“At times, Gingrich, who’s written more than 150 book reviews on Amazon.com, sounds like a guy who read way too much during a long prison stretch.”
– Gene Healy. He’s not a fan.
|
|||||
|
The Daily Telegraph has an article defending the idea that general practitioners can and sometimes do out-earn the banking business. Of course, people have not traditionally gone into the medical field looking to make millions, although some innovators of medical patents, for instance, may have done just that. Generally speaking, I take the view that so long as doctors are operating in a free market, then what they receive is a matter of indifference to me. Good luck to those who do well, I say. If we had a genuine market in healthcare, then the high salaries paid to the best doctors would, in time, attract bright people to become doctors rather than say, derivatives traders, or whatever. Of course, this is not the present situation. With many doctors, their pay is partly driven by their membership of a restricted profession and in the case of the UK, by the money spent by the taxpayer. And as for bankers, or at least some of them, they too benefit from the privileged access to central banking funding of their employers, from bailouts, from barriers to entry erected by regulators, and so on. So if people in Wall Street and the City do get sniffy about how much the men and women in white coats sometimes get paid, remember, they are not quite operating in a free market world, either. November 22nd, 2011 | 3 comments - (Comments are closed)
Our own Perry de Havilland had Cameron more or less figured out in January, 2006. I have had no reason, and neither has Perry, to change my mind about him. November 21st, 2011 | 16 comments - (Comments are closed)
“As the Church of England keeps telling us how much it shares the aims of the St Paul’s protestors, I notice an advertisement in the Financial Times. The Church Commissioners need a chief operating officer. He will be paid a `six figure salary’, says the advertisement, to manage their `£5 billion multi-asset portfolio’. There is no mention of anything Christian, or even anything ethical. The language is all management-speak. The ideal candidate will have a `proven track record of driving continuous and consistent operational performance’. The job’s responsibilities include `to build and maintain internal controls and process and to lead a no-surprises culture’. Although it is pretty hard to reconcile a `no-surprises culture’ with the mystery of the Incarnation, one must admit that it might have come in useful in dealing these various `occupations’. As well as St Paul’s, there is no one else outside Bristol, Exeter and Sheffield Cathedrals. You have only to study the websites of the various Occupy groups across the country to see that they, too, stick to a no-surprises culture. Events include Palestine Solidarity Campaign rallies, performances by Billy Bragg, strikers’ benefit gigs, meetings of the Anti-Cuts Alliance. They are not forerunners of a Second Coming: they are the usual suspects. There is nothing unchristian about rounding them up (caringly, of course).” I like the point about Billy Bragg. He’s in danger of becoming a “national treasure”. November 18th, 2011 | 7 comments - (Comments are closed)
Yes, I know that there might be some room for doubt here, but an example I came across in the news pages of CityAM today clearly highlights how so-called environmental taxes are hurting the economy and costing jobs, often in areas already in dire straits:
Personally, I think risking 600 jobs is pathetic. If the AGW alarmists are really that good, they should be looking to risk millions. They need to raise their game. Sorry for the sarcasm, but you can see why this blog, along with others, gets angry about the lying and bad faith of those “scientists” who exaggerate their doomongering, and the politicians who embrace their ideas. It has consequences for actual lives. November 17th, 2011 | 7 comments - (Comments are closed)
I came across this note in one of the notes I get from banks and law firms. I am not sure of the source, but it was allegedly said by the mother of Karl Marx:
Of course, Marx spent a lot of his life living off the capital as generated by other people. A familiar pattern. November 11th, 2011 | 10 comments - (Comments are closed)
Over a year ago, I mused about the possibility that the wristwatch might die out as a result of new technologies. For the moment, I give that possibility a fat zero. Although I can barely afford a beauty like this Patek Phillipe or Vacheron Constantin on my income, I have always been partial to watches. They are some of the oldest examples of Man’s genius for matching precision, practicality and beauty. I was reminded of the greatness of the wristwatch by the fact that Geneva – home of the Swiss watchmaking industry – soon plays host to an annual fair showing of the finest watches in the world. Here in London, the Saachi Gallery in Chelsea hosts the SalonQP fine watch fair. Another chance for your humble writer to look at things he can’t afford. Away from the glitzy world of uber-expensive watches, we should recall that this year is the bicentenary of the death of Nevil Maskelyne, the Astronomer Royal who clashed with John Harrison. Harrison solved one of the greatest challenges of his age: how to make a clock so accurate and yet robust that it could be carried on ships at sea, hence making possible accurate navigation. Maskelyne, who took a dim view of the older Harrison’s views, is sometimes portrayed as a villain of this story, although the writer Nick Foulkes argues this is unfair (article is behind a paywall). Anyway, if you are interested in this tale, check out the National Maritime Museum in Greenwich, London, which has started a project to research the history of the British Board of Longitude. The makers of the fabulous time-pieces of the 18th and 19th Centuries played their part in forging the modern world. And of course, there are famous watches in films, such as that square Tag Heuer that Steve McQueen used to wear, or 007’s Rolex Oyster. And I think it was Buzz Aldrin who wore a watch over his spacesuit: one of these beauties from Omega. November 8th, 2011 | 24 comments - (Comments are closed)
“Looking up at the huge modern edifice of the euro tottering, tilting and melting – a Corbusian nightmare as imagined by Dalí – it is easy to forget how prevalent was the view that Britain would condemn itself to a second-class status in Europe and a lesser role on the global stage if it stayed out of the shiny new currency. Even some of the staunchest Eurosceptics, who saw that the euro was economic folly and a constitutional affront, fretted privately that it would bulldoze all before it……It is astonishing to hear the very same people who said Britain would be consigned to irrelevance outside the euro now insisting that we have a neighbourly duty to prevent its implosion: we do have such a duty, but it is based on hard-nosed self-interest, not obligation to the continental sages who – betraying their ignorance of history and its magnificent unpredictability – once insisted that their grand projet would inevitably succeed.” November 8th, 2011 | 10 comments - (Comments are closed)
Given the proximity of Remembrance Day (11 November), there is something particularly nasty about the theft of metal from war memorials. With prices of some metals at high levels, thieves are tempted to desecrate such things, as well as steal bells from churches, and so on. Boris Johnson is in trenchant form on the subject today. Once again, I am reminded of how awful a lot of the comments on the Daily Telegraph now are, as shown by much of the commentary linked to BJ’s piece. A lot of the sentiment is to the effect that all this thieving is caused by immigrants. But as one person put it, to steal scrap metal, you need scrap dealers, and they are, often as not, from the indigenous population. It is not as if thieving is something invented by people who come to this nation from abroad. November 7th, 2011 | 17 comments - (Comments are closed)
Guido Fawkes, aka Paul Staines, takes time out from his usual regime of dishing the dirt on our unlovely Political Class and goes into a more reflective tone of voice with a good piece about one of the lessons of the financial crisis: the problem that the people who run banks often have no financial liability for losses. He’s not the first person to state this, of course: Kevin Dowd, who gets regular plugs on Samizdata, has been writing about this issue for years. The issue of whether publicly listed, limited liability banks are a problem or not is one that often puts classical free marketeers at odds. Some self-styled free market purists argue that limited liability, inasmuch as it is created by statutory law rather than an emergent phenomenon arising from private contracts, is bad. Others might argue that LL is valuable in making it possible to have large-scale investment projects. Even so, there does appear to be some case, in my view, in looking at the rules under which banks operate. With our current fiat money system, fractional reserve banking, deposit protection and the rest, it seems anomalous that bank shareholders and bondholders, in addition to the cozy protections thus described, have the additional protection of limited liability. One idea, as Dowd has argued, is to increase the total liability that any owners of banks have. So if a shareholder owns, say, £100 of stock in Fred Smith Bank Corp, then his or her liability can be double that amount, or treble that amount. This may not satisfy the purists, but it would, in part, curb some of the more foolish risk-takers. It should be remembered that in countries such as Switzerland, its collection of genuine private banks (not listed behemoths such as UBS) are private partnerships, and family members – as at Pictet – have unlimited liability for losses. It tends to focus the mind. Exploring how bankers and owners of banks can be made to take a more prudent view on risk-taking makes more sense, in my view, than creating daft and draconian rules on bonuses and salaries for senior staff. By the way, when Guido Fawkes writes a strong piece like this, it seems to traumatise his less intelligent commenters. November 7th, 2011 | 18 comments - (Comments are closed)
Via CityAM, here is an interesting article about the UK’s own space industry. It is bigger than might be supposed from first glance. (Thanks to my good friend Tim Evans, over at the Adam Smith Institute and the Cobden Centre, for the pointer). BTW, one of the big places for registering space-related companies these days is the Isle of Man. No doubt, in centuries to come, the Tranzis will be trying to shut down tax havens in outer space. November 3rd, 2011 | 6 comments - (Comments are closed)
Page 152, taken from The Discovery of France, by Graham Robb. The entire book is crammed with wonderful examples of French life down the ages, and in particular, I am struck by what were, by the standards of the time (18th and early 19th centuries) vast migrations of people within the country in a way that resembles the even longer migrations of people around the world today. Even the “Tour de France” cycle race seems to have its echoes in the heroic journeys made by pilgrims, travellers and labourers of ages past. This is a great book if you are thinking of spending a week in that country. Robb has also written a fine biography of that giant of French literature, Victor Hugo. November 2nd, 2011 | 4 comments - (Comments are closed)
|
   |
||||
All content on this website (including text, photographs, audio files, and any other original works), unless otherwise noted, is licensed under a Creative Commons License. |
|||||