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The Nobel Prize winning economist and columnist, Paul Krugman, does his best to annoy crusty free market ideologues such as myself with his sheer, implacable wrongness. It stuns me that the craziest remark in the post I link to here is not actually made up, but something he actually wrote. Perhaps he should do Saturday Night Live. January 22nd, 2010 | 9 comments - (Comments are closed)
 “Being tried by 12 good men and true sounds brilliant but if, God forbid, you were to find yourself in the dock charged with a crime you did not commit, would you want to be tried by 11 dinner ladies and Trigger from Only Fools and Horses? Or Wayne Rooney? Or Piers Morgan? Speaking personally, I’d far rather plead my case in front of nothing but a judge. I know that some are a bit doddery, and that many live in houses with no central heating, but most are more astute than the alternative: 11 lunching ladies and Benny from Crossroads.” Read on, and he nevertheless defends trial by jury, despite his rather bracing opinions of our fellow men and women. For our non-UK readers, I should explain that Wayne Rooney is a footballer, Trigger is a character from a comedy show, Piers Morgan is a journalist and arsehole, and Benny is also a character from a forgettable soap opera. I hope this information proves informative and enlightening. January 22nd, 2010 | 30 comments - (Comments are closed)
I am slightly wary of trying to rank the freedoms of different countries according to some sort of benchmark, but these things can sometimes have their uses, if only in conveying movement from good to bad and vice versa. This index of freedom, provided by the US-based Heritage Foundation and the Wall Street Journal, shows that the US has definitely gone backwards in recent years. There will obviously be finger-pointing at Mr Obama and his Democrat allies, but the Republicans under Bush & co bear some of the blame for this state of affairs, also. As for the position of Britain, I hardly need to read the link to realise that freedoms are declining. January 21st, 2010 | 9 comments - (Comments are closed)
Well, continuing in my theme of talking about folk heading off to mountainous nations with more sensible tax laws than in the UK, I see that Sir Simon Jenkins thinks that Britain would be well rid of the thousands of financiers and other folk who are threatening to leave the UK because of high taxes. Jenkins is a rum fish: he is often quite astute in pointing out, for example, the damaging impact of regulations on certain industries and in some ways his instincts are quite liberal in the old, proper use of that word. But he also thinks that tax rates don’t really matter. To hell with ’em, he says: these bankers are just bluffing:
Jenkins needs to get out more. There are indeed thousands of people who are not amused at the prospect of having their wallets so comprehensively lifted. In my travels and through work in the media and wealth management sector, I can tell Sir Simon that the exodus of folk is not a mirage. It is happening. Note the lazy assumption that because these evil bankers are paid so much, it will not make any difference if the state seizes another 10 per cent of their annual income. In fact, once changes to pension allowances, thresholds and National Insurance are taken into account, the top rate of income tax in the UK will be more than 60 per cent in marginal terms for anyone earning more than £150,000 a year. That tax bite is higher than will be the case on top earners in France, if my memory serves. Way to go, Mr Brown! But what is objectionable about Jenkins’ reasoning – if we can dignify his comment by such a word – is the idea that such folk have no right to be outraged at having almost two-thirds of their income above a certain level seized, at source. The assumption is that no-one really “needs” all that filthy lucre and should be jolly grateful that they do not have to surrender even more. The unconscious collectivism is all too evident. The consider this classic:
That is a silly argument. No-one is claiming that if taxes rise, that the economy collapses overnight – the damaging effect can take quite a while to have its effect. But have its effect it did. Many of the stars of 1970s films, such as Michael Caine, Peter Sellers, Sean Connery, Richard Burton, Roger Moore, did not live in the UK for part of the period that coincided with confiscatory tax rates. Sellers, for example, ended his days in Switzerland.
