White Water Rafting on Clear Creek, CO

Rode the rapids of Clear Creek yesterday afternoon.  With the low rate of water flow, we had an exciting ride over the rocks.  Pictures from the Clear Creek Rafting Co photographer.

Antique Train at Idaho Springs, CO

Took this picture yesterday on our trip to Idaho Springs, CO.  I particularly like the combination of the dog, train and tourist.

East London’s Hottest Tech Startups

From the Guardian, UK

Series: East London 2012

East London’s 20 hottest tech startups

There are more than 3,000 tech firms in east London, employing up to 50,000 people in the digital economy. Here are 20 companies to watch out for

Old Street roundabout – aka Silicon Roundabout

Old Street roundabout, or Silicon Roundabout as it has become known, because of the influx of tech startups to the area. Photograph: Jeff Blackler / Rex Features

GECKOBOARD Data analysis

What: A hosted, real-time visualisation tool-set that enables businesses to see all their data (web analytics, sales figures etc) in one place.

Founder: Paul Joyce previously designed and built data warehouses for blue-chip companies, finally quitting his day job two months after Geckoboard’s beta launch.

Launched: 2010.

Their pitch: Geckoboard is a status board for your business’s vital signs, serving up the indicators that matter to you.

Our verdict: As data streams grow ever more complex, Geckoboard’s one-stop metrics dashboard could prove a powerful tool for businesses.

 

 

TRANSFERWISE Currency exchange

What: A peer-to-peer currency exchange that allows customers to wire money (just sterling, euros, Polish zloty and Swiss francs so far) to one another cheaply, bypassing banks – and their commission charges.

Founders: Taavet Hinrikus, Skype’s first employee, and Kristo Käärmann, former management consultant.

Launched: 2011

Pitch: We’re a financial service built for people, not banks – the Robin Hood of currency exchange.

Verdict: In this bank-loathing climate, most of us balk at their charges. Timely and cheap then, Transferwise has every chance of carving out a sizeable niche in the currency exchange market. However, trust takes time to build.

 

 

MARKETINVOICE Finance

What: A service that allows companies to raise working capital by auctioning off their outstanding invoices in an online marketplace.

Founders: Anil Stocker, formerly with Lehman Brothers private equity group, and Charles Delingpole (brother of Telegraph journalist James), ex-JP Morgan Cazenove.

Launched: 2010.

Pitch: We’re all about getting working capital to small businesses by cutting short the lag created by long payment terms.

Verdict: Growing fast and with little competition in Europe or Asia (its main markets), Marketinvoice is rewiring a neglected corner of finance – and making a real impact.

 

 

EDITD Fashion information

What: EDITD delivers “live” market intelligence for fashion industry subscribers, by trawling the web for sales data and consumer chatter, measuring 2m products and 300,000 opinions every day.

Founders: Geoff Watts and Julia Fowler, a couple who dreamed up their business after meeting at a car racing club in their native Perth, Australia.

Launched: 2009.

Pitch: We’re a Bloomberg for fashion.

Verdict: EDITD is among the very best in show – smart, innovative and, above all, useful for a sizeable industry – with prospects beyond fashion. Could become a breakout player.

 

 

GOCARDLESS Direct debit facilitators

What: An online payment platform that makes it easier for merchants to take payments online via direct debit – bypassing cards and slashing costs.

Founders: Oxford graduates and ex-management consultants Matt Robinson, Hiroki Takeuchi and Tom Blomfield. Robinson started his first business at 16, which funded his law degree, while Blomfield launched Boso.com, while at Oxford.

Launched: 2011.

Pitch: Simple online payments. Get paid directly from your customers’ bank accounts. No merchant account. No credit card fees. No hassle.

Verdict: A company widely tipped for the big time. The quality of its investors underscore the belief that GoCardless could go global.

