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]
|
OK, the inclusion of the words “sex-mad” in that title was merely a desperate scheme1 to try and get you to read an article on a case brought against the UK by the European Commission in the European Court of Justice regarding the Terminal Markets Act 1973. However there really is mention of Nazis, and of the coronavirus, though not of the former being infected by the latter. In fact I would have preferred it if there had been less of the Nazi stuff2: the rather tasteless comparisons to World War II made me inclined to dismiss this “Briefings for Britain” piece on the case from two days ago, but I have a feeling that maybe it ought not to be dismissed.
In it, Caroline Bell writes:
This Thursday, the European Court of Justice delivers its verdict in the European Commission’s infraction proceedings against the United Kingdom for failing to impose VAT on transactions in the City’s multi-trillion-dollar derivatives markets. Launched during the murky days of the Brexit withdrawal negotiations in 2018, this judicial time bomb has the potential to blow up both free trade talks and the Withdrawal Treaty itself if the Court finds against the UK.
Which it did. The judgement issued today can be read here.
Caroline Bell speculates that a decision against the UK might have dramatic consequences:
In terms of trade talks, an adverse judgment would probably mean the City could kiss goodbye to any sort of enhanced equivalence (which Brussels is not willing to grant anyway) and even basic equivalence for financial services could be an issue. But for every blow the EU tries to strike here, the UK is in a position to retaliate much harder against EU financial institutions, so the outcome is again likely to be neutral. Does anyone even expect there to be a financial service agreement with the EU anymore? The EU’s action against the Swiss in this area to try to bring them to heel has badly backfired, and would do so if they applied the same tactics on the UK.
I know that quite a few of our readers work in the legal and financial fields. Is there anything to this story? What effect will the verdict on Case C‑276/19 have?
1I think it was the humourist Alan Coren who said that since the bestseller charts back then in the 70s always seemed to be topped by sex books, WWII books and golf books, his next book ought to be about sex-mad golfing Nazis. Edit: I had misremembered. Alan Peakall and Mr Ed have pointed out the existence of Golfing for Cats, pub. 1976. How many publishers would dare have that cover today?
2A wish shared by most of Planet Earth in 1945.
If you ever for a moment doubted that we are ruled by lunatics, let this dispel such notions:
The BoE said last week Britain’s economy could shrink by 14% this year – the most since the early 1700s – due to the government’s coronavirus shutdown, before growing by 15% in 2021. But the central bank warned there were risks of an even worse performance.
Haldane said in the longer term, Britain needed to put its net-zero carbon target and boosting growth in underperforming regions – as pledged by Prime Minister Boris Johnson before the coronavirus crisis – into its growth strategies.
Net zero is the most insane anti-economic notion conceived in the last few decades, a literal rejection of modern energy intensive technological society. The idea that the economic fallout caused by the Wuhan coronavirus lockdowns can be alleviated by making energy more expensive and travel less accessible is like, well, drinking bleach or fish tank cleaner to ward off said virus: the behaviour of genuine authentic unalloyed idiots.
The only way to put net zero carbon targets into growth strategies is to utterly repudiate net zero policies in favour of actual economic growth.
I at first thought that I’d just wait and see, and avoid opining about Cornonavirus until the whole ghastly episode was over and we were all back to the new normal, whatever that turned out to be. But, having waited, I am already now seeing. It is becoming ever clearer, as a few were loudly asserting from the get-go, that this bug is far more widespread, but far less likely to kill you even if you get it, than had at first been proclaimed. I do not care who Professor Ferguson is bonking, but I care very much about how wrong he has been, about so much, for so long, and yet how the governing classes around the world, including the British government, still chose to listen to him. (Is it known (comments anyone?) what Ferguson thinks about climate change? I bet he’s been a fanatical catastrophist about that also.)
Someone who has done a lot to persuade me to get off the fence like this is Mick Hartley. As I mentioned in passing at the end of this earlier posting here, Mick Hartley has been very good on the subject of the Lockdown. His typical posting on the subject has tended to consist of a big quote from someone else, often dragged out from behind a paywall, with a few comments from him topping and tailing his posting. But, in his piece on Saturday, entitled Lockdown politics, although there are links in it to the thoughts of others, Hartley writes for himself.