Well, if Mrs Thatcher really did think that 50 per cent was “enough”, then all I can say is that I am glad Mr, now Lord, Lawson, prevailed. If the state takes a smaller chunk of a person’s income at source, that does not necessarily fuel inflation – since before the tax was cut, presumably the money being seized from such taxpayers was being spent on something else. In fact, I would add that one of Mrs Thatcher’s faults was her support for mortgage interest tax relief, which encouraged people to over-extend their borrowing on property and helped fuel the housing boom of the late 1980s (UK regulations restricting house building did not help either, but that is another story). Finally, there is this:
Here he is confusing good arguments – no bailouts for failed bankers – with a sort of vengeful “fuck-you!” spite against bankers in general. If Sir Simon wants to make the case against “too big to fail” bailouts of bankers, argue for a genuine free market in banking rather than the statist, moral-hazard disaster we have now, and insist that the Keynesian madness now in vogue be challenged, I will be cheering him on. I suspect I might have to wait a while. January 19th, 2010 | 26 comments - (Comments are closed)
My blogging activities have been a bit patchy of late – possibly my enthusiasm or ability to come up with topics to write about has run a bit dry after doing this gig for almost nine years. But one reason for my lack of output has been my business travels, since after a busy day heading around from place to place, it takes a bit of effort to crank up another posting. Anyhow, in one nation I visited in the past few days on business – Switzerland – I could not fail to be struck at how folk in that nation feel a sense of being under seige. Under siege, that is, from various financially ruined nations such as the US and UK who are becoming increasingly aggressive in chasing after taxpayers. And although Switzerland is far from perfect – they have their own bureaucratic foibles and petty rules – I generally like the cantonal system, which means that if the canton of say, Zurich, decides to impose some dipshit rule, another one might take a more liberal view. And on the issue mentioned by Perry de Havilland of the totalitarian tendencies of certain medical lobbyists, I’d argue that Switzerland falls pretty well near the liberal, if not libertarian, end of the spectrum. Take the issue of smoking in privately-owned places. Yes, there are bans in some places, but I noted, for instance, that at Zurich airport, there was a rather smart-looking cigar bar. (Smokers are treated fairly well on the whole). In the hotel I stayed in, folk were smoking in one part of it without provoking any kind of anguish from anyone else. I occasionally write about this nation because it is useful to have an example out there of a nation that has managed to resist the siren songs of being a “good European” and joining the EU behemoth, and because its people seem to still have a sort of cussed independence of mind that is a pleasing contrast to what I come across elsewhere. No doubt the Eyeores in the comment thread will tell me otherwise. As an aside, I find the Swiss accent of German as hard to understand as ever, and I thought my German was quite good. January 19th, 2010 | 8 comments - (Comments are closed)
“It says something about our prospective future prime minister that when he decided to respond to accusations of being a lightweight, he did so by granting privileged access to the “most fashionable man in Britain”, and that the subsequent book that was produced (for which he was paid £20,000) and the subsequent articles that continue to be produced (Jones recently wrote a 3,288 word piece on Cameron for The Mail on Sunday), have resulted in revelations such as the fact that Cameron doesn’t really like Pot Noodle, that he needs six or seven hours’ sleep a night, that he has “small flecks of grey in his thatch” and that his karaoke song of choice is A Hard Day’s Night by the Beatles, because “even I couldn’t muck up a song like that”. January 14th, 2010 | 4 comments - (Comments are closed)
The news out of Haiti today has been uniformly grim. As I watched the TV footage of people trying to find survivors from underneath the rubble, it was natural to wonder whether we haven’t been rather pathetic here in Britain to carp about the harsh winter, since, although the winter snows have not been a ton of laughs, it has not meant the kind of devastating loss of life and wreckage of homes that happens in an earthquake event. Rand Simberg makes the point that while there is never complete protection for any kind of country against natural disasters, it tends to be a pretty useful rule of thumb that richer countries, with superior building standards and better means of rescuing those in danger, tend to fare better when nature strikes. Maybe he is right – I think the Japanese, for instance, with their almost constant experience of earthquakes, are in a better position, due to the wealth and technical prowess of that country, to deal with such events than a miserably poor, conflict-riven nation such as Haiti. But frankly, even the richest, most technically savvy nation on earth is going to be clobbered hard by a high-category quake. Let’s hope help can get to those who need it most. Here is a site that seems to be offering shrewd advice and links to those involved in the relief efforts. January 13th, 2010 | 21 comments - (Comments are closed)
