Six things from the last few weeks you should be really angry about

Forget Snowden.

For those people who prefer to live their lives in a state of permanent opposition to pretty much everything, Edward Snowden’s decision to leak classified information through The Guardian newspaper about US and UK government internet surveillance techniques has been manna from heaven. No matter the rights and wrongs of Snowden’s actions it keeps the idea going that there is another ‘Watergate’ moment out there if only we could find it.

But to me, if you really do want to live your life in a perpetual state of internet-based emotional froth, then there is plenty enough truly shocking information out there, released every day, to have you bouncing up and down on your chosen hand-held or desk-based device whilst punching the air and exclaiming "I told you so!!!!" without you necessarily having to go down the road of believing that the moon landings were fake. 

So here are six things from the past two weeks you should really be puce with indignation about, but probably aren’t.

  1. Venezuela is falling to pieces Inflation is nearly 50 per cent, driven mainly by food prices, and President Nicholas Maduro is slipping back into old school South American Marxist language. ‘Yankees go home’ he proclaimed in a television broadcast last week. Rich Venezuelans have reacted to the lack of US dollars by going to the US and borrowing currency on credit cards and bringing it home to buy goods. The economic chaos is worsening as Venezuela increases its dependence on oil – a suicidal policy in itself.  But it is the urban poor who have been hit hardest as food prices rocket. The last time this happened, in 1989, 2,000 people died in the ensuing "Caracazo".
  2. Follow the Yellen Brick Road Job creation in the US is trundling along at a predictable pace and by the end of April 2014, at the current trajectory, all of the jobs lost in the 2007-2008 melt down will have been regained. Should Janet Yellen survive the process of becoming the Chair of the Federal Reserve then her first task may be to consider whether to signal the end of US pump priming known as Quantitative Easing. It may have already occurred by then of course but given the appalling mess that the Fed made of their last attempt to test the water in the disastrous May/July period this year, sending mortgage interest rates up by 1.5 per cent and stopping bank lending in its tracks, you would expect them to be a bit clearer next time.
  3. The financial crisis has moved to its fourth stage It started in personal finances, moved into the banks, caused local government to contract and now finally it is reaching national governments. Watching the US go through the ritualised partisan wrangling over increasing the debt ceiling reminds us that the loudest echoes of the financial crisis have not faded, we have just been deafened to them. This new form of democracy – one with a gun to its own head – seems to be saying "Give me what I want or I’ll shoot" to the financial markets. One day someone will miscalculate and this will go very wrong. 
  4. The markets are calmer when there is no information being released It’s been rather pleasant doing this job in the past couple of weeks. Days go by and nothing major happens because many of the data gathering and releasing departments in the US are shut. Stock markets, bond markets and currencies still move but with nothing like the ferocity seen in the past. It is a reminder of how reactionary markets and news sensitive the system has become. It almost feels like an argument to reduce news flow rather ‘increase transparency’ which is the modern mantra and one that appears to do little but "increase anxiety".
  5. Help to Buy has nothing to do with helping people to buy houses The UK needs another housing bubble like it needs a hole in the head. The fact is the UK banking system is shrinking and no capitalist system based on borrowed money can propel itself without a fully functioning banking system. If you add together the outstanding loans of Barclays, the Royal Bank of Scotland and Lloyds then you can see that although deposits continue to rise, the value of loans is declining. To be fully functioning, systems like ours need both trust and confidence which just so happen to be the two major ingredients missing from our society. Help to Buy is a psychological scheme designed to get people back into the idea of borrowing money from banks.
  6. The Bank account of China swelled to USD3.7trn last month Whilst we have been tightening our belts as part of the latest of our episodic crises, China has continued on with its 30-year plan.  Their collective bank account swelled by another $165bn last month. UK Chancellor George Osborne has announced he is going to relax visa application rules to make it easier for Chinese visitors to come to the UK  - you can understand why given our own collective bank account is empty.

I shall now return to my hollowed out volcano somewhere in the South Pacific to discuss the future with John F Kennedy, Jimmy Hoffer and Lord Lucan and hope the US and UK governments aren’t hacking my router. It would be embarrassing to know they can see me catching up on "Strictly – it takes two’".

Photograph: Getty Images

Head of Fixed Income and Macro, Old Mutual Global Investors

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The triumph of Misbah-ul-Haq, the quiet grafter

How Misbah redeemed Pakistani cricket.