On the whole I’d say that the left is more supportive of the lockdown than the right. Yes I know, left vs right doesn’t mean so much any more, but it still means something. The left more supportive of the state, perhaps, vs the right more concerned about individual freedom. I haven’t looked, but I imagine somewhere in the Guardian comments someone has said that the right only want to get back to work because they want to make money and don’t care about people’s lives. And, seen this morning prominently displayed in a window: “Capitalism isn’t worth dying for”. …
Which is odd in a way, because the lockdown might be seen as a left-wing cause. Against the lockdown, that is.
It’s clear that the poor are having a much harder time than the middle classes at the moment: stuck in worse accommodation, with worse facilities, desperate for an end to this, and, for many, worried sick about their jobs and their future. We hear almost exclusively now from the middle classes – what books they should read, what films they should watch, and how to keep their kids active and up-to-the-minute with their education. These are the people, generally, who don’t have big financial worries, can work from home, and feel perhaps rather smug about how well they’re coping. But it’s obvious that there’s a whole mass of people that we never hear from … destitute, miserable people stuck in lousy over-crowded housing wondering how on earth they’re going to cope.
The longer the lockdown continues, the worse it’s going to be. …
And for what? Who are we protecting? Well, Covid-19 is deadly serious notably for the very old – not at all for the young – and especially for men. So, we’re protecting old men, at the expense of just about everybody else. …
Whatever happened to the attitude embodied in the slogan “women and children first”?
You might think this would resonate with the left, but it doesn’t seem to. …
Will Keir Starmer start pressing Boris on ending lockdown? I hope so. He should do, in the name of the people that Labour claims to represent. He did, to be fair, make some noises to that effect some weeks back, asking for the government to set out guidelines for the return of schools and getting businesses back to work. I haven’t seen much since. …
And then this:
… I hope he pushes it more, because I’m beginning to lose faith in Boris ever getting together the necessary determination.
Me too. Read, as they say, the whole thing.
Labour, it seems to me and to many others I’m sure, has mutated from once upon a time being the party speaking for the poor, often against the government, to being the party of government, even when they aren’t the politicians in titular charge of that government. These people are now “supportive of the state”, to quote Hartley, even when they’re not personally in charge of it. It’s the process of government, whoever is doing it, whatever it is doing, that they now seem to worship. It is, as similar people in earlier times used to say, the principle of the thing, the principle being that they’re in charge. Many decades ago, Labour spoke for, well, Labour. The workers, the toiling masses. Now they represent most determinedly only those who labour away only in Civil Service offices or their allies in the media, in academia, and in the bureaucratised top end of big business.
Anyone official and highly educated sounding who challenges whatever happens to be the prevailing supposed wisdom of this governing class, on Coronavirus or on anything else, must be scolded into irrelevance and preferably silenced. The governors must be obeyed, even if they’re wrong. In fact especially if they’re wrong, just as the soldiers of the past were expected to obey their orders, no matter what they thought of the orders or of the aristocratic asses who often gave them. Whether they were good orders was an argument that those giving orders could have amongst themselves, but that orders must be obeyed was a given. “Capitalism” isn’t worth dying for, but this new dispensation is, right or wrong.
Our new class of entitled asses, together with all those who have placed their bets for life on carrying out their orders or trying to profit from them, seems now to be the limit of the Labour Party’s electoral ambition. And who knows? The awful thing is that this class and its hangers-on could be enough, in the not too distant future, to get them back into direct command of the governmental process that they so adore.
Meanwhile I note, with a twinge of satisfaction amidst all the gloom, that the British politician speaking up most loudly for the right of workers, especially poorer workers, to get back to work is this excellent man. The sooner the campaign gets under way to replace Boris with him, the better.
If no one will buy this oil then why is there a market price for it? And why are there transactions occurring at this market price?
We can go further. This oil is owned by someone. That means someone has bought it.
It’s entirely true that some of this oil – say maturing futures at Cushing – has a negative price. But that’s just an annoying market price, not the absence of a market nor a lack of a price at which someone will buy it.
– Tim Worstall
This is too long and not right for a Samizdata Quote of the Day. I am busy today, but just have to put this up:
Under Lockdown Socialism:
–you can stay in your residence, but paying rent or paying your mortgage is optional.
–you can obtain groceries and shop on line, but having a job is optional.
