Society

Investment: stock markets

We’re all Shanghai gamblers now You might think yourself a fairly cautious investor. Maybe you dabble in a few shares and unit trusts, probably in major, well-established markets such as the US, Japan or Germany, as well as London. Emerging markets, and in particular the wild frontier that is China, you might reckon best left to professionals. And if you do occasionally take a few exotic punts, you’re very likely to restrict them to 10 per cent or so of your portfolio. But if you believe your exposure to the great Eastern dragon is modest or negligible, you’re wrong. It turns out that we’re all playing the Shanghai market now.

Hugo Rifkind

Shared Opinion | 17 October 2009

How long will it be before the word ‘voting’ is no longer associated with ‘governing’? How long will it be, do you reckon, before the connotations of the word ‘voting’ are all about reality television, and hardly about government at all? Not long, I’d say. With President Blair, with goats and General Dannatt, I worry that voting and government are drifting apart. You’d think more of us would mind. I don’t think you can blame reality television. Back when it was new — a decade ago, or thereabouts — there was a vogue among satirists for pointing out how hilarious British politics would be if it followed the same rules.

Competition | 17 October 2009

Lucy Vickery presents the latest competition In Competition No. 2617 you were invited, in the wake of Big Brother’s demise, to submit a proposal for a new TV reality show guaranteed to pull in the punters. This assignment was an invitation to plumb the depths of bad taste. And plumb them you did. I winced as I waded through a postbag that incorporated all the hallmarks of reality TV: cruelty, banality, inanity, exploitation, voyeurism and abject humiliation. W.J. Webster’s entry, the epitome of awfulness, was couched in language that managed to combine cliché, political correctness and bogus compassion in a truly toxic brew. He was spot-on, too, in his observation,

Roger Alton

Spectator Sport | 17 October 2009

Africa’s time has come You couldn’t ask for a more devoted fan of Fabio Capello than me, but thank the Lord for that over-excitable defeat in the Ukraine last weekend. While the brow-furrowed Italian has turned an underachieving bunch of good players into a remarkably high-performance Roller of an outfit, something of a Lehman-style bubble had started to grow around England. It was that much-loved canyon between expectation and achievement: England only had to set foot in the land of the khaki shorts next year and the World Cup was coming home right where it belonged. But here are some of the teams which, though you might not have noticed

James Forsyth

No one knows what happens if retiring MPs refuse to make their repayments

The MPs who are most likely to defy Legg are those who are standing down. They have little to lose in saying that they won’t abide by the retrospectively imposed caps on various things. The question of whether they could be compelled to pay this money back looks like it could turn into a major row. In an interview with Andrew Neil to be broadcast tomorrow Harriet Harman seems to have no concrete idea of how this process might actually work: Andrew Neil:  What would happen to an MP of any party, what would happen to an MP who decides that he or she is standing down at the next

Bercow defends the Legg letters

The BBC reports that John Bercow will defend Sir Thomas Legg’s commission in an interview to be broadcast tomorrow. The Speaker makes two points. First, it is vital that the public are satisfied that MPs have “got the message” on expenses. And second he defended Sir Thomas’ retrospective charges on the grounds that there must be “consequences for past claims if they are shown to be wrong or extravagant.” Of course, the Speaker could hardly say anything else, lest he provoke a public march on Westminster, but the difference between the Speaker’s stance and that of Harriet Harman indicates that Bercow will not lie down and allow overbearing government or

The government’s greatest failing is ignoring advice

On matters of mechanics, I take my mechanic’s advice; there would be little point in paying him if I turned around and thought: ‘Who needs brake pads, what does he know’. The government labours under the misapprehension that it is omniscient: the final extension of ‘nanny knows best’. But 12 years of Labour government has increased the gulf between rich and poor and educational standards have regressed. Advice that suggests an alternative path from that which was pre-ordained is dismissed, as if it were an unwanted cappuccino. Today sees the publication of a report into primary school education. 28 research surveys, 1,052 written submissions, 250 focus groups, written by 14

Alex Massie

Monarchy is Better than a Republic, Part XIX

At a town hall meeting in New Orleans yesterday, ABC News reports that: President Obama, like any other President, has his fair share of critics. Even fourth-graders have noticed. Why do people hate you?”, a fourth-grade boy asked Obama at a town hall event in New Orleans today. “They’re supposed to love you. And God is love.” Obama’s answer is actually pretty reasonable. But this is what happens when you make a mere elected politician assume the status of Priest-King. It is, in its own way, a corrupting influence. I don’t blame the kid asking the question since, heck, there are plenty of professional journalists in DC who basically think

James Forsyth

The Afghan question

We are into least-worst options territory in Afghanistan as the New York Times Magazine’s brilliant profile of General McChrystal, the US and Nato Commander there, makes clear.  As McChrystal says, “if we fail here, Pakistan will not be able to solve their problems — it would be like burning leaves on a windy day next door.” But how do you succeed in a country where the government is increasingly illegitimate, only one in four adults are literate and whose terrain and size offers succour to any insurgency? The legitimacy question is a very hard one to answer. When pressed on this, McChrystal tells the Times that the US and Nato

Put up or shut up?

