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Subject: The Spectator.co.uk
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Problems Solved </SPAN></A></TD>
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<TD vAlign=3Dtop><IMG border=3D0 height=3D5=20
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class=3Dartitle>FEATURES <IMG border=3D0 height=3D15=20
src=3D"http://www.spectator.co.uk/images/article_line1.gif"=20
width=3D420><BR></SPAN><SPAN class=3Datitle>How America went =
for=20
broke<BR></SPAN><SPAN class=3Dasummary><B>Simon Nixon</B> =
says that=20
recession is the price that the United States must pay for =
two=20
decades of uncritical faith in the stock market </SPAN><IMG =
border=3D0=20
height=3D15 =
src=3D"http://www.spectator.co.uk/images/article_line1.gif"=20
width=3D420> <SPAN class=3Dabodytext>There are those who say =
that the=20
terrorist attacks on the United States were deserved, that =
America=20
had it coming, that the attacks will change the world for =
ever. To=20
blame the United States for an act of terrorism in which =
thousands=20
of innocent civilians lost their lives is morally abhorrent. =
But the=20
irony is that if these commentators had confined their =
comments to=20
the state of the US economy, they would have been spot-on. =
If ever=20
there was anything that was America’s own fault, and =
that will=20
change the world for ever, it is the coming US recession.=20
<BR><BR><BR></SPAN>
<TABLE border=3D0 cellPadding=3D0 cellSpacing=3D0 =
width=3D400>
<TBODY>
<TR>
<TD><IMG height=3D280=20
=
src=3D"http://www.spectator.co.uk/cartoons/2001-09-29-2.gif"=20
width=3D400></TD></TR>
<TR>
<TD><IMG border=3D0 height=3D5=20
src=3D"http://www.spectator.co.uk/images/shim.gif"=20
width=3D10></TD></TR>
<TR>
<TD><I><SPAN class=3Dacartoon>‘Should I wear =
shorts or=20
=
slacks?’</SPAN></I></TD></TR></TBODY></TABLE><SPAN=20
class=3Dabodytext><BR>Anyone reading the newspapers during =
the past=20
week could be forgiven for concluding that the events of 11=20
September have changed the course of the US economy. Within =
days of=20
the attacks, without even waiting to see the evidence of a =
full=20
week’s trading, many of the biggest names in US =
industry, including=20
General Electric, Boeing and the big investment banks, were =
blaming=20
the terrorists for a dramatic collapse in profits and the =
need for=20
swingeing job cuts. UK firms such as British Airways and =
Virgin were=20
soon to follow. Meanwhile, many Wall Street economists, =
consistently=20
wrong with their forecasts all year, gratefully seized this=20
face-saving opportunity to pronounce that they now believe =
that a=20
recession is inevitable. <BR><BR>This attempt to blame the =
terrorist=20
attacks does not bear scrutiny. America has been heading for =
a nasty=20
recession all year. The cynical timing of these latest =
company=20
announcements adds greatly to the short-term dangers, =
fuelling=20
investor panic, but they make little difference to =
America’s=20
long-term prospects. The state of the US economy is dire, =
and it is=20
dire today for exactly the same reasons as were true three =
weeks=20
ago. <BR><BR>America is reaping what it has sowed over the =
last two=20
decades. So convinced did successive US administrations =
become that=20
the stock market was the only efficient way to allocate =
capital in=20
the economy that they blew away virtually every safeguard =
within the=20
financial system. Financial systems, just like political =
systems,=20
require checks and balances to ensure that no part of the =
system=20
becomes too powerful. But US policy-makers, driven by an =
ideological=20
belief in the virtues of unfettered free markets, sat idly =
by as=20
capital markets, and the investment banks that dominate =
them,=20
systematically eroded every attempt to control them — =
culminating in=20
the 1998 repeal of the Glass-Steagal Act, a totemic piece of =
New=20
Deal legislation passed in response to the devastation =
caused by the=20
Great Crash of 1929. <BR><BR>The result has been the biggest =
bubble=20
of all time, a grotesque misallocation of capital leading to =
