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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Being on the Cobden Centre email list is a constant source of interesting news items and opinions, in addition to all the stuff that is none of your business and not really any of mine.
Today, for instance, someone provided a link to this blog posting, which is entitled “CRASH 2: Why has the Treasury revoked debt-trading sections of a 1939 Act – without telling Parliament?” and is subtitled “How a hidden order could be used to bankrupt the UK”. Quote:
A few diligent MPs (David Davis is one, Frank Field another) often scan the SI lists looking for things like the reintroduction of chimney sweeps, incarceration of Tom Watson, invasion of the Planet Mars and so forth. Most of the other 618 (or so … I can’t remember these days) never bother. Everybody seems to have missed – or is happy to keep quiet about – a brand new one. A week ago today, the Coalition Government told us all very quietly indeed that it was going to revoke some parts of an ageing schedule from The Trading with the Enemy Act of September 5th 1939. The latter was passed two days after the Germans last went visiting their neighbours.
The gist of this particular quiet little alteration being that it just got easier for Britain to bale out the banks of various other countries which are now part of the EU. It’s all to do with “negotiable instruments”.
In response, someone else on the Cobden Centre list sent the text of a Reuters story, which I found in a linkable form here. Quote:
BRUSSELS/LONDON: European Union countries could be obliged to bail out one another’s struggling banks, according to a draft EU law that marks a big step towards greater EU financial integration likely to upset some members, particularly Germany.
And not only Germany, it would seem.
As to whether the story behind link number one really is link number two, I don’t know. But I have long believed that the European Union, when it finally collapses, will do so all at once. All the power and all the money that these fanatics have under their control will all be used up, all of it, to sustain the illusion that they are all now so determined to sustain. And then all the power and all the money will be gone, and everything will very suddenly disintegrate. At which point it will emerge that everyone was only obeying orders.
In all the discussion about the Greek exit from the Euro I see a lot about wealth and poverty; about whether more damage would be done to the economies of Greece, Europe and the world by “austerity” within the Euro versus a default and a return to the drachma.
These are the questions of cost and benefit that it is respectable for world leaders to discuss. Discussion gets heated, I hear – voices are raised and cheeks flushed with anger. But the thing that really sends the blood rushing to a Prime Minister or a Chancellor’s cheek is pride, not money. Pride matters. Pride, shame and “face” in the oriental sense set billions of Euros coursing this way and that in a way that mere economics could never manage. Greek pride finds German diktats hard to bear – but not so unbearable as facing the fact that Greece did not join the Euro but rather was let in by condescending officials who turned a blind eye to obvious lies, like a university turning a blind eye to plagiarism in order to keep up the diversity quota. The Germans were proud of their Deutschmark, prouder still of their own nobility in giving it up for the greater good (with a little frisson of shame at the sinful pleasures of that export boom), and this is the thanks they get?
Bitterest of all is the wounded pride of the Eurocrats. Their sure touch was meant to gently shape history as the potter’s touch shapes the clay. Only the clay slid off-balance on the wheel and it has begun the trajectory that will end when it hits the wall with an almighty SPLAT.
Shapers of history really hate almighty splats. Hurts their pride, you see.
I really hate shapers of history.
This article on Greeks seeking refuge from their woes by emigrating to Australia is a bit old now, although I would be very surprised if the desire to go has changed at all. Greeks are now, by one measure I saw, the seventh largest ethnic grouping Down Under.
Of course, countries such as Australia and Canada, for that matter, might not be as easy to emigrate to as in the past if the would-be emigrant does not have the sort of skills that are likely to appeal to any granters of visas. And without wishing to sound sour about it, I could argue that the sort of enterprising Greeks who would have been welcomed with open arms by such countries have left their ancestral homes long ago. Another problem is that the very people who are trying to get the hell out of Greece are likely to be the sort most likely to drive their country back towards some semblance of prosperity.
Update: EU officials are starting to admit they are planning for a Greek exit. The end of Greece’s eurozone membership is very close now, I think.
This would have made a good Samizdata quote of the day, but as that slot has already been grabbed, here I give you this item about the end-times for the euro:
“For European politicians, the most important task now is to cover their tracks and blame others. Inflation is confusing. It also is an unfair tax on savers and a transfer of wealth to borrowers (assuming that interest rates can be held down or otherwise controlled, probably through nonmarket means). The ECB will now be under great pressure to take actions that create inflation. This may bring the end of the euro.”
