John Lanchester explains the Euro crisis

29 July, 2011

One of my favourite books ever is John Lanchester’s first novel “The Debt to Pleasure”, published some 15 years ago.  John Banville reviewed it in the Guardian (here).  I have it on my list to re-read it, as I am curious as to whether it will stand up well to the passage of time.  I have also read and enjoyed a number of Nabokov books since, and Banville says that Lanchester’s style is “uncomfortably close to late Nabokov, at once brilliant and unfocused, and glutted on its own richness, but of course, this is part of the joke”.  So perhaps I will be disappointed.

Anyway, Lanchester has recently published a book about the financial crisis, called Whoops!, which I haven’t read but which got pretty good reviews (particularly from non-financial reviewers).  Lanchester writes that “I’ve been following the economic crisis for two years now.  I began working on the subject as part of the background to a novel, and soon realized that I had stumbled across the most interesting story I’ve ever found.”

I followed a Twitter link the other day to an article by Lanchester in the London Review of Books, where Lanchester is a contributing editor.  The article, covering the Greek financial mess, the Euro, German attitudes and more, is worth reading.  Here’s a short extract:

From the worm’s-eye perspective which most of us inhabit, the general feeling about this new turn in the economic crisis is one of bewilderment. I’ve encountered this in Iceland and in Ireland and in the UK: a sense of alienation and incomprehension and done-unto-ness. People feel they have very little economic or political agency, very little control over their own lives; during the boom times, nobody told them this was an unsustainable bubble until it was already too late. The Greek people are furious to be told by their deputy prime minister that ‘we ate the money together’; they just don’t agree with that analysis. In the world of money, people are privately outraged by the general unwillingness of electorates to accept the blame for the state they are in. But the general public, it turns out, had very little understanding of the economic mechanisms which were, without their knowing it, ruling their lives. They didn’t vote for the system, and no one explained the system to them, and in any case the rule is that while things are on the way up, no one votes for Cassandra, so no one in public life plays the Cassandra role.

The last sentence is so sadly true.  We needed more Cassandras in Ireland from 2002 to 2005 (after that it was too late anyway).  Voters everywhere, but particularly in Ireland, are not interested in deferred gratification.  As they say, democ­racy is the worst form of gov­ern­ment ……… except for all the oth­ers.

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