Leaving aside current affairs for the second, feast your tired eyes on these absolute beauties of motorcar design. Ralph Lauren certainly has an exceptional collection of classics. My favourite is the mid-60s Ferrari.
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There is a nice piece by Don Surber (H/T, Instapundit) seeking to explain the hatred that is felt among some folk for Sarah Palin. He obviously focuses on the attitudes of Americans, but I’d wager that some of that applies also to non-Americans who hate or despise her in much the same way that such people also got riled by Ronald Reagan’s folksy speaking manner and ignored the wisdom and intelligence of that man. It is a good piece. It got me thinking about why certain politicians, even if they espouse views which are not necessarily all that outrageous or objectionable, provoke feelings of such hatred in some quarters. In the UK, for example, the last person I think who was really hated in the Palinesque sort of way was our own Margaret Thatcher. There are certain things in common – although not ones I would stretch too far – such as that they came from unfashionable parts of their countries (Lincolnshire/Alaska); made a point about religion in their lives (they are obviously nutters then); happy marriages (which provokes a strange kind of resentment among some folk); a certain middle-brow, cultivated lack of pretension; the pitch and tone of their voices (Maggie sounded very arch early on), and so on. Add in the fact that they are women in a male-dominated arena of politics, and the reason for hatred grows. And I also think that for a lot of so-called feminists, a woman who espouses “family values”, supports capitalism, etc, is seen as letting the side down. This rather ignores what we Samizdata writers would say, that free markets, when freed of state interference, are usually very good news for women, since bigotry against women, like any other group, is a cost. There is also something quite useful about Sarah Palin in this regard. Although I do not agree with all her views, at least as far as I know what they are, I usually find that the sort of people who say they hate or despise her are nobs of the first rank. So it is a sort of useful marker: if I find myself talking to someone and her name comes up and the reaction is as described, I can usually pigeonhole that person as someone to be avoided. And Palin has great legs. The sources of hate must run very deep indeed. January 21st, 2011 | 75 comments - (Comments are closed)
 The other night, when I had the TV on, I saw that one of the programmes, featuring the BBC top economics and business correspondent, Robert Peston, was all about the financial panic of recent years. Oh dear, I thought, I can just imagine the usual line about how it was all the fault of greedy bankers, insufficient regulation, “unregulated laissez faire capitalism”, and on and on. Well, not quite. Yes, some of those elements were there, but there was also quite a lot of sophisticated explanation of how a combination of forces – leverage, “too big to fail bailout protection, over-confidence in newfangled ideas of risk management and misalignment of incentives for bankers – combined to create the storm. I would have liked to see more focus on the role of ultra-low central bank interest rates in creating the crisis, as well as government intervention in the housing market and through deposit insurance, but to be fair, this was mentioned, several times. There was little in the show with which someone like Kevin Dowd, recently referred to here, would dispute, although I imagine Kevin might want to make more about the vexed issue of ownership of banks and limited liability. And about three-quarters of the way into the show was Toby Baxendale, founder of the Cobden Centre, the organisation founded last year to flag up the problems caused by central banking fiat money, and which sets out alternative ideas, such as the possibility of giving depositors in no-notice cash accounts the right to demand that their cash is properly looked after, not lent out for months in a risky play. (Yup, it is that pesky fractional reserve banking issue again). Toby was very forceful and his views were treated respectfully by Peston. There was no sneering. In short, this was and is a pretty good programme as far as the MSM goes. I give it about 8 out of 10. Yes, I am not drunk. January 20th, 2011 | 16 comments - (Comments are closed)
John Nolte, at the Big Hollywood blog. I think he has a strong point in his praise of Ricky Gervais’s performance, but I have a slight reservation. Imagine if Gervais had said such insulting things about showbiz people that Mr Nolte holds dear, or causes he supports. I doubt we would get such applause. And I also note that in the Daily Mail newspaper yesterday (I quote from reading the print edition), the writer, Quentin Letts, raves on about Gervais’s rudeness as if it was a barnstorming example of high wit. No it wasn’t. I cannot imagine your average Daily Mail reader enjoying say, an attack by an American comedian on the Royal family, for example. The sad truth is that yes, Hollywood is full of self-regarding jerks who deserve all they get. But that does not make gratuitous rudeness somehow clever, as far as I can see, and I don’t see how we are going to get better movies as a result. And this does all rather cement the idea in American’s minds that many Brits are little more than hooligans. (I’d like to know what Stateside commenters think of how this all comes across.) Talking of good movies, has anyone yet seen The King’s Speech? January 19th, 2011 | 50 comments - (Comments are closed)
