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Procrastination Destination: Blenheim Palace
Just a ten minute bus ride away (take the S3 from the train station to the gates) Blenheim Palace is the ideal spot for anyone bored with the hard knocks of gritty Oxford life and looking for a bit of grand beauty and unapologetic privilege. With no need to book in advance, Sir Winston Churchill’s birthplace is the perfect spot to visit on a whim; take a couple of hours off and enjoy a carefree jaunt around two thousand acres of stunning parkland. There are over 100 acres of Formal Gardens, in which there is the Secret Garden, majestic Water Terraces, The Rose Garden and the Duke of Marlborough’s ornate private retreat: The Italian Garden. Walks to the Grand Cascade or across Vanbrugh’s Grand Bridge to the Column of Victory offer views of the magnificent lake fringed by majestic oaks and maples.
Private tours are also available, giving you an insight into life at the palace over the last three hundred years, as well as the chance that you’ll spot your favourite actor from the Bill pretending to be a lady’s maid. History buffs will no doubt enjoy the permanent exhibition in the room in which Churchill was born, housing an impressive collection of personal letters, paintings and mementoes from the life of arguably one of the greatest Britons who ever lived. If cinema is more your thing you can discover the backdrops to some iconic films hwithere: Harry Potter and Indiana Jones are among the dozens of movies which have been filmed on location at Blenheim. Bring a wand or a whip and bring your favourite scenes to life!
Once you’ve had a little gander at the grounds and the exhibition, take a cheeky ride on a comically small train that will whisk you off to the Pleasure Gardens. While possibly not quite as good as the name might imply, they will still provide you with hours of wonder. Relax in the beautiful and peaceful Lavender Garden, give your inner child free reign in the Adventure Play Area, marvel in the breath-taking Butterfly House and lose yourself in the piece-de-resistance: the giant Marlborough Hedge Maze.
Trinity Term can be a tricky time, so if you find yourself spending your Saturdays bemoaning how hungover you are, complaining that ‘we never have fun any more’ and psyching yourself up for another club night, maybe a trip to Blenheim Palace could offer a welcome change. Wait for the rain to subside, grab your camera and bring along your three favourite people (£8.50-£15.50 each with a student card). At the very least it’s an opportunity to be smug and self-satisfied when anyone asks you what you did over the weekend.
Films on Friday #2 Zombie Mike
Zombie Mike, or ‘How I deal with a crisis’ was produced in 2011 as part of Oxford Campus MovieFest. The cast were Harry Mallon, Edward Richards and Cameron Cook; it was directed by Ashley Fisher and produced by Harry Mallon.
Welcome to Wadstock
THE ARTIST
I played twice at Wadstock: once near the beginning, and once at the end. With the memory of the after-dark performance fresh in my mind, I can’t help but imbue the earlier gig with memories of sunshine, warmth, comfort, blue skies, warmth, and above all, sunshine. However, here it’s important to do what we all should do when using words we’re not entirely confident about, and look them up. The first definition the OED gives for ‘imbue’ is: ‘to saturate, wet thoroughly.’ Wadstock is a unique festival, in that it has managed to rain 5 out of the last 6 years. At a gig where rain is invariably more constant than the audience, some people might think, what’s the point? In the end though it’s the atmosphere, it’s the spirit, which makes Wadstock great. In an age where you can’t say ‘I’m all about free love, and shit’ without it being auto-tuned, Wadstock may be the last great bastion of the hippie world – a new, improved and, above all, less attention-seeking Woodstock.
Joe Bedell-Brill
THE PUNTER
This Saturday week saw Wadham gardens open up to the joys of April Showers, festival wellies and the great and the good of Oxford’s student music scene. Poncho-clad students spent the day drinking Pimm’s whilst being entertained at the college’s annual day-long music extravaganza which played host to all types of local talent, from music, to performance poetry, improvisational comedy and everything in between. This, in true Wadham style, included space-pirate storytellers that interjected their epic cosmic tales with glorious bouts of stringy folk. Anyone suffering from the chill of wind and rain was warmed up by some mid-afternoon SOUP (the Society of Oxford Ukulele Players). Finally, for everyone who had managed not to let 12 hours of leisurely drinking get to them, the headliners – Oxford’s favourite funk band Dot’s Funk Odyssey (DFO) – got the whole crowd dancing to upbeat classics, including a fabulous and unmatched rendition of Gloria Gaynor’s ‘I Will Survive’ by DFO member, and Oxford’s number one soul man, Andrew McCormack. DFO drew the entire event to an magnificent climax with their version of the Specials’ ‘Nelson Mandela’, Wadham’s end of bop anthem. Whilst it may not have been a day for getting to work on that Trinity tan, everyone had a great time, with the weather just making the Woodstock theme seem all the more appropriate.
