies split the two roles. The economy also plays a major role, she said.

“Like anything else in corporate governance, you can find (research) papers on both sides,” Borrus said. “The jury is still out.”

A study being published this summer, by professors at Texas Christian University and Indiana University, says that demotions such as the one proposed for Dimon actually hurt performance at companies that are already doing well. They studied 309 companies that split the jobs of chairman and CEO between two people between 2003 and 2005.

Of the 29 companies where a sitting chairman and CEO lost one title involuntarily, including Walt Disney and chipmaker PMC-Sierra, companies that were doing well in the year when they separated the jobs usually did poorly the year after, TCU’s Ryan Krause said. If the company was doing poorly, as measured by total shareholder returns and stock analysts’ recommendations, it usually rebounded after splitting the jobs, he added.

The swing of the pendulum in the opposite direction the next year is usually larger than the gains or losses the year the job was split, Krause said.

“Our study does not support the idea that separating the roles of a chairman and CEO is a best practice that should be followed irrespective of performance,” Krause said.

A competing study by GMI Ratings, a corporate-governance rating firm that favors splitting roles, says shareholders did better at companies with a combined chairman and CEO role for one-year and three-year periods ending in mid-2012, but five-year results favored companies that have split the roles.

Among big U.S. banks, only two have different people as CEO and chairman: Bank of America and Citigroup, said Mike Mayo, banking analyst at investment bank CLSA. Both have trailed the benchmark Keefe Bruyette Woods Bank Index in recent years, with Citi falling 85% since Chuck Prince, the bank’s last combined chairman and CEO, left in 2007.

JPMorgan’s stock performance has beaten that index by 54 percentage points since Dimon took both roles in 2006, though it has underperformed the broader stock market by 11 points. U.S. banks in general have outperformed European banks, which usually split the roles.

Kevin O’Keefe, an analyst at Brown Advisory in Baltimore, said JPMorgan’s performance should be enough to let Dimon keep both titles, despite mistakes such as the “London Whale” episode.

“It was a massive oversight of risk management,” said O’Keefe, whose firm owns JPMorgan shares in at least three funds. “But what critics don’t highlight is that they made ($21.3 billion) last year.”

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People are invited to attend a free walk around the Epping Forest to learn …

People are invited to attend a free walk around the Epping Forest to learn about its history as a holiday hot spot

By Zoie O’Brien, Reporter

A heritage walk is being held to teach people about the history of holidays taken in Epping Forest.

Steve Denford of the Heritage and Information team at Queen Elizabeth Hunting Lodge will lead a group on June 9, talking about the uses of the forest from the late Victorian times until today.

The two hour session will leave the hunting lodge on Ranger’s Road, Chingford, at 2pm giving the group enough time to talk about the Londoners who flocked to the forest for Bank Holiday weekends and summer trips.

For more information on the Hey Day and Holidays tour of the forest, visit www.cityofl ondon.gov.uk/eppingforest, or call 020 7332 1911.

Comments(2)

Cornbeefur

says…

7:02pm Mon 20 May 13


Yes, the good old days, family holidays.

Now blighted by perverted ‘doggers’ glamourised by the media as in the other story here.
Cornbeefur


Cornbeefur

says…

7:03pm Mon 20 May 13


Yes, the good old days, family holidays.

Now blighted by perverted ‘doggers’ glamourised by the media as in the other story here.
Cornbeefur


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Hermès: History Of The Iconic Brand In Numbers

1) The famous fashion house was founded in 1837 by German-born French-raised Thierry Hermès.

2) Hermès began as a small harness workshop in Paris, which was dedicated to serving European noblemen, creating luxury harnesses and bridles for horse-drawn carriages. The Hermès logo is a royal carriage and a horse.

3) Thierry Hermès’ son, Charles-Émile Hermès, took over the management of the business and moved the shop in 1880 to 24 rue du Faubourg Saint-Honoré – where its flagship boutique still remains today.

4) Under new leadership and with fresh premises, Hermès introduced saddle manufacturing for the first time and began retail sales.

