We are developing the social individualist meta-context for the future. From the very serious to the extremely frivolous... lets see what is on the mind of the Samizdata people.

Samizdata, derived from Samizdat /n. - a system of clandestine publication of banned literature in the USSR [Russ.,= self-publishing house]

Samizdata quote of the day

“With regard to the idea of whether or not you have a right to healthcare, you have to realize what that implies….I’m a physician, that means you have a right to come to my house and conscript me, it means you believe in slavery. It means you’re going to enslave not only me, but the janitor at my hospital, the assistants, the nurses…There’s an implied threat of force, do you have a right to beat down my door with the police, escort me away, and force me to take care of you? That’s is ultimately what the right to free healthcare would be.”

Rand Paul.

I came across this quotation via Facebook, which in turn had been posted up by someone on a sort of “celebrity” website. The person who put up the posting in the first place is clearly traumatised at the statement of principle by Rand Paul about the bogus “right” to healthcare. RP is to be congratulated for spelling out in the clearest fashion what is wrong with notions of claim rights where what is involved is not the classical (correct) notion of a right to be left alone, but the contrary attitude about a “right” to demand that others give you something even if those others haven’t taken it away in the first place.

This sort of confusion, famously skewered many years ago by Isiah Berlin in his essay about two concepts of liberty, still persists. I often find Rand Paul’s sort of argument particularly powerful when putting the problem with such “rights” in human terms.

Samizdata quote of the day

If we wanted to be “together” in the ways Obama envisions, then no force would be necessary. If public schools were any good, people would not flock to private education the minute they could afford it (and sometimes even when they can’t.) The same with other government-mandated activities or programs. People would voluntarily, en masse, “invest” and “come together” and do all the other things that Obama, and other progressive statists like him, believe we should do.

Michael Hurd

It seems that in the final year or so of his dreadful presidency, Obama is becoming ever blunter in his public pronouncements, disparaging business and America’s individualism. It reminds me a bit of that scene in the Fountainhead where Elsworth Toohey, the arch-villain, confesses to his powerlust.

Remember: the world’s most powerful country voted for this shit – twice, and by handy margins.

Samizdata quote of the day

John Price ended his life as a free man because he was willing to defy laws that said he was nothing but the property of other people, to be disposed of as they wished. He got a nice helping hand in maintaining his freedom from other people who were willing to not only defy laws that would compel them to collaborate in Price’s bondage, but to beat the hell out of government agents charged with enforcing those laws.

J.D. Tuccille

Presidential candidate Carly Fiorina on the real relationship between big government and big business

I would have had this as today’s Samizdata quote of the day if I hadn’t already done one earlier:

It is fashionable for the left to say we need big government to deal with big business. The opposite is true. Only big business can survive big government.

I plan on using that.

It is from an interview with Carly Fiorina by Jennifer Rubin, for the Washington Post. The rest of it is well worth a read also.

I have no idea what chance Carly Fiorina has of being the next President of the USA, but the nearer she gets to it, the happier I will be. Vice President maybe? Or would that be to underestimate her?

Samizdata quote of the day

If Antarctic ice continues to grow, the trickle of refugees may become a stampede, as Antarctic climate scientists, some of whom have been there for years, are forced to leave their traditional habitats.

– Breitbart’s Eric Worrall laments the impact of climate change.

How regulation created a banking mono-culture

I agree with Mr Quotulatiousness that this, from a posting at the Coyote Blog from July 7th of last year, deserves to be made much of:

One of the factors in the financial crisis of 2007-2009 that is mentioned too infrequently is the role of banking capital sufficiency standards and exactly how they were written. Folks have said that capital requirements were somehow deregulated or reduced. But in fact the intention had been to tighten them with the Basle II standards and US equivalents. The problem was not some notional deregulation, but in exactly how the regulation was written.

In effect, capital sufficiency standards declared that mortgage-backed securities and government bonds were “risk-free” in the sense that they were counted 100% of their book value in assessing capital sufficiency. Most other sorts of financial instruments and assets had to be discounted in making these calculations. This created a land rush by banks for mortgage-backed securities, since they tended to have better returns than government bonds and still counted as 100% safe.