Emily Cousens
THE BARMAN
The plan for Wadstock was Pimm’s. Barrels and barrels of the stuff, brewed in the way only Wadham knows how (but still tasting uncannily like the real thing). Even Sex on the Beach was mixed up. The whole of the Wadham back garden was visualised as a beautiful sunset with exotic cocktails, warm weather and sweet funk. Oh how this was not to be the case. The Pimm’s and the Sex on the Beach proved to be useful tools for the imagination of the spectators (even if the clientele were very specific about not wanting any ice given the cold; understandable but still frustrating given that resulted in a much higher alcohol consumption per glass), but the weather meant that it was the hardy Celtic Six, and the dour Long Island Ice Tea that seemed the most weather appropriate. The unmitigated disaster of the drinks was my own invention; a cocktail dedicated to the previous Bar Secretary which contained litre after litre of lime juice diluted by lemonade (a not very inventive attempt at a Kamikaze). The former Bar Secretary was offended because he was approached by so many unhappy customers castigating it in front of him, and the next day I was blamed for causing ulcers across College by a medicine student.
Will Pimlott
WADSPOTIFY
The pick of the pack to put on your playlist. If you’re looking for good student music, then these are the guys to watch:
The Manatees:
“Manatees are the best aquatic mammals and not just a really good band” claims Jamie Cruickshank, the brilliant banjo-player that strums along to fellow Manatees’ member Sarah Thewlis’ sweet, sweet chirrups. If you like a spring in your easy-going step and thoughts of playful laziness in the afternoon sun, then you should get listening to this mellow folkiness.
Catch them: You can catch the manatees at The Cellar on May 13th alongside Marvellous Medicine and St Hilda’s Jack and the Beanstalks. All profits go to Travelaid: China 2012.
Rainbow Shark:
A two-piece whose electronic music warps and wraps around the air. Combining guitar and keyboard with computer wizardry, these two boys produce a sound as slick and slippery as their namesake.
Catch them: If you want to witness these mellow maestros then visit The Cellar on May 27th. Rainbow Shark will be teaming up with Dad Rocks, Robots with Soul and Count Drachma in a special show for Somerville Arts Week.
Marvellous Medicine:
When you think rapper, do you think of a white, hipster Oxonian English student? You should. Marvellous Medicine go down cooler and smoother than a big sweet spoon of Calpol.
Catch them: Catch Marvellous Medicine at the Wheatsheaf on May 18th alongside super student funk rock band Crisis, What Crisis?
Tanuki Suit:
Regulars at The Cricketer’s Arms on Iffley Road, this four-piece band brings together classic guitar lines with haunting blasts of trumpet, and contrast cutting, caustic vocals from Dan Nicholls with the haunting notes and whoops of trumpeter Emily Norris.
Catch them: Tanuki Suit can be caught playing on May 7th at Port Mahon alongside fellow Wadstock performers Government Man, as well as acts Camena and Midnight Blink.
Jack Powell and James Pullinger
Seeing a man about a dog
Raise your hand if you haven’t read The Curious Incident of the Dog in the Night-time. This first foray into adult fiction by Merton graduate Mark Haddon sold 30,000 copies, won the 2003 Whitbread award and the 2004 Commonwealth Writers’ Prize for best first book, and gave its author the economic freedom to chase up his creative pursuits. And the hardcover was puffed by two luminaries who span the spectrum between literary fiction and non-fiction – Ian McEwan and Oliver Sacks.
The downside to writing a bestseller is inevitably the public scrutiny you incur when you attempt to follow it up. Haddon’s second novel, A Spot of Bother (2006), is something entirely different from Curious Incident: it’s a quieter novel about a middle-aged hypochondriac and his web of relationships, which garnered great praise for his characterisation (a repeated commendation of Haddon’s fiction).
When I ask Haddon whether it’s been difficult to follow his initial success, Haddon replies that he’s often been asked this question and he wonders what is meant by it. ‘Compared to how hard it would have been writing if Curious hadn’t been published?’ he says, ‘Or hadn’t won a prize? Or had sold thirty thousand copies?’
