Who's in Charge Here?
As we watch wave after wave of volatility threaten the global economy, it is tempting to ask, who is in charge here? The answer, journalist and economist Alan Beattie explains, is all too often no one.
The crisis that began with mortgages in American suburbia has now spread around the world from banks to businesses to governments, threatening to bring decades of economic progress to a juddering halt. Globalization's strengths - its speed, breadth, and complexity - have also proved to be weaknesses as the crisis has traveled more rapidly and widely around the globe than the boom, and faster than governments have usually been able to react.
The United States, which has led the global economy since the second world war, has been weakened by political division at home. Like ancient Rome, it has been challenged by an array of upstarts - emerging markets like China, India and Brazil. But just like the tribes that brought down the Roman Empire, the rising powers are strong enough to block American leadership yet not united enough to provide direction of their own.
In Europe, as country after country has slid towards trouble, it has become evident that the eurozone's slow and unwieldy policy frameworks are woefully unfit for dealing with financial crises. As Beattie writes: "It [is] like watching a gang of irascible, quarrelsome architects trying to redesign a house in the middle of a raging fire."
With the penetrating wit for which he is known, Alan Beattie explains how international economic institutions like the IMF can work - and how they often don't. He calls out the more spectacular failures of judgment and leadership, as well as the less frequent bright spots, in handling the crisis, showing how governments scrambled to respond as the ground started to give way.
The crisis that began with mortgages in American suburbia has now spread around the world from banks to businesses to governments, threatening to bring decades of economic progress to a juddering halt. Globalization's strengths - its speed, breadth, and complexity - have also proved to be weaknesses as the crisis has traveled more rapidly and widely around the globe than the boom, and faster than governments have usually been able to react.
The United States, which has led the global economy since the second world war, has been weakened by political division at home. Like ancient Rome, it has been challenged by an array of upstarts - emerging markets like China, India and Brazil. But just like the tribes that brought down the Roman Empire, the rising powers are strong enough to block American leadership yet not united enough to provide direction of their own.
In Europe, as country after country has slid towards trouble, it has become evident that the eurozone's slow and unwieldy policy frameworks are woefully unfit for dealing with financial crises. As Beattie writes: "It [is] like watching a gang of irascible, quarrelsome architects trying to redesign a house in the middle of a raging fire."
With the penetrating wit for which he is known, Alan Beattie explains how international economic institutions like the IMF can work - and how they often don't. He calls out the more spectacular failures of judgment and leadership, as well as the less frequent bright spots, in handling the crisis, showing how governments scrambled to respond as the ground started to give way.
The Unbearable Lightness of Being a Prawn Cracker
'Most food writing and restaurant criticism is concerned with the ideal, with how by cooking this, or dining there, you can somehow ingurgitate a new - or at any rate improved - social, aesthetic and even spiritual persona. I aimed to turn this proposition on its head, and instead of commenting on where and what people would ideally like to eat I would consider where and what they actually did: the ready meals, buffet snacks and - most importantly - fast food that millions of Britons chomp upon in the go-round of their often hurried and dyspeptic lives.'
In this selection from his hilarious New Statesman Real Meals column, Will Self reviews the chains where most of us go to eat (KFC, Greggs, Yo! Sushi, Pizza Express and their like), delves into the ubiquitous Thai meal and chicken tikka masala, and experiences hotel breakfasts, frozen tv dinners and airline food on our behalf. These are restaurant reviews of the kind you've never read before.
In this selection from his hilarious New Statesman Real Meals column, Will Self reviews the chains where most of us go to eat (KFC, Greggs, Yo! Sushi, Pizza Express and their like), delves into the ubiquitous Thai meal and chicken tikka masala, and experiences hotel breakfasts, frozen tv dinners and airline food on our behalf. These are restaurant reviews of the kind you've never read before.
A Guest at the Feast
Penguin Specials are designed to fill a gap. Written to be read over a long commute or a short journey, they are original and exclusively in digital form. This is Colm Tóibín's touching memoir.
A Guest at the Feast moves from the small town of Enniscorthy to Dublin, from memories of a mother who always had a book on the go to the author's early adulthood, from a love of literature to the influences of place and family. Tóibín's captivating memoir is the story of a writer coming of age and his connections between home, work and love. It is a perfect gem of a book.
A Guest at the Feast moves from the small town of Enniscorthy to Dublin, from memories of a mother who always had a book on the go to the author's early adulthood, from a love of literature to the influences of place and family. Tóibín's captivating memoir is the story of a writer coming of age and his connections between home, work and love. It is a perfect gem of a book.
At the Hairdresser's
Penguin Specials are designed to fill a gap. Written to be read over a long commute or a short journey, they are original and exclusively in digital form. This is a poignant novella from Anita Brookner.
'I rather hope I shall die at the hairdresser's, for they are bound to know what to do. At least that is what I tell myself.'
Solitude is a familiar burden for Elizabeth Warner. She lives in a basement flat near Victoria and leaves the house only to go shopping and to have her hair done - until a chance encounter at the hairdresser's brings unexpected change. At the Hairdresser's is a deeply moving, unflinchingly observed story about trust and betrayal by one of the greatest writers of contemporary fiction.