One of the main questions arising out of the Legg controversy is whether MPs should put up or shut up.  Like John Hutton, I tend to think that they should just pay what’s asked of them, hope that restores some public faith in the political class, and get on with reforming the expenses system for the future.  But there is room for nuance in all this.  For instance, we shouldn’t expect those MPs who are the genuine victims of errors and inconsistencies to automatically take the path of least resistance.  The problem, of course, is working out which ones really are the “genuine” cases. But there’s no nuance necessary when

Rod Liddle

Why have a hissy fit over the BNP?

People are getting themselves worked up into a terrible lather over the BNP’s appearance on BBC Question Time next week. Even in this neck of the woods, Melanie Phillips has criticized the Conservative Party for having selected Baroness Warsi to sit alongside fat Nick on the panel. Her argument, briefly put, is that it would have been better to put up a white working class Tory who has something in common with those people likely to vote BNP, rather than the representative of a community which will probably not do so. Well, sure, up to a point. But it is odd to see Mel captured by this liberal chattering class

This week’s issue of the Spectator

The latest issue of the Spectator is released today. If you are a subscriber you can view it here. If you have not subscribed, but would like to view this week’s content, you can subscribe online now. Four articles from the latest issue are available for free online to all website users: The political left is discredited, but a new force has risen to attack the Conservatives. James Forsyth reveals how the Tories plan to fight the war that has been declared on them by the cultural left. Matthew Lynn argues that Generation Recession are confused and cross because they’ve been sold a pup by the government, their teachers and

Alex Massie

Headline of the Day | 14 October 2009

Courtesy of the Australian AP: PM eats biscuit, Twitters about it Good to know that Kevin Rudd enjoyed his visit to a bakery in South Australia. [Hat-tip: Toby Harnden, via Twitter. Obviously. My Twitter feed is here.]

Rod Liddle

The scoundrel’s last refuge is to cry “racist”

During the feisty game between Swindon and Millwall on Saturday, there was a bit of a bust up between Swindon’s Kevin Amankwaah and Millwall’s veteran striker, Neil “Bomber” Harris. I cannot recall seeing Harris so infuriated in ten years of watching him play. Afterwards, all became clear. Harris fought a long and well-reported battle against testicular cancer several years ago. He told a local newspaper that Amankwaah had sneered at him because of this, making a reference to the fact he possessed only one testicle. Amankwaah, by way of response, lied – he denied saying any such thing. But something happened at Swindon; maybe Amankwaah’s colleagues rounded on him. Because

What do the Legg letters mean for the Kelly Review?

As the Legg controversy continues along its unedifying course, I can’t help but wonder what it all means for Sir Christopher Kelly’s review of the expenses system, due for publication in a few weeks’ time.  The plan is that the government will go through its recommendations, adopt any it likes, and then put them to a vote in the Commons.  But will Brown now back away from the more radical proposals, from fear of aggravating the Parliamentary Labour Party even further?  Will MPs now be more tempted to dismiss Kelly’s ideas out of hand?  This is, after all, yet another independent review, commissioned by Brown, which will contain suggestions you

Alex Massie

Arabian Chutzpah

No matter what you think of global warming, I think this qualifies as chutzpah: Saudi Arabia is trying to enlist other oil-producing countries to support a provocative idea: if wealthy countries reduce their oil consumption to combat global warming, they should pay compensation to oil producers. Good luck with that.

Alex Massie

Carter-Ruck’s Own Goal

I make no particular comment about this chatty stroll through the ways and means of getting an injunction, save to note that it was written by Nigel Tait, a partner at Carter-Ruck and appears on the firm’s website: In many cases it is clear to the lawyer, within minutes of taking instructions, whether or not the exercise may be worth while or is likely to be successful and, if it is, it is important to explain to the client:     i.    the risks of it going wrong; and
     ii.    the risks of it going right! If a client unsuccessfully applies for an injunction it may well draw more attention