Haddon makes it clear that writing is always hard. ‘Unless, perhaps, you’re a genre writer, who has some of the hardest questions already answered when you start the next project.’ On the topic of the success of Curious, Haddon ‘not only had the freedom to write what I wanted, instead of what might pay, but, more importantly, it gave me the freedom to throw stuff away when it wasn’t working. And I’ve done a lot of throwing away over the last eight years.’
The novel, ostensibly written by Christopher, a teenager who attempts to make sense of a world which is inscrutable to him, describes itself as a ‘murder mystery novel’. Christopher is ‘15 years and 3 months and 2 days old’ and knows ‘all the countries of the world and every prime number up to 7,507’. Christopher may be a maths whizz and want to become an astronaut, but daily human expression and motivation escape him. McEwan’s endorsement aptly describes Christopher as having an ‘emotionally dissociated mind’.
I gave the novel to my aunt who is raising a boy with high-functioning autism, not because my cousin is much like Christopher, but because of Haddon’s sympathetic and uncanny abilities to reproduce what I assumed ‘it must be like’ to be inside a similar situation (disregarding the impossibilities and perhaps presumption of such an exercise).
The particularity of Christopher as a central character means that the novel is often pigeonholed as a novel ‘about Asperger’s’. But Haddon would prefer it if he novel didn’t have the term affixed to it. ‘Though I have pretty much giving up fighting my corner in this respect,’ he admits, ‘Curious Incident was so freakishly successful that I feel oddly detached from it now and must leave it to fight its own battles. Saying any novel is about a single issue diminishes the book and narrows readers’ expectation. I find it particularly disappointing with regards to Curious because I purposely excluded the words Asperger’s and autism from the text. Christopher defines himself as having a few behavioural issues. To me it’s about disability, but it’s equally about being an outsider, about difference in the wider sense, about seeing the everyday world with fresh eyes, about the process of reading itself.’
Asking Haddon what sort of ‘habits of art’ he subscribes to, he says that while he longs for ‘a few habits of art’, he feels mostly as if he is ‘stumbling through a dark and ill-managed forest trying to find some object whose identity remains a complete mystery until I stumble on it. I tell myself I do so many different creative things because I get bored or because I have so many diverse interests or for some other rather self-aggrandising reason, whereas I suspect I’m merely post-rationalising the fact that I often have absolutely no idea what I’m doing.’
This is a modest way of saying Haddon is an experimenter. And indeed he has a reputation for producing works which seem to explore new territories – whether that’s a new genre, form, or subject. Though Haddon’s extraordinary success with Curious Incident might make one think of him as a one-hit wonder, his creative involvement crosses generic boundaries. In addition to his novels, Haddon has published a volume of poetry (with the fabulous coordinative title The Talking Horse and the Sad Girl and the Village under the Sea), written and produced a play (Polar Bears), written a film for BBC 1 (Coming Down the Mountain), and written numerous books for children. Incidently, in addition to this, Haddon has won four BAFTAS, paints, and sculpts.
This exploration of new territories, says Haddon, is intentional. ‘Like most writers I write for a reader like myself, and as a reader I’m continually drawn to writers who want to extend the boundaries of what writing can do.’
Haddon lives in Oxford with his wife, Dr Sos Eltis, who tutors at Brasenose, and who (as I can attest) is a great favourite in the lecture theatre. I ask Haddon if Oxford – a city which can be hospitable to writers, but can be overly hospitable to Sunday Times conventionalism – suits him. Haddon gives a resounding yes. ‘I don’t think it has anything to do with writing. I like the fact that it’s metropolitan but on a small scale: the University, bookshops, the theatre. I enjoy the sheer throughput of people from various corners of the world. I like the fact that my kids are at school with other children who comes from pretty much every conceivable background. On the other hand, I can run to Port Meadow in five minutes and be in the empty countryside in fifteen, and we are far enough upstream for me to swim in the river without getting leptospirosis or mercury poisoning.’
Place is clearly important to Haddon. His upcoming novel, The Red House, is set in the Black Mountains near Hay-on-Wye. ‘I don’t think there’s a single aspect of place which isn’t included somehow: the landscape, the history, the architecture, maps of the area, the weather.’
According to Haddon, the novel is about ‘a middle-aged and long-estranged brother and sister who go on holiday with one another and their respective families. Family holidays are often, of course, more stressful than being in an air crash, so stuff happens. It’s a novel about belonging and not belonging, about being a child, about being a parent, about grief and sexuality and how we can find the extraordinary in the seemingly ordinary. It’s also a novel about my love of the English literature and the English language.’