All those cultural worriers fretting that lots of furriners are grabbing “our” jobs and generally messing up the scenery can rest a little easier. Soon, large parts of Europe will be positively depopulated. The disaster of the euro is helping to drive this trend.
“the story that truly captures the imagination comes courtesy of New York University’s Development Research Institute. It highlights the influx of Portuguese immigrants to Angola – an economy that has been growing by over 10 per cent a year since peace broke out in 2002 – and Mozambique, in a dramatic reversal of roles between erstwhile colony and ex-imperial power. There was a time when poor Africans flocked to southern Europe to better their lives; the opposite is now happening. Five hundred years after Vasco de Gama first landed in Mozambique, impoverished Portuguese are turning up in droves, begging for work permits. Six years ago, Angola issued 156 visas to Portuguese migrants. In the most recent year for which data is available, that number had exploded to 23,787; 100,000 Portuguese have moved to Angola, four times more than the traffic in the opposite direction. Other studies have shown a brain drain of Portuguese to Brazil and of Spanish youngsters – especially skilled graduates – to Latin America.”
“Portuguese workers in Angola now send home more cash to their families than Portuguese workers based in London. For millions of young people, Europe appears in terminal decline, while parts of Africa have emerged as a new Eldorado. The Eurozealots thought the single currency would turn old Europe into a new superpower; instead, it has catastrophically impoverished tens of millions of ordinary folk. It is time for an apology.”
Allister Heath.
“Listening to the candidates last night, it was clear that there is no pro-capitalist, pro-globalisation, low-tax, eurosceptic, outward looking party in France – there is no equivalent to the British Conservative party’s Thatcherite tendency. What passes for the centre-right in France is social-democratic and fanatically pro-EU; it is very different to the centre-right parties seen in English-speaking countries and many emerging markets. The “right-wing” eurosceptic candidate (who was crushed) is a protectionist who wants to tax the rich – and hates French workers who have moved to London. The only successful eurosceptics are the hard left who believe Brussels to be a capitalist plot and fascists who hate foreigners, the free market and multinationals.”
Allister Heath.
In the latest series of problems to hit the euro-zone, there are problems for the Dutch. Spain and previously, Italy, have been in the news for their economic woes. But France is the Big One. If this country – about the same in terms of wealth as the UK – votes for a socialist, with his promise to impose a 75% tax on those he deems rich, then the cafes, restaurants and schools in and around parts of London will ring even louder with the sounds of French accents than is the case already. The exodus of French people in recent years to these and other shores has been striking (they are not coming here for the weather). It is, if you like, a sort of French version of “Going Galt”, although I doubt any of the French political establishment has ever read Atlas Shrugged, nor cares.
I like France a lot and relish any chance to go there. In fact, during the two weeks of this year’s London Olympics, I am in the southwest of France, in a small town to the west of Montpelier. But I would not want, as a professional, to live in the country if it heads down a damagingly socialist path.
It is at first denied that any radical new plan exists; it is then conceded that it exists but ministers swear blind that it is not even on the political agenda; it is then noted that it might well be on the agenda but is not a serious proposition; it is later conceded that it is a serious proposition but that it will never be implemented; after that it is acknowledged that it will be implemented but in such a diluted form that it will make no difference to the lives of ordinary people; at some point it is finally recognised that it has made such a difference, but it was always known that it would and voters were told so from the outset.
– Yesterday (see below) I quoted a paragraph written by James Delingpole. The above paragraph, originally written to describe the onward march of the European Union, is quoted by Delingpole, in his book Watermelons (p. 45), to help him explain how AGW went from crankery to globally imposed policy. Delingpole found it in The Great Deception (p. 605) by Booker and North. They got it from a Times editorial, published on August 28, 2002.
Bill shock is what happens when you go abroad, let your phone download some emails, then return home to an enormous bill. It has happened to me and at least one other frequently traveling samizdatista. The BBC is reporting that the European Parliament’s Industry, Telecommunications, Research, and Energy Committee has just voted to cap the price of mobile data in order to prevent bill shock.
