Marking Time

• David Byrne Journal: 07.28.2008: Almost Everything
  New album from David Byrne and Brian Eno on the way
  (tags: music politics)

They’ve alot to be worrying about.

I need a strategy for dealing with charity muggers. They accost me on the street on a daily basis with their over-familiar false friendliness, hands outstretched as if greeting a long lost friend. My only tactic thus far is to duck my head, veer quickly to the left, and mumble “sorry, I’m in a hurry”. Keep moving, that’s the key.

I realise that this is having a detrimental effect on my enjoyment of the random encounters of the street. I have developed an instinctive self-defense mechanism such that I am taking constant evasive action against anything that appears in my line of sight that doesn’t display the characteristics of a disinterested window shopper. Street performers, tourists in need of directions, old ladies having heart attacks, drive-by shooting victims (no lie, one fell at my feet); all are equal victims in my bid to avoid the wrath of the chugger.

And these chuggers need a new strategy too. I’ll never sign up to whatever they’re selling if they keep up with the flailing arms and ‘hi there old friend’ routine. The same guy has hit on me four times in the last week and he still hasn’t got the message. If you want my time and money you’re going to have to make it worth my while. Show a little imagination. Give something back to the street instead of always leaching off the public space.

I am bemused by the accepted wisdom of the establishment (politicians, bankers, economists, journalists et al.) that the current economic downturn was unpredictable and came upon us out of the blue. This is a load of nonsense. The Irish economy has been slowing down since mid 2006 and it is only now that it has finally run out of steam. To anyone willing to look and listen it has been well-signaled. It has not happened due to unforeseen circumstances beyond our control. It is a core part of the government’s economic policy. Charlie McCreevy admitted as much when he said “If I have it, I’ll spend it”. Dan O’ Brien sums it up nicely:

The most cursory glance at spending patterns over the past decade shows how big the impact of the electoral cycle is. While most governments loosen the purse strings as elections approach, pre-election spending growth in Ireland before the 2002 and 2007 contests was spectacular. The surge in spending before the last election explains a large part of how an unusually big surplus in 2006 had all but evaporated in just 12 months.

Irish Times July 9th 2008

Even I - ignorant as I am of economic matters - figured this out. In 2003 I wrote:

We have to learn to take responsibility for ourselves as a nation. It’s all well and good having an open economy that is friendly to multi-national business but if it leaves our country in pieces at the end of every five-year economic cycle what good is it for the long-term future?

We have to recognise that we have basic needs as a country –a health service, an education system, and a proper communication and transport network among others– which must be given at least equal priority with the individuals’ right to choose how they spend their money. It is not just my altruistic ‘do-gooder’ instinct that tells me this. My pragmatic ‘count-the-pennies’ instinct tells me that it is also essential to our future economic success and long-term sustainability as a nation.

We elect the politicians. We have an obligation to vote responsibly and recognise that our interests as a nation and our interests as individuals are not mutually exclusive but are bound together.

Maybe the economic suffering that is already making itself felt will be worth it if we learn this lesson.

But will we?

Well, I’ve got my answer. We’re slow learners it seems, and I guess we got away with it for a while. Interest rates were kept too low, too long, and this inflated the housing bubble to bursting point. That was enough to distract us from the fact that the legendary “fundamentals” weren’t all that sound. Falling exports, falling competitiveness, rising inflation, wasteful public spending - all were hidden under the avalanche of tax receipts from the property market. We took Charlie McCreevy’s advice and “partied on”.

Somehow I don’t think we’ll be as lucky this time. Low interest rates will not save us (if we ever see them again). The gains have been pocketed and the policy of attempting to control the economy by messing around with interest rates has proved to be a busted flush, nothing more than a betting opportunity for stockbrokers and having no impact on the real economy.

There’s no easy way out of this one. We’re going to have to take some pain. I’ll check back again in another five years and see if we’ve learned anything this time. I’m not too optimistic.

• Notes On The Front: The Recession Diaries
  Michael Taft has started a recession diary. Every cloud has a silver lining…
  (tags: Irish Politics economics)
• Jill Bolte Taylor’s powerful stroke of insight | Video on TED.com
  These TED talks always hit me as signposts to the secrets of the universe. This ‘number one talk’ is a perfect example.
  (tags: science life religion)