6 ★ FT Weekend 17 August/18 August 2019Where should I begin?
Your book reviews (Life & Arts, August
10) included a 224-page manual
dedicated to the correct use of a
semicolonand a 1020-page novel
mostly constructed in one continuous
sentencecontaining many commas.
Ahem, which should I read first?
Will Holt
Enochdhu, Perthshire, UKSingapore displays
the least gender bias
I enjoyed Eva Szalay’s report “Push to
hire more women on trading floor faces
obstacles” (August 10). While I have
never actually counted the number of
women in dealing rooms (that would
have been a little weird), my personal
impression over 30 years in foreign
exchange is that gender bias used to be
more pervasive in the UK, less so in the
the US, but least in Singapore.
One reason that proportionally morewomen may have been employed in
Singapore, in addition to Singaporean
managers taking gender equality
especially seriously, may be that most
Singaporean men must serve as
reservists for as many as 10 years after
their National Service, requiring up to
40 days out of the office each year.
Most women are not subject to that
requirement.
James H Sinclair
Executive Chairman,
Market Factory,
New York, NY, USVery helpful, Mr President
Further to “The cost of American
unpredictability” (The Big Read,
August 10): President Donald Trump’s
keep-them-guessing is about as incisive
a foreign policy approach as Barack
Obama’s “Don’t do stupid shit”.
American exceptionalism at its finest.
Howard Greenfield
Montreal, QC, Canada‘Mind the gap’ gets the
warning across succinctly
One must admit the “mind the gap”
warning is to the point (Letters, August
10), certainly when compared with the
German equivalent, “Vorsicht beim
Ein-und Aussteigen wegen Lücke
zwischen Bahnsteig und Zug”, as
spotted on a platform in Berlin.
Robert Hopkins
Editor, The Zug Post,
Müstair, Switzerland
Trans: ‘Take care on getting on and off on
account of gap between platform and
train’Janan shows his class
Ah, Janan “Citizen of nowhere” Ganesh
was born in Nigeria! (“Britain’s premier
source of soft power”, Life & Arts,
August 10.)
No wonder. So much class.
Tony Ojolola
Stanmore, Middx, UKComparing present political leaders
with past ones is a popular parlour
game — one that leaders also like to
play. Because Boris Johnson wrote a
famously bad biography of Churchill he
looks in the mirror and sees the man
whom Margaret Thatcher liked to call
“Winston”. Even more improbable is
the comparison made by John
McTernan (“Why Johnson is not
Churchill but de Gaulle”, August 10)
between Mr Johnson and Charles de
Gaulle. Why not Charlemagne, Lincoln
or Pericles while we are at it?
De Gaulle’s decision to leave defeated
France in 1940 was an act of
unbelievable moral courage based on a
perceptive analysis of the reasons why
the lost Battle of France was only the
beginning of a world war. In his famous
speech of June 1940 appealing to the
French people to rally to him, de Gaulle
was not just saying “follow me andhope for the best”. His rhetoric was
balanced by careful arguments offering
reasons to hope.
This idea of leadership as kind of
patient pedagogy exempt from any
kind of demagogy was crucial to de
Gaulle, and is the antithesis of the
Johnson style. In his first four years
after returning to power in 1958, he
delivered speech after speech
explaining why France could no longer
hang on to her last remnant of empire
in Algeria. De Gaulle was a masterly
practitioner of charismatic leadership
— but it was the antithesis of populism.
He often distinguished between how
the French might conceive their
immediate short-term interests —
what they might want to hear — and
his conception of their longer-term
national interest.
Although in 1940 he had been
profoundly shocked by the capitulationof France’s elites to the enemy, de
Gaulle was also inhabited by a respect
for the professionalism and dedication
of France’shauts fonctionnaireswho had
made the state what it was. How
different from the tendency to trash
civil servants or Bank of England
officials indulged in by Mr Johnson and
his supporters.
Of course de Gaulle was also often
wrong. He could be ruthless,
suspicious, vindictive, unforgiving and
petty. But at all times there was a
profound moral seriousness and sense
of responsibility. This is about as far
from Britain’s current prime minister
as it is possible to imagine. De Gaulle
Mr Johnson certainly ain’t.