'I rather hope I shall die at the hairdresser's, for they are bound to know what to do. At least that is what I tell myself.'
Solitude is a familiar burden for Elizabeth Warner. She lives in a basement flat near Victoria and leaves the house only to go shopping and to have her hair done - until a chance encounter at the hairdresser's brings unexpected change. At the Hairdresser's is a deeply moving, unflinchingly observed story about trust and betrayal by one of the greatest writers of contemporary fiction.
Great Battles: The Battle of Alamein
Penguin Specials are designed to fill a gap. Written to be read over a long commute or a short journey, they are original and exclusively in digital form. In this Special, Colin Smith and John Bierman make the battle of Alamein come alive.
A turning point in the Second World War, the battle of El Alamein was the culmination of a military campaign like no other. Fought across desolate arid terrain, the brutal fighting was matched by a camaraderie and respect between enemies as witnessed in no other theatre of war. Combining gritty personal testimonies with thorough journalistic investigation, John Bierman and Colin Smith present a compelling account of a ferocious but compassionate battle and a journey through the unforgiving North African landscape.
A turning point in the Second World War, the battle of El Alamein was the culmination of a military campaign like no other. Fought across desolate arid terrain, the brutal fighting was matched by a camaraderie and respect between enemies as witnessed in no other theatre of war. Combining gritty personal testimonies with thorough journalistic investigation, John Bierman and Colin Smith present a compelling account of a ferocious but compassionate battle and a journey through the unforgiving North African landscape.
Great Battles: The Battle of Isandlwana
Penguin Specials are designed to fill a gap. Written to be read over a long commute or a short journey, they are original and exclusively in digital form. This is Saul David's compelling examination of one of history's greatest battles.
On 22nd January, at Isandlwana in Zululand, South-East Africa, the British Army suffered one of the worst defeats in its history. A camp of 1,700 men, armed with state-of-the-art weapons and two artillery pieces, was surprised and overwhelmed by a huge Zulu army equipped with only spears. It became the seminal battle of the Zulu War, an ill-conceived, incompetently executed and fruitless campaign for the British.
In this Penguin Short, Saul David presents a concise, devastating and utterly gripping account of the most brutal of battles that will transport you to the plains of Africa and the cauldron of war, and all for less than the price of a cup of coffee.
On 22nd January, at Isandlwana in Zululand, South-East Africa, the British Army suffered one of the worst defeats in its history. A camp of 1,700 men, armed with state-of-the-art weapons and two artillery pieces, was surprised and overwhelmed by a huge Zulu army equipped with only spears. It became the seminal battle of the Zulu War, an ill-conceived, incompetently executed and fruitless campaign for the British.
In this Penguin Short, Saul David presents a concise, devastating and utterly gripping account of the most brutal of battles that will transport you to the plains of Africa and the cauldron of war, and all for less than the price of a cup of coffee.
The Happiness of Blond People
Penguin Specials are designed to fill a gap. Written to be read over a long commute or a short journey, they are original and exclusively in digital form. This is Elif Shafak's examination of national identity.
"You know, I never understand. How come their children are so quiet and well disciplined?"
"Yeah," said the distressed father, his voice suddenly softer. "Blond children never cry, do they?"
As Elif Shafak stands in line at the airport, she overhears a Turkish father expressing to a friend his bewilderment at the cultural differences he's experienced since immigrating to northern Europe. Is it true, she wonders, that the citizens of these countries are genuinely happier? Why do people leave their homes for other countries? And what lessons can we all learn, for the creation of truly harmonious societies, from the experiences of immigrants?
In the light of the recent backlash against multiculturalism and the influx of millions of Muslims into Europe from the east, this powerful and personal essay uses the lived experience of immigrants to examine this most hotly debated subject.
"You know, I never understand. How come their children are so quiet and well disciplined?"
"Yeah," said the distressed father, his voice suddenly softer. "Blond children never cry, do they?"
As Elif Shafak stands in line at the airport, she overhears a Turkish father expressing to a friend his bewilderment at the cultural differences he's experienced since immigrating to northern Europe. Is it true, she wonders, that the citizens of these countries are genuinely happier? Why do people leave their homes for other countries? And what lessons can we all learn, for the creation of truly harmonious societies, from the experiences of immigrants?
In the light of the recent backlash against multiculturalism and the influx of millions of Muslims into Europe from the east, this powerful and personal essay uses the lived experience of immigrants to examine this most hotly debated subject.
How to be a Rogue Trader
Penguin Specials are designed to fill a gap. Written to be read over a long commute or a short journey, they are original and exclusively in digital form. This is John Gapper's foray into the world of rogue traders.
Unlike most bankers, they are household names: Nick Leeson of Barings, Jerome Kerviel of Societe Generale, John Rusnak of Allied Irish Bank. And now the 31 year-old Kweku Adoboli, who allegedly ran up $2.3bn in losses at UBS. These are the men who have bought banks to their knees and global financial systems to a halt. Each time the banks declare themselves to be innocent victims of a fraud.
