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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Leader: The unresolved Eurozone crisis

The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving.

The eurozone crisis was never resolved. It was merely conveniently forgotten. The vote for Brexit, the terrible war in Syria and Donald Trump’s election as US president all distracted from the single currency’s woes. Yet its contradictions endure, a permanent threat to continental European stability and the future cohesion of the European Union.

The resignation of the Italian prime minister Matteo Renzi, following defeat in a constitutional referendum on 4 December, was the moment at which some believed that Europe would be overwhelmed. Among the champions of the No campaign were the anti-euro Five Star Movement (which has led in some recent opinion polls) and the separatist Lega Nord. Opponents of the EU, such as Nigel Farage, hailed the result as a rejection of the single currency.

An Italian exit, if not unthinkable, is far from inevitable, however. The No campaign comprised not only Eurosceptics but pro-Europeans such as the former prime minister Mario Monti and members of Mr Renzi’s liberal-centrist Democratic Party. Few voters treated the referendum as a judgement on the monetary union.

To achieve withdrawal from the euro, the populist Five Star Movement would need first to form a government (no easy task under Italy’s complex multiparty system), then amend the constitution to allow a public vote on Italy’s membership of the currency. Opinion polls continue to show a majority opposed to the return of the lira.

But Europe faces far more immediate dangers. Italy’s fragile banking system has been imperilled by the referendum result and the accompanying fall in investor confidence. In the absence of state aid, the Banca Monte dei Paschi di Siena, the world’s oldest bank, could soon face ruin. Italy’s national debt stands at 132 per cent of GDP, severely limiting its firepower, and its financial sector has amassed $360bn of bad loans. The risk is of a new financial crisis that spreads across the eurozone.

EU leaders’ record to date does not encourage optimism. Seven years after the Greek crisis began, the German government is continuing to advocate the failed path of austerity. On 4 December, Germany’s finance minister, Wolfgang Schäuble, declared that Greece must choose between unpopular “structural reforms” (a euphemism for austerity) or withdrawal from the euro. He insisted that debt relief “would not help” the immiserated country.

Yet the argument that austerity is unsustainable is now heard far beyond the Syriza government. The International Monetary Fund is among those that have demanded “unconditional” debt relief. Under the current bailout terms, Greece’s interest payments on its debt (roughly €330bn) will continually rise, consuming 60 per cent of its budget by 2060. The IMF has rightly proposed an extended repayment period and a fixed interest rate of 1.5 per cent. Faced with German intransigence, it is refusing to provide further funding.

Ever since the European Central Bank president, Mario Draghi, declared in 2012 that he was prepared to do “whatever it takes” to preserve the single currency, EU member states have relied on monetary policy to contain the crisis. This complacent approach could unravel. From the euro’s inception, economists have warned of the dangers of a monetary union that is unmatched by fiscal and political union. The UK, partly for these reasons, wisely rejected membership, but other states have been condemned to stagnation. As Felix Martin writes on page 15, “Italy today is worse off than it was not just in 2007, but in 1997. National output per head has stagnated for 20 years – an astonishing . . . statistic.”

Germany’s refusal to support demand (having benefited from a fixed exchange rate) undermined the principles of European solidarity and shared prosperity. German unemployment has fallen to 4.1 per cent, the lowest level since 1981, but joblessness is at 23.4 per cent in Greece, 19 per cent in Spain and 11.6 per cent in Italy. The youngest have suffered most. Youth unemployment is 46.5 per cent in Greece, 42.6 per cent in Spain and 36.4 per cent in Italy. No social model should tolerate such waste.

“If the euro fails, then Europe fails,” the German chancellor, Angela Merkel, has often asserted. Yet it does not follow that Europe will succeed if the euro survives. The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving. In these circumstances, the surprise has been not voters’ intemperance, but their patience.

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