5) With the help of his sons Adolphe and Émile-Maurice, Charles-Émile grew the business’ global reach catering to Europe’s elite, with customers as far afield as North Africa, Russia, Asia and America, then in 1900 the firm introduced the Haut à Courroies handbag, which was specially designed for riders to carry their saddles with them.

6) Once Charles-Émile retired, the two sons renamed the business Hermès Frères and by 1914 had employed 80 saddle craftsmen due to huge demand, particularly from officials in Russia. The duo began using zips on their leather goods and were the first to introduce the device in France.

7) In the 1920s Émile-Maurice launched the firm’s first accessories collection and in 1922 the brand’s debut leather handbag was produced after his wife complained that she could not find a suitable one to her liking.

8) A decade later, the luxury label launched its Sac Ă  dĂŠpĂŞches bag (later renamed the Kelly) and in 1937 introduced its signature headscarves for the first time. The Queen is a firm favourite of the colourful silk designs.

9) In 1949, the same year as the launch of the Hermès silk tie, the first perfume, Eau d’Hermès, was produced.

10) After a commercial lull in the ‘70s, Jean-Louis Dumas (great-great-grandson of Thierry Hermès) took over as chairman and artistic director in 1978 (he originally joined the firm in 1964 in manufacturing). He concentrated on silk and leather goods, as well as revamped ready-to-wear, and the company’s fortunes began to turn after he modernised the business.

11) Dumas had nerve and put faith in new designers, hiring the unconventional Martin Margiela as creative director in 1997, and Jean-Paul Gaultier to replace him in 2003. The company was valued at ÂŁ9.2billion at the time of his death in 2010.

12) Hermès kicked off the craze for naming handbag styles after celebrities. In 1956 a picture of Grace Kelly showed the silver screen icon using her Hermès Sac à dÊpêches bag to shield herself from a scrum of paparazzi photographers and so the style was renamed the Kelly.

13) But by far the most famous, and most collected design, is the Birkin, named after British sex kitten Jane. After a chance encounter on a plane with Dumas in the early ‘80s, the actress told him how her Kelly bag wasn’t big enough for everyday use, so they dreamt up a new design together and the Birkin was born. 

14) A Hermès Birkin bag will set you back anything from £5,400 to a cool £100,000 in exotic skins such as saltwater crocodile, and its allure is further enhanced since the style isn’t available to buy instantly. Instead, you have to join an elite waiting list that can allegedly last years.

Visit the Hermès Festival des Metiers exhibition to see the craftsmanship that goes into making the luxury goods for yourself. You can view the workers making a vast array of products by hand, including scarf printing, handbag crafting and watch making.

The Hermès Festival des Metiers exhibition opens on 21st May at the Saatchi Gallery in London, running through to 27 May. Admission is free. Visit saatchi-gallery.co.uk to find out more information.

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Thomas Cromwell – a very modern politician?

Painting of Thomas Cromwell by Hans Holbein the YoungerThomas Cromwell, Earl of Essex, painted by Hans Holbein the Younger

Thomas Cromwell (1485-1540) was Henry VIII’s ‘fixer’ and right-hand man, one of the most influential figures in British history and arguably the first modern politician.

Professor Diarmaid MacCulloch, of Oxford University, and Mark D’Arcy, the BBC’s Parliamentary correspondent, consider how Cromwell’s life as a Tudor MP compares to that of his contemporary counterparts.

Dealing with backstabbing and resentment

Politics is awash with strong personalities and Cromwell often clashed with his peers. Thomas Howard, Duke of Norfolk, resented Cromwell’s low birth and was furious when Cromwell forced the destruction of Thetford Priory, his family mausoleum, during the Dissolution of the Monasteries. There was also Anne Boleyn – a former ally of Cromwell. She wanted the wealth confiscated from the monasteries to be used for good causes rather than enriching her husband, King Henry.

Diarmaid MacCulloch: Cromwell rose to the top from the back streets of Putney in London. He was a self-made man in a world of hierarchy, where nearly everyone believed God had put them in their place. It was easy to see someone who moved dramatically from one social place to another as defying God’s will. In the end, Cromwell was destroyed by noblemen who considered themselves the natural rulers under the king.

