Book review: Henry ‘Chips’ Channon - The Diaries, 1918-1938
Edited by Simon Heffer, the diaries of the Tory MP and ultimate social climber provide an ‘unrivalled guide’ to society and politics in the interwar years
Many people think that the raw materials which make our lives so comfortable – from the plastic caps on our toothpaste tubes to the petrol in our cars – are “too boring to dwell on”, said John Arlidge in The Sunday Times. “Nothing could be further from the truth.” In this remarkable book, two journalists take us inside the world of commodity trading – the industry that controls “how oil, plastics and food get from where they are produced to us” – and reveal it to be the “wildest, dirtiest and riskiest business on the planet”. The dominant companies – Cargill, Vitol, Glencore – may not be household names, but they rival Big Tech in their profit-making abilities. The family that owns Cargill, the world’s biggest grain trader, “boasts 14 billionaires”.
As Blas and Farchy show, these firms haven’t always behaved very ethically, said Felix Martin in the FT. In 2016, Glencore “stood accused of plunging a whole country, Chad, into a sovereign debt crisis”. Even their more above-board antics have a “thriller-like quality”: the book opens with Ian Taylor, the late chief executive of Vitol, flying into Benghazi airport during the Libyan civil war of 2011 to strike a deal to supply oil to the rebel forces. Nor does it look like their ways will change soon, said James Ball in The Spectator, despite attempts to rein in their ability to profiteer. When the pandemic hit last spring Glencore, anticipating a global slowdown, “bought up all the space they could to store oil, including tankers capable of holding 3.2 million barrels”. When the oil price dropped to zero, they swooped in and bought up as much oil as they could – storing it at sea, before selling it a few months later. “While we worried about our livelihoods, Glencore’s traders made $1.3bn trading energy.”
Random House Business 416pp £20; The Week Bookshop £15.99
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The Week Bookshop
To order this title or any other book in print, visit theweekbookshop.co.uk, or speak to a bookseller on 020-3176 3835. Opening times: Monday to Saturday 9am-5.30pm and Sunday 10am-4pm.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Today's political cartoons - November 2, 2024
Cartoons Saturday's cartoons - anti-fascism, early voter turnout, and more
By The Week US Published
-
Geoff Capes obituary: shot-putter who became the World’s Strongest Man
In the Spotlight The 'mighty figure' was a two-time Commonwealth Champion and world-record holder
By The Week UK Published
-
Israel attacks Iran: a 'limited' retaliation
Talking Point Iran's humiliated leaders must decide how to respond to Netanyahu's measured strike
By The Week UK Published
-
The Count of Monte Cristo review: 'indecently spectacular' adaptation
The Week Recommends Dumas's classic 19th-century novel is once again given new life in this 'fast-moving' film
By The Week UK Published
-
Death of England: Closing Time review – 'bold, brash reflection on racism'
The Week Recommends The final part of this trilogy deftly explores rising political tensions across the country
By The Week UK Published
-
Sing Sing review: prison drama bursts with 'charm, energy and optimism'
The Week Recommends Colman Domingo plays a real-life prisoner in a performance likely to be an Oscars shoo-in
By The Week UK Published
-
Kaos review: comic retelling of Greek mythology starring Jeff Goldblum
The Week Recommends The new series captures audiences as it 'never takes itself too seriously'
By The Week UK Published
-
Blink Twice review: a 'stylish and savage' black comedy thriller
The Week Recommends Channing Tatum and Naomi Ackie stun in this film on the hedonistic rich directed by Zoë Kravitz
By The Week UK Published
-
Shifters review: 'beautiful' new romantic comedy offers 'bittersweet tenderness'
The Week Recommends The 'inventive, emotionally astute writing' leaves audiences gripped throughout
By The Week UK Published
-
How to do F1: British Grand Prix 2025
The Week Recommends One of the biggest events of the motorsports calendar is back and better than ever
By Rebekah Evans, The Week UK Published
-
Twisters review: 'warm-blooded' film explores dangerous weather
The Week Recommends The film, focusing on 'tornado wranglers', stars Daisy Edgar-Jones and Glen Powell
By The Week UK Published