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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“Money, when paid into a bank, ceases altogether to be the money of the principal; it is then the money of the banker, who is bound to an equivalent by paying a similar sum to that deposited with him when he is asked for it…The money placed in the custody of a banker is, to all intents and purposes, the money of the banker, to do with it as he pleases; he is guilty of no breach of trust in employing it; he is not answerable to the principal if he puts it into jeopardy, if he engages in hazardous speculation; he is not bound to keep it or deal with it as the property of his principal; but he is, of course, answerable for the amount, because he has contracted.”
Detlev Schlichter, quoting a 19th Century ruling about the status of bank deposits in the UK. It is, in fact, a sobering thought that many members of the general public might not be fully aware of what actually happens to their deposits, and be aware that to all intents and purposes, they do not “own” their deposits.
Let’s just say that for a lot of people, the Cyprus episode has been a learning experience about the fundamental nature of what banks, today, actually are and do.
“I want a “leave me alone” society — one where Christian schools can turn people away for rejecting their doctrine, just as gay rights groups can reject those who don’t share their beliefs. I don’t want us all to get along — not because I’m misanthropic (well, not just because I’m misanthropic), but because I know that “consensus” is usually a fancy word for muting minority viewpoints. I want us all to be free to be annoyed with each other from our separate corners. Is that too much to ask?”
– Troy Senik
He’s writing about Michael Bloomberg, who is up there with Hugh Grant and George Galloway in my current “rogues’ gallery”. Competition for membership of the gallery is proving quite competitive at the moment.
David Cameron’s immigration speech fails to capture the imagination
This is a headline on the Coffee House blog of the Spectator. I am not picking on CH – it is a good site generally – but it ought to be a default position, borne of years of following Cameron’s speeches and sayings, that nothing he has to say, nothing at all, captures the imagination. Even when he apparently stands up for certain things, such as press freedom, and it gives us all a glow of approval, it is quickly destroyed when the grubby reality intrudes. Cameron, and the coterie of buffoons, hangers on and knaves who work with and around him, have no ability to fire anyone’s imagination. Far better to have a headline saying “Cameron says some things about immigrants”.
But with the greatest respect, West Ham aren’t my football club. So why am paying to give them a brand new football stadium? OK, £25 million may not even add up to the GDP of Cyprus in this crazy world. But that’s still a fair chunk of change. And what are we getting for it? Some people are arguing that this is an important part of securing the fabled “Olympic Legacy”. But is this really what the late Baron de Coubertin had in mind? Half a dozen long balls aimed at Andy Carroll, and some lusty renditions of ”Oh Christian Dailly, You are the love of my life, Oh Christian Dailly, I’ll let you s**g my wife”.
– Dan Hodges.
Samizdata quote of the day has already been taken but I couldn’t not share this one.
There is more:
Or, if the crude economics are too unpalatable, look at the whole thing through a footballing prism. If I was Peter Hill-Wood I’d be spitting blood. A club like Arsenal risks its entire future on moving to a state-of-the-art new stadium, pays the price on the pitch, and then watches as one of its local rivals walks into England’s second stadium for the princely cost of £15 million, plus £2 million rent a year.
The state has played an indirect role in the footballing world – such as policing, although the cost of policing grounds is shared by the clubs – and football has, mostly, been out of the state’s hands. The only time that its regulatory influence really tightened was after the various disasters, such as Heysel and Hillsborough, in which large numbers of fans were killed and regulations were changed to make grounds all-seater.
One commentator on the Hodges posting says this, though: ….” it is worth pointing out that West Ham will be paying £2m per year rent on the 99 year lease (not sure if that is inflation linked) and that there is a considerable cost in maintaining an empty stadium”.
Well quite. West Ham is going to have to pay a fair amount to use this ground, so it is not getting the site for free, which at times is the impression gained by the original article. Even so, given that compulsory purchase laws were used originally to clear the Olympic site – and some businesses never recovered – it is worth pointing out that one beneficiary is a privately owned football club which already has a ground of its own. It amounts to a transfer of valuable land and resources to a group of businessmen.
“Bent British newspaper hacks are indeed a curse. Nobody anywhere in the world thinks Britain’s tabloid press does a good job. But the slimiest, most gin-sodden Fleet Street hack who ever lived isn’t as dangerous to Britain as the bland, responsible, respectable people who decided to set up a government-backed press board. Britain can thrive in the 21st century, but it will surely fail if the British people allow their brain dead but well groomed establishment free rein.”
From The American Interest.
The eroding liberty of the UK is getting noticed.
This article from John Phelan, at The Commentator, is worth reading:
Functioning banks certainly are a key part of a modern financial system but why should the same be said of the toxic zombies who are blundering round the current financial landscape?
And how did these rotten banks get so big in the first place? It’s because governments and central banks prop them up. Bad banks rarely go out of business, they just lumber on, soaking up and destroying more wealth. Goldman Sachs and JP Morgan were bailed out five times in the 20 years before 2008.
The second lesson is that there really is no such thing as private property. In extremis the government considers itself entitled to any amount of your property it desires even if, as in the Cypriot case, it means revoking its own commitments to protect bank deposits.
But then this is the logical outcome of taxation. If you think that a shortage of government revenue can be solved by the government simply helping itself to someone else’s revenue you really can’t have a philosophical problem with this. If you believe in the 50p tax rate this is where you end up.
The last paragraph is particularly telling. It is good, in a grim sort of way, that people have been alarmed at the idea of governments grabbing savings. But what on earth do people think governments do already? Consider the central banks’ “quantitative easing” policies. Printing money benefits those who get the new money first against those who do not; savers lose out when a government “reflates” an economy. In the UK, for example, inflation – understated by government statistics – is in the low but significant single digits and over a relatively short period, will devastate savings due to the impact of compounding. The proposals from leftist politicians for a so-called “wealth tax” in the UK is merely another form of property rights confiscation, but then again, income taxes are a form of confiscation in that they confiscate the products of work. Confiscation is what governments with a monopoly on the use of physical force do. It is one of their defining characteristics.
Meanwhile, Detlev Schlichter has an interesting new item up about the Cypriot disaster. What is notable about it is that he does not adopt a lazily predictable “bash the eurozone” stance here.
In particular, Schlichter kicks against the assumption that what was proposed – taking a slice of deposits – is somehow uniquely evil:
I am a free market guy. I am in favor of laissez faire so I always like to see placards that read “Hands off”. One could see such placards at demonstrations in Cyprus yesterday: “Hands off Cyprus”. That is great. But be careful what you wish for. A proper hands-off policy means letting the chips fall where they may. That would certainly mean no bailout and thus total collapse of the Cypriot banking system and the Cypriot economy. Don’t forget that Cyprus and its banks and its depositors are still being bailed out with other people’s money here.
That is also what some of my libertarian friends don’t seem to get when they speak, as some of them did yesterday, of another incident of the ‘the state stealing from its citizens’ or of confiscating their property. As much sympathy as I usually have with these views, in this instance they are simply mistaken. If this were expropriation it would mean that the act of abstaining from this expropriation – of the expropriator simply doing nothing – would mean that the ‘victim’ keeps his property. But if the EU did nothing in this situation – “hands off”, laissez faire – it would mean that most depositors, including those under €100,000, got wiped out completely. The choice is not between keeping everything and paying a ‘levy’, but between paying a ‘levy’ and losing almost everything.
Just to weigh in with my tuppence on the UK attempt to regulate the media, which is proving to be grimly fascinating in the manner of a slow-motion car accident, this item by the Guardian newspaper points out that the local UK media, such as regional newspapers and the like, could be crippled by the prospect of “exemplary” damages and a cumbersome complaints procedure.
It is, I suppose, a bit late in the day for a leftist newspaper such as the Guardian to notice that heavy regulatory moves weigh particularly on smaller firms. That sometimes is the point – so that big firms can flourish. Notice how bigger firms tend to be more pro-European Union than smaller ones, for example.
In the UK’s financial sector, the wealth advisory industry has been put under what is called the “Retail Distribution Review”, which is designed to stamp out use of commission on sales and force up standards for advisors. A result has been that hundreds of advisors have gone out of business, or been forced to sell their firms to rivals, and so forth. The cost of purchasing financial advice has risen, putting it out of reach of often the very people who need it the most. Result!
There comes a point where one grows weary of fighting against this period of sustained lunacy. When an entire political establishment, such as the current one in the UK, feels determined to lash out, the results are terrible. Eventually, one hopes, this nonsense might get overturned, as may happen as court cases concerning the press regulation show it to be the pile of dog-mess that it is. Nick Cohen explains what a legal minefield this will be.
There appears to be no clear idea of what sort of internet-based publications will be affected. I suspect that those organisations that are not already hosted outside the UK will move, as will some of the people involved. The UK government has, along with the the opposition side, just given another reason for anyone with a love of liberty to get out of here while they still can. People overseas have noticed what a joke the UK is becoming on this issue. Let’s hope it doesn’t give Mr Obama ideas.
If asked which groups posed the greatest threat to individual liberty in modern Britain, I would unhesitatingly cite two groups. These groups are, broadly, the medical profession and those who are generally called ‘celebrities’ – pop stars, film stars and so on.
– “Whig”, at the Adam Smith Institute blog.
Sometimes, when trying to win an argument, a person might invoke the old “but it is surely just common sense that X is X or Y is Y”. And let’s face it, we all do it a lot of the time. Trouble is, this can lead us astray on difficult moral issues, for example, or in science, where “common sense” once led people of high intelligence to scoff at the notion of gravity, or that the earth was a sphere, etc. For all I know, people once thought it was “common sense” to have absolute rulers, burn witches, keep slaves and shun those of other races.
I thought about this issue when I read this item by Bryan Caplan, in discussing the Michael Huemer book that Perry Metzger recently wrote about here.
This comment in the EconLog thread, by RPLong, caught my eye:
Common sense is one of those fuzzy concepts that people invoke to buttress their arguments without providing additional facts or reasoning. I consider appeals to common sense to be a lot like saying “very, very, very…” That is, appealing to common sense provides more verbiage without providing any additional substance. It’s a waste of time. Unless we can actually show with facts and reasoning that our position is the more sensible, there is no use discussing that which appears most “commonly” to be sensible. If you have the more convincing position, then you can certainly demonstrate how much more convincing it is.
That’s surely the crux of the matter. It is one thing to say that “My opinion about the wrongness or rightness about abortion or the proper teaching of kids is just, you know, common sense.” But as soon as you start to break down the issues, look a premises, unacknowledged philosophical/other assumptions, it gets much more complicated. In some cases, an appeal to “common sense” is just an argument from authority.
“If we want a more sustainable world, achieved through and driven by popularised digital technologies, we need to reframe the conversation and make it less about depriving ourselves of the things we like.”
Liat Clark, Wired magazine.
Indeed. It is easier to persuade people of your point of view if it can be shown in a positive, life-affirming sense rather than a gloomy one. Even where I find myself agreeing with environmentalists on certain issues, I find the coercive, “let’s ban it and tax it” stance taken to be a turnoff.
This news item about the anatomy drawings of Leonardo da Vinci looks like a good excuse to go to Edinburgh in August:
In a series of 30 pictures, the Royal Collection Trust will show da Vinci’s distinctive anatomical drawings alongside a newly-taken MRI or CT scan. The comparison is intended to show just how accurate da Vinci was, despite his limited technology and lack of contemporary medical knowledge.
The Edinburgh Festival is mainly about the arts, rather than sciences, although in a way this exhibition transcends both. I hear mixed things about the Festival: it is, apparently, great fun but it can be a pain getting accomodation. My wife has never been to Scotland – an omission that needs to be sorted out soon.
And of course the da Vinci exhibition in this beautiful Scottish city is a reminder of the grand tradition of medicine in that part of the world.
For the first time in recorded history, we have nearly every central bank printing money and trying to debase their currency. This has never happened before. How it’s going to work out, I don’t know. It just depends on which one goes down the most and first, and they take turns. When one says a currency is going down, the question is against what? Because they are all trying to debase themselves. It’s a peculiar time in world history.
– Jim Rogers, the investor, adventurer and commentator, as quoted at the splendid Zero Hedge website.
(I like the site’s motto: “On a long enough timeline the survival rate for everyone drops to zero.”)
On a related theme of currency debasement and government tactics, this book, Currency Wars, looks a gruesomely entertaining read.
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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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