Mark D’Arcy: The tribalism may take a different form today but the same dynamic is there. No-one in politics likes to see a favourite promoted, especially when they don’t have the ‘right’ background. Currently, the muttering is aimed at “Etonians” promoted by David Cameron ahead of long-serving party loyalists. Similar resentments were directed at Peter Mandelson – a Blair favourite unloved by the Labour old guard. His elevation by Gordon Brown is one of the closest modern parallels to Cromwell’s rise; installed as a powerful minister/fixer whose skills in presentation and intrigue made the government run more smoothly.

Public relations

When it came to PR, Cromwell was a visionary. During the Reformation he encouraged printed propaganda against the pope and traditional religion, commissioned Hans Holbein the Younger to make anti-papal wood cuts, and subsidised playwrights to publicise the Protestant message.

DM: Although Tudor England had no kiss-and-tell press nor paparazzi, London was still a crowded, face-to-face society where most people lived under the constant eye of their servants. This was before the age of the diary, still less the blog, and Thomas Cromwell’s servants made sure at his downfall that his personal papers went up the chimney before the King seized them.

MD: Under the merciless gaze of Twitter, any political mis-step, real or imagined, can trigger a career-ending avalanche of ridicule. Modern politicians know that an offhand comment or off-colour joke can destroy them. Yet they’re expected to be spontaneous, to speak from the heart and to be ‘authentic’. Very few have the combination of street-smart and charisma to carry it off.

Navigating scandals

Continue reading the main story

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Mark D'Arcy

Mandelson’s elevation … is one of the closest modern parallels to Cromwell’s rise”

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Mark D’Arcy
BBC Parliamentary Correspondent

Few politicians stay completely beyond the tentacles of scandal. However, Cromwell initially dodged several, including the total discrediting of his mentor Cardinal Wolsey, and the anti-Reformation protests of the Pilgrimage of Grace. During Anne Boleyn’s fall from Henry’s favour, Cromwell encouraged charges of adultery and incest against her.

DM: Cromwell eventually fell victim to that commonest destructive fault of politicians, the belief bred by success that he was beyond harm, and no longer needed to listen out for trouble. His last years show all those signs: snubbing aristocrats, snaffling an ancient earldom and high office reserved for blue-bloods, and dragging Henry into a marriage with Anne of Cleves. Worse still, in order to have the marriage annulled, Henry had to give humiliating evidence of its sexual failings.

MD: Treason and heresy have been replaced by (in)credibility and avarice as the modern deadly political sins. Where Cromwell could help himself to the contents of abbeys, modern MPs can be sunk by excessive claims for expenses. It would take a pretty spectacular policy mistake to provoke an immediate sacking, but ministers who’ve stumbled tend to find themselves demoted or removed altogether come the next reshuffle. Still, it beats public decapitation.

Keeping the king/prime minister onside

As a politician, Cromwell knew that his survival depended on keeping the centre of power happy. This worked for a stretch – Henry made Cromwell the most powerful man in the kingdom (aside from himself), and gave him the ancient title of Earl of Essex. Unfortunately the Earl’s luck ran out shortly after and he was executed for heresy, corruption and treason in July 1540.

DM: Given that his noble colleagues resented him, keeping Henry sweet was the only solution. Not easy: Henry was volatile, easily swayed from affection to furious, destructive hatred at any suggestion that allies were undermining him or not delivering the political goods. Henry consented to Cromwell’s death, but a few weeks later lamented he had lost the best servant he’d known.

MD: The overwhelming power Henry enjoyed simply does not exist in a modern democracy. Ex-ministers can be separated from their office but not their heads – and then they lurk in the shadows, plotting vengeance. These were the folk who toppled Margaret Thatcher, destabilised Major, Blair and Brown, and who now nip at Cameron’s heels. Tony Blair knew what a threat a sacked Gordon Brown would be, and endured years of provocation and snubs because he never quite dared to sack him.