–other people work at farms, factories, and distribution services to make sure that you have food on the table, but you can sit at home waiting for a vaccine.
–people still work in nursing homes that have lost so many patients that they no longer have enough revenue to make payroll.
–professors and teachers are paid even though schools are shut down.
–police protect your property even though they are at risk for catching the virus and criminals are being set free.
–state and local governments will continue paying employees even though sales tax revenue has collapsed.
–if you own a small business, you don’t need revenue, because the government will keep sending checks.
–if you own shares in an airline, a bank, or other fragile corporations, don’t worry, the Treasury will work something out.
This might not be sustainable.
Arnold Kling. (Hat-tip, Tyler Cowen at his Marginal Revolution economics blog.)
Margaret Thatcher once famously said (to the fury of the Left) that socialists always run out of other people’s money. Same applies to locking people down for months on end. It will end. The issue is how high the rubble is going to be.
“The coronavirus outbreak gives us a neat experiment in what happens when humans suddenly dramatically reduce both production and consumption. And, to put it mildly, most of us are not enjoying it one bit. That suggests that instead of the hair shirtery favoured by the Gretas of this world, our best solution is creating the technologies that allow us to keep consuming while also keeping the planet cool with our doing so.”
– Tim Worstall.
There’s a fruit store on our street
It’s run by a Greek.
And he keeps good things to eat
But you should hear him speak!
When you ask him anything, he never answers “no”.
He just “yes”es you to death, and as he takes your dough
He tells you
“Yes, we have no bananas
We have-a no bananas today.”
Those are some of the words to the 1923 hit song “Yes, We Have No Bananas” by Frank Silver and Irving Cohn. The song is mostly associated with World War II, but according to Wikipedia it had found its way into the history books before that:
The song was the theme of the outdoor relief protests in Belfast in 1932. These were a unique example of Protestants and Catholics in Northern Ireland protesting together, and the song was used because it was one of the few non-sectarian songs that both communities knew. The song lent its title to a book about the depression in Belfast.
For nine decades “the depression” meant the one that started in 1929. But the coronavirus looks likely to bring in its wake an economic depression that may well take the definite article for itself. Naomi O’Leary of the Irish Times reports,
Euro finance ministers reach compromise to fund pandemic recovery
Deal dashes hopes of Italy, Ireland and seven others for the roll out of so-called corona bonds
The 19 members of the euro zone agreed a compromise on Thursday to aid states in need of funding to address the profound economic fallout from the coronavirus pandemic.
But it dashed the hopes of Italy, Ireland, Spain and six other member states that had called for eurobonds to bring down borrowing costs and send a signal of unity as the continent confronts a health crisis that is threatens to become an economic disaster.
Under the deal, states can borrow from the European Stability Mechanism bailout fund to finance spending needed to overcome the crisis.
I do not seek to play down their achievement in reaching a compromise at all. Every finance minister on Earth must be passing sleepless nights wondering how best to deal with our current predicament. But the dilemma faced by the Eurozone countries is particularly acute. Italy and Spain will never forgive the EU if they receive no help in their hour of need. But the northern countries were repeatedly assured that EU membership and the adoption of the Euro would never mean they had to write a blank cheque to what they see as the spendthrifts to the south (and a few other directions besides). The Dutch, the Germans, the Finns and the Austrians must hope that when they say, “yes, we have no Eurobonds” the upbeat momentum of the first three words will carry them over the next two.
So few people have any understanding of the importance liquidity plays in markets (which is why ‘speculator’ is a dirty word to the ill-educated twats who don’t grasp the essential role speculators play).
– Perry de Havilland
“But if this really is the moral equivalent of war then history teaches us that wars can be won on the battlefield but lost on the home front, and just as nations have been defeated because they ran out of food or a revolution broke out, so the Government’s strategy could collapse because the millions of civilians stuck indoors lose patience.”
– Tim Stanley
Did you know that Boris doesn’t know who won the battle of Stalingrad? If you did not know this, please continue not to know it, because it is not in fact true. Should you encounter a reader of The Economist, however (one of life’s occasional joys of which I am now deprived by the lockdown), you may be told that Boris’ biography of Sir Winston Churchill reveals this and other remarkable lacunae in our current PM’s historical knowledge – told in a tone of great certainty and with the firmest assurance that any milder speculations you offer (for what Boris might have said to appear to mean such things) are not possible, so established are the facts.
