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South Pacific

While flying over the ocean, the Air Pacific magazine assures me that, despite what German scientists may say, kava will most probably not give me liver cancer. Universal respect for the local vice of choice – the very alcoholic, somewhat hallucinogenic kava – is one of the many things that unites the islands of the South Pacific region. Indeed, despite their historical, social and political variations, these islands are remarkably alike. So while I focus on New Caledonia and Fiji, a visit to any of the other islands in the South Pacific will be very similar. There will be kava, Japanese tourists and sunshine whichever island you chose to visit.

Ask anyone of their idea of the South Pacific and the answer will almost certainly be based on images from TV shows and films like ‘Lost’ and ‘Blue Lagoon’. Unlike almost any other tourist destination, the South Pacific actually lives up to this stereotype. Beautiful white sand beaches of crystal clear water, fringed by palm trees, scattered with coconuts, dotted with brightly coloured flowers, bathed in eternal sunshine – all this is surprisingly close to the truth. Fiji is home to some of the loveliest beaches in the world, not to mention the stunning tropical forests of the interior, while New Caledonia is full of natural marvels; coral reefs and lagoons, of course, but also vast mountain ranges and an island solely covered with pine trees (the imaginatively named Île des Pins). You can’t help getting the sense that the theologians must have got it wrong somewhere- if there ever was a Garden of Eden, it would have been in the South Pacific. Essentially, when it comes to this area of the world, believe the hype.

The South Pacific is not only unique in its tropical beauty, but also in its cultural experiences. As a department of France over 16000 miles away from the mainland, New Caledonia is a melting pot of indigenous Melanesian, or Kanak, heritage, French colonial influences and, thanks to more recent immigration trends, South-East Asian culture. Noumea, the self-titled “Paris of the South Pacific”, is frankly extraordinary in its resemblance to the mainland. I was able to re-live almost all my favourite, distinctively French experiences in this island capital; spending too long in Champion’s enormous wine section, reading Paris Match and having five course meals of classic French cuisine. Adding an abundance of French flags and Renaults to the mix, the result is truly bizarre. Imagine Paris, with real beaches.

Like Paris, Noumea is also a thriving centre of racial segregation. While there are many instances of French and Kanak culture complementing each other, even the most unobservant traveler cannot ignore the uncomfortable relationship between les Métros from the mainland and the Kanaks. Indeed, while this is a regrettable aspect of life in New Caledonia, I must admit that it is also one of the most fascinating. France initially used New Caledonia as an oversized jail for political prisoners and then took full advantage of the island’s wealth of natural resources. At the moment, the island’s native population are overrepresented in the all the wrong socio-economic categories. The Kanaks, for the most part, openly resent their position in society and French rule, while the French tend to take the view that New Caledonia would be worse off without European influence. It’s the classic clash between imperialist and subject, and New Caledonia is one of the few places left in the world where you can see the colonial story still unfolding.

While most of the other islands in the South Pacific are no longer under colonial rule, almost all exhibit a mix of French or British and native Islander culture. Fiji is no exception. English is an official language and beer (Fijian Bitter, of course) comes second only to kava. Like New Caledonia, the mix of cultures often has bizarre results. Suva, Fiji’s capital and largest metropolis, has its very own hip hop scene, where rappers mix Fijian with the ghetto slang of south central LA and East London. If tropical paradise isn’t your thing, then it’s worth the trip just to hear MCs claim to be “too busy pimpin’ at Suva Bus Station to be on Fiji 1 News, blud”.

Boundless tropical beauty and a kaleidoscope of culture – it seems like the South Pacific really is a traveler’s paradise. It does however have one major drawback. As the only holiday destinations within a bearable flight away from Australia and New Zealand, the islands of the South Pacific have become reliant on tourism as their principle source of income. Both are well-orientated towards presenting foreigners with a somewhat artificial view of the islands- tropical cocktails on the beach, guided tours of nominally authentic villages, dancing in grass-skirts and so on. This manufactured tourist experience is hard to stomach. The islands are poor, those working in the tourist industry are heavily underpaid, and their political institutions are precarious. There are only so many overpriced Blue Hawaiians you can order, so many fire dances you can watch, before you start to feel sorry for those who live beyond the resorts and hotels which dominate the islands. Sorrow which soon turns to a feeling of guilt, justified or not, when you are constantly faced with reminders of the region’s colonial past.

