Via Timothy Sandefur’s blog, I came across this interesting question: what practices will be regarded as disgusting and barbaric in a 100 years’ time that are widely accepted and tolerated now? Tim reckons meat-eating is a possibility, and I sympathise with that. I would like to think that the practice of forcing people to attend places called schools between the ages of say, 4 and 18 and then taxing nearly half of their wealth at source and regulating the ways they spend the rest of it might one day be regarded as barbaric as slavery. We can always hope.
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Talking to fellow contributor Brian Micklethwait last night, we somehow got on the subject of the recent property and debt market bubble, and what a total mess things were. And Brian pointed out that some market bubbles, like the infamous Dutch tulip bubble of the 17th Century, were based on almost a totally ridiculous notion, delivering nothing of value, whereas at least the tech bubble of the 1990s, for all of the associated craziness and subsequent pain of the crash, did at least propel a lot of useful innovation in the internet and associated world, just as the railway boom of the 1840s in the UK helped drive forward development of the railways, even though the industry had its fair share of crooks and incompetents. And for that matter, even the tulip bubble, as the Wikipedia entry I linked to suggests, did perhaps help to drive development of what is still a huge horticultural industry in the Low Countries. The trouble with bubbles is that they pop. But it is too easy to forget, in our current fit of puritan disgust for speculative frenzy, that much, if not all of the energy that can drive prices for things higher is reflective of often dynamic and highly beneficial changes in the long run. I still believe that in a few years’ time, unless we have reverted to statism completely, that the long boom of the 1990s and most of the ‘Noughties will be seen as a generally good thing, even though part of it was driven by unwisely cheap money set by central banks – state institutions – rather than genuine economic rationale. January 7th, 2009 | 38 comments - (Comments are closed)
 I loved Liar’s Poker, and Michael Lewis returns to his old stamping ground of Wall Street to write one of the best summations, in my view, of what happened in the markets leading up to the current woes. I do not buy into all of his analysis but as an entertaining version of events, it is pretty good. Another good, if flawed account of the problems of the debt-driven economy came recently from Niall Ferguson, the historian. He has good things to say on how the understandable desire for home-ownership – encouraged by political leaders such as Margaret Thatcher in the 1980s – tipped into an attitude which stated that owning a home is almost some sort of “right”. If you think about it, paying a mortgage where you own only, say, 10 per cent of the equity is not really ownership, but a form of lease agreement. But I think Ferguson under-plays the role of central banks in the 1990s and ‘Noughties in getting complacent over the warning signs coming out of the housing and asset markets, such as gold. He had a recent television series on Channel 4 on this whole process – sponsored, I could not help noticing, by the Cayman Islands – and I was impressed by how Ferguson explained the often eye-watering complexities of derivatives and asset-backed products in simple ways without dumbing it down. Doing good-quality television shows on economics, where so much has to be conveyed by mood and picture, is hard. And Mr Ferguson’s modulated Scottish accent is a damn sight easier on the ear than the bizarre inflections of Robert Peston. January 6th, 2009 | 6 comments - (Comments are closed)
Being charitable to my fellow motorists, I guess a lot of them were in a hurry to get home last night and start off the first full working week nice and early, judging by the amount of tailgaters I encountered while driving down from East Anglia to London. At least half a dozen motorists drove very close behind me, full headlight beams on, doing probably about 90mph, forcing me to get out of the way and then watch as these idiots drove at up to 100mph or more. Odd, really, since as Samizdata readers are only too well aware, the UK has become the land of the speed camera. For whatever reason, a lot of motorists seemed not to give a damn about getting a speeding fine last night. But maybe this was nothing unusual and I was just a bit unlucky. I actually enjoy driving fast along a motorway although I find the strain on the eyes of driving at night, with lots of drivers’ lights shining in my eyes via the reflection off a rear-view mirror, to be pretty difficult after a couple of hours. I can understand the frustration of motorists with a very slow driver who, frankly, should not be on a motorway at all, but tailgating is bloody dangerous particularly when road conditions are less than perfect. In this case at least, I am on the side of the police taking a firm line. Anyway, after a splendid break spent in the contrasting locations of Malta and Northumberland, I am back at the blogging coalface. A belated Happy New Year from me. January 5th, 2009 | 32 comments - (Comments are closed)
“Politics is all very well in its place, that place being very much on the periphery of life.” – Tim Worstall, who has had an impressive year on his own blog, and seems to have quite marvellously upset one of the main figures of the Guardian’s columnists. Excellent. December 30th, 2008 | 8 comments - (Comments are closed)
Dominic Lawson writes a good deal of sense about proposals to to use public funds in the UK and US to rescue various stricken car manufacturers, such as Jaguar and GM. Like Mr Lawson, I cannot quite see how the average UK voter, who can barely afford a Jaguar car, feels about handing over money to ensure that these cars stay in business, and certainly not if a prize political creep such as Peter Mandelson is involved. Do not misunderstand me: I love the brand, but would it not be better to let the firm shrink to the status of specialist niche product for those who are willing to pay for it? Anyway, finances permitting, I am upgrading to buy myself and the missus an Alpha Romeo., assuming I can get one second-hand in great condition. Discounts for cars are likely to be pretty generous over the next few months. December 28th, 2008 | 5 comments - (Comments are closed)
Scientists are planning to ignite a tiny Man-made star, according to this Daily Telegraph article. I wonder if the scientists or the journalists writing on their activities have seen the film, Sunshine, about which reviews have been mixed? December 28th, 2008 | 8 comments - (Comments are closed)
Wired magazine has a neat item about ten species of creature that were discovered in 2008. Alas, as the comments in the article suggest, some people remain far more interested in the species varieties that have gone extinct this year. What perhaps needs to be stated is that in a constantly changing world, species are evolving and others are dying out, even without the allegedly malign influence of Man. What the deep Greens often do not seem ready to concede is that species have been wiped out before without the help of us naughty bipeds. December 26th, 2008 | 11 comments - (Comments are closed)
Here are some superb photos of those symbols of human civilisation, libraries. As ever, the British Library blows me away. (Hat tip: Stephen Hicks). I am spending Christmas in a part of the world boasting some pretty fabulous architecture of its own. In the meantime, I want to wish readers a Happy Christmas and hopefully not too stressful 2009, whatever the economic situation brings. December 24th, 2008 | 7 comments - (Comments are closed)
The One is not yet in the White House, but already, one of his most enthusiastic cheerleaders in the blogsphere, Andrew “Excitable Andy” Sullivan, has discovered that Mr Obama might not be totally signed up to the notion that consenting adults should be left alone to make arrangements to their liking, such as gay marriage. Well done, Andrew. It took Mr Sullivan just two years to swing from rather gushing praise for George W. Bush to treating him as as worse than Attila the Hun. Will Obama’s fall from Sullivan’s pantheon of political heroes be even quicker? Just to be serious – and lest folk think I am just engaging in a spot of mud-throwing at Sullivan – it is truly sad to see how this influential commentator has made a prize ass of himself over his assumption that voting for Obama was something that anyone who favoured small, limited government could be comfortable with. Oh for sure, Mr Obama may remove some of the bad things that the Bush White House encouraged, but I would not bet on it. Come to that, I am not at all sure that civil libertarians, be they concerned about issues like gay marriage, drugs, free speech, abuse of police powers, etc, can be at all confident that Mr Obama, a scion of the Chicago political machine, is good news. That’s not to say that the GOP will be any better, of course. What Sullivan, and indeed all of us, need to remember is that Bush, Obama, or for that matter Brown, Sarkozy and Merkel, are politicians. December 19th, 2008 | 53 comments - (Comments are closed)
“The forgotten man… He works, he votes, generally he prays, but his chief business in life is to pay.”
December 19th, 2008 | 3 comments - (Comments are closed)
Here is an interesting list of the worst economic notions or economy-related stories in 2008, from a mostly US perspective. My personal favourite is the one about “killer tomatoes”. (Hat tip: Andrew Ian Dodge). December 17th, 2008 | 2 comments - (Comments are closed)
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