massive=20
overcapacity in certain sectors of the economy and =
near-collapse in=20
others. Share prices became the sole measure of economic =
success in=20
the US economy, and investment banks became adept at =
channelling=20
funds to where share prices were rising fastest, sucking in =
money=20
from around the world to drive them higher. The US economy =
was=20
transformed into a giant pyramid scheme, the like of which =
had not=20
been seen since the South Sea Bubble in the 1720s. =
<BR><BR>The=20
comical excesses of the dotcoms may have grabbed the =
headlines, but=20
by far the biggest misallocation of capital took place in =
the=20
telecoms sector. It spent an estimated $4,000 billion =
building new=20
networks to meet the expected explosion in Internet traffic. =
So=20
great is the excess capacity, it is said that if the entire=20
population of the world — all six billion of us =
— were to talk=20
solidly on the telephone for a year, it could be transmitted =
over=20
existing networks within a few hours. According to industry=20
estimates, less than 2 per cent of the fibre-optic cable =
buried=20
under Europe and North America has even been turned on, or =
‘lit’,=20
and of that which has been lit, only about 10 per cent is in =
use.=20
<BR><BR>The excesses of the telecoms sector are reflected =
elsewhere=20
in the economy; not just in the technology sector, but also =
in the=20
services industries — banks, airlines, advertising and =
public-relations agencies — that catered to the =
‘new economy’.=20
Meanwhile, other areas of US industry, such as the =
utilities, have=20
been starved of investment. A bungled privatisation of the=20
Californian power industry, for example, has left the state =
unable=20
to meet the demand for electricity. <BR><BR>For 20 years =
America has=20
been borrowing unprecedented quantities of money to play its =
stock-market casino. Even after the latest falls, the US =
stock=20
market is worth 120 per cent of GDP, compared with 40 per =
cent for=20
much of the 1980s, and far above its previous peak of 72 per =
cent in=20
1972. Meanwhile, the US trade deficit stands at a record 4 =
per cent=20
of GDP; no country has ever been able to sustain a deficit =
on this=20
scale for long. The US currently absorbs 64 per cent of all =
global=20
capital flows to finance its deficit. Capital has been =
sucked out of=20
the rest of the world, including many developing countries, =
to=20
enable America to indulge itself. It is no coincidence that=20
Citicorp, the giant US bank, has its largest branch outside =
New York=20
in Buenos Aires. <BR><BR>For years Americans deluded =
themselves that=20
they were actually making this money rather than borrowing =
it. With=20
the ever-rising stock market fuelling the illusion of =
wealth, they=20
embarked on an orgy of personal spending, building up an =
average=20
credit-card debt of $7,000 per household and allowing the =
proportion=20
of their incomes saved to fall below zero for the first time =
since=20
the 1920s. But now the casino has closed for business, and =
America=20
finds that it has run out of chips. <BR><BR>The likelihood =
is that=20
it will take years to pull out of this recession. Warren =
Buffet, the=20
legendary US investor, is said to have told friends that =
America=20
faces eight years of slump. The Japanese market bubble burst =
more=20
than 10 years ago, and its economy has never recovered. =
Today, the=20
Japanese financial system teeters on the edge of collapse, =
adding to=20
the uncertainty in the global economy. The last time the US =
faced a=20
collapse of this nature — in 1929 — it took a =
decade of slump and=20
the second world war to pull it out again. It is fanciful to =
hope=20
that President Bush’s war on terrorism, coming at the =
end of the=20
greatest boom in history, will have a similar effect on the =
US=20
economy as the second world war did, coming on the heels of =
the=20
great depression. <BR><BR>A 1930s-style slump remains =
extremely=20
unlikely. But, when America does eventually pull out of this =
recession, it is likely to find that it will have changed=20