Leaving a legacy

Modern politicians frequently talk about ‘leaving a legacy’. Cromwell’s not only outlived him, but still survives. He helped found the Church of England, with the monarch as head, set the precedent of using parliament to change the constitution, and introduced the first major secular laws over personal morality – normal practice today.

Continue reading the main story

On TV

Professor Diarmaid MacCulloch of Oxford University

DM: Cromwell’s innovations were considerable and, more than most politicians, he left permanent legacies. He instigated a Protestant England, launched the careers of Protestant politicians who, under later monarchs, put England on a dramatic new path across the whole world. He also ordered every English parish to keep a register of baptisms, weddings and funerals – the first time this had been a requirement.

MD: During the Reformation, Cromwell presided over a redistribution of wealth beyond the wildest dreams of Lenin. It’s hard to imagine how any modern politician could have similar impact on national life. Thatcher’s privatisations are the closest recent parallel although on nothing like the same scale. And the central legacy of his legislative genius remains; the monarch is still the Supreme Head of the Church of England.

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G8 summit sparks biggest police operation in Northern Ireland’s history

Dissident republicans are likely to launch a terrorist attack during next month’s G8 leaders’ summit in Northern Ireland, police have warned.

With world leaders including Barack Obama and Vladimir Putin in attendance, the summit, at the Lough Erne golf resort in Fermanagh on 17 and 18 June, has prompted the biggest police operation in Northern Ireland‘s history, involving 8,000 officers, 4,400 of them local and 3,600 from England and Wales.

Alistair Finlay, the assistant chief constable of the Police Service of Northern Ireland (PSNI), said: “During the G8 is a great opportunity for those groups … threatening harm to communities and threatening harm to my officers. People should not be surprised if there are incidents.”

With the enlarged police presence surrounding the summit, Finlay said the threat was more likely to manifest itself elsewhere, in areas such as north and west Belfast, Newry and Derry. “What we anticipate is those incidents wouldn’t be at, near or affecting any element of the G8,” he said.

He said the threat was not necessarily directly linked to the summit but a consequence of the normal “rhythm of life” in the province. Groups such as the New IRA and Óglaigh na hÉireann continue to carry out attacks in Northern Ireland, and have more sophisticated weapons than dissidents have had for some years.

Finlay said he was “very aware” that terrorists carried out the 7 July attacks on London during the last G8 summit held in the UK, which was in Gleneagles, in Scotland, in 2005. Despite the threat, he described the Fermanagh summit as a “great opportunity” for the province to promote itself.

As well as preventing terrorist attacks, the police operation is charged with controlling protests. The PSNI has armoured cars and a water cannon at its disposal. Reports have suggested that Metropolitan police officers are being trained in the use of water cannon, but Finlay said they were being trained only in how to react if they are on the streets when it is deployed; they would not be operating the cannon themselves.

He said the police were committed to “facilitative, community-based policing”, and would resort to robust tactics only in the event of any threat.

Protests are planned in Belfast before the summit, on the weekend of 15 and 16 June, and a demonstration that organisers hope will attract 20,000 people is scheduled for the first day of the summit in Eniskillen, close to where the world leaders are meeting.

Finlay said there was no indication that significant numbers of people intent on causing violence during the protests were travelling to the summit, and he was expecting fewer people than at Gleneagles.

He put this down partly to the remoteness of the location and also to the fact that demonstrations were being held in Dublin and London.

Groups planning to demonstrate include anti-capitalists, anti-fracking groups and unionists protesting against the decision to limit the number of days the union flag flies over Belfast City Hall.

With the G8 summit only 15 miles from the border with the Republic of Ireland, the PSNI has been closely co-operating with the gardai. The republic’s justice minister, Alan Shatter, is bringing in legislation before the summit allowing gardai to order telecoms companies to shut off signals in order to stop terrorists using mobile phones to detonate bombs.

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London Man With BRCA2 Gene Makes History After Prostate Is Removed

A 53-year-old London businessman, upon discovering that he carried the BRCA2 gene,  became the first man in the world to have his prostate removed before being diagnosed with cancer.