Julian Jackson
Professor of Modern French History,
Queen Mary University of London, UK
To read this response in full, go to
http://www.ft.com/opinionJohnson another de Gaulle? Je crois que non
Letters
SATURDAY 17 AUGUST 2019Email:[email protected]
Include daytime telephone number and full address
Corrections:[email protected]
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: [email protected]Corrections
cMaria Ressa, chief executive of the
Philippine news website Rappler, was
detained overnight in a conference
room when she was served with a
warrant for ‘cyber libel’, not in a cell, as
wrongly stated in Lunch with the FT on
August 10.cRobot C-3PO was a bag of discombob-
ulated parts in the early scenes ofThe
Empire Strikes Back, notReturn of the Jedi
as wrongly stated in an article in
Life & Arts on August 10.For savers and borrowers, investors
and businesses, the world has turned
upside down. A Danish bank this week
launched the world’s first negative-rate
mortgage, allowing housebuyers to
take a home loan and pay back less
than they borrowed. Some savers sit-
ting on cash, by contrast, are being
charged to do so. Governments are
increasingly paying more to borrow for
the short-term than for longer periods.
Many companies and governments are
borrowing at negative yields — leaving
guaranteed losses for investors who
hold the debt until maturity.
The upending of normal financial
logic can seem baffling. But it has spe-
cific causes — and it is sending impor-
tant warning signals. The cause is years
of easing by central banks, through
ever lower — and eventually negative —
interest rates, and providing abundant
liquidity. Yet despite the growing sup-
ply of what appears to be free money,
the global economy is continuing to
slow and a further boost is needed. This
inverted world tells us it can no longer
only be the job of central banks to pro-
vide the booster.
The side effects of so much loose
money are also growing. Bank profits
will come under pressure from any sus-
tained period where lending rates are
below those on deposits; the rising
attractiveness of holding cash risks
depositors withdrawing their money.
Meanwhile, evidence of a global eco-
nomic slowdown continue to mount.
Germany said growthcontracteddur-
ing the second quarter, while China saw
industrial output expand at its slowest
pace for 17 years. As expectations for
weak growth and low inflation become
entrenched, longer-term interest rates
are still falling across the world.
Last week, Bund yields reached new
lows. This week was the turn of the US.
Despite a relatively healthy domestic
economy and low unemployment, theyield on 30-year US Treasuries
dropped below 2 per cent for the first
time ever. The yield curve, where 10-
year rates have been below three-
month rates since May, extended its
inversion, with 10-year rates now
below two-year rates for the first time
since 2007.
In the past, a yield curve has inverted
because central banks wanted to raise
short-term rates to curb inflation, even
at the risk of a recession. This time,
inflation is too low and central banks
are on combat alert against recession.
Markets appear to reckon that central
banks will fail in their bid to achieve
higher inflation — hence the upside
down yield curve.
Whatever the precise explanation,
the world economy needs help, and
fast. Monetary policy cannot take all
the strain, but governments are still
slow to shift to fiscal expansion. This
must change. A targeted fiscal stimulus
that lifts productivity via growth-
enhancing investment should be a pri-
ority. Infrastructure upgrades, expand-
ing public housing stocks and targeted
tax cuts should all be considered. This
is the recipe for a return to more robust
growth and inflation.
Germany’s brief rise in yields last
week confirms how powerful such a fis-
cal shift could be. Talk of abandoning
the balanced budget rules to finance
green investment sent 10-year Bund
yields sharply higher — before the
finance ministry quashed the debate.
Germany and others now face a choice.
Relax fiscal conservatism or rely on
ever looser monetary policy with even-
tual taxes on savers and rising risks to
financial stability. Central banks have
gone to extraordinary lengths to boost
demand. Faced with prolonged uncer-
tainty over the US-led trade war, this
has not been enough. Rather than test-
ing the limits of monetary policy, gov-
ernments must now step up.Borrowing for free comes with rising risks over financial stability
Thedeath of Jeffrey Epstein, the finan-
cial playboy who allegedly abused doz-
ens of underage girls, by no means
brings that sordid chapter to a close.