everything. Its pre-eminence in the global economy will no =
longer be=20
taken for granted. At the height of the mania, America =
financed its=20
Internet speculations by flogging off its much-derided =
‘old economy’=20
to anybody who would take it. Already many of its utilities =
have=20
been bought by the French and Germans, its supermarkets by =
the Dutch=20
and Belgians, its bankrupt steel industry by the Brazilians. =
<BR><BR>And then there is China. This year its economy will =
grow by=20
8 per cent, and with the vast majority of its GDP dependent =
upon=20
domestic trade, it remains well insulated from the downturn =
in the=20
global economy. Moreover, earlier this month China joined =
the World=20
Trade Organisation, a momentous event utterly eclipsed by =
events in=20
America. With the United States spiralling into recession =
and=20
distracted by its war on terrorism, much of Asia will now =
look to=20
China to lead it out of its slump. A new economic superpower =
may be=20
about to emerge. <BR><BR>America has only itself to blame =
for the=20
predicament it finds itself in. It is paying the penalty for =
two=20
decades of uncritical faith in the stock market. For the =
second time=20
in 100 years, it has sacrificed economic stability to the =
greed of=20
the financial community. Surveying the carnage wreaked upon =
the US=20
economy in the aftermath of the 1929 stock market crash, =
Franklin=20
Delano Roosevelt observed, ‘We have always known that =
heedless=20
self-interest was bad morals; we know now that it is bad =
economics.’=20
But there are some lessons, it seems, that we are destined =
never to=20
learn. </SPAN>
<P><SPAN class=3Dabodytext><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1133#articletop">Return=20
to top of page</A></SPAN></P><IMG border=3D0 height=3D15=20
src=3D"http://www.spectator.co.uk/images/article_line1.gif"=20
width=3D420><BR><A=20
=
href=3D"http://www.spectator.co.uk/articleComment.php3?table=3Dold&se=
ction=3Dcurrent&issue=3D2001-09-29&id=3D1133"><SPAN=20
class=3Dalink><B>=B7 Send comment on this article to the =
editor of the=20
Spectator.co.uk</B><BR></SPAN></A><A=20
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href=3D"http://www.spectator.co.uk/articleToFriend.php3?table=3Dold&s=
ection=3Dcurrent&issue=3D2001-09-29&id=3D1133"><SPAN=20
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friend</B><BR></SPAN></A><A=20
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href=3D"http://www.spectator.co.uk/copyright.php3?table=3Dold&section=
=3Dcurrent&issue=3D2001-09-29"><SPAN=20
class=3Dacopyright><BR>=A9 2001 The=20
=
Spectator.co.uk<BR><BR></SPAN></A></TD></TR></TBODY></TABLE></TD></TR></T=
BODY></TABLE><SPAN=20
id=3DLayer2=20
style=3D"HEIGHT: 0px; LEFT: 70px; POSITION: absolute; TOP: 204px; =
VISIBILITY: hidden; WIDTH: 0px; Z-INDEX: 1">
<TABLE border=3D0 cellPadding=3D0 cellSpacing=3D0 width=3D152>
<TBODY>
<TR vAlign=3Dtop>
<TD colSpan=3D3><IMG border=3D0 height=3D2 =
name=3Darticle_submenu_r1_c1=20
=
src=3D"http://www.spectator.co.uk/images/article_submenu_r1_c1.gif"=20
width=3D152></TD>
<TD><IMG border=3D0 height=3D2=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1132"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Youthful idiot </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1133"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> How America went for broke </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1134"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Fundamentally wrong </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1135"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Tony the lionheart </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1136"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Breakfast with the killers </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1137"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Sex and the city </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1138"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Why we must stick by America </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"=20
