The Owl of Minerva
Part of the role of a speechwriter is just making dull information interesting by analogies and stories. One idea I rather like which can spice up a speech is the owl of Minerva.
The owl of Minerva is the owl that accompanies Minerva in Roman myths, seen as a symbol of wisdom. The philosopher G.W.F. Hegel wrote that "the owl of Minerva spreads its wings only with the falling of the dusk" — meaning that philosophy comes to understand a historical condition just as it passes away.
I had this feeling when I was watching John Moulton, the private equity entrepreneur and founder of Alchemy Partners, speaking to a Commons Treasury Select Committee about the credit crunch. He made a devastating attack on the behaviour of bankers, put together with a few PowerPoint slides.
It was gripping to watch. But actually I thought it was a bit bizarre, too.
It was blatantly obvious that the banks were behaving irresponsibly. In my local branch of NatWest, they were offering students cash incentives to take out overdrafts of £1,500. It wasn't banking, it was bribery. If unsecured debt is at a trillion pounds, and rising, there's going to be a problem when you start having to pay it back. When house prices rocket, that might please journalists and make everyone who owns property feel good, but it never cheered those who didn't have a roof over their head.
Should a Government have regulated a booming economy? Of course not. They would have got it wrong, and they would have elicited howls of anguish.
Moulton's analysis is chillling. And only when the corruption and recklessness in the system has been exposed, and the system crashes, does the owl of Minerva fly from her perch - and people listen.
But to blame the bankers, and even the Government, is pointless, and to some extent dangerous. We've been there before, too. If everyone's making money, you're mad to be the one to put your head over the parapet and say, "Actually chaps, I don't think we really deserve all this extra money."
Besides, the idea that we are part of a collective narrative of prosperity and austerity is nonsense. In our personal lives, our lives can boom in a Depression, and be thoroughly depressed in a Boom.
If estate agents and silly restaurants close, and the number of motor cars on the road falls, that's progress. If thousands of people lose their homes, it's very unpleasant. But it's manageable, if you are prepared to make great sacrifices in your lifestyle.
As Moulton pointed out, in the private equity business, there is less focus on making money, more on managing the businesses they have properly. There is lots of good news around, too.
Anyway, here are some of Jon Moulton's ideas:

