Samizdata

Last night I was lucky enough to get invited to a smart awards ceremony in London marking achievements in the world of luxury goods and services. There were folk from various brands and companies such as Chanel, Aston Martin, and the like. Lots of nice expensive champagne, dishy women and impeccably dressed chaps. At the end of the event, an award was given to a certain Vivienne Westwood, one of Britain’s most famous fashion designers. She started her career back in the 1970s in the world of punk, associating with Malcolm McClaren, who went on to manage the Sex Pistols, before moving on to other fields. To describe Ms Westwood as a gloriously bohemian figure is an understatement: she wore this amazing red dress, had bright orange hair and her face was painted a sort of white to create the impression of an eccentric 18th Century party-goer in the court of Versailles.

I was struck by two things. On the one hand, Ms Westwood is a great entrepreneur. She has a fashion business empire that stretches around the world, employing loads of people, creating jobs and income, not to mention fashions, for thousands of people. My wife adores some of her stuff. She has been heaped with honours and is the toast of Milan, Paris, London and New York.

And yet as soon as she opened her mouth in the ceremony last night, we were treated to meandering monologue about how how “Britain has far less culture than France”; how cheap labour is the evil that causes wars, how mankind is threatened with extinction in a few year’s time; how the French were great because they had central planning back in the 17th Century to create a fashion industry, how she was soooooo glad that Obama was in the White House…..on and on it went, bringing together in one speech an amazingly concentrated collection of fatuity.

It keeps amazing me how people in business, even tremendously successful businesspeople, can hold views that would make any sixth-form pupil cringe with embarrassment. But part of me loves the free market precisely because even an eccentric like Ms Westwood, while decrying global capitalism, can make a mint out of it by selling people stuff that they want. Just don’t ever take her views on world affairs seriously.

Oh well, at least she is more fun to watch that Polly Toynbee and like I said, she has created a great business.

Guido Fawkes, in a break from his usual occupation of digging up scandals on our political class, instead focuses a bit more on the underlying policies of the UK government and the opposition. He rightly notes that sterling’s falls against the dollar undermine Gordon Brown’s attempt to frame the crisis as something that has hit Britain from afar, like the impact of a meteorite or SARS virus. Many of Britain’s problems are home-grown. Guido also reminds us of that little-noticed adjustment to the Bank of England’s inflation target back in the early ‘Noughties. Brown removed housing prices from the index of inflation that the BoE targets. Result: house prices no longer figured as a reason for setting interest rates. Brown, in a word, helped make the property price bubble worse than it might otherwise have been.

Now, I know some of us hardline defenders of free market banking will say that this is a quibble about how to run state monopoly money, and they have a strong point about that. But clearly, even the supposed wondrous Brownite creation of an independent central bank turned out to be an illusion. No wonder sterling is falling against the dollar and the euro. As I work for an export business, I guess I should be grateful.

Brown, in his current efforts to create a narrative as “Gordon the statesman who fixed the crisis” reminds me rather of the late Lord Louis Mountbatten, the UK Royal Family member and disastrous military commander and Indian Viceroy who managed, at least for many years, to create the idea of him being some kind of hero. Sooner or later, Brown is going to get, and deserve, the Andrew Roberts treatment. (Roberts helped to annihilate Mountbatten’s reputation).