After surgery, a considerable amount of undetected cancerous cells were discovered that had not shown up in the MRI or PSA screenings.

“The relatively low level of cancerous cells we found in this man’s prostate before the operation would these days not normally prompt immediate surgery to remove the gland,” Roger Kirby, the surgeon, said, “but given what we do know about the nature of BRCA2, it was definitely the right thing to do for this patient.”

Though removal of the prostrate can lead to permanent incontinence and infertility, the man was relieved to have it removed before the cancerous cells could spread.

Kirby said that he believes more men with BRCA genes will opt for the surgery now. Men with the BRCA1 gene have a 3.4 times higher risk than non-carriers to develop prostate cancer, and men with the BRCA2 gene have an 8.6 times higher chance of developing it.

“A number of these BRCA families have now been identified,” Kirby said, “and knowing you are a carrier is like having the sword of Damocles hanging over you.”

As the second most frequently diagnosed cancer for men, prostate cancer leads to 258,000 deaths each year, according to the World Health Organization.

Sources: The Independent, The Daily Beast

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London’s untold history

As the Museum of London Docklands turns ten years old today, artist Chris Naylor has unveiled a cityscape made of 2,186 sugar cubes, referencing the museum’s focus on one of the most significant – and shameful – trades to have shaped the city…

Weighing in at 13kg the sugar sculpture pays homage to one aspect of London’s history of trade and commerce, a subject at the heart of the Museum of London Docklands.

Since November 2012, the story behind London’s links to the transatlantic slave trade has been examined in the museum’s permanent exhibition, London, Sugar and Slavery: Revealing Our City’s Untold History.

The museum is also housed in one of only two remaining warehouses – used for storing sugar – on Docklands’ north quay by the West India Dock Company, originally built in the 1800s.

 

Out now, the May 2013 issue of Creative Review is our biggest ever. Features over 100 pages of the year’s best work in the Creative Review Annual 2013 (in association with iStockphoto), plus profiles on Morag Myerscough, Part of a Bigger Plan and Human After All as well as analysis, comment, reviews and opinion

You can buy Creative Review direct from us here. Better yet, subscribe, save money and have CR delivered direct to your door every month. If you subscribe before May 3, you will get the Annual issue thrown in for free. The offer also applies to anyone renewing their subscription. Details here

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Read in-depth features and analysis plus exclusive iPad-only content in the Creative Review iPad App. Longer, more in-depth features than we run on the blog, portfolios of great, full-screen images and hi-res video. If the blog is about news, comment and debate, the iPad is about inspiration, viewing and reading. As well as providing exclusive, iPad-only content, the app will also update with new content throughout each month

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Amol Rajan: A killing argument for stimulus over austerity

It started with the revelation that Kenneth Rogoff and Carmen Reinhart, two American academics whose history of financial crises, This Time is Different, is unmissable, were prone to schoolboy errors in making recommendations for austerity. Soon after, the International Monetary Fund changed its mind about the merits of short-term stimulus.

Then Niall Ferguson, a staunch opponent of Keynesianism, revived a canard about Keynes’s “childless vision”, claiming his homosexuality was behind a disregard for future generations. Ferguson is an ornament to public life on both sides of the Atlantic but his foolish and immature remarks have scarred him.

All this was followed by last week’s news that the deficit in America, which has put Keynes’s counsel into practice, is falling not only faster than expected, but much faster than expected; and, moreover, US consumer confidence rebounded to a six-year high.

It is true that the austerity versus stimulus debate is much too narrow, and that each country will have contingencies which should be considered when devising policy. That said, Keynesians have just received another huge boost to their case, in the form of a book which could do for opponents of austerity what Reinhart and Rogoff did for fans of it — but this time, last the distance.

Far too many books are described as “seminal” but The Body Economic: How Austerity Kills, by David Stuckler and Sanjay Basu, really could be. In a comprehensive survey of the effects of austerity, they demonstrate that countries that slash health and social protection budgets have very starkly worse health outcomes (infectious disease, suicides and so on) than those that maintain a safety net and choose stimulus instead of austerity.

