Words in pictures: David Foster Wallace

DFW reads a paean to his native Midwest.

This is the second in our series of videos of writers speaking. Here, the late David Foster Wallace reads from "Getting Away From Already Pretty Much Being Away From It All", a piece he wrote for Harper's magazine about the Illinois State Fair. Jonathan Derbyshire discussed this piece in the essay he wrote about DFW for the NS in November 2008:

Wallace's deepening ambivalence about the moral as well as aesthetic legacy of postmodernism is especially noticeable in the non-fiction he wrote in the last decade of his life. In many of his essays, whether the brief was to write about Caribbean cruises or the Maine Lobster Festival, he can be seen grappling obsessively with all that "stuff about spirituality and values".

A good example is a piece he wrote after Harper's sent him back to Illinois to attend the state fair, and to gorge on corn dogs while watching the rural Midwest at play. "Getting Away From Already Pretty Much Being Away From It All" derives all its considerable force from the tension between Wallace's self-acknowledged "East Coast cynicism" and his yearning for a kind of authenticity.

He describes coming across a small hillock that, for some reason, has been covered in artificial grass: "a quick look under the edge of the fake-grass mat reveals the real grass underneath, flattened and already yellowing". Now, the postmodernist debunker in him would have been content to leave that image to stand for the emptiness and shoddiness of the state fair as a whole. But Wallace doesn't settle for simply unmasking the event as a sham; and this is partly because, for all his protestations that he is no longer "spiritually Midwestern", he remains of the place he is describing.

He understands that to be Midwestern is to be "marooned in a space whose emptiness is both physical and spiritual", and that what the state fair provides is a kind of temporary communal respite from that condition. As [writer Tom] Bissell, himself from the Midwest, puts it, "in terms of literary persona, [Wallace] was temperamentally speaking a rural Midwesterner, intellectually speaking a high-wire postmodernist, and emotionally speaking an artist-as-priest type. I'm not sure anyone else has really managed to combine those qualities."


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Leader: Mark Carney — a rock star banker feels the heat

Rather than mutual buck-passing, politicians and central bankers must collaborate in good faith.

On 24 June, the day after the EU referendum, the United Kingdom resembled a leaderless state. David Cameron promptly resigned as prime minister after his humiliating defeat. His closest ally, George Osborne, retreated to the safety and silence of the Treasury. Labour descended into open warfare; meanwhile, the leaders of the Leave campaign appeared terrified by the challenge confronting them and were already plotting and scheming against one another.

The government had not planned for Brexit, and so one of the few remaining sources of authority was the independent Bank of England. Its Canadian governor, the former Goldman Sachs banker Mark Carney, provided calm by announcing that Threadneedle Street had performed “extensive contingency planning” and would not “hesitate to take additional measures”. A month later, the Bank cut interest rates to a ­record low of 0.25 per cent and announced an additional £60bn of quantitative easing (QE). Both measures helped to avert the threat of an immediate recession by stimulating growth and employment.

Since then the Bank of England governor, who this week gave evidence on monetary policy to the economic affairs committee at the House of Lords, has become a favoured target of Brexiteers and former politicians. Michael Gove has compared Mr Carney to a vainglorious Chinese emperor and chided him for his lack of “humility”. William Hague has accused the Bank of having “lost the plot” and has questioned its future independence. Nigel Lawson has called for Mr Carney to resign, declaring that he has “behaved disgracefully”.

At no point since the Bank achieved independence under the New Labour government in 1997 has it attracted such opprobrium. For politicians faced with the risk, and the reality, of economic instability, Mr Carney and his colleagues are an easy target. However, they are the wrong one.

The consequences of loose monetary policy are not wholly benign. Ultra-low rates and QE have widened inequality by enriching asset-holders, while punishing savers. Yet the economy’s sustained weakness as well as poor productivity have necessitated such action. As Mr Osborne consistently recognised when he was chancellor, monetary activism was the inevitable corollary of fiscal conservatism. Without the Bank’s interventionism, government austerity would have had even harsher consequences.

The new Chancellor, Philip Hammond, has rightly taken the opportunity to “reset” fiscal policy. He has abandoned Mr Osborne’s absurd target of seeking to achieve a budget surplus by 2020 and has promised new infrastructure investment in his Autumn Statement on 23 November.

After years of over-reliance on monetary stimulus, a rebalancing is, in our view, necessary. Squeezed living standards (inflation is forecast to reach 3 per cent next year, given the collapse in the value of sterling) and anaemic growth are best addressed through government action rather than a premature rise in interest rates. Though UK gilt yields have risen in recent weeks, borrowing costs remain at near-record lows. Mr Hammond should not hesitate to borrow to invest, as Keynesians have long argued.

The Bank of England is far from infallible, of course. In recent years, its growth and employment forecasts have proved overly pessimistic. Mr Carney’s immediate predecessor, Mervyn King, was too slow to cut rates at the start of the financial crisis and was ill-prepared for the recession that followed. Central bankers across the developed world, most notably the former Federal Reserve head Alan Greenspan, have too often been treated as seers beyond criticism. Their reputations have suffered as a consequence.

Yet the principle of central bank independence remains one worthy of defence. Labour’s 1997 decision ended the manipulation of interest rates by opportunistic politicians and enhanced economic stability. Although the Bank’s mandate is determined by ministers, it must be free to set monetary policy without fear of interference. The challenge of delivering Brexit is the greatest any British government has faced since 1945. Rather than mutual buck-passing, politicians and central bankers must collaborate in good faith on this epic task.

This article first appeared in the 27 October 2016 issue of the New Statesman, American Rage