This newspaper basket triggers flashbacks to elementary school, where we wove (hundreds! thousands!) of paper place mats for our school's tap dance recital. Since then we've shied away from the craft, but seeing this reminded us of the easy utility of recycled newspaper.
Call us lazy, but this is about the level we're at for making a holdall basket: without the patience to tightly coil the newspaper or the skill to knit, felt or build out of wood or metal, this is right at our level.
How About Orange has the complete how-to, and as one commenter there pointed out, once you're done with the basket, it's painless to recycle it.