Despite the overabundance of tourists and artificial tourist experiences, the South Pacific has much to offer, especially for those who haven’t traveled to post-colonial areas or beyond Europe. I, for one, was ready to follow Marlon Brando’s example after a week in the region; marrying a local and purchasing a Tahitian island seemed like an excellent life path. Or maybe that was just the kava talking.

A Brief History

The South Pacific region is made up of a variety of islands such as Vanuatu, Tahiti, Fiji, Tonga, Samoa and New Caledonia. The original inhabitants of these islands, the Melanesians, are thought to be the ancestors of the present day Papuan-speaking people, who traveled to the islands from New Guinea tens of thousands of years ago. The next group of settlers were the Polynesians, who arrived in New Caledonia in the 11th Century and Fiji in 500BC. The intermarriage between Melanesians and Polynesians gave rise to the modern-day indigenous populations on the islands.

From this point onwards, the islands of the South Pacific begin to develop more distinct historical paths as they are discovered by different European explorers in the 17th Century and later colonized, predominantly by France and Britain. Fiji was explored by the Dutch and British in the 17th and 18th Centuries, with missionaries and traders arriving in the first half of the 19th Century. The unrest caused by the conflict between Europeans and the native population prompted Fijian chiefs to cede Fiji unconditionally to the British in 1874. The British commenced large-scale sugar cane cultivation in the 1880s and introduced tens of thousands of indentured Indian workers to the island. Fiji declared independence from Britain in 1970. Since then, Fiji has experienced a politically tumultuous history, with conflict between Indians and ethnic Fijians resulting in four coups since 1987.

New Caledonia was sighted by James Cook in 1774, who gave it the Latin name for Scotland (Caledonia) due to its apparent resemblance to that country. The 19th Century saw the rise of sandalwood trading in the archipelago, with Europeans introducing a variety of diseases to the native population. When sandalwood trading had diminished, it was replaced by the slave trade. Native Kanaks were taken from New Caledonia to work in sugar cane plantations in Fiji and Australia. In 1853, the islands were annexed by France. The period up till 1922 saw the arrival of 22,000 French convicts, many of whom were political prisoners, followed by European settlers and Asian workers. In 1946, the archipelago joined Guadeloupe and Martinique to become a DOM-TOM, a French overseas territory.

However, agitation by separatist groups, primarily the Front de Liberation Nationale Kanak Socialiste, began in 1985. The troubles led to an agreement on increased autonomy for the islands in 1988. Most importantly, the Noumea Accord of 1998 was granted in an effort to calm tensions. The Accord provides for local Caledonian citizenship and official Caledonian symbols, as well as stating that there will be a referendum on the issue of independence from France sometime after 2014.

Past, Present and Future

Oxford’s Olympic history may be rich in success, but much similar hope is held for many athletes of the future. OUAC destroyed Cambridge in this year’s Varsity match (picture, right) and several promising athletes deserve special focus:

Garrett Johnson
Winner of the NCAA shot-put in 2006, Garrett was a Rhodes Scholar here at Exeter College from 2006-8, studying for a masters in migration. He missed the first varsity match owing to international commitments, but in his last year here set the varsity match record in both the discus and shot – extending the latter from 16.33m to a remarkable 19.94m. Garrett narrowly missed out on the USA team for Beijing, being ranked 14th in the world in 2008 (as of 24th August).

Carolyn Plateau
Carolyn came to Oxford as one of Britain’s brightest hopes in middle-distance
Running, having finished 6th at the World Youths Championships. A couple of years battling with a number of injuries and illnesses means that she is only just reaching top form again. Being mentored by Kelly Holmes, and having reached the AAAs indoor 800 final this year, Carolyn is rapidly gaining confidence and should be pushing for international vests again in the near future.