As regulars may know, there is no hard editorial line in these parts about certain views, such as intellectual property rights (steady on, old chap, Ed). Take the case of the “whistleblower” site Wikileaks. Samizdata’s founder, Perry de Havilland, has come round to taking the view that whatever collateral damage might be caused by Wikileaks, that the benefits outweigh the bad. I am less sanguine than that; I fear that the activities of Wikileaks may make governments become even more secretive. I admit that much of this stems around attempts forecast the unknowable. For all I know, Perry may be proven right and my reservations are unfounded. But as they say about making omelettes and breaking eggs, a lot of eggs can be broken on the way to culinary goals. And this latest story, concerning a fired Julius Baer banker who has decided to publish reams of client data on Wikileaks two days before he goes before a court, is instructive. Sure, some people who use offshore bank accounts via Zurich or wherever are up to no good, and deserve to be exposed. This is particularly the case if such persons are politicians who favour high taxes, socialist economics and the rest. When it turns out that such folk are salting away their wealth in Zurich, Zug or Geneva, it is delicious to see their discomfiture. But – and it is a big but – many people who bank offshore are not primarily looking to hide ill-gotten gains or adopting a double standard; they are people who wish to take advantage of free capital movement and “vote” with their wallets for a low tax jurisdiction. “Exit” is often more powerful than “voice”; the ability to leave a jurisdiction, as I have said before, is one of the few incentives to make oppressive regimes marginally better behaved. Consider what Wikileaks might want to expose next: health records? The insured art collections of certain people? You can see how leaking such data could be a gift to would-be kidnappers and extortion artists. This is not a theoretical issue. Dan Mitchell and Chris Edwards, in their book, “Global Tax Revolution: the Rise of Tax Competition and the Battle to Defend It”, published in 2008 by the Cato Institute, point out that in some parts of the world, a high proportion of individuals bank offshore because their domestic governments have habitually robbed them in the past. Disclosure of financial details can lead to a person having his daughter’s body parts mailed through with a letter threatening further horrors unless a payment is made. Bank privacy is not, therefore, something that only criminals take advantage of, although that business is often portrayed that way. Like I said, omelettes and broken eggs. We’ll see how this dish turns out. January 17th, 2011 | 23 comments - (Comments are closed)
“If you wanted to fly and there were no supervisory authority in the airline industry and no regulations enforcing safety standards, you would be very reluctant to fly fledgling airlines. You would prefer the established ones that had the track record and the reputation. So a complete lack of safety regulations in the airline industry would favour established firms, making the entry of new ones impossible and killing competition and consumer choice.” Raghuram G. Rajan and Luigi Zingales, from page X (in the Roman numeral segment) of “Saving Capitalism from the Capitalists.” Published in 2003. This is an interesting defence of government-imposed safety standards. I am not wholly convinced by this line of argument; it is, for sure, an interesting way of trying to show how government regulation actually stimulates rather than restricts entry into a particular line of business. My take is that if a fledgling airline, say “Ultra-Cheap Airlines Inc.,” can persuade investors and others to get it started in business with a few aircraft and so on, then the staff on the aircraft – such as the pilots – will not set foot into an aircraft if they fear that safety has been compromised, or if the aircraft are poorly maintained. Pilots are not usually self-destructive, as far as I can tell. In fact, a debutant airline business would bend over backwards to show customers that it had set high standards, get consumer watchdog organisations and other certification providers to give it a “seal of approval”. What the authors of the quote don’t seem to understand is how the “established” airlines got to be in that positions in the first place. Presumably, they had to start by persuading a highly nervous customer base that flight was safe, or at least, not lethal. And of course, if the standards imposed by regulators are particularly onerous, then it is hard to see how a small business operating a few aircraft could afford to compete with the big boys. Regulations are a form of barrier to entry, much in the same way that extensive licensing of doctors is designed, quite deliberately, to regulate the number of people working as physicians. This book is generally pretty good, however; it is interesting to read this book alongside the Martin Hutchinson/Kevin Dowd book about financial markets that I quoted the other day. January 15th, 2011 | 56 comments - (Comments are closed)
“So 2011 is the year of the “beneficial crisis”, when the EU will try to exploit short-term economic hardship in order to eliminate the powers of national governments and to create a new pan-European political structure. If it succeeds, it may go on to become a great world power. If it fails, it will start to revert to a collection of nation states.” He makes a persuasive argument that as far as the architects of the EU superstate were concerned, the sort of crises we are living through – such as the Irish/Greek debt problems – are not problems for the eurozone, they are actually very useful stepping stones towards creating their own new version of the Holy Roman Empire, except that unlike the HRE, the new state will be one run on corporatist, heavily regulated, lines. January 14th, 2011 | 15 comments - (Comments are closed)
