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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Britons, even those uninterested in sport, would have to have been ignoring the news for the past few weeks not have seen reports about the audacious purchase of English football team Manchester United by American tycoon Malcolm Glazer. His bid, which looks likely to succeed and will take the club off the stock exchange, has enraged fans, concerned that a man with no knowledge of football or the club’s history will wreck the club.
I hope the fans’ worst fears do not come to pass. The deal is, however, troubling. Glazer has taken on a vast amount of debt to finance the deal, presumably calculating that he can earn enough profits to service his debt to make the deal – known in the jargon as a leveraged buyout – viable. With concerns rising that the economy could slow down and dent the firm’s profitability, such a deal could easily end badly for the club. A number of teams, most notably Leeds United, have fallen on hard times, nearly going under due to mountains of debt.
As a gung-ho defender of free enterprise, I can hardly claim that Glazer was not entitled to bid for this team under the rules of the stock market. He has taken his gamble and who knows, it may pay off, although the financial details don’t appear very reassuring. I have noticed more than just a whiff of unpleasant anti-Americanism in some of the reporting on this deal in some quarters of the media.
I follow another team – Ipswich Town FC – but have always had a bit of a soft spot for the team that has given us the likes of Duncan Edwards, George Best and Bryan Robson. I hope that this rather oddball entrepreneur from Florida understands what he is doing and does not wreck one of the most famous, if the most famous, sporting institutions in the world.
Mark Steyn comments here on the absurdity of trying to legislate to make our charming youth appear less menacing by stopping them from wearing hooded tracksuit tops of the sort familiar in any major city. As he goes on to write, the attempt by the government to try and regulate this sort of thing suggests the government has a terrible naivety about the ability of the State to improve things like manners and standards of conduct by brute force of law:
But respect is a two-way street, and two-way streets are increasingly rare in British town centres. The idea that the national government can legislate respect is a large part of the reason why there isn’t any. Almost every act of the social democratic state says: don’t worry, you’re not responsible, leave it to us, we know best. The social democratic state is, in that sense, profoundly anti-social and ultimately anti-democratic.
As Steyn points out, the habit of wearing hoods, large baseball caps and the like is in part a rebellion against the gazillions of CCTV cameras which now festoon so many of our town centres, shopping malls, public buildings and even, so the government hopes, our countryside. The law of Unintended Consequences, as Steyn says, applies. If you treat the populace like kids being minded by nannies in a creche, some of them will try and hide from nanny the best way they can. Of course, there is no reason why owners of private premises cannot enforce dress codes, as happens in pubs which ban people from wearing soccer shirts etc. However fair or unfair, owners should be allowed to insist on the dress code and behaviour they deem fit.
Perhaps this government might try to treat us like reasonably intelligent adults. You never know, the habit might catch on.
Andrew Sullivan has an absolutely barnstormer of a piece here about the British elections. It is often highly refreshing to read a perspective on the poll by a Brit living thousands of miles away after having spent the past two decades earning a living outside the UK. His analysis of what is wrong with the Tories, his brilliant skewering of our media, and his rendering of the LibDems and Labour, is spot on.
These are difficult times in Western car industry. The Economist magazine reports that dark clouds are gathering in parts of the world economy, pointing to a slowing of consumer spending, higher interest rates and large government budget deficits (facts which may start to really hit the re-elected UK Labour government). I hope the Economist is wrong since I have a mortgage to pay and bills to meet, but its arguments are quite convicing. And one possible harbinger of trouble right now is the car industry.
The recent demise of British carmmaker Rover is well known. Across the pond, however, two even bigger auto firms have hit trouble, and yet caused surprisingly scant news coverage outside the serious parts of the MsM and the business news pages: General Motors and Ford. GM and Ford have been downgraded to “junk” status by international credit rating agency Standard & Poor’s. That means that as far as S&P is concerned, GM and Ford are risky debtors, and there is a relatively high chance that the rustbelt companies could default on their debt. The downgrade has sent shockwaves through the financial markets, forcing many big investors, like pension funds, to wonder about the wisdom of holding corporate bonds at all.
The problem may be confined to these firms. GM, for example, make a lot of the big SUVs that environmentalists get steamed about, and these monsters of the road are now proving more difficult to afford in a world of high oil prices. There is also a glut of cars on the world market and the industrial growth of China and India, and indeed of parts of Latin America, are a growing threat to GM and Ford’s home market.
Britain’s car industry has been through a torrid period since the 1960s, but even in the world’s largest economy, making cars is proving increasingly tough.
Show me a cultural relativist at 30,000 feet and I’ll show you a hypocrite…If you are flying to an international congress of anthropologists or literary critics, the reason you will probably get there – the reason you don’t plummet into a ploughed field – is that a lot of Western scientifically trained engineers have got their sums right.
– Richard Dawkins, from a collection of brilliant essays, “The Devil’s Chaplain”, crushing all manner of shoddy thinking.
First impressions that this is going to be a much worse night for Labour than some polls have suggested. Exit polls are pointing to a big cut in the size of Labour’s majority. Early days yet.
German’s leftwing SPD politicians have been bashing those symbols of hated capitalist activity, private equity buyout funds which look out for distressed firms, sell off some of the assets and reconstruct the remainder in the hope of turning a business around, before selling it at a profit. How shameful. Such people are “locusts” destroying Germany’s economy, scream the politicians (who of course have been doing a tremendous job on that score).
In fact, I find all this abuse rather encouraging. If entrepreneurs see value in the German economic landscape, and perceive there are rich profits to be made in turning around businesses and then flogging them off, it is very good news indeed for the country’s economy. By releasing capital from uneconomic areas and focussing it on lucrative new bits, the overall pie gets bigger, jobs get created, and productivity is also increased.
In fact, one could almost create a new economic law: the amount of abuse raining down on entrepreneurs is directly proportional to the good they do. I haven’t seen much reason to doubt this law yet.
The indefatigible Radley Balko has a nice roundup of latest regulatory nuttiness from across the world, including my personal favourite, a rule in Italy stating that dog-owners must walk their furry friends at least three times a day. Tremendous stuff, the sort of law that would make the land of Julius Ceasar and Enzo Ferrari proud.
Joking aside at this lunacy, we are surely far beyond the point at which it is possible to subject this sort of regulatory mania to Monty Python-style satire. How on earth can one excite the anger of people against this sort of thing when it appears that the humourless berks who want to pass these rules feel no shame, no sense that they are infantilising the public?
I spent an enjoyable night at the theatre watching the musical, “Billy Elliott”, based on the film of the same name. It is the tale of a boy with ambitions to be a dancer, who lives in a northern English mining town during the time of the year-long miners’ strike of 1984-5 and is full of references to the political controversy of that time. How long ago it must feel to some of us who live in an era of far more peaceful industrial relations.
We have become so used to the relatively low level of strike action in Britain compared with the madness of the 1970s that some people in the audience watching folk cavorting on the stage must have wondered what the issues were about. My fiancee, who is Maltese, certainly did. She was actually appalled at the biased presentation of the then Thatcher-led government in the musical. I pointed out that this sort of bias is pretty standard boilerplate for the sort of leftist folk who tend to dominate the thespian world. It is easy for us, from our vantage point 20 years after the strike, to bask in the sentimental glow of affection for a lost world of pits, working men’s clubs, marching brass bands and the rest.
But at the risk of incurring the wrath of the commenters here, I did feel sympathy for a whole cluster of people who, faced with the iron laws of economics and a government determined to shake up the energy industry, faced losing their jobs and livelihoods. Even for a gung-ho proponent of laissez-faire like yours truly, the massive changes to our industrial landscape are not a story of unalloyed joy. It is a major issue for modern economies: how do we fully engage the energies of people who previously spent the years between 16 and 60 hewing coal out of the ground, riveting ships or working on car assembly lines? I cannot help but wonder that some of the problems of modern society, such as the loutish behaviour of young men, for instance, has something to do with the fact that in years past, young men who were not academic high-fliers nevertheless had a source of pride in doing something productive and in the case of mining, frequently very dangerous.
That all said, it is to my mind a great sign of progress that we no longer expect tens of thousands of men to work miles under the ground to keep our ovens, street lights and heating systems working.
With the price of crude oil holding over $50 per barrel, how long will it be before the more flexible parts of the Green movement start arguing that nuclear power is actually not such a bad idea after all?
I ask this question because it seems to me that Britain, like a lot of other western nations, could be facing a Californian-style energy shortage fairly soon. It goes without saying that such an issue is completely off the political radar right now.
Comment away!
For those of you not able to drag your attention from our fascinating British national poll (okay, I’ll turn the snark button off now) there is always the European Union to keep us all amused. It emerges that the EU Commission has gotten a bit red-faced after it emerged that two saunas were installed in the new Brussels HQ out of consideration for its Scandanavian staff.
This seems a bit mean. It must be nice to unwind and loosen those muscle pains after a hard day churning out interminable directives and figuring out new ways to shaft Chinese textile exporters. In fact, I would like to make a modest proposal: perhaps all such officials could spend a lot more time in saunas, not to mention theatres, cinemas, restaurants, nightclubs, race courses and football grounds. In fact, anywhere but their own offices.
Glenn Reynolds links to this article saying that the French government has put its support behind a law allowing the Chinese military to attack Taiwan as well as end the EU embargo of arms to China.
So let me get this straight. France, a democracy (sort of) decides to let a communist dictatorship – China – acquire the necessary means and legal clearance to attack a democratic neighbour that has posed no threat or problem whatsoever to France (apart from cheap electronics, maybe).
I guess that is what is known as nuanced foreign policy. Way to go, Jacques!
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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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