Jon Blackledge
Twice Oxford’s sportsman of the year, Jon has gone on from winning the BUSA short course cross country in 2005 to focus on his preferred discipline, the 1500m. He has graduated from St Cattherine’s, studying geography, and is now doing a course at Brookes to convert to law. He regularly travels to race on the European circuit and will be looking to improve on his ranking of 21st British male.

Problem Page: Uni Counselling Service

I’m worried that I will not make any new friends immediately to make up for not having my good friends I have at home. I’m also worried that if I do make new friends then I will be betraying my old ones and lose touch with them.

TUGGED IN TWO

Dear Tugged in Two,

You are describing the process of transition, when you take stock of your past experiences in light of what you imagine may lie ahead. It is important to put this into perspective, rather than have absolute or ‘all or nothing’ thoughts about this process.

Understand that going through a transition to a new stage in your life close relationships will change and feel a bit
uncertain; this is part of an ending in one stage and a new beginning. Try not to get too anxious, panicky or attempt to make new friends as you say ‘immediately to make up for’ old friends. Don’t put too much pressure or expectations on yourself and others to prematurely become ‘best friends’.

This usually takes time. Impossibly high expectations would destroy the spontaneity needed to get to know new people who may go onto become friends. Most of the other new students will feel the same and will want to meet and get to know as many new and exciting people as possible. Over time those people who will become your new friends will naturally emerge. However, don’t try to ‘replace’ your old friends or compare those you are just getting to know with those who have known you for a long time and probably shared lots of experiences. That is an unfair comparison. Making new friends is not a betrayal of old ones, just an acknowledgment that you are expanding your life experience. Although, it may mean the nature and ‘rituals’ of your old friendships may change. In most cases it makes life more interesting when you meet up again with old friends to then share your new experiences and new friends together.

I am entering my 3rd and final year at Oxford and am really worried about what to do when I finish. I feel totally unprepared for the real world beyond the Oxford bubble. What’s more I fear that my worries will affect my academic performance in my Finals.

OUT IN THE REAL WORLD

Dear Out in the Real World,
The transition from formal education is a significant one. Up to now your academic career has been mapped out for you, and you have felt in control. Now, faced with the uncertainly of the future, you may well feel that things are beyond your control. Anxieties at any transition are natural, and widely held, indeed if you had no concerns, I would suspect some unhelpful denial might be around. It is important to confront these feelings, which you may have postponed up to now. If you do not they may unwittingly undermine your best efforts. For example, a way of not facing important changes is to fail in your transitional task, i.e. your Finals. As if, somehow by not succeeding we cannot progress. Of course this would be counterproductive. Fear of what comes after university lies behind a lot of students’ decisions to continue studying, and for many, this is appropriate. There may be a wish at some level to defer maturation. The important thing is to consider all of your feelings behind the choices you have to make. To this end, it is important to discuss how you feel with those you trust: friends, family, tutors etc.

Take your time to make your decisions, just because others seem to know exactly what they are doing and are beginning their careers, it does not mean you have to. It is far more important to consider what is right for you. You have over forty years of work before you. Beginning something for the sake of feeling you have to do something, would be to do it for the wrong reasons.
Your new independence will be characterised by you making your own decisions (with guidance from others if necessary), so it is important to consider what is right for you. Remember you will have had an Oxford education, which will afford you more choices, and whilst that can be more anxiety-provoking, ultimately you are favourably positioned to pursue your chosen path.

I’ve just come up to Oxford and I’m really concerned that I will not be as clever as students and that it will be reflected in my grades. Although I was at or near to the top of my class in school, everybody here seems to have been top of their class. I’m dreading feeling just average, if that.

Good Enough?

Dear Good Enough?,

This is a common fear of new Oxford undergraduates. That you have been academically exceptional may well have provided a lot of satisfaction for yourself and others. However, as you imply, not everyone can be at the top. What’s important to remember at this very significant transitional stage of your life is that often new ways of thinking and behaving have to be made to adjust to new, different circumstances.

Whatever has (allied to a natural intelligence) fuelled your academic success to this point may have to be reconsidered and new expectations of yourself put in place. For example, if you have been a perfectionist, or sought the affirmation of others (teachers, parents) and neglected other areas of personal development in your desire to be at the top, you may consider what an opportunity this is to forge more satisfactory way of being. It may be that your fears are unrealistic, and you may remain top of the class, but if they are realised, it is important to consider that this is a disappointment only if you think in terms of how you have always thought.