According to rumour, Haddon (an English graduate) once harbored dreams of being a mathematician. ‘Sadly,’ says Haddon, ‘Curious (and answering several hundred letters about the maths in Curious) largely killed off my interest in maths. Even at school I was only a reasonably good mathematician so it was never a likely proposition.’
The idea of crossing over between art and science, he says, has become ‘a rather sexy topic over the last few years for reasons I don’t quite understand. Of course there are crossovers and similarities and lights which can be thrown on one discipline by another. All these things are creative and difficult and involve and great deal of slog and brief moments of insight, which often connect unexpected in unlikely ways which come to seem somehow utterly right in retrospect.’ But Haddon’s profusion of interests and media makes him an optimist. ‘I think it’s time to turn the tide and start celebrating how thrilling different all these disciplines are,’ he says.
A Proteas-e of a cricketing summer
Given that the stormy weather has dashed hopes of cricket being played in Oxford so far this term, our attention can turn to England’s upcoming season. The main event is surely the three Test Series against South Africa, which begins on July 19th at the Oval.
England struggled in Asia this winter, losing 3-0 in the Test Series with Pakistan in the UAE. Most worrying of all, the previously infallible top six struggled, with no batsman reaching three figures. Matters improved upon winning the One Day Series and the Twenty20, and normal service was resumed in beating Sri Lanka by eight wickets in Colombo last month.
Before South Africa arrive however, England face three Tests against the West Indies, starting at Lords on May 17th. This will be no walk in the park for Andrew Strauss’ men, with West Indian lynchpin Shivnarine Chanderpaul a thorn in the side of any bowling attack. Currently top of the ICC Test Batting Rankings, Chanderpaul will be looking to find the form he enjoyed in England in the summer of 2007, when he averaged almost 150 with the bat. However, England should have the class and quality to win, and win comfortably, with the fearsome bowling attack of Darren Sammy’s men no more. Gone are the days of Holding and Marshall or Ambrose and Walsh, and England’s batsmen should be able to make hay given that the West Indian conveyor belt of top-class fast bowlers appears to have ground to a halt.
It’s vitally important that the England batsmen regain their form, as South Africa represent a completely different challenge. The fine form of England’s top five propelled the side to reach the summit of the ICC World Rankings, and more of the same will be required to defeat a very strong South Africa side. Strauss’s year-long run drought, stretching back to the Brisbane test of 2010 without a century, is worrisome. If England are to defeat South Africa and retain top spot, they need a captain that is confident, scoring runs and not worrying about his own game.
More importantly, it is not only Strauss that has been struggling. In previous years, the run-scoring of Cook and Trott has been constant, occupying the crease and making opposition bowlers toil for hours, even days at a time, aided by Pietersen’s ability to take an attack to pieces, Bell’s class and elegance and Prior’s dynamism down the order. If they are going to blunt the threat of the leading bowler in test cricket, Dale Steyn, and his accomplices Vernon Philander and Morne Morkel, the England batting line-up will have to be firing on all cylinders. In terms of batting, A.B. de Villiers, Jacques Kallis and Hashim Amla are all class acts. James Anderson, Graeme Swann and Stuart Broad, backed up by either Tim Bresnan or Chris Tremlett will have their work cut out. It would be foolish to take the South Africans lightly, with Graeme Smith’s double-centuries in consecutive tests back in 2003. This is not to forget the two England captain’s scalps he’s taken on tours here, food for thought for the English attack.
With over two months until the Test series starts, trying to pick a winner is extremely difficult. What is certain, though, is that the South Africans will prove a sterner test than this England side has yet had to face up to. Sparks will fly.
Hotdogs, hotels and heartbreak
It is said that being a fan of a lower league football club is characterised by disappointment, unfulfilled dreams and frustration. For Oxford United fans, home games provide a constant architectural reminder of their status: a gaping chasm where a Fourth Stand should be. A structurally unsound fence separates the grass canvas of dreams from the Bowlplex car park. The old owner of the team, Firoz Kassam, generously offered to build a fourth stand should United ever make it to the Championship. As he watched his side slide through the divisions and finally out of the football league, his hands remained firmly in his pockets. It was a bizarre reversal of the Exodus, the Tanzanian Hotelier shepherding the Us from their spiritual homeland at the Old Manor Ground in Headington and into his slavery at the self-titled Kassam stadium. United fans still sing the terrace chant evoking the memory of the celestial London Road Stand, as if its mere mention may restore the glory it once witnessed, the echoes conjuring the spirit of Dean Windass, Joey Beauchamp or Chris Basham. Kassam remains a hated figure at United, a landlord still collecting tithes from the Club whose soul he sold, demolished and in its place built a Gala Bingo.