Without the regulation, one might imagine banks to have a risk-reward tradeoff in a portfolio of more and less risky assets. But the capital standards created a new decision rule: find the highest returning assets that could still count for 100%. They also helped create what in biology we might call a mono-culture. One might expect banks to have varied investment choices and favorites, such that a problem in one class of asset would affect some but not all banks. Regulations helped create a mono-culture where all banks had essentially the same portfolio stuffed with the same one or two types of assets. When just one class of asset sank, the whole industry went into the tank.

Well, we found out that mortgage-backed securities were not in fact risk-free, and many banks and other financial institutions found they had a huge hole blown in their capital.

I remember having all this explained to me at the time, although I do not now recall who by. I do recall the word “Basel” coming up a lot.

My title above is in the past tense, but I presume problems like this have since got worse rather than better. What will be the dates of the next financial crisis, I wonder?

Samizdata quote of the day

Must admit, it’s really rather satisfying to see the Left and their rich luvvie acolytes squabbling and squealing over the outcome of the election like a bunch of failed vampires arguing over a used tampon. I think the word “Schadenfreude” is the one I’m looking for.

– Samizdata commenter Tanuki

Samizdata quote of the day

Jesus said unto him, If thou wilt be perfect, go and sell that thou hast and give to the poor. But when the young man heard that saying, he went away sorrowful, for he had great possessions. So he went on Twitter instead and called Michael Gove a ‘vile reptilian evil tory scumbag’, and linked to a cartoon of Iain Duncan Smith stealing a paralysed woman’s wheelchair. And lo, he felt better and went for a £3.50 caramel macchiato with some mates from the BBC.

– Libby Purves, who lives behind the Time paywall, has some fun with Matthew chapter 19. Mick Hartley quotes from the Purves piece at his blog, in a piece entitled Virtue signalling. You can’t Read The Whole Thing at Mick Hartley’s, but you can read a bit more of it.

Samizdata quote of the day

How can the Tories have won? We did so many tweets and photoshops. I just don’t get it. #GE2015

– Favourite-blogger-of-mine 6k spots a particularly choice tweet, by David Schneider.

Another Samizdata quote of the day


“On its world, the people are people. The leaders are lizards. The people hate the lizards and the lizards rule the people.”

“Odd,” said Arthur, “I thought you said it was a democracy.”

“I did,” said Ford. “It is.”

“So,” said Arthur, hoping he wasn’t sounding ridiculously obtuse, “why don’t the people get rid of the lizards?”

“It honestly doesn’t occur to them,” said Ford. “They’ve all got the vote, so they all pretty much assume that the government they’ve voted in more or less approximates to the government they want.”

“You mean they actually vote for the lizards?”

“Oh yes,” said Ford with a shrug, “of course.”

“But,” said Arthur, going for the big one again, “why?”

“Because if they didn’t vote for a lizard,” said Ford, “the wrong lizard might get in.”

– Douglas Adams. So Long, and Thanks for All the Fish, not for the first time either.

Samizdata quote of the day

Whether The People be led by The Lord,
Or lured by the loudest throat:
If it be quicker to die by the sword
Or cheaper to die by vote—
These are things we have dealt with once,
(And they will not rise from their grave)
For Holy People, however it runs,
Endeth in wholly Slave.

– Rudyard Kipling, MacDonough’s Song, not for the first time.

Samizdata quote of the day

“The last thing we need is to wake up in 50 years and find that a bunch of #gamergate nobheads are running Mars.”

That is exactly what is going to happen, because us gamergate nobheads (actually the technical term is neckbeards) are smarter and more creative than you, whereas you intolerant SJW thugs create nothing but faux outrage, grievance and a sense of undeserved entitlement to things created by better people than you.

– Guardian commenter ‘evilhippo’, who often gets his pithy remarks deleted on the Guardian. Dunno know he is but clearly a wise and witty seeker of truth, no doubt a devilishly handsome fellow to boot ;-)