Achieving academic or any other kind of success is usually a gateway to another challenging level, such as moving from school to a good University. An important fact of life to come to terms with is that apart from in exceptionally rare circumstances someone else will usually be ‘above’ you in the ‘class’. That even goes for Oxford Academics and Nobel Prize winners!
Oxford will of course provide plenty of opportunity to further your academic potential, but it also provides a tremendous opportunity to develop all of your potential; personal and cultural and that striking the right balance will be the key to your success and enjoyment here. Indeed if you worry too much about your work it is paradoxically likely to undermine your academic performance.
It’s important to share your concerns, with others – friends, tutors, family, but do not compare yourself to others. This is a time for you to discover what’s important to you, not to dwell on the fantasy of catastrophe if things do not go exactly as they have before. Remember, you remain academically exceptional, which is why you are at Oxford, as you deserve to be and it was not just by luck.

 

Oxford Tops Olympic Uni Medal Table

There were of course Oxford Olympians other than Colin Smith who excelled in Beijing, making Oxford the best represented of all the British Universities in terms of medals (see table).

Their performances highlighted the diversity of sporting talent within Oxford, with five of the six medals coming from rowers. Gold medals were won by Pete Reed and Andy Triggs-Hodge in the men’s heavyweight fours in a remarkbly thrilling race which saw the British boat haul down three quarters of a length on Australia in the final two hundred and fifty metres.

Further gold medal success came as Robin Bourne-Taylor claimed one as part of the men’s pairs. Acer Nethercott, who coxed the men’s eights which Colin Smith was also a part of, won silver, narrowly missing out to the Canadian boat.

In a very close race, Team GB left their last push just a little too late and came up just short of catching the Canadians, who had set a blistering pace at the start of the race.

The success of Oxford rowers should come as no surprise, so it was a pleasant surprise to see the university being representing in events away from the regatta. The most successful of these competitors was Daisy Dick, who took part in the eventing competition. Although she would almost certainly have taken gold for the best name, she was only able to come third, thus securing a bronze.

Although she may not have been the favourite amongst the Britons to walk away with a medal, she rose to the challenge. As the competition came to a climax she forced her way into contention and saved Britain’s blushes in an event in which they were highly fancied.

One other performance of note was Mara Yamauchi’s sixth placed finish in the marathon. The diminutive thirty-five year old finished ahead of the struggling Paula Radcliffe, and in doing so achieved the best placing for a British woman in the event.

Fashion Shoot: Dressing Up

With so many trends around you can wear almost anything… as long as you wear it with confidence.

Models: Drusilla Bridges,
Hana Chambers, Tara Morrison
Photographer: Guy Brain
Stylist: Anthony Robert

 

Photo: Guy Brain

Photo: Guy Brain

Photo: Guy Brain

The Big Interview: Colin Smith

Colin Smith was born in Zimbabwe in 1983 and didn’t begin rowing until into his teens, yet quickly becoming the top sculler in the country. From rowing in crocodile infested rivers, he moved Britain to take up a scholarship at Henly College, after an economics professor named Ray Ward had spotted his talent whilst teaching in Zimbabwe.

From there he went on to attend St Catherine’s College in Oxford and represented the Blue boat in 2004 and 2006. He won bronze at the 2007 World Championships in the pairs and has recently returned from competing in the Beijing Olympics, where he won a silver medal as part of the men’s eights.

Despite, at 6ft and 12 and a half stone, being smaller than almost all other professional rowers, he has been referred to as the “toughest man in British rowing”. Colin has returned to Oxford this year as President of Oxford University Boat Club to study for a Masters degree.

First of all Colin, can you give us an idea of what the Olympics were like as an experience?

It was a phenomenal spectacle. When you’re out there and taking part you really appreciate the sheer scale of the Olympics as a whole and the world wide attention it receives. On the other hand, although the show the Chinese put on was incredibly impressive, the rowing regatta itself was still just a regatta. It’s still 2000m, and it’s still eight men in a boat trying to go as fast as they can.