 

 

SHUTL Web couriers

What: A web courier service, offering delivery of online purchases within 90 minutes, which acts as an aggregator for local couriers by pooling capacity and offering it to retailers. Clients include Argos, Coast and Oasis.

Founder: Tom Allason (chief executive), an entrepreneur who previously co-founded eCourier.

Launched: 2009.

Pitch: Shutl is a branded web service, enabling immediate and convenient delivery of online shopping.

Verdict: Shutl is a problem-solving idea, coolly executed.

 

 

HOUSEBITES Reinventing takeaway food

What: A reboot of the takeaway or “social dining”, Housebites arranges for a local professional chef to cook a meal of your choice, delivered to your doorstep.

Founders: Simon Prockter – who set up SpeedDater, which evolved into a dating site and was sold in 2008 – and Paul Birch.

Launched: 2010

Pitch: We’ve handed the power over to you and the chef. Now you can engage directly with the person who cooks your food, and see or provide feedback.

Verdict: The takeaway is certainly due for a rethink, but while one of our panelists praised Housebites’ service – and cooking – another wondered just how much “engagement” people want with a chef, after a long day at work?

 

 

PUSHER Cloud tools for developers

 

What: A technology company in the truest sense, Pusher provides cloud-based services that allow developers to design and build complex web and mobile apps.

Founders: Max Williams, who previously ran the Ruby on Rails development company New Bamboo alongside Pusher’s co-founder, Damien Tanner.

Launched: 2010.

Pitch: We believe that your developer time is best spent making awesome features, not creating infrastructure.

Verdict: Pusher is building a real business that supplies tools for developers. It has a large and growing user base and backing from big hitters including Passion Capital.

 

 

SECRETESCAPES Luxury travel club

What: A members-only luxury travel club, offering “flash sale” discounts of up to 70% on handpicked hotels and holidays.

Founders: Tom Valentine, ex-eBay and Seatwave, Troy Collins, who previously founded cruiselinefans.com (“best described as a Facebook and TripAdvisor mashup for cruise ships”) and Alex Saint, co-founder of travel price comparison site dealchecker.co.uk.

Launched: 2011.

Pitch: Welcome to the worst-kept secret in luxury travel … We negotiate for luxury handpicked hotels and holidays in the UK and abroad. How? Well, even the most luxurious hotels don’t like having empty rooms.

Verdict: Lastminute.com for the Groupon generation – minus the Martha Lane-Fox marketing brilliance.

 

 

HAILO Taxi booking service

What: An idiot-proof downloadable iPhone or Android app that uses GPS to match black cabs and passengers nearby. Launched in London– coming soon to New York City, Dublin, Chicago and Toronto.

Founders: A mix of cabbies and internet entrepreneurs, including Jay Bregman and Caspar Woolley, founder and former chief operating officer of eCourier.co.uk respectively.

Launched: 2011.

Pitch: Use Hailo to hail a cab with just two taps. No more arm-flailing or trying your luck with cab roulette.

Verdict: Brilliant in it’s why-didn’t-I-think-of-this simplicity. Easy to use, a lifeline for recession-reeling cabbies and destined for greatness (as its $20m investment to date would suggest).

 

 

LLUSTRE Design marketplace

What: A home design e-commerce site, offering exclusive items and limited edition pieces at membership-only prices. It was bought last month by design mega-marketplace Fab.com just 10 weeks after launch.

Founders: Vivienne Bearman – formerly producer/product manager at Playfish (acquired by Electronic Arts for $275m in 2009) and head of product at onefinestay.com – and Tracy Dorée, former investment manager at MMC Ventures.

Launched: 2011.

Verdict: Superbly executed site for design geeks, which barely had enough time to announce its presence before being snapped up by an established – and undoubtedly distinctly nervous – rival.

 

 

STYLISTPICK Fast fashion

What: Entertainment-led, subscription-based fast fashion (shoes and accessories) site, with Cheryl Cole among celebrity endorsers and stylists.