width=3D1></TD></TR></TBODY></TABLE></SPAN><SPAN id=3DLayer3=20
style=3D"HEIGHT: 0px; LEFT: 70px; POSITION: absolute; TOP: 225px; =
VISIBILITY: hidden; WIDTH: 0px; Z-INDEX: 1">
<TABLE border=3D0 cellPadding=3D0 cellSpacing=3D0 width=3D152>
<TBODY>
<TR vAlign=3Dtop>
<TD colSpan=3D3><IMG border=3D0 height=3D2 =
name=3Darticle_submenu_r1_c1=20
=
src=3D"http://www.spectator.co.uk/images/article_submenu_r1_c1.gif"=20
width=3D152></TD>
<TD><IMG border=3D0 height=3D2=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1139"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Portrait of the Week </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1140"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> The Leader </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1141"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Politics </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1142"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Diary </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"=20
width=3D1></TD></TR></TBODY></TABLE></SPAN><SPAN id=3DLayer4=20
style=3D"HEIGHT: 0px; LEFT: 70px; POSITION: absolute; TOP: 246px; =
VISIBILITY: hidden; WIDTH: 0px; Z-INDEX: 1">
<TABLE border=3D0 cellPadding=3D0 cellSpacing=3D0 width=3D152>
<TBODY>
<TR vAlign=3Dtop>
<TD colSpan=3D3><IMG border=3D0 height=3D2 =
name=3Darticle_submenu_r1_c1=20
=
src=3D"http://www.spectator.co.uk/images/article_submenu_r1_c1.gif"=20
width=3D152></TD>
<TD><IMG border=3D0 height=3D2=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1143"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Feedback </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"=20
width=3D1></TD></TR></TBODY></TABLE></SPAN><SPAN id=3DLayer5=20
style=3D"HEIGHT: 0px; LEFT: 70px; POSITION: absolute; TOP: 267px; =
VISIBILITY: hidden; WIDTH: 0px; Z-INDEX: 1">
<TABLE border=3D0 cellPadding=3D0 cellSpacing=3D0 width=3D152>
<TBODY>
<TR vAlign=3Dtop>
<TD colSpan=3D3><IMG border=3D0 height=3D2 =
name=3Darticle_submenu_r1_c1=20
=
src=3D"http://www.spectator.co.uk/images/article_submenu_r1_c1.gif"=20
width=3D152></TD>
<TD><IMG border=3D0 height=3D2=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1144"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Media Studies </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1145"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Mind Your Language </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"=20
width=3D1></TD></TR></TBODY></TABLE></SPAN><SPAN id=3DLayer8=20
style=3D"HEIGHT: 0px; LEFT: 70px; POSITION: absolute; TOP: 330px; =
VISIBILITY: hidden; WIDTH: 0px; Z-INDEX: 1">
<TABLE border=3D0 cellPadding=3D0 cellSpacing=3D0 width=3D152>
<TBODY>
<TR vAlign=3Dtop>
<TD colSpan=3D3><IMG border=3D0 height=3D2 =
name=3Darticle_submenu_r1_c1=20
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src=3D"http://www.spectator.co.uk/images/article_submenu_r1_c1.gif"=20
width=3D152></TD>
<TD><IMG border=3D0 height=3D2=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1146"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> High Life </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1147"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Singular Life </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD><IMG border=3D0 height=3D18=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D1></TD></TR>
<TR vAlign=3Dtop>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
<TD bgColor=3D#ccccff vAlign=3Dcenter><A=20
=
href=3D"http://www.spectator.co.uk/article.php3?table=3Dold&section=3D=
current&issue=3D2001-09-29&id=3D1149"><FONT=20
class=3Dasidemenuarticle face=3D"Times New Roman, Times, serif"=20
size=3D2> Wild Life </FONT></A></TD>
<TD bgColor=3D#000000 rowSpan=3D2><IMG border=3D0 height=3D19=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; width=3D1></TD>
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<TR vAlign=3Dtop>
<TD bgColor=3D#666666><IMG border=3D0 height=3D1=20
src=3D"http://www.spectator.co.uk/images/shim.gif"; =
width=3D150></TD>
<TD><IMG border=3D0 height=3D1=20
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