How did you feel about taking silver? Will it make you even more determined to win gold next time around?

Although we were disappointed not to take gold, silver is still a great achievement. In terms of London 2012, taking silver certainly makes you think. If we had come 6th or 7th then I might not believe I could go back and win gold in the future, but coming 2nd certainly changes your perspective.

Do you think taking gold would have affected your desire to compete in the future?

Perhaps winning gold would have affected me in some ways. It’s the pinnacle of achievement in the sport and I suppose it would be hard in the future to compare anything to that accolade. On the other hand, I think there are many other things which determine my desire to win, and I’d like to think I’d still be the competitor I am with or without a gold medal.

Why have you decided to return to Oxford after your success of the international stage?

I’ve wanted to do a Masters for a long time now, and in terms of the Olympic cycle, if I end up decided to compete in 2012, this is the best time to do it. Oxford has played a big part in my development, both academically and as a person. Also, the opportunity to serve as President of OUBC is a great honour and one which I did not want to pass up.

How would you contrast taking part in the Boat Race and competing in the Olympics?

In terms of comparing the two, they are both still just a boat race, except that with the Varsity Boat Race it’s winner takes all, whereas in the Olympics it’s winner takes all once every four years. I honestly think they aren’t too different with respect to the difficulty in their preparation. I found the rigours of combining my studies and training at Oxford just as hard as training with the national team, it’s just a different experience.

After winning the 2008 Boat Race, how do you fancy Oxford’s chances in 2009?

We’ve only just started the year, but we know what’s required of us and the standards we have to reach. Despite that, we’re still only three weeks into training. Ask me in a few months time.

In terms of size, you’re the smallest man in the British team. What do you think sets you apart from some of the large, physically stronger guys?

I think there are a lot of attributes other than sheer physical ability which make up a good athlete. Obviously I’m lucky enough to have a certain amount of natural talent, but when you look around the sport there are people with a lot more than me. I think in many ways my determination to succeed and, from a very early point in my career, my ability to sacrifice a lot of things to achieve my goals has helped me immensely.

The competition in China was surrounded by a lot of political and human rights debate. How did you perceive this while you were there and did it affect your performance?

Obviously there are a lot of things that China could do better, but I don’t believe sport has to be the way in which these political issues are bought to the fore. Despite this though, China has improved in some areas, and a lot of the credit for this has to go to the Olympics and the level of exposure which the event brings with it. Outside of the Olympics though, I think a lot of people are hypocritical when they talk about China. They condemn then, but don’t mind buying hundreds of products which are made in China.

Do you have any advice for aspiring athletes in Oxford who might be looking towards future Olympics?

If you’re going to be serious about you’re sport, then you have to make the decision to commit very early, and understand that if you want to make it you’ll have to put your training and preparation in from of everything else.

And what does the future hold for Colin Smith?

Well first I have to make a decision about 2012. I’m currently undecided about what I’m going to do, but we’ll see. In the longer term I’d like to set up a few businesses and use my experience of top level sport to help bring the competitive spirit which comes with it to organisations which want it. I also want to get back involved with Zimbabwe, the country of my birth, and see what I can do to help the situation there.

Restaurant Review: Jamie’s Italian

It’s slightly annoying that you can’t book a table at Jamie’s latest offering on George Street. Feted for weeks as a student loan-friendly gateway to decent restaurant food, the steady trickle of twenty-something media types who wish they were still at university has dwindled to almost nothing.

This, however, does not stop the Jamie-accented waiters welcoming you into a small bar area where you are invited to buy wine decanted in perfect 175ml stainless steel measures. Never has so little drink been wasted. “Can I interest you in a luvely jubbley glass of this fruity Spanish red! How about a smashing Argentinian white with a hint of pukka gaucho!”

At £5 a glass, no you can’t! After forming a patter-proof circle in the corner of the bar, my three dinner mates are grudgingly ushered to a table near the back of the place, the walls covered by about 40 dark, empty photo frames. One of the girls worries she might have an existential crisis, and I look around desperately for the menu.