Yet after three years in the wilderness (the dark wastelands of English football patrolled by teams like Ebbsfleet and Kettering), with players who can only nominally be described as footballers, Oxford exploded back into the football league. Ask any United fan the best day of his life, and he’ll tell you it was either the Conference playoff final or the day the refreshments stand started selling ‘Rollover hot dogs’. 33,000 in Yellow and Blue stormed the heart of English football, the ultras of the South Midlands Hit Squad standing side by side with University professors to watch their beloved team annihilate a weak York City side.
Two seasons in League 2 came to a head in Saturday’s game against Southend with a playoff position in contention for both sides. Not even the grumpiest of fans could complain about a campaign that saw victories home and away over fierce rivals Swindon Town, managed by their ‘il duce’ Paulo Di Canio. Recently described as one of the most explosive rivalries between Chippenham and Leighton Buzzard, the two teams share the A420, but little else. Yet despite defeating the Robins, Oxford dipped in form. The loss of key players James Constable and Alfie Potter has contributed to Oxford’s current position, two points behind Crewe Alexandra in the last playoff position. Oxford’s game against the Essex shrimpers was an old fashioned six pointer at the top of the table, with Crewe away at other promotion hopefuls Torquay.
Despite the delay trying to find a parking space at the Kassam (the main car park was reserved for the competitors of the county bowling competition at the Bowlplex, while the overspill was playing host to the Joyces and Quinn Macdonaghs of County Antrim), we arrived in time to soak up the pre-match atmosphere. If you are lucky, you might bump into one of the local celebrities who frequent the Kassam, Olly the Ox or Timmy Mallett, the kind of actor (or comedian, who knows?) who struggles to make ends meet outside the Pantomime season. Yet despite the dip in form, and despite the shortage of Rollover hot dogs in the refreshments aisle there was optimism around the ground, the kind of blind faith reserved solely for lower league football fans, and as the huge yellow flag descended over the Oxford Mail Stand, amplifying the nonsensical chants of faithful yellows, everything seemed to be in place for a wonderful afternoon of football. That was, of course, until the game started.
Theo Walcott said of watching Barcelona play Arsenal at the Emirates a few seasons ago that it was like watching a game of FIFA, such was the technical skill, responsiveness and insight of the players. If that is the case, then watching Oxford play Southend United was also like watching a game of FIFA, but a game in which all the buttons are stuck and the competitors are otters. The football was basic, Oxford lacked incisiveness, and creativity was wastefully sprawled across the treatment table. With Michael Duberry, a contemporary of prehistoric man, providing a strong but slow spine the Shrimpers enjoyed vast swathes of possession and the lion’s share of the chances, going into the break with an uncompromising 2-0 lead.
The Oxford crowd, with nothing to shout about, were distracted first by the referee (who ‘stank of shit’), then the linesman (a ‘fucking wanker’ by trade), and finally the Southend goalkeeper, a busty and curvaceous character who incensed the Kassam faithful by constantly reminding them of the score line. Despite greeting every touch with derogative comments about his weight and skill, Cameron Belford (on loan from Bury) was not easily distracted, saving brilliantly from the prolific Asa Hall at the death.
The game ended 2-0 to Southend, the second half characterised more by the vitriol of the crowd than by the football, and after trailing for 90 minutes Crewe got a last minute equaliser against Torquay. The Us promotion hopes are now out of their hands, their fate in the hands of Railway Men at the Alexandra Stadium on the last day of the season. Crewe had gathered steam while Oxford’s season derailed, another disappointing end to a disappointing year. It looks like another year with Morecambe, Aldershot and Barnet, and another year of gypsy encampments and moronic stewards.
A very New kind of rugby
It may not be as historic as Football Cuppers or as well publicised as the Boat Race, but on Tuesday evening the Oxford University Rugby Club held its annual Fancy Dress Mixed Touch Competition at the Iffley Sports Complex. It was a very well attended event, with 13 colleges taking part. Although the inclement weather to begin with may have discouraged some spectators, as well as forcing a move onto the astroturf pitches, it turned out to be a fine evening of touch rugby under the sun.