It was an incongruous sight: the entire Pakistani cricket team doing press-ups on the revered pitch at Lord’s, led by its captain, Misbah-ul-Haq. This unusual celebration marked not merely a Test match victory over England on Sunday but something greater: the rehabilitation of Pakistani cricket.

Seven years earlier, the Sri Lankan team bus was en route to the cricket stadium in Lahore for the third day of a Test match against Pakistan when it was attacked by Islamist militants. Gunfire killed six police officers and a driver; several Sri Lankan cricketers were also injured. That was the last Test match played in Pakistan, which, despite protestations, opponents consider too dangerous to visit.

A year later, Pakistan toured England for a Test series. The News of the World alleged that in the final match at Lord’s three Pakistani cricketers had conspired to bowl no-balls in exchange for money. All three received bans of five years or more for corruption. The entire squad was lampooned; police had to shield its members from abuse as they arrived home.

Misbah was on the periphery of all of this. Aged 36 at the time, he was dropped from the squad before the English tour and seemed unlikely to play international cricket again. But the turbulence engulfing Pakistani cricket forced the selectors to reassess. Not only was Misbah recalled but he was made captain. “You have to ask yourself,” he later said: “‘Have I been the captain because they supported me, or because they had no alternatives?’”

Pakistani cricket prizes and mythologises teenage talent plucked from obscurity and brought into the international side. During his decade as captain, Imran Khan picked 11 teenagers to make their debuts, often simply on the basis of being wowed by their performance in the nets. Misbah shows that another way is possible. He grew up in Mianwali, a city that was so remote that: “The culture there wasn’t such that you thought about playing for Pakistan.”

At the behest of his parents, he devoted his early twenties not to his promising batting but to gaining an MBA. Only at 24 did he make his first-class debut, strikingly late in an age when professional sportsmen are expected to dedicate all their energy to the game from their teenage years.

Pakistani cricket has always been “a little blip of chaos to the straight lines of order”, Osman Samiuddin writes in The Unquiet Ones. Misbah has created order out of chaos. He is unflappable and methodical, both as a captain and as a batsman. His mood seems impervious to results. More than anything, he is resilient.

He has led Pakistan to 21 Test victories – seven more than any other captain. He has done this with a bowling attack ravaged by the 2010 corruption scandal and without playing a single match at home. Because of security concerns, Pakistan now play in the United Arab Emirates, sometimes in front of fewer than a hundred supporters.

Misbah has developed a team that marries professionalism with the self-expression and flair for which his country’s cricket is renowned. And he has scored runs – lots of them. Over his 43 Tests as captain, he has averaged at 56.68. Few have been so empowered by responsibility, or as selfless. He often fields at short leg, the most dangerous position in the game and one usually reserved for the team’s junior player.

Misbah has retained his capacity to surprise. As a batsman, he has a reputation for stoic defence. Yet, in November 2014 he reached a century against Australia in just 56 balls, equalling the previous record for the fastest ever Test innings, held by Viv Richards. The tuk-tuk had become a Ferrari.

Late in 2015, Misbah tried to retire. He was 41 and had helped to keep Pakistani cricket alive during some of its darkest days. But the selectors pressured him to stay on, arguing that the team would need him during its arduous tours to England and Australia.

They were right. His crowning glory was still to come. The team arrived in England following weeks of training with the national army in Abbottabad. “The army people are not getting much salaries, but for this flag and for the Pakistani nation, they want to sacrifice their lives,” Misbah said. “That’s a big motivation for all of us. Everyone is really putting effort in for that flag and the nation.”

Now 42, almost a decade older than any cricketer in England’s side, Misbah fulfilled a lifetime’s ambition by playing in a Test match at Lord’s. In Pakistan’s first innings, he scored a century and celebrated with push-ups on the outfield, in homage to the army’s fitness regime and those who had had the temerity to mock his age.

When Pakistan secured victory a little after 6pm on the fourth evening of the game, the entire team imitated the captain’s push-ups, then saluted the national flag. The applause for them reverberated far beyond St John’s Wood.

“It’s been a remarkable turnaround after the 2010 incident,” Misbah-ul-Haq said, ever undemonstrative.

He would never say as much, but he has done more than anyone else to lead Pakistan back to glory. 

Tim Wigmore is a contributing writer to the New Statesman and the author of Second XI: Cricket In Its Outposts.

This article first appeared in the 21 July 2016 issue of the New Statesman, The English Revolt