Thankfully, the staff at Jamie’s are eager to help. “I think the penne’s amazing!” says one of them happily. I look through the list – a pretty safe collection of Italian favourites, including spaghetti Bolognese, lasagne and canelloni – and feel a warm glow from the smattering of Jamie phrases. “Loadsa herbs… amazing chilli jam… old school tomato salad.” Sometimes exclamation marks even happen in the middle of phrases – “Turbo! Penne Arrabiata”.

It strikes the girls that there’s quite a lot of English food in this Italian restaurant. There’s steak, burgers, ‘half a chicken’, and lamb chops. Welsh lamb chops. “They might be cooked in Italian sauce,” one of us says doubtfully, but even so we all end up sticking to the pasta section.
After a rapidly eaten selection of breads, Italianised with rosemary gremolata, I get started on a parmesan-heavy slice of lasagne. There’s a bit too much cheese in it, and I’m sensing that English influences weigh heavy in the Jamie recipe book. I lean over the table and steal a bit of sausage parpadelle. It tastes very similar to my lasagne. In fact, now that I think about it, my lasagne tastes rather porky. I wonder if they used the right seasoning. I wonder if they used the right meat.

Our other mains are truffle tagliatelle and a mushroom-heavy canelloni, which seem like much better choices, thanks to a little less salt and a little subtler flavouring. All through this meal, by the way, I’ve been drinking. And it tastes pretty good – but since I don’t know anything about wine, I won’t try to review it.

As we move inexorably towards puddings, I take a break to look around the restaurant. The interior’s pretty impressive, and certainly a cut above most affordable places to eat in Oxford. If you end up going, it might be worth paying a visit to the loos, if only to gaze appreciatively at the giant steam-punk levers that flush them.

Hopefully, though, you will far too engrossed with your puddings to bother. These are genuinely great (apart from a slightly dry ‘Amalfi’ orange tart) and I’d recommend that all aspiring fresher chefs take a bite of Jamie’s brownies before starting out on their college cake sale baking. Charity will benefit.
In fact, for all my whining about the main courses, the food at Jamie’s Italian is pretty good, if a little overpriced. So long as you’re prepared to pay for the ambience and exclamation marks, it’s an enjoyable night out. As the girls agreed, it would be a pretty perfect place for a first date. The music is relaxed, the staff are friendly, and a lot of the food is great. My only complaint? Cheap meat.

PRICE: £20 for two courses and wine

IN A WORD: Decent!

5 Minute Tute – The US Bailout

WHAT HAPPENED THIS WEEK?

The US Congress passed the Emergency Economic Stabilization Act. The $700 billion (£394 billion) government plan to rescue the US financial sector had been rejected in a previous form by the House of Representatives on September 29th. This defeat led to the Dow Jones industrial average dropping 777.68 points in a day, losing $1.2 trillion in market value. A new version was drafted, which increased the value of bank deposits protected by the Federal Deposit Insurance Corporation to $250,000. This passed the Senate by 74-25 on October 1, then being approved by the House in a 263-171 vote two days later. It was then signed into law by President Bush. The law’s passing calmed the financial markets, but its long-term consequences remain uncertain.

WHAT IS THE CURRENT DEBT SITUATION?

On September 30, the US national debt hit the landmark figure of $10 trillion. President Bush signed legislation in July raising the debt ceiling to $10.615 trillion, and the bailout plan raises it further to $11.315 trillion. The gross national debt as a percentage of GDP has, under the Bush Administration, hit a 50-year high at around 70%, with the FY2009 budget recording a near-record deficit of $407 billion (excluding $700 billion spent on the bailout and $900 billion already spent on rescues of financial institutions).

HOW DID THIS PROBLEM EMERGE?

Professor John Cochrane of the University of Chicago explains the problem to be as follows: Many banks hold a lot of mortgages and mortgage-backed securities, the values of which have fallen below the value of money that the banks have borrowed. Credit market problems are a symptom of this underlying problem. Nobody really knows which banks are in trouble or how badly, nor when these troubles will lead to a sudden failure. As a result these banks do not want to lend more money. It is a problem that many believe can only be solved by recapitalizing banks that are in trouble, or even allowing orderly failures, whilst providing liquidity to short-term credit markets.

