Detractors will try to argue that the poorest quintiles have a smaller percentage of the overall pie. And that might be true, but the pie is much, much bigger. Would you rather have 50 percent of a million or 20 percent of a billion? Another way of putting this is: Would you rather be better off, even if that meant certain people were super well off? Or would you rather everyone were worse off, as long as everyone were relatively equal?
That the poorest among us are still, on balance, doing better today than they were 50 years ago is a remarkable testimony to what relatively free people and markets can do, even as governments put up roadblocks. So if the poor aren’t getting poorer, why do people say they are?
– Max Borders
Politicians: The kind of people who think they can ban math
– the hilariously named “InfoSec Taylor Swift” referencing Dismal Dave Cameron.
Odious figures of the totalitarian regimes are not objects of the cultural heritage of either national or local significance
– Vyacheslav Kirilenko
But then I too am supporting Charlie Hebdo not because I like Charlie Hebdo or the idiot lefties who wrote for it, but because I oppose seeing said idiots murdered because they dared to express themselves. The attack on Charlie Hebdo was an attack on western civilisation itself, nothing less. The merits of the victims or their publication scarcely merits a mention to be honest. If ever there was a moment to go full blast Voltaire, this is it.
– Perry de Havilland
Peretti is no stranger to bizarre theories. His recent offerings for the BBC have included The Men Who Made Us Fat and The Men Who Made Us Spend. Personal responsibility doesn’t seem to be on his ideological radar. This is fine, but we should expect more from a public broadcaster than to repeat theories nobody subscribes to, particularly when we are forced to pay for the privilege.
When they denounce “trickle-down economics”, Peretti and the figures above project their own world view. For many of them, it is spending that matters to an economy – and they disagree that the rich having more money to spend is as beneficial as others having it following redistribution.
Yet free marketeers don’t believe in low taxes because of their effect on spending. They believe in low taxes because they provide a strong incentive to earn more income in the first place. And the best way to earn more in a competitive, dynamic, market economy is to provide goods and services people want. Low taxes can therefore engender the sorts of entrepreneurial activity that enrich our lives through better and cheaper products – the productivity improvements we recognise as economic growth.
– Ryan Bourne
Likewise, in terms of domestic European politics, giving in to far-left Syriza would certainly strengthen economic illiterates in popular anti-euro parties like Italy’s Five-Star Movement, and Spain’s Podemos, the last thing Merkel desires. The euro itself hasn’t been particularly troubled by the crisis, with Italian and French bond yields holding steady. Surely, as some have reported, Merkel is right to think that now is the time to sever the weakest link.
– John Hulsman
Close, but no cigar this time. Bodes well for the future tho.
– Elon Musk
Expect more half-hearted bleating that this has nothing to do with Islam, but in any case even if it did, Islam is a religion of peace along with weasel words about “responsibility” to the effect that the magazine should not have “inflamed passions”. Simultaneously, expect a huge PR drive – supported by various lefty idiots – from Muslim groups who make it all about them, how they feel, and how they are now scared of a backlash before the bodies have even cooled. This is precisely what we saw in Australia a few weeks ago, and I don’t expect much from European politicians.
– Tim Newman commenting here.
Unfortunately, the Portman Group is a gloomy gaggle of killjoy jobsworths, funded by navel-gazing international drinks giants
Big Bang transformed the City for the better, as I hoped at the time. It broke up the cosy cartel of the old stockbrokers and jobbers, introduced competition into commissions which made share buying and selling so much cheaper, allowed in many foreign banks and brokers with extra capital, new business and job opportunities, and allowed UK institutions to raise serious amounts of new money to operate on a world scale.
It built one of the dominant financial service and banking sectors of the world. The City expanded from the narrow Square Mile around the Bank of England, to encompass Aldgate, Liverpool Street, the Finsbury area , parts of Mayfair, St Paul’s and parts of docklands. Today we earn £60 billion from our financial and business service exports, and have a group of companies and service industries that the world envies. Without Big Bang none of that would have happened, and the UK would be a lot poorer. Instead of blaming Big Bang for financial scandals, people should remember there were scandals before Big Bang, and remember above all that it was Mr Brown’s regulators who helped bring on the crash they were meant to prevent.
– John Redwood
I think Big Bang did bad things (speeding up the mess of fiat money) as well as good (doing lots of business in London). The more Austrianist you are, the earlier you will think the rot set in. Nixon takes Dollar off Gold Standard in 1971? Founding of the Fed? Founding of the Bank of England? But Redwood is right that Gordon Brown certainly didn’t help avert the crisis we are now stuck in, even if him keeping Britain out of the Euro may prove to be his most significant decision in the long run.
Remember, just because one of us here selects something as an SQotD doesn’t mean we necessarily agree. We are merely noticing that something significant, and usually true-ish, has been forcefully put.
So my New Year message is this. Be less political. Stop caring.
– From NickM’s message for 2015.
If the world that NickM and I, and probably you, want is to happen, some of us probably do have to be very political. But I, and probably you, will know just what he means, particularly if we read the whole thing.
If someone has “Ambassador” in their job title, address them as “Your Excellency”. That’ll stop it.
– Guy Herbert, in response to this.