Through his apparent suicide in a fed-
eral jail, Epstein has robbed his victims
of the closure theysought. Had he lived
Epstein would have faced trial, having
avoided the music in 2008 when he
convinced prosecutors to agree to a
scandalously mild plea bargain.
The US criminal justice system badly
let down Epstein’s accusers, some of
whom were as young as 14 when the
alleged abuses took place. After years
of being sidelined, they were finally
anticipating their day in court. His
death also deprives US justice of its
chance at redemption. At every level,
America’s legal system has failed the
victims it is meant to serve.
The most egregious let down was
Epstein’s death itself. He had already
tried to take his own life. In spite of
that,he was removed from suicide
watch a few days before he died. The
night of Epstein’s death, his cellmate
was shifted to another room. Epstein’s
guardsfell asleep on their watch. His
death looks to have been the result of
excessive overtime and bureaucratic
incompetence. That has not stopped
people from speculating about foul
play. The least excusable of these is the
US president, who retweeted a claim
that Epstein was murdered by the
“Clinton mafia”.
Among other big figures, including
Mr Trump, Bill Clinton was a one-time
associate of Epstein — and beneficiary
of his largesse. The former US president
reportedly used Epstein’sjet more than
a dozen times. The evidence for
Epstein’s cause of death points strongly
to suicide. That is unlikely to quiet the
conspiracy theories.
Prosecutors in Florida and New
York, both Republican and Democrat,
also played critical roles in shieldingEpstein from justice. The rot began
with Alex Acosta, Mr Trump’s former
labour secretary, who, as the US attor-
ney in Florida, struck the sweetheart
deal that in effect let Epstein off the
hook. In exchange for pleading guilty to
soliciting prostitution, Epstein was
jailed for 13 months. The deal closed
down further investigation into
Epstein’s allegedly serial paedophilia.
His accusers were not informed of
the plea bargain until after it was
struck. New York’s prosecutor, Cyrus
Vance Jnr, further sugared the deal by
allowing Epstein to finish the sentence
at his Manhattan residence without an
electronic tag. Little wonder Epstein
felt confident enough to resume the to-
ings and fro-ings of his underage visi-
tors. To pile indignity upon injustice,
Epstein’s victims then had to witness
their abuser’s re-entry into New York
society. Epstein was welcomed back
into establishment circles and feted by
institutions, such as Harvard Univer-
sity, to which he donated millions.
Epstein has doubtless taken many of
his secrets to the grave. Most of his
powerful and wealthy acquaintances
will continue their lives as normal.
Ghislaine Maxwell, the British socialite
who was Epstein’s friend and associate,
now faces scrutiny over allegations that
she identified and groomed many of
the young women he had access to,
though she has denied wrongdoing.
Spotted in Los Angeles this week, her
current whereabouts are unknown.
There is also hope that Epstein’s vic-
tims could wrest compensation from
his estimated $559m estate.
These are challenging suits, however,
that could wind on for years. Whatever
else emerges from this distressing tale,
US criminal justice stands indicted.
The fate of Epstein’s victims makes it
harder to dispute the view that there is
one law for the rich and another one for
the poor.The legal system has failed the financier’s victims at every juncture
An upside-down world
for savers and borrowers
The Epstein case is an
indictment of US justice
Four years ago, John Hickenlooper,
the former Colorado governor who is
now vying — somewhat unsuccessfully
— to become the Democratic
presidential nominee, asked the
restaurant owner Danny Meyer to
address a convention of state
governors.
Mr Hickenlooper did not do this
because he wanted Mr Meyer to whip
up a meal, provide cooking tips or
discuss earnings in the restaurant
trade. (Mr Meyer founded Shake
Shack and runs a number of high-end
restaurants such as The Modern and
Union Square Cafe in New York.)
Instead, Mr Hickenlooper had a more
urgent question: what could we learn
from the restaurant world to improve
21st-century politics? Could Congress
or state legislatures find inspiration in
the nation’s kitchens?
