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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Tory MP Douglas Carswell, who is one of the relatively few good guys in that party, in my view, has this blog post about a recent proposal on how to make the banking system more robust, as made by the “Austrian”-leaning organisation, the Cobden Centre. I am not entirely sure about the use of the word “democratise” here in relation to banking; however, I guess this is how Mr Carswell is trying to popularise the basic idea of making banking more solid.
Truth be told, if your average citizen really reflected on what a controlled fiction fractional reserve banking really is, his or her hair would turn white in seconds.
Thanks to my old Libertarian Alliance mate, Tim Evans, for the pointer.
“Churchill, who was prone to the black dog of depression, went to bed on the night of the 5th of June 1944 with a heavy heart. Gloomily he told his wife, Clementine, that by the time they awoke in the morning many tens of thousands of young men he had sent across the Channel might lie dead on the beaches of Normandy. In Alanbrooke’s diaries (he was the finest of the WWII diarists) it is clear how heavily he felt the weight of responsibility throughout his time as a commander in France in 1940, and subsequently as CIGS. Yet neither Alanbrooke nor Churchill felt the need to go in front of the cameras and explain how troubled they were by all the pressure. Even long afterwards it wouldn’t have occurred to either for a split second that this would be a good idea or remotely appropriate.”
– Iain Martin, commenting on the recent performance of Mr Blair’s former spinmeister on the TV. He makes a good point, I think.
Toyota is recalling thousands of motor vehicles around the world to deal with certain problems, such as possible brake failures. The story was the lead item on the BBC TV news today, not surprisingly, given the large number of people who now drive Toyota cars. On one level, this issue is being billed as a terrible embarrassment for the Japanese company, but to an extent I find the comprehensive recall of the cars to be a pretty good example, in fact, of how private businesses with a huge brand-name investment have to act when their products have a problem. Can you imagine, say, a government department doing such a massive “recall” of a failed policy? With private business, the penalties for failure are bankruptcy. For government, the consequence of a mess is often more of the same, only with more lumps of taxpayers’ money. To put it more technically, there is little in the way of a negative feedback loop when governments are involved.
As an aside, and yes, I know this may seem a bit mean-spirited, but I cannot help reflect that the problems of the Prius cars add to what has been a terrible time for the Green/AGW alarmists. The Prius is very much the car that guilt-ridden, Greenie types like to drive. As the snows continue to fall, who wants to drive one of those machines right now? And in any event, they are just pig-ugly. Time to fire up the Aston Martin, Carruthers.
Scanning the news headlines at lunchtime today, I read through the Wall Street Journal and saw this item, in relation to the expenses scandal of British Members of Parliament:
I thought the headline was interesting, in that the WSJ – still an overwhelmingly US-centred publication, covering world affairs through the prism of certain American assumptions, likes to refer to MPs as “lawmakers”. To be pedantic, it is true that they do continue to make some laws and pass many others, but given that their legislative functions have been largely subsumed within the structure of a EU superstate, maybe the term “lawmaker” somewhat flatters the true status of these characters, who are more akin to members of a local council.
Just a thought.
“When I hear the word “holistic” I reach for my BAR and don’t worry about the safety.”
– Regular Samizdata commenter NickM, over at his CountingCats redoubt. He’s talking about Prince Charles. Of course, if Charles wants to revert to an age of Divine Right, witchburnings, absence of notions of individual rights, logic, science and so forth, then maybe he should remove himself to a place more congenial to his outlook.
Tom G. Palmer, a writer I greatly admire, nicely calls out some rather boorish behaviour by the leftist writer, Jonathan Chait. I am a bit surprised: I always figured that Chait was one of the more reasonable leftists, so it seems a bit disappointing that he is a sneering jackass.
Mr Chait’s powers of reasoning are in any event, somewhat over-rated. I fisked something by him in relation to the Great Depression some time ago.
In my browsing through the Web I enjoy the site of David Thompson. After getting a pointer from Brian Micklethwait on his own site, I started to check in on Mr Thompson’s site pretty regularly. On Fridays, he manages to get his hands on all sorts of weird and wonderful stuff, often with fabulous photographs.
Well, if you have thought of living in a tree house (as I did as a young boy on my parents’ farm in Suffolk), then check out this.
“When one studies the history of money one cannot help wondering why people should have put up for so long with governments exercising an exclusive power over 2,000 years that was regularly used to exploit and defraud them.”