Which does not quite make sense. The problem of bill shock is not that the bill is too high, though it is surprising and arguably silly that the price of a gigabyte can vary by a factor of 1000 or more depending on where you are, but you are told the price in advance. The problem is that the bill is unexpected. If phone companies are guilty of something, it is that they make it difficult or impossible to detect that you are running up an enormous bill before it is too late.
A simple solution would be to use SMS to warn customers what is happening or to allow them to set a limit after which data stops working. And although the BBC article does not say so, this is exactly what was regulated in July 2010. This bit of regulation regulates a sensible solution to a real problem, even it it is not sensible that regulation was used to achieve it.
The rest of it, the arbitrary caps on prices of this and that, is just price fixing.
At a very pleasant party in a snowy London, on Saturday evening, I got chatting to a Greek man who has been living in the UK since 1985 and as I suppose was inevitable, the subject of Greece’s financial disaster came up. He and I agreed that the policymakers and various others who deceived their country into the euro should be put into jail. But then again, one of the problems of modern democracy is that far too many voters actually want to be deceived that 2+2 = 5, that it is possible to spend more than one earns, etc. When a whole country becomes locked into living a lie, as tends to happen when a large chunk of the electorate hopes to live off another chunk, honesty is a loser strategy for a politician. Had a Greek politician said in the years immediately prior to the euro’s launch that Greece was unlikely, ahead of the Universe suffering heat death, to ever qualify for euro membership, such a person would be damned.
So it is certainly true that some of the political class (and I include central bankers in that classification) deserve to be locked up for their lies. But remember, they lied because the punishments for telling lies about economics and finance have been non-existent in many countries for a long time. I think one of the last politicians who made a point of telling the unvarnished truth to voters was Margaret Thatcher, and at the time, she was regarded as evil and “uncaring”. Another fairly honest politician was the late Sir Keith Joseph, who was dubbed the “the mad monk” for his pains.
This book by Bryan Caplan, The Myth of the Rational Voter, I think has obvious relevance to how a whole country can seek refuge from hard facts, as Greece seems to be doing. For a more impressionistic, sad-but-amusing tale of Greece and other countries’ financial blowups, Boomerang by Michael Lewis is an excellent page-turner. The chapter on Greece features some property speculator monks. Yes, monks.
Oh, I will get around to writing that “Iron Lady” review when I have the time.
They said it would never be agreed. Then they said it would never be launched. Then they said it would fail. When it was a success, the euro-haters still insisted that the single currency was a recipe for economic chaos and political instability. The phobes are proving to be wrong again. At a time when so much of Europe’s political leadership is in flux, the single currency is the steadying point in an uncertain and worrying world.
Imagine that the recent turbulence on the continent had occurred when Europe still traded in pre-euro currencies. What would have happened to the French franc when neo-fascist Jean-Marie Le Pen forced the Prime Minister to quit? The franc would have plunged. What would have happened to the Dutch guilder when an anti-immigration party with a dead leader impelled itself into government? The guilder would have plunged too. Before a German election too close to call, even the stolid old mark would be gyrating. And instability in currency markets would be fuelling even more political chaos: a vicious, downward cycle.
That this has not happened is thanks to the euro. The single currency has taken all this political upheaval in its calm stride.
– From an anonymous editorial in the Observer headed “A tolerant euro”.
From 2002, in case you were wondering.
He wastes no time in twisting the knife of truth in this thrillingly irreverent talk. No, he probably will not ever be invited back.
O’Leary’s conference bio should have foreshadowed to organizers that they would not be getting the traditional, polite, boring PowerPoint presentation.
I enjoyed this thoughtful article in the Telegraph by Ronald Stewart-Brown on the ramifications of Britain’s leaving the EU. He seems to think it wouldn’t be too bad because an acceptable trade agreement would be fairly easy to come by. As he says:
We could negotiate at least as good access to other EU services markets as we have at present. We would no longer need to contribute towards the excessive levels of trade-distorting agricultural subsidy other EU member states dish out under the Common Agricultural Policy.
Personally, I wouldn’t be too sure about that – I think we could be in for a fair amount of vindictiveness. But that’s by the by. My real question is whether we need or, indeed, should want trade agreements at all. After all, if we can’t sell to them, how will they be able to sell to us?
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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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