I am always struck, whenever I take the Eurostar train to Paris, as I did this morning, at how much graffiti there is on the walls near the railway tracks and on the sides of the often ugly buildings that sit next to the tracks near Gare du Nord. Some of the graffiti is in fact rather well done, even rather amusing. Here is a collection of the sort of stuff you can come across in the French capital. Of course, graffiti is an assault on property – the assault is part of the thrill for those who do it – so beyond issues of whether the daubs are ugly or not, it is something that a liberal respectful of property and boundaries will be interested in. Even if I see a clever piece of graffiti, it makes me angry that someone’s property, on which attention might have been lavished, has been defaced. In the case of privately owned property, the offence is clear and obvious: spraying graffiti on the side of your house, say, is the same, in terms of the assault on what is yours, as spraying paint on your face. With public buildings paid for by taxpayers, my view is that taxpayers are entitled to expect that, assuming they have to be forced to pay for buildings at all, that the buildings are respected and kept in good condition, and not disfigured. I suppose some folk of an anarchist type might feel that defacing public buildings is a way of protesting against such things, although I have never seen a piece of graffiti with any slogans on it that might have appealed to an individualist anarchist like Lysander Spooner or Benjamin Tucker, say. If I see an item of graffiti saying that “taxation is theft” or that “the state is not your friend”, I’ll be sure to try and photograph it. On a related point, I have to say that the Eurostar terminal at King’s Cross St Pancras in London knocks the spots off its Paris counterpart. What a magnificent building. For once, old London town has its French rival beat when it comes to sheer architectural magnificence. January 12th, 2010 | 31 comments - (Comments are closed)
Elvis would have been 75 today. I remember the day he died, and he was a megastar way before I was a twinkle in my mother’s eye. But I watched a couple of TV shows last night about him, featuring some of his performances, and even with the grainy old TV, some of that amazing charisma comes across. January 8th, 2010 | 6 comments - (Comments are closed)
Anatole Kaletsky still inhabits the mental world where debt-driven crises are cured by more debt, where the damage inflicted by madly cheap money can be cured by, er, even cheaper money. And in the process, he dismisses anyone who might demur from this fantastical notion as mad ideologues or right-wing troublemakers:
So perhaps Mr Kaletsky can explain why, if Brown was such a great man, he presided over a situation as finance minister when the UK ran a budget deficit even when the economy was – according to official statistics – growing reasonably strongly before the crisis. And maybe he can explain why, in previous historical episodes, such as in Britain during the early 80s or in the early 1920s in the US, the economy recovered from recession without massive government spending and oodles of cheap central bank money. Of course, Kaletsky is right to point out that this massive pile of public debt that has now been built up will have to be reduced, and probably far more severely, than the UK’s opposition Conservatives have been willing to let on. But then such a process is bound, by the logic of Mr Kaletsky’s own neo-Keynesian macro-economics, to drag on any future recovery, since such a debt reduction programme is bound to involve tax rises as well as public spending cuts. By “anti-Keynesian academic ideologues” – as opposed to sober-minded sages such as himself – Mr Kaletsky is presumably referring to what can be loosely described as the Austrian school of economics, a school that regards money not as a metaphysical abstraction to be manipulated at will by a handful of central bankers and their political overlords, but as a claim on real resources, which cannot be simultaneously used by different people at the same time. Instead of sneering at such views, it would be more edifying if Mr Kaletsky, and those who share his views, could address them cogently. Here is a decent article on a related theme. January 7th, 2010 | 27 comments - (Comments are closed)
“I think that people can legitimately complain that the educated class that dominated Wall Street and Washington first made the mortgage mess and then railroaded through a bailout in which a transfer of wealth from main street to Wall Street was marketed as a benefit to main street. The educated class is losing the respect of the rest of America for reasons that are well deserved.” – Arnold Kling. The quote is equally applicable to the UK. Read the whole item. It contains interesting commentary on a new book by Thomas Sowell. By the way, the question of the influence of an “educated class” begs the interesting question as to whether this class is all that well educated in the first place. Surely one of the hallmarks of a traditional, liberal education was understanding certain lessons of history, such as the dangers of concentrations of power in a few hands with few checks or balances. Just a thought. January 7th, 2010 | 11 comments - (Comments are closed)
This story is a fairly nice summary of the icy conditions affecting bits of North America, Asia and Western Europe. Here in London and the Southeast, we are getting snowed on quite a bit; other parts of the UK have been hit even harder. This time last year, I had cause to snigger at some of the Man-made global warming folk out there and I suppose I was being a bit mischievious, in that AGW alarmists would argue that one or two bad winters hardly undermines their argument, which is true, but then a couple of sizzling summers cannot, by the same logic, be used as confirmation of AGW, either. But much more of this in the next few years, and I would not be at all surprised if public skepticism about the whole AGW issue deepens yet further. One by-product may be changes to transport and the types of cars people use, with more four-wheel drive vehicles coming along (and no, not necessarily SUVs, but smaller ones). And expect sales of these things to rise. And maybe, this book might get more readers, too. The story, “Fallen Angels”, is about what might happen when governments succeed in massively cutting C02 emissions. Be careful what you wish for. January 6th, 2010 | 32 comments - (Comments are closed)
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