F.A. Hayek, Denationalisation of Money: The Argument Refined. Page 33. Published by the Institute of Economic Affairs and Ludwig Von Mises Institute. The book is quite challenging and complex in some of its arguments, but I find the broad thrust of it – that competition is good for currencies as it is for other aspects of economic life, to be unanswerable.
Tim Worstall takes a look at what sort of thoughts rattle around inside the head of the man likely to be Britain’s next finance minster, George Osborne. He does not like what he sees, and in the process, makes this vital point:
“What in buggery are “intrinsic values”? If we’re all the way back to Thomas Aquinas and “true value” then we’re about to march off a very steep cliff. For there isn’t and aren’t any such things. The value of something depends upon the value of everything else: we cannot say that 1 kg of gold is worth $12,000, or x tonnes of wheat, or y tonnes of fresh water or z numbers of smiling babies, without having some idea of the relative values of fresh water and smiling babies. Which in turn depend upon the state of knowledge (medical knowledge tells us what our forefathers did not know, that unfresh water leads to definitely not smiling and in fact dead babies) and the state of technology (how much effort do we have to put into freshening water to get smiling babies?) and indeed where we are at any one time (less effort if we’re by a clear mountain stream, more if we’re on a boat out in the ocean). Values are thus relative, always, all the time, not intrinsic.”
Or as PJ O’Rourke once put it when taking Marxist economics (surely a contradiction in terms, Ed) apart, the problem with the left, in general, is that they cannot accept that the value of anything in a market is ultimately no more or less than what a person wants to pay for it. That makes such leftists angry. Well, that’s life.
Andrew Neil, former Sunday Times editor, now TV pundit and all-round-media mogul and stirrer, has a fine column here about the latest developments surrounding the scientific credibility, or lack thereof, of the IPCC.
I notice that the Times (of London)’s front page splash is on the unfolding scandal of what sort of data has been concealed as inconvenient to the AGW alarmists. As some of us have noted in recent weeks, the MSM has been a very slow – to put it politely – to pick up on this issue. But not now. The other night, the issue even figured on the evening news on the BBC’s flagship news channel.
Of course, it is unclear how far the effect of these stories will go. The other day, chatting to an investment manager who was talking about a climate change fund he was promoting, I casually mentioned the University of East Anglia scandal, and he gave me a funny look. The problem is that a lot of money is now tied up with this AGW stuff, not to mention a lot of political credibility.
All of which proves a point that the new media forms are now breaking stories that could and should have been broken in the days of yore. The internet is having an effect. I’d even go so far as to say that one of the reasons why Barack Obama cannot count on fawning coverage any more is because, while the MSM was in adoration mode, the internet and related channels ensured that the less flattering aspects of his administration got attention. And sooner or later, people noticed.
We should not forget, here in the UK, that dislike of the state-financed broadcasting network of the BBC has been going on for some time. Here is Kingsley Amis, the author and lecturer, writing in 1984:
“In television, as in other departments of national life, the consumer, the customer, the purchaser, is faced wiith a semi-benign semi-conspiracy to foist on him what is thought to be good for him, what other people consider he ought to have, instead of what he naturally prefers. In short, the public is brought education when it wants entertainment.”
The point, however, is that the focus on entertainment has arguably increased since the late Mr Amis wrote those words back in the era of Mrs Thatcher. As a consequence, the paternalistic intentions of the creators of the BBC have been frustrated to a remarkable degree. When Amis commented on the BBC, he at least was part of a country in which it was assumed that the BBC’s controllers felt that they had some sort of mission to educate and inform – not that this justified coercive funding even then. But the paternalism was at least fairly blatant. Now even that sense of mission appears to be more evident in the breach rather than the observance. The contradictions posed by the BBC’s funding model are unendurable.
The quote is taken from The Amis Collection, page 257, published in 1990. I am not sure if the book is still in print.
“The final irony, of course, is that this entrancing vision of prelapsarian innocence is the product of the most ruthless and sophisticated money-machine the world has ever seen. With a budget of $237 million and with takings already at £1 billion, this exquisite capitalist guilt trip represents one of the great triumphs of capitalism.”
– Boris Johnson, in fine form today, on the movie Avatar. I wonder if his mockery of Eden-worship among prosperous, middle and upper class Westerners is a veiled dig at David Cameron.
I am still trying to find a spare evening to see the new Sherlock Holmes movie. It may not be for purists, but it sounds terrific. I don’t think I will waste my cash on Mr Cameron’s (no relation to the Tory Party leader) latest flick.
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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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