Matt Welch, over at the Reason Hit & Run blog, comes across this piece of nuttery from the land that gave us Dan Ackroyd and John Candy. How sad and oppressive that nation appears. Of course, there is no reason for anyone else to gloat: in Britain, we have more than our fair share of censors and wannabe controllers of supposedly offensive messages. Canada does seem to be prone to a lot of this sort of nonsense. Mark Steyn, a Canadian national now living in New Hamshire, has had his problems with self-appointed guardians of what is considered to be acceptable to say and write. My old man, when in the RAF in the 50s, once nearly emigrated there to serve in the Canadian air force. You might now be reading me with a Toronto or Vancouver dateline. Oh well, Dad chose to move into farming instead. Erratum: I previously said John Belushi was Canadian. He was not. Sorry for the error. January 13th, 2011 | 34 comments - (Comments are closed)
David Henderson, over at the EconLog blog, has astute observations to make about the statements made by a parent of the girl murdered by the Arizona shooter. I recommend you read it all. It is probably not the sort of article to appeal to Paul Krugman, who is now well on the way to achieving the status of what the swearblogger Obxnoxio the Clown calls “a weapon’s grade cock-end”. Here is more on Krugman’s descent, over, at all places, the Economist.. Even that organ of high-minded opinion is starting to publish attacks on him. Or maybe its editors are starting to take note of our own Paul Marks. January 12th, 2011 | 37 comments - (Comments are closed)
“It might be more appropriate if the Sveriges Riksbank would end the Economics Nobel Prize as a failure: strictly, it isn’t a true Nobel at all; it was not part of Alfred Nobel’s legacy, but a much later add-on to pander to the economics profession’s vain pretensions of scientific respectability. If we judge a science by the hallmark of predictability, then the predictions of economists are no better than those of ancient Roman augurs or modern taxi drivers; alternatively, we can judge by its contribution to “scientific” knowledge, in which case the contribution that modern financial economics has made makes us wonder if the agricultural alchemist Lysenko shouldn’t have got a Nobel himself; or we can judge it by contribution to the welfare of society at large, in which case the undermining of the capitalist system, the repeated disasters of the past 20 years, the immiseration of millions of innocent workers and savers, and the trillion dollar losses of recent years surely speak for themselves.” – Alchemists of Loss – How Modern Finance and Government Intervention Crashed the Financial System, by Kevin Dowd and Martin Hutchison. First published in 2010. Page 86. Now having read it, I cannot recommend this book too strongly. Some of the discussion about modern financial theory – and its baleful consequences – is quite complex, but the authors write with a verve and eye for drama that makes this a very readable book. In my view, it is the best study of what has happened, and more importantly, spells out in practical, thoughtful ways as to what should be done. January 10th, 2011 | 42 comments - (Comments are closed)
Matt Ridley, the Rational Optimist, page 111. He’s right, of course. While Hollywood moviemakers may delight in using bosses of large firms to be villains, which is rather ironic, given the importance of big entertainment firms like Time-Warner, Disney and Sony Corporation to the movie industry in recent years. The actual track record shows, as Ridley says in this excellent book, that firms have a far shorter shelf life than government agencies. This is hardly surprising. There is, in government, no negative feedback loop with a failed agency or an agency that has outlived whatever reason for its original existence. As we see time and again, a government agency will often look for new things to justify its continued existence, arguing for larger budgets, more staff, and so on. With business, on the other hand, any firm that does not adapt to the constant shifts of consumer habits will die. Here’s more:
After having read and watched anti-business folk for years now, I don’t perhaps find this attitude as odd as Ridley does. The hatred of business is, in my view, a product of centuries of crappy, anti-reason philosophy and a fear of freedom that this has generated. January 9th, 2011 | 10 comments - (Comments are closed)
“What it really shows is the extent to which the politics of global warming is driven by an already existing culture of fear. It doesn’t matter what The Science (as greens always refer to it) does or doesn’t reveal: campaigners will still let their imaginations run riot, biblically fantasising about droughts and plagues, because theirs is a fundamentally moralistic outlook rather than a scientific one. It is their disdain for mankind’s planet-altering arrogance that fuels their global-warming fantasies – and they simply seek out The Science that best seems to back up their perverted thoughts. Those predictions of a snowless future, of a parched Earth, are better understood as elite moral porn rather than sedate risk analysis.” I love that final sentence. You do not have to buy into this guy’s Marxian point of view to enjoy his class analysis of what drives part of the Green agenda. I think he has a good point. January 7th, 2011 | 13 comments - (Comments are closed)
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