At first glance, that may seem a
weird idea. After all, we do not expect
our elected leaders to behave like
chefs. But Mr Hickenlooper has a
background in hospitality, having co-
founded a brewery business before
entering politics, and has long been
fascinated by the little-noticed
parallels between the two worlds.
“Whether you are running a state or a
restaurant, three things are the same,”
he told the governors. “You never
have enough cash... you have a
diverse group of people you need to
make into a team — and the public is
always angry about something.”
And the governors’ exchange withMr Meyermakes timely viewing as the
2020 race looms. Indeed, his message
is arguably even more relevant now
than it was four years ago, since it
offers a way to reframe the idea of
political leadership at a time when
public faith in government — and
elected leaders — is under attack.
The key issue at stakerevolves
around the concept of “service”.
Politicians, like restaurant owners,
live or die according to the wisdom of
crowds. “We are constantly running
for office when we run restaurants —
we are trying to get as many votes as
we possibly can,” Mr Meyer observed.
To please “customers”, would-be
leaders need to offer great products —
be that a fantastic roast chicken or
clever policy idea. But while this is a
prerequisite for success, Mr Meyer
argues it is no longer sufficient, since
any product can be copied at lightning
speed. So the only solution, he
concludes, is to put a heavy emphasis
on the idea of hospitality too — or the
craft of making “customers” feel
valued, respected and heard.
And (perhaps ironically) the more
that our everyday lives move into
disembodied cyber space, the more
that personal empathy matters when
it comes to pleasing consumers. “You
[governors] all stand for good
government, which I’m so grateful for
— but that [is] not enough to get re-
elected,” Mr Meyer told the governors.
“Good service is like air conditioning
— nobody raves about it when it worksany more, but the only time you hear
about service and performance is
when it doesn’t work... The more
high-tech we get in life, the more
people need high-touch in their lives.”
“The analogy [of hospitality] is
perfect — it’s exactly what we talk
about with the services we provide [as
governors],” observed Scott Walker,
former governor of Wisconsin. “[But
even if] you have people at the top
[doing it], if the frontline person is not
doing it, everything breaks down.”
Mr Meyer’s message is thought-
provoking. In theory, Donald Trump
ought to understand the concept of
“hospitality”; after all, his name sits
on consumer-facing businesses such
as hotels and golf courses. In practice,
Mr Meyer doubts that he does. In the
sense of treating voters and employees
with respect, he thinks “the White
House right now is the antithesis of
hospitality”.
Some Republicans might disagree.
But irrespective of any partisan split,
the key question is this: in a world
where “politics” is consumed with
vicious fights, is it possible to remake
the concept of “government” in a way
that would encourage more voter
loyalty and affection? Could an
emphasis on “service” offer one way
to rebuild a sense of civic values?
Think of that as the 2020 campaign
heats up — for Democrats and
Republicans alike.[email protected]A recipe for
success? What
politics can learn
from the kitchen
Notebook
by Gillian Tett
A different path towards
extinction of civilisation
After reading Lex Rieffel’s letter
(August 10), I wondered, what would
be the point of saving the planet if,
after a one-child solution, the world
progresses towards a zero-child
solution? Wouldn’t that lead to the
extinction of civilisation by a different
path? China has realised the folly of its
one-child policy; the social problems it
created are now well documented.
Coupled with Silicon Valley’s obsession
with anti-ageing and artificial
intelligence, the world will be
populated with the doddering rich and
their robots. Brave new world, indeed!
R Vijayaraghavan
San Jose, CA, USThe very definition
of the ridiculous
I have a hairstyle, an oversized rack of
underused ties and a bewilderment
about the appeal of the mullet in
common with Robert Armstrong; and
so was reassured by his column “Brad
Pitt has a mullet — anything can
happen now” (Life & Arts, August 10).
I am also reminded of one of the best
definitions to be found in any
dictionary — “Mullet: short at the
front, long at the back, ridiculous all
round”.
Gregory King
Aberdeen, UK
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