HAS THIS HAPPENED BEFORE?

In Sweden, mid-1980s deregulation sparked a great deal of risky lending and led to an overheated real estate market. The bubble burst in 1991, and Sweden’s GDP fell by 4.4% over two years, with abuot 600,000 companies filing for bankruptcy. Housing prices fell by 19%. The government spent $10 billion on blanket guarantees for credits and depositors, whilst buying two failing banks and setting up an asset management firm to assume bad loans and the collateral behind them. The plan’s swift action, bipartisan cooperation and transparency won public support. Much of the government’s costs were recouped when assets were sold. In Japan, financial institutions bet that real estate prices would continue to rise in the 1990s. But when values plunged, borrowers were unable to repay loans, which then became harder to obtain. Inaction and deceit in the financial system exacerbated the problem as institutions hid bad debts. In 1999, the government set up the Resolution and Collection Corp to handle the disposal of nonperforming loans at a cost of $168 billion. This has now been largely recouped by reselling collateral, although the stock market still has not returned to its pre-crash peak. The government was blamed for waiting too long to act to resolve the crisis.

WHAT EXACTLY IS A ‘CREDIT CRUNCH’?

A ‘credit crunch’ is the danger to the economy brought about by this situation. Banks need capital to operate. In order to borrow another dollar and make a new loan, a bank needs an extra, say, 10 cents of its own money (capital) – so that if the loan declines in value by 10 cents, the bank can still pay back the dollar it borrowed. If a bank does not have enough capital – due to declines in asset values which wiped out the 10 cents from the last loan – it cannot make new loans, even to credit-worthy customers. When all banks are in this position, we have a credit crunch. People want to save and earn interest; other people want to borrow to finance houses and businesses; but the banking system is no longer able to do its match-making job.

SO CAN THE US GOVERNMENT AFFORD THIS?

Former Treasury Secretary Lawrence Summers stated in the Financial Times that the US does not necessarily need to cut back spending on other areas such as healthcare, energy, education and tax relief. He claimed that the $700 billion should be viewed as an investment in purchasing assets, buying equity or making loans and not a give-away. Secondly, the budget deficit will not crowd out other more productive investments or force greater foreign dependence with an increased issuance of government debt. Professor Summers argued further that government intervention in the form of a fiscal stimulus is necessary due to the ineffectiveness of monetary policy. The key is to preserve fiscal sustainability.

 

 

Greenbox: Change your bank, not the climate

How did you choose which bank to open a student account with? The largest overdraft? The catchiest advert? Perhaps not. However, I expect that a bank’s environmental performance is not much of a factor to most people when deciding where to put their cash. But it should be, because our cash is funding damaging fossil fuel extraction projects worldwide and thereby accelerating climate change at an alarming rate.

The Royal Bank of Scotland, the company behind Natwest, Direct Line and Churchill, calls itself the “oil and gas bank”; it is the second largest bank in Europe and one of the most competitive in the oil and gas industry. RBS prides itself on its role as financial adviser, money lender and all-round hands-on partner, having lent $10 billion dollars and provided advice on $30 billion worth of projects worldwide between 2001 and 2006.

Such investment commits the worldwide energy framework to unsustainable and damaging fuel supplies, since oil and gas projects usually last 20 to 40 years. The Intergovernmental Panel on Climate Change has declared that the largest cause of climate change is the combustion of fossil fuels and that reducing greenhouse gases in the atmosphere is the most direct way to reducing climate change. RBS is now investing in previously inaccessible, ‘dirty’ fuel found in oil sands and coal bed methane, which produce higher levels of CO2 and push the carbon frontier to the limit.

RBS puts money into developing sustainable energy too, but the amount is tiny in comparison. Unlike other British banks, it takes no responsibility for the climate impact of its investment in fossil fuels; it even claims to be “financing the transition to a low carbon economy.” RBS could easily take a leading role in this important transition by capping and reducing involvement in fossil fuels, ceasing investment in “dirty” fuel and committing to a complete move toward financing renewable energy development.