Founder: Felix Leuschner, entrepreneur-in-residence at White Bear Yard and former director of consumer business at Moneybookers.

Launched: 2010.

Pitch: Stylistpick puts the power of fashion in your hands so you can shop your way, whenever and however you want.

Verdict: The team is building a brand from scratch and have a loyal subscriber base, not least because of their clever use of celebrity partnerships. But is it distinct enough from the myriad other fashion retail sites out there?

 

 

SEEDRS Startup investment

What: A reboot of existing startup funding models, Seedrs allows entrepreneurs to “crowd-fund” ventures.

Founders: Jeff Lynn, former corporate lawyer, and Carlos Silva, an “IT development and security expert”.

Launched: 2012.

Pitch: We can basically invest in a clever guy that’s written down his idea on the back of a napkin. In fact it’s dangerous not to. The crowd will decide.

Verdict: By allowing lots of people to put small amounts of money into new startups, Seedrs makes it easier for companies to get the start they need and allow anyone to put cash into high-risk but exciting new ventures. However, Britain’s spin on the Kickstarter model was only authorised by the Financial Services Authority in May, so it’s very early days.

 

 

ONEFINESTAY House swaps

What: The “unhotel” people. Onefinestay’s pitch is that it offers customers “the chance to stay in someone else’s place while they are out of town. You get to live their life for a few days.” Plus towels and toiletries.

Founders: Greg Marsh, formerly of Index Ventures, Demetrios Zoppos, former founding chief executive of GradFutures, Tim Davey, who co-founded Snaptalent, and Evan Frank, co-founder of e-commerce menswear site iwantBOX.

Launched: 2009.

Pitch: All the advantages of the hotel, like the nice smelly stuff in small bottles. And none of the downsides, like somebody bothering you at 8:53am to fold your toilet paper into a triangle.

Verdict: Airbnb [the holiday rentals marketplace valued at $1bn] for people who like crisp bed linen and vanity kits, Onefinestay is a unique proposition, with great traction and a strong team.

 

NUJI Shopping

What: Social shopping site Nuji’s pitch is that it’s “a social wish list”, on which users can save items from online boutiques and stores from all over the web, follow people with similar tastes and earn points towards discounts.

Founders: Dean Fankhauser, who previously worked at Yahoo and the advertising and communications firm Euro RSCG, Vincent Thomé, ex-Tribal DDB and senior product strategist at AKQA, and software engineering graduate Anton Meryl Nithianandan.

Launched: 2010.

Pitch: We’re trying to create a social graph of people with similar tastes to you.

Verdict: The team is building the internet’s department store and with more than 20,000 stores and 500,000 products they are growing fast. Versus very general pinning sites, Nuji offers retailers a compelling shopping-focused partner. But it’s a crowded marketplace.

 

 

TRAITPERCEPTION Social analytics

What: A very new company with an intriguing, if baffling, proposition, TraitPerception is setting out to “create a global ranking of people’s virtues”, by effectively crowdsourcing their traits. Eh? Nope, us neither.

Founders: Juan Cartagena, former head of strategy at Thus and Demon; José Ignacio Fernández, a PhD in computer science; and Borja Martin, ex-project manager and lead developer at Spanish news sitehola.com.

Launched: 2012.

Pitch: The next time you want to meet someone for the first time you can check that person’s anonymous references and score in advance.

Verdict: Sounds like it came from placing a moral philosopher, Stephen Hawking and an emeritus professor of machine learning in a blender.

 

 

OPENSIGNALMAPS Mobile signal strength maps

What: A crowdsourced database gathered via an Android app that heat-maps mobile-phone towers, mobile signal-strength readings and Wi-Fi access points around the world.

Founders: Brendan Gill, a former lifeguard at Finchley lido (and analyst at ABN Amro), Sam Westwood, partner at RepeaterStore.com, Android developer James Robinson, and Sina Khanifar, San Francisco-based serial startup founder.

Launched: 2010.

Pitch: OpenSignalMaps crunches crowdsourced big data to make cool maps and recommend which cell carrier is best in any given area.

Verdict: There are multiple business opportunities around the selling of anonymised data.

 

 

QRIOUSLY Social analytics

What: Real time, location-based “sentiment analysis” on smartphones and tablets. Qriously swaps ads with short, targeted questions and tracks responses.

Founders: Christopher Kahler, Abraham Mueller and Gerald Mueller. The trio previously launched , a mobile app and social network site.

Launched: 2011.

Pitch: The Qriously team is a high octane smoothie of mobile product samurai, seasoned research and digital media muscle.

Verdict: This has the potential to revolutionise mobile advertising, which is expected to be worth $24bn (£15.5bn) globally by 2015.

 

 

BOSSASTUDIOS Games developer

What: Cool Shoreditch games maker, acquired by Elisabeth Murdoch’sShine Group for an undisclosed sum less than a year after launch.

Founders: Henrique Olifiers, Roberta Lucca, Ric Moore and Imre Jele – “four veterans of the games, entertainment and mobile industries.”

Launched: 2010.

Pitch: Our studio has the best, most creative, “free-working” environment in the industry. Everything we do, all the time, must be charming. Cool. Edgy. We are wicked.

Verdict: Although its acquisition means Bossa Studios no longer counts as a startup, it’s young and in a field which typifies Silicon Roundabout.

 

 

A Good Use for a WalMart

Published on Saturday, July 7, 2012 by Shareable.net

Abandoned Walmart Recycled As Public Library

(All images via Lara Swimmer/PSFK)The news that a city will be getting a new Walmart often evokes a mixture of dread, anger, and apathy from its residents.

The global giant has captured a huge portion of the discount retail market share, claiming it helps people “live better” thanks to absurdly low prices. Of course, Walmart’s low pricesare only possible because of low standards of living, low wages paid to those in its supply chain, and low levels of concern for it own employees, but I digress.

In recent years, there’s been something of a grassroots backlash against Wal-Mart Inc., as people have started to realize the damage a single Walmart can do to the small businesses that make up a local economy. In a few cases, there’s even been news of Walmart stores closing, effectively run out of town by citizens strongly opposed to its economic, environmental, and social practices.

While this represents a win for the citizens who organized the ouster, it creates an equally big challenge. Namely, what does one do with the cavernous commercial space left behind by an abandoned Walmart?

The citizens of McAllen, Texas, a city of about 130,000 located in the southernmost tip of the state, experienced just such a vacuum after Walmart closed and then abandoned a 124,500 sq. foot space. Instead of searching for another big box retailer to take its place, the City decided to reclaim the space as a public library.

Meyer, Scherer & Rockcastle, Ltd. of Minneapolis were selected to design the interior of the building which is about the size of 2 1/2 football fields. After stripping out all the old walls, shelves, and ceiling tiles, the space was given a fresh coat of paint and major upgrade.

The cavernous space now houses an auditorium, computers lab, classrooms and meeting rooms, and adult and teen reading lounges — not to mention hundreds of thousands of books — earning it the title of the largest single-story library location in the U.S.

The best part of this entire transformation story is that following the re-launch of the library, new user registration increased by 23 percent. That means a lot of people were talking, learning, sharing, and supporting their community instead of simply buying a giant box of laundry soap or cheap patio furniture made in China. And that’s what I call upcycling for the win.

This work is licensed under a Creative Commons License
Beth Buczynski

Beth Buczynski is a freelance writer and editor living in the Rocky Mountain West. Stay in touch with Beth on Twitter as @ecosphericblog and @GoneCoworking

Morning Coffee in the Morning Mist in Evergreen, CO

Took this picture yesterday morning on a walk around our neighborhood in Evergreen, CO

Recommended Family Books from Scientific American

A great idea to keep young minds occupied this summer!

 

Science News

Scientific AmericanPremium Cover
Cover Image: July 2012 Scientific American MagazineSee Inside

Recommended: Family Books

By Anna Kuchment  | July 7, 2012

The Flying Machine Book: Build and Launch 35 Rockets, Gliders, Helicopters, Boomerangs, and More, by Bobby Mercer. Chicago Review Press, 2012 ($14.95)

Scholastic’s Discover More series of print books comes with supplemental online material, including My Body (ages 4 and up), Planets (6 and up) and The Elements (9 and up). (from $7.99)

The Ultimate Book of Saturday Science: The Very Best Backyard Science Experiments You Can Do Yourself, by Neil A. Downie. Princeton University Press, 2012 ($29.95)

Ocean Sunlight: How Tiny Plants Feed the Seas, by Molly Bang and Penny Chisholm. Blue Sky Press, 2012 ($17.99)

Blame for Fukushima Disaster – from Scientific American

 

Fukushima Disaster Blame Belongs with Top Leaders at Utilities, Government and Regulators

The nuclear disaster could and should have been avoided, according to an independent commission investigating the accident in Japan

By Nathanael Massey and ClimateWire  | July 6, 2012 |

Long-standing collusion between Japan’s regulators and industry set the stage for the Fukushima Daiichi nuclear disaster, a tragedy that could and should have been avoided, according to an independent commission investigating the accident.

In a report released yesterday, the Fukushima Nuclear Accident Independent Investigation Commission (NAIIC) identifies a long list of technical failures that contributed to the disaster, laying blame squarely on the shoulders of the energy utilities, regulators and the government.

Those parties “effectively betrayed the nation’s right to be safe from nuclear accidents,” the report says. “Therefore, we conclude that the accident was clearly ‘manmade.'”

The inquiry also raises concerns that a magnitude-9.0 earthquake may have damaged the Fukushima plant more profoundly than had been previously acknowledged. A previous in-house report by the plant’s owner, Tokyo Electric Power Co. (TEPCO), downplayed the significance of the earthquake, focusing instead on the tsunami that wiped out backup generators and impeded crews’ access to the site.

The NAIIC’s findings come at a moment of high tensions and deep divisions within Japan’s political and civic bodies. Opponents have staged huge protests in recent weeks against the restart of the No. 3 reactor at the country’s Ohi nuclear power plant.

The report will likely fuel those calls and may also bolster the demands of some citizen groups that TEPCO officials be held legally responsible for the disaster.

The country has been closing its nuclear plants gradually since the accident occurred in March 2011, and it shuttered its last and largest plant in May. Prime Minister Yoshihiko Noda restarted the Ohi reactor July 2, however, due to concerns over energy supply.

Need for cultural and institutional reform
The report lays blame at the highest levels of both government and industry, calling former Prime Minister Naoto Kan’s response to the disaster “confusing” and claiming that both TEPCO and nuclear regulators ignored legal mandates to implement safety regulations.

Those parties “were aware of the need for structural reinforcement in order to conform to new guidelines, but rather than demanding their implementation, [regulators] stated that action should be taken autonomously by the operator,” the report says.

Yet the report does not reserve its blame only for those in authority. In a curiously abstract introductory note, NAIIC Commission Chairman Kiyoshi Kurokawa said the regulatory failings leading up to Fukushima were a direct product of “cultural characteristics” specific to Japan.

Kurokawa cited ingrained conventions of Japanese culture such as “reflexive obedience” and “reluctance to question authority” as direct contributors to the overly cozy relationship that persisted for decades between operators and regulators.

“Had other Japanese been in the shoes of those who bear responsibility for this accident, the result may well have been the same,” he wrote.

Trouble in the ‘descent from heaven’
That is not a very satisfying answer to the ultimate question of what went wrong in Fukushima, said Daniel Aldrich, an associate professor at Purdue University who studies post-disaster recovery.

“It’s true that there’s always been motion and movement between regulators and the industry in Japan,” he said. “The Japanese call this amakudari, but it’s not specific to Japan.” Amakudari, translated as “descent from heaven,” refers to the custom of bureaucrats retiring to high-profile positions in the public or private sector.

The custom is common in societies with large, complicated bureaucracies, he said.

Tensions in the Falklands Again – Oil Price Daily News Update

Business as Usual for Big Oil Despite Falkland Tensions

By Jen Alic | Thu, 05 July 2012 22:44 | 1

While tensions between Britain and Argentina have been rising as a natural response to the 30th anniversary of the Falkland War, oil is the primary driver of a renewed Falkland dispute that will determine the fate of tens of billions of dollars in black gold.

At the same time, while Argentine President Cristina Kirchner and British Prime Minister David Cameron are trading serious barbs over the sovereignty issue, big oil companies are largely ignoring the implications and conducting business as usual.

The Falkand Islands (Islas Malvinas) were reclaimed by the British in June 1982 after a 74-day war in response to an Argentine invasion. Argentina lost 649 troops in the war, while the UK lost 255 troops. The 30th anniversary of this war coincides with some major oil developments, which the UK is hoping to resolve by supporting the Falkland government’s holding of a referendum on its political status in 2013.

Argentina is on the losing end of this battle. Not only will the referendum favor the status quo, but Kirchner’s recent move to nationalize Argentina’s interests in Spain’s Repsol oil company has lost her any support she might have enjoyed (particularly from Spain, France and Italy) over the Falklands issue.

This is exactly what big oil is banking on, and recent months have seen some significant developments that seem to ignore the brewing tensions entirely. Two major discoveries are set to turn the Falklands into a key oil player almost overnight. The first, and less significant, is the 1.3 billion barrel discovery by Rockhopper’s Sea Lion (RKH) in the north Falklands Basin. The second is the 4.7 billion barrel prospect of Loligo, for which FOGL plans to start drilling its first well this month.

The Loligo prospect was boosted by news that came in the first week of June that Edison Spa, an Italian utility bought by France’s EDF in June, will acquire a 25% interest in northern licenses of Falkand Oil & Gas and another 12.5% interest in FOGL’s southern licenses. The significance of the Edison Spa deal is that it will provide FOGL with some much-needed financing to get things under way in Loligo. In return for the licenses, the utility company will fund FOGL’s drilling to the tune of $50 million and hand over another $40 million in cash.

The oil angle to the Falklands dispute gained momentum in 2010 when the UK authorized prospecting, provoking the ire of Argentina. The next major uptick in the ongoing crisis came in December last year, when Rockhopper revealed that its Sea Lion field held more oil than expected. This in turn led to an immediate increase in interest in the Falklands’ offshore oil prospects. The UK moved quickly to ensure the security of these discoveries by sending in naval units, prompting a harsh response from Argentina and escalating the crisis.

But the UK holds most of the cards. Not only will “Falklanders” vote to remain a self-governed overseas territory of the United Kingdom in a referendum, but Spain, Italy and France in particular have no sympathy for Argentina in the aftermath of its decision to nationalize its Repsol interests. Oil exploration is proceeding as if the dispute is resolved.

So with the oil momentum already picking up an irreversible pace, how will the sovereignty dispute be resolved? As far as the UK is concerned, it will not negotiate the issue before the United Nations unless it is asked to do so by the Falklands legislature, which is happy to hold a referendum. The results of the referendum will provide the UK with any ammunition it needs.

Argentina’s only real recourse here is military. We can expect a great deal of bluster on the issue and some high-minded rhetoric recalling British colonialism and the like in the coming weeks, particularly as plans proceed at a fast pace for exploration and drilling. But in the end, this will be toothless bluster designed largely to allow Kirchner to appease a public that has long been taught to view the Falkland Islands as an integral part of Argentina.

The UK might have been willing to decolonize the Falklands, and certainly, it has seriously entertained the notionin the past. But now that the Falkands are set to become a major oil player, the situation is very different. No one wants Argentina to step in and claim the islands with the fear of nationalization fresh on the heels of the Repsol debacle. The bottom line is that Argentina lost the Falklands over Repsol.

By. Jen Alic of Oilprice.com

Jen Alic is a geopolitical analyst, co-founder of ISA Intel in Sarajevo and Tel Aviv, and the former editor-in-chief of ISN Security Watch in Zurich.

After the Fires in Colorado

We are in Evergreen, CO this week.  We went on a hike to the top of Bergen Peak where I took this picture.  The sky would usually be very clear this time of year but, as you can see, it is very murky.  This is caused by the recent forest fires that have ravaged much of the state this past few weeks.

Forecast for Italy – from Intelligent Life Magazine

Long life

Jul 7th 2012 | from the print edition

Good Italy, Bad Italy: Why Italy Must Conquer Its Demons to Face the Future. By Bill Emmott. Yale University Press; 288 pages; £18.99. Buy from Amazon.co.uk. To be published in America in August. Pre-order from Amazon.com

EVEN after the latest euro rescue in Brussels, Italy remains a time bomb. Its public debt of close to €2 trillion ($2.5 trillion) is the world’s third biggest, making it too big to bail out. It has lost competitiveness. And its economy is stagnant: between 2001 and 2012 GDP shrank, a worse performance than any other rich country. Fortunately, as Bill Emmott notes in this book, Italy has since last November had a technocratic cabinet led by Mario Monti that is the country’s first reforming government in years.

  • Mr Emmott, who was editor-in-chief of this newspaper from 1993 to 2006, has made Italy one of his specialist subjects, inspired partly by libel battles with Mr Monti’s predecessor, Silvio Berlusconi. His excellent book is an updated English version of one published in Italian in 2010 under the title “Forza, Italia” (a pun on Mr Berlusconi’s party and a football slogan, meaning “Go! Italy”). His thesis is better described by the new title: there are in reality two Italys.

This is often said of the north and south. Last year’s 150th anniversary of Italian unification saw acid remarks about its having divided Africa, not united Italy. But Mr Emmott’s division is not this one. Rather, he finds good and bad all over the country. On the good side he cites cases such as Mr Monti, young entrepreneurs, strong manufacturing (Italy is second only to Germany in Europe), a revitalised Fiat and Turin. On the bad, he offers Mr Berlusconi, organised crime and corruption, the public sector, red tape and Naples.

His story is supported by lively anecdotes of the people and firms he meets on his travels, many of them in the course of making a documentary film. It is refreshing to read so much that is positive about Italy amid the pervasive gloom: the fight against organised crime in the south, the exporting power of family firms in the north, the impact of Mr Monti’s reforms. The author finds plenty of reasons for hope.

Yet overall his book seems a touch too optimistic. Mr Monti is being as bold as he can, but he has lost popularity, some of his reforms have been watered down and his ability to do things is waning as next spring’s election approaches. The anti-mafia movement in Sicily is heartening, but organised crime has spread to the north as well. Many young Italians are talented and hard-working, but too many deploy their talents abroad rather than at home.

Above all, the deep structural failings of Italy—an inefficient public sector, a poor demographic outlook, lousy universities, a calamitously slow judicial system—will take years to put right. The euro crisis has shown the urgent need for reforms, but by stunting growth it has also made them harder. And Italy has few liberals who genuinely believe in reform.

Early on Mr Emmott notes the spooky parallels between now and the early 1990s, when Italy’s economic problems first became apparent. A promising start then turned into 20 wasted years, largely because of Mr Berlusconi’s entry on to the political stage. The media mogul’s era may be over (even that is not certain). But new populists are rising up, and the next election could be messy. Italy has yet to find its next saviour.

JOHN PEET

Our policy is to identify the reviewer of any book by or about someone closely connected with The Economist.

from the print edition | Books and arts