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]
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“The core problem over the past few decades was not bankers’ greed or the complex financial instruments that enabled them to satisfy it. It was the immense pyramids of debt built up by the Anglo-Saxon half of the world, and the equally massive mountains of savings created in the other. Almost everything that occurred in the past couple of years was, directly or indirectly, a consequence of this.”
– Ed Conway, Daily Telegraph. He has not bought the whole free market line on what is wrong with finance today, but this is pretty good.
This blogger makes the sort of point that ought to be on the lips of any member of the UK government right now. On the BBC Breakfast TV show this morning, one of the presenters tried to make out that the UK government’s planned £6 billion cut in the current financial year would be painful (cut to photos of concerned civil servants, etc). But in the context of the gigantic sums the UK government spends every year, £6 billion is chickenfeed. It is practically a rounding error. Even the tiniest adjustment in spending and revenues renders such a number utterly nugatory.
So what gets me is why this fact is not made clear by the government. And in addition, when asked: “So Minister, are you planning to make public sector staff redundant?” the answer must be, “Yes, there will be cutbacks. The state has taken on hundreds of thousands of folk, not in front-line services, but in the long tail of administration. Some of that has to go, hopefully by voluntary redundancies and the like but there will also have to be compulsory cuts. It will unpleasant, but the idea is to shrink the state, non-wealth creating bit of the economy and expand the wealth creating bit. There has to be a significant adjustment. Thank you very much and enjoy the Chelsea Flower Show”.
That’s what I’d say, anyway. Guess that’s why I am not an MP.
Following on from Brian’s recent essay in which he wonders about the point of spacefaring, here is a sort of related essay by the science fiction author, John Scalzi. Strongly recommended. (H/T, Boing Boing).
I have read a number of Scalzi’s novels and I enjoyed them a lot. I recommend that people who are interested start with Old Man’s War.
This is the sort of story that must give the anti-proliferation folks nightmares. On a more positive tack, though, it is testimony to the continuing trend towards minaturisation that we see in fields such as computers, engineering and medical technology.
Original link fixed. My apologies.
As recounted here in a justifiably passionate editorial about the European Union’s plans to beat up the City of London, we are reminded that, whatever the vote might have been in the May general election, that with qualified majority voting in the EU, states can – and do – gang up to put a particular country’s economic affairs in grave difficulty.
Paris and Frankfurt have, in particular, resented the prosperity of the City. And as the recent travails of the euro show, there is precious little to be said for the supposedly wiser governnance of the euro zone. There was a certain amount of gloating after the US and UK got hit by the sub-prime mortgage meltdown (some of that gloating might have been justified) but it is quite clear that the rigidities of the euro zone remain a severe problem.
Why we are in the EU again?
My good friend Stateside, Russell E Whitaker, is, like an increasing number of Facebook users, getting annoyed at how any privacy settings that might seem to be available on the service are not being respected and have in fact been eroded, according to this report. Now, I have always taken the view that the internet is not a fully robust thing from a privacy point of view, but then again, if a business claims to respect privacy, but it turns out there is a problem, then users are entitled to feel angry.
I have a FB page, but I never put sensitive personal stuff on there and I tend to prune so-called “friends” pretty ruthlessly if I find that anyone is taking liberties with me. But I take the risk, at least for the moment.
But the beauty of this technology and indeed of capitalism is that complaints about an issue – such as privacy – are already spawning new ventures and ideas. I am not sure how this venture will work out (based in NY) but I wish it the best of luck.
“Yes, we might all think that sending a virtual red rose over Facebook is silly but those sending them (and presumably to some extent those receiving them) do value them. And that value is what we measure when we talk about GDP and it is the creation of that value that allows people to make profits. There is absolutely nothing at all in the capitalist system, the free market one (these are two different things please note), the pursuit of profits or even continued economic growth that requires either the use of more limited physical resources or even the use of any non-renewable resource.”
Tim Worstall, nicely skewering the idea that economic growth is the same as ever rising consumption of finite resources. Not the same thing at all.
Well, for all you gold bugs out there, here is a spiffy new banking facility, although it so far is confined to the Gulf.
Ayn Rand and Ludwig von Mises would have approved, I’m sure. By the way, the price of gold is currently around $1,250, a new record. Given the various “quantitative easing” programmes of central banks in recent months, the hunger for the yellow metal is not surprising. I must say that at current levels, it does seem a pretty risky idea to push even more money into gold, since there has been so much of a rally already. If – and this is one hell of an if – some governments start to reduce their debt burdens and try to squeeze monetary growth in some parts of the world (like in Australia), then some of that “fear premium” in gold may start to fade.