Predictably, there were varying levels of commitment to the theme of fancy dress on show. On one pitch, a team of Super Mario and Luigi lookalikes took to the field against a medley of cops and robbers, and similarly crazy pairings were seen throughout the evening. To see a team of Smurfs (complete with blue body paint and iconic white hats) surging up the pitch and slinging the ball along the line was somewhat surreal and extremely entertaining. Other notable costume efforts included a school uniform themed affair and a college dressed as the infamous 118 118 duo.
Some colleges did, however, decide to dress up in their respective college rugby strips which was slightly disappointing, but overall this didn’t have an impact on the jovial atmosphere.
Despite this prevailing atmosphere of frivolity, there was still a substantial, almost two foot tall trophy to be won. The semi finals were contested by Balliol versus Worcester and St Hugh’s against New College. New and Balliol progressed to the final and, in a tense, close-fought affair, New College prevailed to claim the rather long-winded title of 2012 Fancy Dress Mixed Touch Competition Champions. There was also a competition for best fancy dress, which was won by the aforementioned Smurfs from Oriel. Jesus College dressed as their namesake through a creative use of bed sheets and tea towels and so clinched second prize.
As a mixed competition, the tournament rules stated that each college should have at least two female members amongst the seven strong team on the pitch. Yet it seemed to me the ratio was significantly higher in most teams, with girls making up around half of the average college squad. This reflected the spirit of inclusivity and the welcoming atmosphere that surrounded the tournament.
However, the OURFC is hoping to go even further in this respect. There are plans in the pipeline to run a program next year targeted at rugby novices and newcomers, in an attempt to increase interest and involvement in rugby at the university. The program would build up to this same tournament in Trinity 2013, playing on its capacity to offer inclusiveness and a bit of outlandish fun, mixed with competitive rugby. The Fancy Dress Mixed Touch Competition certainly seems to have fulfilled these aims in this year’s successful Cuppers. Bring on next year, where hopefully this year’s recalcitrants will enter into the spirit fully and embrace fancy dress.
How François Hollande can save the Eurozone
You’d be forgiven for not following the French presidential election very closely. The contenders have savagely attacked one another’s policies, parties and even mental faculties (Luc Mélenchon of the Left Front party called far-right Marine Le Pen a “half-demented bat”). Yet beneath the bravado, they have campaigned on strikingly similar platforms. The uniformly anti-globalisation, antifinance, anti-EU rhetoric that has characterized the campaign is depressing, and now that Mr Mélenchon has gone from the race, so has the comedy.
However, there is reason to be optimistic about François Hollande’s likely victory. He differs from Sarkozy in one important respect: he has promised that he will not ratify the European fiscal pact being pushed by Germany. Hollande has said that it will either have to be renegotiated from scratch or accompanied by an additional treaty with tools to promote economic growth. Like a Keynesian messiah come to save Europe, he told his supporters in Paris “austerity cannot be our horizon”.
Economists will be breathing a sigh of relief. The low spending and higher taxes demanded by the EU fiscal pact means less income for households and firms, which depresses economic activity. This isn’t just first year economics jargon, it’s a statistical fact. Crunch the numbers and it becomes clear that countries that impose austerity see a fall in their income.
Why then, have Cameron, Merkel and Co. been telling voters that austerity, like exercise and getting your five a day, is for their own good? The economic recovery via austerity myth is based on two misconceptions. First, that profligacy by careless EU policymakers is the cause of the current recession. This is simply not true. Spain had low debt and a budget surplus before 2008. Ireland was in a similar position, while Italy stood out for its favourable deficit status. However, the financial crisis damaged their banking systems and caused a fall in growth, which forced the countries into deficits. Debt is the symptom, not the cause.
The second mistaken belief is that high debt spooks the bond markets, leading to high interest rates that hurt the financial system and inhibit growth. Yet Japan has maintained a whopping debt-to-GDP ratio of 230% without a bond crisis. America’s budget is in a far worse mess than the Eurozone’s, but American bond yields remain low. Investors are more likely to judge a country’s ability to repay its debt on its future growth prospects than on its deficit. Perversely, higher spending may be the best way to reduce debts in the long run.
As Spain and Britain fall back into recession and bond yields continue to jitter, it is hard to know what it will take for policy makers to acknowledge that their austerity policies have failed. Hollande deserves credit for putting growth back on the table. Merkel et al. should listen up.