RBS will only take such steps if they look profitable; it is a company, not an environmental group. What can you do about that? Close your account with your bank if you feel that they are environmentally unfriendly and get involved in a campaign which tackles one of the biggest players in climate chaos.

For more information on the issue and what you can do, contact [email protected] or see www.peopleandplanet.org/ditchdirtydevelopment. Sources: ‘The Oil and Gas Bank’, published by PLATFORM, People and Planet, Friends of the Earth Scotland, BankTrack and New Economics Foundation; www.royalbankofscotland.com

Get into… the social scene

While you’ll bump into people around college during freshers’ week, why not branch out and join some of Oxford’s many societies devoted to socialising? They vary in cost, friendliness and how likely you are to bump into hacks, so use our guide to find out which one you’ll most enjoy

Law Soc
President’s Drinks, 8.30pm, Town Hall, 1st October

Possibly the most popular of all the Oxford societies, although no one joins it for the lectures and the majority of members don’t study law. Membership is £30 for the duration of your course, or £15 for a year, yet many students will swear that they made that money back in one evening through drink alone. As its primary function is social, it’s a great place for networking, as well as playing “spot the hack”. The highlight of the term is the champagne and chocolate evening – don’t miss it.

OU Investment Finance Society
Drinks at Raoul’s, Monday 13th October, 7.30pm

With over 850 members in the University, OUIFS provides a platform for students to reach key firms in the investment world. However, the main reason many attend is both the sheer amount of free food and drink offered and the social opportunities, although some may find the hackery intimidating. But with the credit crunch and the collapse of some of their main sponsors, the future for OUIFS is uncertain. Move quickly to take advantage of their impressive social events.

Med Soc
Dissection Drinks, 8pm, Brasenose, 16th October

Whilst its primary function is still social, Med Soc’s socials are not nearly as impressive as those offered by Law Soc. Make sure you join if you’re a medic, and go to the dissection drinks where you’ll be able to meet other medically minded freshers. If you’re not then just get a ticket for their halloween party. It’s held annually in the town hall and is always sold out.

LGBT Soc
Freshers Drinks, 7pm, Teddy Hall, 16th October

A friendly and unintimidating atmosphere and regular socials make this a great place for meeting new people. Tuesday night drinks are extremely cheap and well attended, and they finish the night at Pop Tarts, the weekly gay night at the popular Babylove bar. But there is no pressure to drink if you don’t want to and pizza nights are organised a few times a term for a more relaxed evening if that’s what you’re after.

Varsity Ski Trip

The varsity ski trip guarantees a week of great skiing and the opportunity to socialise with tabs. The destination this year is Val Thorens, which, as the highest resort and largest club in the Alps, means that not only will the snow be good, but the nightlife will be too. But even if skiing’s not your thing, make sure you go along to the various socials and club nights, where you’re guaranteed friendly faces and plenty of cheap drinks.

College Bars
Super Tuesdays, 7.30pm, Baliol, Tuesday

Obviously the first place to get to know those in your college, but it’s worth sampling the other colleges as well. Drinks will always be among the cheapest in Oxford, and often entertainment is offered such as open mic nights and pub quizzes. The informal atmosphere makes the college bar a guaranteed good night. Head to Balliol bar for Super Tuesdays and also to Hertford bar for a dark pango, but be warned, it’s an absolutely lethal drink…

Union Presidential drinks
The Union, Thursday, arrive fashionably late, 9.30pm

Has, in previous years, been the place where a select few, the elite of Oxford, can retreat after debates to carelessly drink away both theirs, and everyone else’s, membership fee. But this year, the powers that be at the Union have promised a change; pressie drinks will be for everyone, and not just for the president’s friends… we’ll see, but one thing is certain; this will still be the best place in Oxford for networking, and making the right sort of contacts…

Pulse club nights
www.new.facebook.com/pages/PULSE/25462694583

OUSU’s new project, but don’t let that put you off. They aim to “revolutionise” student clubbing in Oxford by making it more affordable, and more exciting, so nothing that new or exciting. But, with the amount of publicity it’s being given, a large turn out is almost guaranteed, and drinks are promised to be cheap. With 18 events organised during freshers week, it’s worth getting to at least one of them.