But why do traders keep on committing apparently senseless crimes, with little benefit apart from higher bonuses and a risk of ending up in prison? And why do banks, which should have learned the tricks of the traders, keep being deceived?
In this Penguin Special, the Financial Times' associate editor John Gapper unlocks the mystery by delving into the evolutionary risk-taking instincts of both humans and animals - from yellow-eyed junco sparrows in Arizona to honey-bees. He reveals how banks encourage their traders to evade risk limits, and shows how the rogue traders merely mimic the strategies used by their firms to seem more profitable than they really are.
A rogue trader is often an outsider who starts in a lowly role and gambles with a bank's money in a bid to become a star. Gapper traces patterns of behaviour and personality that could be used to catch them before disaster strikes. But do the banks really want to? And are the rogue traders just the symptoms of a financial system gone rogue?
Unlike most bankers, they are household names: Nick Leeson of Barings, Jerome Kerviel of Societe Generale, John Rusnak of Allied Irish Bank. And now the 31 year-old Kweku Adoboli, who allegedly ran up $2.3bn in losses at UBS. These are the men who have bought banks to their knees and global financial systems to a halt. Each time the banks declare themselves to be innocent victims of a fraud.
But why do traders keep on committing apparently senseless crimes, with little benefit apart from higher bonuses and a risk of ending up in prison? And why do banks, which should have learned the tricks of the traders, keep being deceived?
In this Penguin Special, the Financial Times' associate editor John Gapper unlocks the mystery by delving into the evolutionary risk-taking instincts of both humans and animals - from yellow-eyed junco sparrows in Arizona to honey-bees. He reveals how banks encourage their traders to evade risk limits, and shows how the rogue traders merely mimic the strategies used by their firms to seem more profitable than they really are.
A rogue trader is often an outsider who starts in a lowly role and gambles with a bank's money in a bid to become a star. Gapper traces patterns of behaviour and personality that could be used to catch them before disaster strikes. But do the banks really want to? And are the rogue traders just the symptoms of a financial system gone rogue?
Perfect Christmas Day
Penguin Specials are designed to fill a gap. Written to be read over a long commute or a short journey, they are original and exclusively in digital form.
Christmas dinner is perhaps the one meal of the year where even the most relaxed cook feels the pressure of perfection - and, although few menus can be more familiar, it's probably the one we all feel the least confident about.
Cooking Christmas dinner can be stressful, but there's no need to rifle through recipe books, or frantically Google turkey cooking times on Christmas morning as Felicity Cloake has tried and tested recipes from all the greats - from Nigella Lawson and Simon Hopkinson to Delia Smith and Mrs Beeton - and pulled together the best points from each to come up with the ultimate Christmas Day recipe collection.
Based on Felicity's popular Guardian column, Perfect Christmas Day combines invaluable prepping and cooking tips to calm the most frazzled of festive souls and, of course, fifteen delicious recipes. From mulled wine, blinis, stilton soufflés and the perfect prawn cocktail to turkey and gravy, stuffing, sprouts, roast potatoes, pigs-in-blankets, nut roast, and cranberry and bread sauce, to trifle, mince pies and brandy butter, Perfect Christmas Day is all you need to prepare the perfect Christmas dinner.
Christmas dinner is perhaps the one meal of the year where even the most relaxed cook feels the pressure of perfection - and, although few menus can be more familiar, it's probably the one we all feel the least confident about.
Cooking Christmas dinner can be stressful, but there's no need to rifle through recipe books, or frantically Google turkey cooking times on Christmas morning as Felicity Cloake has tried and tested recipes from all the greats - from Nigella Lawson and Simon Hopkinson to Delia Smith and Mrs Beeton - and pulled together the best points from each to come up with the ultimate Christmas Day recipe collection.
Based on Felicity's popular Guardian column, Perfect Christmas Day combines invaluable prepping and cooking tips to calm the most frazzled of festive souls and, of course, fifteen delicious recipes. From mulled wine, blinis, stilton soufflés and the perfect prawn cocktail to turkey and gravy, stuffing, sprouts, roast potatoes, pigs-in-blankets, nut roast, and cranberry and bread sauce, to trifle, mince pies and brandy butter, Perfect Christmas Day is all you need to prepare the perfect Christmas dinner.
Protection
Penguin Specials are designed to fill a gap. Written to be read over a long commute or a short journey, they are original and exclusively in digital form. This is a chilling tale by Helen Dunmore.
'It was nothing, she tells herself, but her body knows better.'
Florence lives in the country, lapped by miles and miles of darkness. She feels safe there - until a noise wakes her in the middle of the night.
Protection is a short story by bestselling author Helen Dunmore that will cause your skin to prickle and make you ask yourself how far you would go to protect your family.
'It was nothing, she tells herself, but her body knows better.'
Florence lives in the country, lapped by miles and miles of darkness. She feels safe there - until a noise wakes her in the middle of the night.
Protection is a short story by bestselling author Helen Dunmore that will cause your skin to prickle and make you ask yourself how far you would go to protect your family.