There are three reasons for supposing the book will have a huge impact. First, timing: it adds intellectual ballast to Keynesians when they’re already ahead. Second, Stuckler himself. A terrifyingly prolific young academic with more than 100 published articles, he is softly spoken, looks like the absent fourth member of Green Day, and is coveted by Oxford, Cambridge and Harvard. 

Third, approach. Stuckler and Basu are in the van of a movement to recast economics as a matter of life and death. That’s what “health outcomes” really means. This movement includes Lawrence King, a professor of sociology and political economy at Cambridge, and Stuckler’s former supervisor.

The week ahead is crammed with economic news, with inflation figures, possibly more quantitative easing from the Bank of England and another estimate of first-quarter growth. On Wednesday, the IMF publishes its verdict on our economy, so we’ll have the usual rigmarole of a Chancellor rejecting calls for stimulus and “sticking to his guns” on austerity.

Rather than waste time and newsprint with this familiar routine, we should organise a massive love-bombing of Treasury and IMF officials with copies of The Body Economic. They’re going for under a tenner on Amazon, so a few dozen would hardly add to our fast-swelling deficit.

twitter.com/amolrajan

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Fans flock to London for all-German CL final

With two Bundesliga clubs in the Champions League final, Bayern Munich and Borussia Dortmund supporters are rushing to London for this weekend’s Wembley showdown.

  • Bayern wins, Dortmund loses ahead of CL Final (19 May 13)
  • Holiday travellers face traffic trouble (17 May 13)
  • GDR football coach tackles Singapore team (16 May 13)

Since Bayern won in Barcelona in their semi-final on May 1, the day after Dortmund squeezed past Real Madrid on aggregate, the race has been on for ferry, plane or train tickets to London for fans eager to cheer on their team.

With two Bundesliga sides contesting the European Cup final for the first time, German fans are desperate to watch history made in London’s capital.

“In most cases, either lots of money or strong nerves are needed,” Dortmund’s fan officer Sebastian Walleit told the Ruhr Nachrichten when asked what ticketless supporters need to reach London.

Dortmund received just over half a million requests for the 24,000 tickets available in Wembley and the club reckon up to 5,000 ticketless fans will head to London regardless.

Travel demands by fans in both Dortmund and Munich have seen prices sky-rocket and a jumbo jet, chartered by Borussia Dortmund to fly to London for the final, sold out in just seven minutes on Monday morning.

“For any other city hosting the final, you wouldn’t necessarily depend on air travel,” explained Thomas Hess, CEO of Dortmund’s travel agency besttravel, with the English Channel a sizeable obstacle for fans wishing to drive. “We could have sold out 20 planes.”

German Wings and Ryanair plan to add six special flights from Dortmund to London on game day, with prices from Munich for most plane tickets now costing at least €2,000 for direct flights from the Bavarian capital to London’s airports.

Travelling supporters have been advised to shop around for plane tickets while hotel prices in London are also rising due to demand with most places asking for a minimum of a two-night stay.

Chances of picking up a ticket on the black market in London are next to zero as all tickets are personalised and the 9,000 available for the public to buy, of UEFA’s 27,000 allocated seats, sold out long ago.

For those fans unable to travel, there will be fan mile at Berlin’s iconic Brandenburg Gate with the match beamed onto five giant screens, while German Chancellor Angela Merkel has said she will be at the Wembley final.

But she was coy when asked which team she wants to see win the final. “I am the German Chancellor, so I say a German team, so that I am completely on the safe side,” she quipped.

While Bayern are bidding to win the treble of European, league and cup titles, Munich coach Jupp Heynckes has decided there will be no celebrations if they win at Wembley ahead of the German Cup final against VfB Stuttgart on June 1 in Berlin.

Should Bayern claim the Champions League title for the first time since 2001, there will be no celebration in Munich’s city centre, but the party will be put on ice until after the German Cup final at Berlin’s Olympic Stadium – providing Bayern win.

AFP/jlb

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