This is magnificent.
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We have sometimes been pretty harsh on John McCain at this blog. It is only right, though, to remember the very fine qualities of this man. Coffee House does so. Well said. November 6th, 2008 | 18 comments - (Comments are closed)
 Some of the comments that we got yesterday after the Community Organiser from Chicago was elected were wonderful. Here is my personal favourite:
Update: one or two commenters are outraged by this and the words “native stupidity” have prompted at least one commenter to accuse me of being a racist in putting this paragraph on the blog. For goodness sake: the whole point of the comment was that it was written by a very bitter man who understandably feels that it is time that Obama should be attacked in exactly the same way as was Bush, who after all has been constantly attacked for being stupid, for his Texan drawl, whatever. What is sauce for the goose is sauce for the gander. I don’t normally respond to comments by adding to my original posts, but in this case I think it is necessary to lay down a marker to all those Obama supporters out there who might get twitchy when their hero gets any flak: criticism of Mr Obama is not some form of disguised racism. If the Democrats and their cheerleaders in the MSM spend the next four years trying to ward off all criticism of their man as racist, they will demean the genuine examples of racism that still exist. Further, they will, either unwittingly or not, harm racial harmony in the US and elsewhere. They will also deserve our contempt. November 6th, 2008 | 32 comments - (Comments are closed)
Jonah Goldberg over at National Review Online’s The Corner blog makes the point that the election of Mr Obama, by a landslide, does rather crush the idea that colour is any longer a serious bar to achievement in the US. Well he has a point, although I am sure there are still plenty of racists around who might try to hinder the efforts of others on grounds of race. But as we free marketeers like to point out, outside the world intermediated via political coercion, being a bigot imposes a serious cost on the bigot, since being prejudiced against a smart, hardworking person on the grounds of their skin colour is stupid. A rational employer, for example, even if he is a bigot, will employ people if he or she can get a competitive edge thereby. That is why markets can have a general tendency, if they are allowed to work vigorously, against bigots, even if racial prejudices persist. With the institutions run by the state, meanwhile, Mr Goldberg argues that with the election of Mr Obama, it is going to be much, much harder for defenders of racial quotas in things like university admissions to continue with the idea that reverse discrimination is required any longer. Hmmm. I personally am a bit skeptical: there is such a large vested interest in maintaining the politics of grievance that getting rid of reverse discrimination will not be easy. But I think one welcome aspect of Mr Obama’s election is that he will emphatically knock down the image of America as closed to non-whites. It has been nonsense for years of course, as a prominent, black economist like Thomas Sowell has been pointing out. Condi Rice and Colin Powell’s advancement to the summit of government hardly squares with the idea of a bigoted Republic, although having served under Republican administrations, they do not get much of a pass from the MSM. But the grievance industry, as an unintended consequence, just took a big hit with the election of the Community Organiser from Chicago. That is surely a good thing. November 5th, 2008 | 15 comments - (Comments are closed)
Blimey, those Atlas Shrugged themes keep on coming. Glenn Reynolds has a collection of reader thoughts about how, assuming Obama or for that matter, McCain wins, entrepreneurial vigour will be hit by any rise in taxes, particularly things like capital gains tax. Obama wants to raise CGT, which would be damaging to the US equity market, hence pension savings, not to mention curb new business formation. Way to go, Barack! Even so, the idea of entrepreneurs consciously choosing to cut back on any business plans while they sit out the first year or two of a leftist presidency is striking. Small businessmen and women are not getting much attention from politcians right now. No surprise: small businesses are disruptive; they tend not to be much interested in screwing subsidies or other benefits out of the state and are consequently not widely chased for campaign contributions. For sure, now and again a politician might talk about “helping small businesses” but there is a sort of going-through-the-motions aspect to it which means the pols do not really care that much. Just ask Joe The Plumber. It is easy, in the current fears about the state of the world economy and what might be in store, to lose sight of what has actually been achieved in recent years. Fuelled by a mixture of education, supply-side tax cuts, a benign regulatory climate and the emergence of computers, small businesses in California’s Silicon Valley and other parts of the world have driven much of the growth seen in the past 20-plus years. Sure, big businesses get on the front page of Time or The Economist, but the small, or not-even-yet-started firms are the ones that matter. If the “animal spirits” of entrepreneurs are held back, we are all in a lot of trouble. Anway, unlike some people who seem to want to torture themselves by sitting up all night to watch the elections, I shall be heading off to watch the latest James Bond film. Friends tell me it is not as good as the last one, with too much head-spinning action and not enough characterisation or jokes. But watching Daniel Craig blasting along in his Aston surely has to be better than watching Mr Magoo or The Community Organiser from Chicago. It is a shame Mr Fleming could not have written a novel where a bunch of crooked politicians wind up in a pool of sharks. Maybe that should be the next plot. Perhaps I’ll go ahead and write it. November 4th, 2008 | 6 comments - (Comments are closed)
Charles Moore, writing in the Daily Telegraph, urges Britons compelled to pay the outrageous tax, sorry, licence fee to the BBC should refuse to do so following the recent episode over two radio presenters who chose to mock an elderly actor about one of the presenters having had sex with the actor’s grand-daughter. I urge readers to read the Moore article. It is devastating and gets to the heart of why the Russell Brand/Jonathan Ross saga is not just a minor issue, but a brutal example of what is happening in the culture of the UK. It is a lamentable fact about Britain that one of the things we are best known for these days is braying vulgarity, rudeness and cruelty, although certain issues, such as football hooliganism, seem to have become a bit less of a problem in recent years. For example, I tend to find US television far funnier, far sharper and yet also less cruel. Of course this is a generalisation – I am sure Samizdata readers living abroad can give me examples of cruelty-as-entertainment – but in the UK, it is becoming more and more the norm, not the exception. And the BBC, paid for by a tax, is at the heart of it. What is even more pathetic about the brutality of this culture is that its targets are not powerful dictators or scoundrels, since that might be dangerous. It is the sheer cowardice of these folk that appals. As Sean Gabb has written, the BBC is part of the “enemy class”. As libertarians, we need to realise that privatising the odd bit of the state is not enough. The BBC, as part of the media class that is so interwoven with the political, corporatist class, must be destroyed, totally. November 1st, 2008 | 48 comments - (Comments are closed)
I must say that one of the few gratifying aspects of the current financial turmoil has been the way in which one of the UK’s biggest banks, Barclays, has decided to spurn any offers of help from the UK government – ie, the UK taxpayer – and raise funds from mostly private investors. In its recent raising of about $12 billion of funds to improve its capital position, Barclays made it clear that it wanted to stick with funding via the commercial market because, if it had drawn on the UK state moneys that have been provided for the likes of Lloyds TSB and Royal Bank of Scotland, it would lose its freedom to set pay, among other things. Now, free market purists may object that the Middle Eastern funds that have pumped cash into Barclays are not entirely private sector organisation and of course they have a point. But the fact is that as a taxpayer, I haven’t been asked to write a checque to Barclays, in contrast to other UK banks. Barclays has also kept its affairs away from the hands of such characters as Alistair Darling, the UK finance minister. Those banks which have taken state aid face the risk that the confidentiality of their clients, especially in the wealth management area, could be compromised. Of course, even before 9/11, banks have been required to compromise on secrecy due to things like money laundering laws and the like. But there is no doubt that once a bank becomes an arm of the state, such erosions of client confidentiality that have already occurred will increase. And the reaction of certain parts of the media has been interesting. On Friday evening, the BBC economics correspondent, Robert Peston, told us in that extraordinary voice of his how Barclays shareholders would be penalised by having to pay a higher amount to obtain funding than if they had, like good little corporatists, gone along to the UK Treasury. Peston, as a corporatist himself and creature of New Labour, cannot fathom why a bank wants to stay out of the public sector. Barclays’ executive bonuses may be “obscene” as far as Peston is concerned, but at least Barclays avoided some of the worst excesses of the credit boom. It is, as a result, relatively strong as a bank. Barclays must be thankful that it lost a merger battle to buy ABN Amro last year. If its refusal to eat from the state table annoys BBC journalists – who of course are paid out of a tax – then the bank must have done something very right. One cannot exactly say that of a lot of banks these days. November 1st, 2008 | 13 comments - (Comments are closed)
These pictures are pretty cleverly done. (Via Andy Ross). October 31st, 2008 | 2 comments - (Comments are closed)
Like a critical, if at times exasperated admirer of the novelist and philosopher Ayn Rand, I am interested to read books by people who are sharply critical of her work because it is a sign, as far as I can see, that she is starting to attract proper, scholarly attention. That is surely better than blind hatred or for that matter, Randroid hero-worship. Hence I was quite intrigued when I came across the book, entitled “Ayn Rand Contra Human Nature.” Unfortunately, as this review of it at Amazon demonstrates, the author of the book mirrors a trait of the woman he criticises in one key respect: he writes in a state of furious anger and sarcasm, whiich rather undermines his own effort to take her arguments apart. Rand, for sure, was an angry writer – she had a lot to be angry about – but she was often guilty of abrupt dismissals of philosophers one might regard as giants or at least want to consider more gently: David Hume, for instance. And some of her judgements on aesthetic matters make me rub my eyes in amazement. For example, she regarded Beethoven as “malevolent”, which is a pretty bizarre comment on the creator of “Ode To Joy”, about as unmalevolent bit of music you can ever hear. But the fact is that in my mind, much of what she stood for and argued about is as relevant and useful now as it was half a century ago. Her impact on driving a libertarian movement, even if she spurned the term, cannot be denied. On art, for example, I find a lot of her ideas very fruitful in explaining why I respond to some works of art and cannot abide some others. I like the way that she understood, for example, the appeal of so-called “bootleg romantic” culture such as pulp thrillers and popular action film heroes and heroines. I think she played an important role in invigorating the Aristotelian tradition in philosophy and has encouraged me to follow this up by reading writers such as Henry Veatch and these fellows. Meanwhile, I keep coming across references from people saying that the present credit crisis and the governments’ response to it is something out of Atlas Shrugged. So it clearly annoys leftists that she is still cited in this fashion. The fact that Rand is part of the current intellectual conversation is one reason why I am not quite as gloomy about the state of affairs in this world than I might otherwise have been. Let’s face it, had one of her former acolytes, Alan Greenspan, stuck to his early disdain for central banking before he became part of the system, we might not be in this mess today. This blog looks pretty interesting for critical fans of Rand. October 29th, 2008 | 25 comments - (Comments are closed)
I must say I find all this global warming business to be jolly exciting. October 28th, 2008 | 8 comments - (Comments are closed)
William Rees-Mogg has a nice, rather wistful account of the days of when bank managers actually knew their clients, knew their economic circumstances and were not in the business of lending money to folk with little or no credit history. Mr Rees-Mogg is a devotee of the gold standard. However, in talking about the changing nature of banks and the quality of their staff, he does not touch on an issue which struck me the other day: limited liability. Under limited liability laws and with central bankers acting as lenders of last resort, there is an element of moral hazard. Some free marketeers like Sean Gabb – whom I mention below – think limited liability laws are a statist curse on the capitalist system, since they would not arise without active state adjustments of corporate law. I am not sure about whether limited liability would exist in a world of pure laissez faire. It might, I guess. Also, not everyone buys the idea that LL is a distortion of the market or would not exist without state action. However, there are still some nooks and crannies of the banking world where unlimited liability still exists and works successfully. The Swiss private bank Pictet, founded in 1805 in that memorable Napoleonic battle year of Austerlitz and Trafalgar, operates a partnership system where the bank partners face unlimited liability. As a result, Pictet operates a very conservative lending and investment policy. During the fat years of the ‘Noughties, Pictet may have seen some of its more aggressive competitors steal a march, but now the bank is attracting inflows from investors who appreciate the structure of the firm. At a time when Swiss banks have sometimes attracted bad headlines due to massive losses undertaken by over-confident people, the example of Pictet is an interesting contrast. October 27th, 2008 | 12 comments - (Comments are closed)
One of the reasons for slow output on this blog over the weekend was that several of your regular scribes, such as yours truly, Guy Herbert, Brian Micklethwait and Philip Chaston, were at the annual Libertarian Alliance (UK) conference in London. Several of us remarked on how many people turned up for the two days. By my reckoning, we had about 140 folk in total. What was particularly gratifying was the number of younger people in their early 20s whom I had never heard of before. Several of the newbies mentioned that they had come across the LA via the world of blogs. This is encouraging: there is nothing more dispiriting than to observe that the circle of folk who share similar views is static and getting greyer and more wrinkled. Suddenly, that appears to be changing. There may have been several reasons why the LA conference proved so successful in terms of numbers. First of all, the speaker list was particularly strong: Aubrey de Grey, David Friedman and Hans-Herman Hoppe, to name just three. I thought Professor Friedman (son of Milton Friedman) was terrific when he spoke about how new technologies, such as nanotech, artificial intelligence and new forms of encryption, would throw up all manner of new legal issues. He is an irrepressible speaker and great value. Another reason for the high numbers at the conference is that I wonder whether the credit crunch has produced an unintended result by refocusing attention on the arguments about capitalism and financial markets. People want to know about what defenders of laissez faire think. Quite a few of the attendees were students furiously writing stuff down for assignments. The LA is getting used as a resource for academics. I came home from the event yesterday feeling enthused and proud of how Tim Evans and Sean Gabb have driven the LA forward after the sad loss of Chris Tame, its founder, more than two years ago. He’d have been very proud, I have no doubt. October 27th, 2008 | 8 comments - (Comments are closed)
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