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Personally, I think it is worth occasionally spending large amounts of money for large spectacle.
This was part of the City of Culture events, which have been very successful across Europe - it made a huge difference last time it was in the UK (Glasgow) and seems to be working its magic this time too.
Liverpool is a city with a lot to offer, and pictures of this event will be seen around the world. Not only is it an advert fir the city, but the inhabitents got to see a huge piece of street theatre and enjoy the show. It's something you will remember for a long time - a 50 foot spider in your city.
It's not "free" of course. Nothing is free. The National Opera is subsidised, English Heritage is government funded, the British Museum, the Queen herself, the war in Iraq. We all pay somewhere along the line. You just focus on the spending you agree with and accept the rest as part of living in society.
I like the spider and I applaud Liverpool for having the vision to spend the money. I accept YMMV.
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