So the European Union and other Tranzi* institutions have decided to prop up the euro by another, monstrous bailout package, involving the purchase, by the European Central Bank, of billions of euros of bonds. In other words, the ECB, which for a while tried to act as “Son of the Bundesbank”, has given up on all that rigorous, Teutonic stuff and taken a leaf out of the Anatole Kaletsky let’s-print-till-we-drop playbook. Excellent. Holidays in Europe will be cheap as chips at least until inflation takes off.
What do readers think is the chance that Germany, say, will be back using the Deutschemark by the middle of this decade? I’d say it is low, but you have to wonder. Germany had for many years an enviable reputation for having a strong currency. They’ve thrown it away. I see that some of the natives are getting restless, although a news report here cites “dithering” over the bailout package as a cause of anger. I’d say it was hostility to the bailout per se.
Ironically, the strength of gold at the moment highlights the benefit of that Hayekian idea of “parallel”, competing currencies in the same jurisdiction. The way things are going, a lot of firms and individuals, given the freedom to do so, would rather be invoiced in gold or some other, relatively solid store of value (eg, Swiss francs, Australian dollars, and so on).
*A short term for Transnational Progressivism, a sort of political philosophy that puts stress on the need for big, cross-border institutions to run our lives at the expense of national, and usually more democratic ones. Examples: the UN, IMF, European Union, IPCC, etc.
“The answer to our woes, is a devolved English Parliament. Let the four constituent nations go their own separate way. let Scotland have independence, let Salmond have his way. Lets the Welsh & the Welsh and Northern Irish go. We moan on this site about the Internal Aid department, well how about we look a bit closer to home. England again has voted overwhelming Conservative, except this morning we are still governed by a party that is led and draws its legitimacy from the huge client state that is Scotland. All the usual suspects will whitter on about the unfairness of the FpTP system, whilst ignoring the biggest unfairness of all.”
Written by a character called Paul B, over at the Spectator’s Coffee House blog.
I happen increasingly to agree. While I yield to no-one in my admiration for much of what Scotland has brought to Britain and to the wider world – this book is a wonderful description – the brutal fact is that Scotland is now exerting an outrageously one-sided, and disproportionate, influence on British affairs. Its politicians have carefully natured a client state in the big cities such as Glasgow, where a huge proportion of the locals subsist on state benefits. If, as the Coffee House commenter suggests, we were to make it possible for Scotland to operate as an independent nation, then the Scottish Labour Party machine, a profoundly corrupt one and similar to the Chicago Democrat machine that gave the US Barack Obama would no longer exert its malign influence on England’s affairs.
It is time to cut Scotland loose, both for its interest, and more to the point, for those who want to see the back of the Scottish Labour Party and its arm-lock on UK affairs for the past decade and a half.
In the meantime, I suspect that the international bond market is going to have the casting vote on what happens next after this inconclusive election.
Guido Fawkes wryly notes that the Financial Times, which for a long time has backed Labour in its editorial pages, and for a long time taken a ploddingly, predictably, wrong-headed stance on many issues (such as joining the euro), has now come out for the Tories.
Of course, the FT, like the Economist – which has also backed Cameron – is a purveyor of conventional wisdom, so it may be that a centrist, social democratic paper like the FT feels fairly comfortable in backing a party that has not shown any considerably conservative political views. But as Guido says, there may be another reason in that the FT has seen some of its readers die off or defect to other, more robustly pro-market, publications. If the latter is the case, then that is an admirable lesson to be learnt: if you want to see how a product has to change in the face of consumer trends, look at the business media.
“Amazing isn’t it? Not that Labour slimed an ordinary member of the public who disagreed with them. They’ve been doing that since before they were elected in 1997. The lucky ones only found their reputations traduced in the press. The not so lucky ones found themselves dead in a field. No, what’s amazing is that is was caught live and bang to rights.”
– Blognor Regis
If I were this Mrs Duffy person who was slimed by Brown, I’d be thinking of watching my back for a few months. One thing we have learned over the past 13 years is that NewLabour are vindictive bastards.
Update: Janet Daley draws a certain parallel – as well as noting a key difference – in another famous example of a leftist politician blurting out certain comments during an encounter with an ordinary member of the public, the famous Obama/Joe The Plumber exchange.
As this Joe character found, Obama’s attack dogs tried to make life hard for him and as I said above, it may already be happening to the lady who was slagged off by Mr Brown.
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Who Are We? The Samizdata people are a bunch of sinister and heavily armed globalist illuminati who seek to infect the entire world with the values of personal liberty and several property. Amongst our many crimes is a sense of humour and the intermittent use of British spelling.
We are also a varied group made up of social individualists, classical liberals, whigs, libertarians, extropians, futurists, ‘Porcupines’, Karl Popper fetishists, recovering neo-conservatives, crazed Ayn Rand worshipers, over-caffeinated Virginia Postrel devotees, witty Frédéric Bastiat wannabes, cypherpunks, minarchists, kritarchists and wild-eyed anarcho-capitalists from Britain, North America, Australia and Europe.
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