Down but not out

Why Leonard Cohen is the ultimate comeback kid.

The news that Leonard Cohen has postponed a European tour due to ill-health may come as little surprise -- after all, the Canadian singer-songwriter turns 76 this year.

Cohen, born three months before Elvis Presley in the autumn of 1934, has played 191 sold-out shows around the world since returning to the stage two years ago. Spin magazine named him the big comeback of 2009, which, after a hiatus of 15 years, seemed like a gross understatement. To his fans, the tour was something far more special and unexpected: many had written off the chance of ever seeing him perform live again.

Halfway through the Manchester Opera House concert last June, he stopped to quip: "The last time I was [touring], I was 60 years old . . . Just a kid with a crazy dream." Cohen, like Tom Waits, has always fetishised old age. His peripheral presence among the Warhol set during the 1960s seemed an odd fit; he was clearly far more at ease in the boozy, intellectually rigorous company of his mentor and friend Irving Layton (who was 22 years his senior).

In the 1965 documentary Ladies and Gentlemen . . . Mr Leonard Cohen, he makes for a curious spectacle -- a self-conscious young artist, brash among his contemporaries and easily crushed by television interviewers who see through the pose. A charmer though he was, his long digressions into paraphrasing passages of his second novel, Beautiful Losers, say, in response to a question about art, are a far cry from Bob Dylan's razor-sharp epithets.

That's because Cohen isn't -- and was never -- a hipster. Hipsters, like Dylan and Lou Reed, are concerned with mapping out the future. Even when they appropriate cultural artefacts from the present or the past, they are making manifestos for new ways of living and seeing. Dylan might sing "Don't follow leaders", but what he really means is: "I know you're going to follow me."

Cohen, on the other hand, has built a career on the art of saying goodbye. He's seen the future, he once mumbled, but "it's murder". Many assumed that Cohen's 2004 album Dear Heather was an elaborate farewell. In that record, melodies from earlier albums were appropriated and rewritten; an old live recording of the country standard "Tennessee Waltz" reminded us of his younger voice; and backing singers were allowed to replace him on lead vocals. "To a Teacher", a musical setting of one of his earliest poems, completed what looked like the full circle of his career.

But his return to live performance was an awe-inspiring reaffirmation of his powers. Every night, he literally ran on to the stage and growled out his songs with almost religious conviction.

While fans are no doubt concerned about the singer's health, they should take comfort in the knowledge that, according to the official press release, it was a "sports-related injury" that felled him. Some might comment on how the notorious ladies' man has injured his "lower back", but I, for one, won't.

Yo Zushi is a sub-editor of the New Statesman. His work as a musician is released by Eidola Records.

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The Autumn Statement proved it – we need a real alternative to austerity, now

Theresa May’s Tories have missed their chance to rescue the British economy.

After six wasted years of failed Conservative austerity measures, Philip Hammond had the opportunity last month in the Autumn Statement to change course and put in place the economic policies that would deliver greater prosperity, and make sure it was fairly shared.

Instead, he chose to continue with cuts to public services and in-work benefits while failing to deliver the scale of investment needed to secure future prosperity. The sense of betrayal is palpable.

The headline figures are grim. An analysis by the Institute for Fiscal Studies shows that real wages will not recover their 2008 levels even after 2020. The Tories are overseeing a lost decade in earnings that is, in the words Paul Johnson, the director of the IFS, “dreadful” and unprecedented in modern British history.

Meanwhile, the Treasury’s own analysis shows the cuts falling hardest on the poorest 30 per cent of the population. The Office for Budget Responsibility has reported that it expects a £122bn worsening in the public finances over the next five years. Of this, less than half – £59bn – is due to the Tories’ shambolic handling of Brexit. Most of the rest is thanks to their mishandling of the domestic economy.

 

Time to invest

The Tories may think that those people who are “just about managing” are an electoral demographic, but for Labour they are our friends, neighbours and the people we represent. People in all walks of life needed something better from this government, but the Autumn Statement was a betrayal of the hopes that they tried to raise beforehand.

Because the Tories cut when they should have invested, we now have a fundamentally weak economy that is unprepared for the challenges of Brexit. Low investment has meant that instead of installing new machinery, or building the new infrastructure that would support productive high-wage jobs, we have an economy that is more and more dependent on low-productivity, low-paid work. Every hour worked in the US, Germany or France produces on average a third more than an hour of work here.

Labour has different priorities. We will deliver the necessary investment in infrastructure and research funding, and back it up with an industrial strategy that can sustain well-paid, secure jobs in the industries of the future such as renewables. We will fight for Britain’s continued tariff-free access to the single market. We will reverse the tax giveaways to the mega-rich and the giant companies, instead using the money to make sure the NHS and our education system are properly funded. In 2020 we will introduce a real living wage, expected to be £10 an hour, to make sure every job pays a wage you can actually live on. And we will rebuild and transform our economy so no one and no community is left behind.

 

May’s missing alternative

This week, the Bank of England governor, Mark Carney, gave an important speech in which he hit the proverbial nail on the head. He was completely right to point out that societies need to redistribute the gains from trade and technology, and to educate and empower their citizens. We are going through a lost decade of earnings growth, as Carney highlights, and the crisis of productivity will not be solved without major government investment, backed up by an industrial strategy that can deliver growth.

Labour in government is committed to tackling the challenges of rising inequality, low wage growth, and driving up Britain’s productivity growth. But it is becoming clearer each day since Theresa May became Prime Minister that she, like her predecessor, has no credible solutions to the challenges our economy faces.

 

Crisis in Italy

The Italian people have decisively rejected the changes to their constitution proposed by Prime Minister Matteo Renzi, with nearly 60 per cent voting No. The Italian economy has not grown for close to two decades. A succession of governments has attempted to introduce free-market policies, including slashing pensions and undermining rights at work, but these have had little impact.

Renzi wanted extra powers to push through more free-market reforms, but he has now resigned after encountering opposition from across the Italian political spectrum. The absence of growth has left Italian banks with €360bn of loans that are not being repaid. Usually, these debts would be written off, but Italian banks lack the reserves to be able to absorb the losses. They need outside assistance to survive.

 

Bail in or bail out

The oldest bank in the world, Monte dei Paschi di Siena, needs €5bn before the end of the year if it is to avoid collapse. Renzi had arranged a financing deal but this is now under threat. Under new EU rules, governments are not allowed to bail out banks, like in the 2008 crisis. This is intended to protect taxpayers. Instead, bank investors are supposed to take a loss through a “bail-in”.

Unusually, however, Italian bank investors are not only big financial institutions such as insurance companies, but ordinary households. One-third of all Italian bank bonds are held by households, so a bail-in would hit them hard. And should Italy’s banks fail, the danger is that investors will pull money out of banks across Europe, causing further failures. British banks have been reducing their investments in Italy, but concerned UK regulators have asked recently for details of their exposure.

John McDonnell is the shadow chancellor


John McDonnell is Labour MP for Hayes and Harlington and has been shadow chancellor since September 2015. 

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump