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“It was Havel who helped, as much as anyone, to put across the idea that Communism was built on an illusion and that, once people began to doubt the illusion, it would collapse.” – Ed West It says much about this great Czech that he had the signal honour of being sneered at by Noam Chomsky. I still haven’t got round to visiting the Czech Republic yet, although I have relations across the border in Germany. I must get around to dealing with this oversight soon. December 19th, 2011 | 24 comments - (Comments are closed)
Unfortunately, not even the Gray Lady was able to extend the lifespan of this essayist and controversialist beyond his age of 62. Farewell, Hitch. December 16th, 2011 | 7 comments - (Comments are closed)
“Putting Meryl’s performance aside – I’ve raved about it enough, plus it was only a pie, and there was no custard – you do not get any sense of Thatcher’s political coming of age. Why did she believe what she believed, and why so vehemently? Why go to war, for example, over an island no one in Britain cared about? You also get no sense of the human cost of her policies, how she disadvantaged the poor and took a hammer to the society she did not believe in.” Deborah Ross, writing a review of the film, The Iron Lady (about Margaret Thatcher), page 88, The Spectator (behind the paywall). Here is the Spectator link for those who pay for the thing. It is quite amusing, in a grim sort of way, to see how a writer such as Ms Ross is torn by her admiration for the film as a piece of moviemaking art and its sympathetic portrayal of Lady Thatcher, and her own leftist opinions concerning the alleged impact of this person on the United Kingdom (her remarks about the Falklands presumably indicate Ms Ross would have let the Argentine junta just take the Falklands, but she never tells us in the short space available). As a free market liberal, I certainly do not revere this politician (the government share of GDP at the end of her time in office was barely different from at the start and some thumpingly bad domestic legislation, like the Police and Criminal Evidence Act, got passed), but it is nevertheless rather striking how certain film critics have had their heads messed by this film. I am definitely going to see it. US-based movie reviewer Kyle Smith really liked it, and for the sort of reasons that, I suspect, upset Ms Ross. December 15th, 2011 | 12 comments - (Comments are closed)
“All corporate taxes fall on households in the end. Companies might be convenient places to get cash from but they are not the people actually carrying the economic burden. It is some combination of shareholders, workers and consumers that are carrying the burden: those getting the social services which they are unable to fund.” – Tim Worstall, dealing with yet another piece of nonsense from that over-blown socialist buffoon, Richard Murphy. I have to admire Tim’s stamina in how he relentlessly mocks and refutes the rubbish from Murphy. But someone has to do it. December 15th, 2011 | One comment - (Comments are closed)
Here is an interesting article over at the Wall Street Journal about how Microsoft’s Paul Allen is faring with his own space venture. Rand Simberg weighs in. All this private sector space stuff reminds me of this marvellously entertaining book by Victor Koman, although I agreed with an old American friend of mine that the book jacket design was a bit poor. I hope Dale Amon doesn’t mind my writing about his chosen specialist subject! December 14th, 2011 | 6 comments - (Comments are closed)
“Yes indeed, Britain is on the outside: left out of this idyll of anti-competitive regulation and tax harmonisation. I can remember when the greatest Eurosceptic nightmare was a “United States of Europe”. They should be so lucky. The United States of America has nothing like this ferociously imposed central control over the budgets of its member states. Nor does it require tax harmonisation among them. The states of the American union have independent tax systems: apart from federal income tax, the taxes that US citizens pay are determined by the states they are in. Some of those states have high property and death taxes – others (like Nevada, where the revenue from gambling pays for almost everything) have low ones. Some have sales taxes and specific duties which others do not. Hence the great American tradition of driving across state lines in order to buy cheaper alcohol.” December 12th, 2011 | 5 comments - (Comments are closed)
The Economist, 3 December, page 77. (Behind the magazine’s paywall, so thank me for typing it out for you). The magazine has a nice study of the continent, laying out the continued problems but also the many bright spots. There is a handy map showing which countries have the fastest and slowest GDP growth rates, with the fastest rates in black (Ethiopia, at 7.5 per cent), then red, lighter red, all the way down to the deadbeats, in white. Of course, in looking at percentage rises or falls in growth, it pays to remember that statistics can be highly misleading (hardly a surprise to any skeptics of government, of course) and it is easy to rise fast from a low base. But still, these numbers are indicative of a more positive picture. Needless top say, Zimbabwe came at the bottom of the growth league. It remains a grim lesson in how collectivism, cronyism and debauchery of money spell disaster. If parts of Africa are beginning to understand the follies of this and start to make serious money, that is excellent news. For a start, refugees from the hellholes of the continent might, instead of entering sclerotic Europe, choose to make a life in a more congenial place elsewhere. Of course, there have been false dawns before. But with the flood of money entering the continent from China (after all that commodity wealth), I have a feeling that the rise of Africa has some staying power, particularly given the young demographics. Of course, it could all be messed up from things such as a rise of global protectionism. December 8th, 2011 | 6 comments - (Comments are closed)
There is something about this story about bank debt buybacks that I don’t quite understand, although I have only had two cups of coffee as of the time of writing:
Okay, so if a bank has debt – ie, others are lending it money – and the bank buys back, or in other words, pays off some of that debt, like paying off a credit card, say, how is this raising capital? The bank is presumably paying the debt off with, er, what? Fairy dust?
This is not very clear. What is the defining characteristic of “Basel III capital” in this case? Finally we get a glimmer of how this actually works:
Now I understand – I think. As usual, the CityAM publication has a blisteringly good item on the Eurozone’s latest absurdities today. It is become my daily morning read. The fact that several of its writers are friends and acquaintances is, of course, purely coincidental. December 8th, 2011 | 13 comments - (Comments are closed)
It is pretty clear that, whatever big criticisms it launched at George W Bush and his administration when it was in power, that Reason magazine seems to have taken things up another notch after a recent frank, and frankly appalling speech by The One. David Harsanyi is not a happy bunny:
And yet I have this fear that Obama is going to win next November. December 7th, 2011 | 14 comments - (Comments are closed)
This is a pretty decent check-list for suspected bad science from blogger Eric Raymond. It is the sort of thing that it would be useful for trainee and even experienced journalists to learn. December 7th, 2011 | 3 comments - (Comments are closed)
The internet has been buzzing for a while about the incident of a woman, Emma West, who, as shown in a video, shouted abuse at people on a tram. It is not exactly clear from the clip what might have led to this, but regardless, it is pretty nasty and a young child sits nearby as she delivers these words. She has, according to reports, been subsequently arrested and charged. Some people out there in the blogosphere are outraged by this turn of events – that West has been dealt with by the authorities, I mean. Initially, the libertarian in me agreed wholeheartedly, regarding this as an appalling attempt to enforce codes of conduct, including speech, in public places. It does make me deeply uneasy and I wonder whether the law would have come down like a ton of bricks on her had she just left, say, litter on the floor. The blogger Old Holborn expresses such a view, for instance. Some people seem to suggest, in fact, that people like this woman have been provoked beyond endurance by the impact of mass immigration. Well maybe, although as a supporter of the freedom of people to move from A to B – so long as they do not expect state benefits – I don’t see why immigration should be halted because it offends people like this woman. After all, given that she lives in London, and that it is, thankfully, a cosmopolitan city and one of the financial capitals of the planet, she will have to face up the chance of meeting lots of foreign-looking folk on a fairly regular basis, immigration or not. I had second thoughts about this business, however, when I considered that under the old Common Law (which libertarians often praise), and other laws too, an offence of “breach of the peace” might apply to this woman’s conduct; such a situation should, perhaps, involve no more than a rap over the knuckles from a magistrate and told to be of good behaviour. The same used to apply to people who got very drunk and disorderly, etc. This would not have anything specifically to do, as such, with being politically correct, as far as I can see. (There may have been elements of PC-ness in this case, of course.). The issue would be simply whether her behaviour was deemed likely to cause disorder, and of what the risk of that really was. Also, from a property rights point of view, if a train/other service is run by a private company, say, then I would argue that the train company should be free to decide such matters, just as, in a perfect liberal world, pubs and clubs and other such places could so decide. (Alas, such principles have already been partly destroyed as in the outlawing of smoking in privately owned commercial premises). If I own, say, a theatre, and I saw a customer shout abuse of any kind at another in the bar, then I’d be within my rights as the owner of said property to kick the people out and if necessary, ban him/her from re-entering. The context is also important in such cases, or it can be. It is one thing, maybe, to trade insults with someone in a fairly open place; it is another business if you are on a confined space such as a train carriage or small office and have to hear such abuse, in close proximity. The smaller the space, the more good manners matter. Indeed, think of how the word “civility” and “civic” run together – manners are a function of having to live close to one’s fellows. Institutions such as navies, where people have to sleep cheek by jowl, understand this point almost instinctively – hence all the seemingly petty rules. These are issues where a healthy civil society is one in which certain behaviours are internalised, reducing the need for rules on such conduct to be enforced by things like police. We should not need to legislate so that mothers do not swear in front of their young children while verbally attacking strangers, or dumping litter on the pavement, or spitting, or urinating in public. And to a degree, the fundamental problem is that this internalisation of moral conduct has been hit by a variety of forces, including the Welfare State, breeding an often oafish, whining sense of entitlement. And it also leads me to the view that one of the most effective ways to restore civility is through private, non-state ownership of public spaces. By the way, on a related topic, I can recommend Edward Shils’ classic, The Virtue of Civility. December 5th, 2011 | 37 comments - (Comments are closed)
Let us fisk this:
Nice piece of snark, which I do not demur from.
That may be true. I have not checked. However, the fact that Spain’s public finances went down the toilet so fast does not quite suggest that the Spanish public sector was a model of mean-minded prudence.
No, they should have been facing up to the fact that a vast number of mal-investments were caused by a decade of under-priced credit, and that there was no way that such a build-up of bad investments can be unwound painlessly. Seeking to hold off the pain by increasing public spending (and hence scaring the hell out of the global bond market) is hardly likely to achieve the desired effect.
That may be true in crudely political terms; after having enjoyed the fat years, those who have done so are not likely to enjoy a lean period. However…
Well, it seems a bit glib to assume, as Keynesians like Professor Krugman do, that the inflation will prove to be temporary… Riiiight… One key problem for the eurozone, as he ought to know, is that labour markets in much of the region are so heavily regulated that getting a meaningful adjustment in wages and prices is hard, and yet this has to happen if countries such as Greece and Germany are to co-exist under the same currency area without strife. The same issue, of course, would apply if the whole region were to adopt, say, an inelastic system of real money instead of fiat money issued by a central bank or banks. Another point for Professor Krugman to remember is that in some member nations, such as France, there has been double-digit percent unemployment for the young long before anyone had heard about sub-prime or credit crunches. And Europe’s record for wealth and job creation, compared to that of the US prior to the crunch, has been and remains lamentable. December 2nd, 2011 | 16 comments - (Comments are closed)
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