I have never once in my entire life given money to The Economist in exchange for the doubtful privilege of reading it (and see very much less than no reason whatever to begin now), so I encounter copies but rarely in airplane lounges and on other people’s coffee tables. I therefore cannot tell you whether Economist readers believe this because an Economist writer once told them that or implied it, or merely because reading The Economist renders one credulous of such urban legends (insofar as the habit of reading The Economist does not reveal that one already is).
So astonished was I to be assured of this claim (by the undoubtedly educated and well-read) as a matter both unsurprising and beyond all doubt, that I have now once in my entire life given money to Boris (not to some cause he also espouses) in exchange for a copy of his Churchill biography – something I deduce Economist-readers are more loath to do even than I am to buy their rag. It struck me as a more primary source for verification than tracking down whatever years-old copy of The Economist had reviewed it or made a passing reference to it, or tracing the origin of its readers’ urban legends about it.
I was not surprised to learn that Boris knows what the gardener, the hairdresser and even the teenager all know – that Stalingrad did not end well for Adolf. I was not surprised to find I was correct in my pre-purchase guess that some throwaway one-liner about how far Adolf got despite Churchill (to suggest how dangerously further he might have got without Churchill) would be the sole basis for the bizarre claim that Boris didn’t. But after reading right through the book I am very surprised to discover just how vicious and/or deranged a reviewer would have to be to pretend and/or imagine that the text even remotely suggests such a thing (and likewise for the other claims).
That, however, is secondary. In her study of anti-semitism, Hannah Arendt explains that establishing the history of how ‘The Protocols of the Elders of Zion’ was forged is secondary. The historian’s primary subject is that the forgery is being believed. That someone – maybe originally some writer for The Economist but maybe, for all I know, originally just some reader of it holding forth to other readers in an upscale SW1 pub – claimed that Boris did not know a historical fact so famous that even an update of ‘1066 and all that’ might call it ‘memorable’, is secondary. The greater strangeness is that this claim is being believed – not by Jeremy two-Es Corbyn and his Momentum followers but by at least a few highly educated people who, in the late 1980s, were voting for Thatcher’s and Reagan’s economic policies even as they virtue-signalled disdain for their populism. What goes on in otherwise-intelligent minds to let a person move from that to this? How can their sense of reality be so deficient that they can be told Boris does not even know who won Stalingrad and still hear no alarm bell, no, “Maybe I should just check whether even Boris could really not know even that”?
The Economist was founded in 1843, not so long before Mill explained that democracy works best when:
“the sovereign Many have let themselves be guided (which in their best times they have always done) by the counsels and influence of a more highly gifted and instructed One or Few.” (‘On Liberty’, John Stewart Mill, 1859)
By this definition, The Economist has always been just what it claims to be: ultra-liberal. It is said that a senior editor once gave a junior colleague terse advice on how to write his first Economist leader article:
“Pretend you are God.”
The Economist has sometimes changed its mind in fact – it was rather late to abandon its Keynsianism for monetarism in the 1980s but it did. What never changes is the unapologetic arrogant smugness of a pretence that one suspects senior editors do not always recall is pretence. The Economist’s latest editor, a woman named Beddoes, is a Keynsian who thought Obama was wonderful. She belongs irredeemably to those whom Dominic Cummings described as:
always writing about how ‘shocking’ things are to them – things that never were as low probability events as they imagined
Brexit winning, Trump as president, Boris as PM – how shocking that the omniscience of pretend-God be challenged by such unforeseen events. Late last year, I was aware from my acquaintance how much Economist-readers loved Fintan O’Toole’s ‘explanation’ that Brexit arose from the idiocy of backward-looking British voters (Fintan O’Toole: ‘Heroic Failure: Brexit and the Politics of Pain’, published November 2019). Fintan laughed when Brexit-supporting reviewers warned him to worry instead about a real ugliness in his own Southern Irish electorate – until he was again shocked by an Éire election result that was (regrettably but foreseeably) never such a low-probability event as he and EU-negotiation-supporting taoiseach Varadkar imagined. (Corbyn’s success in 2017 is one on-balance-hopeful analogy to draw; there are others.)
It is said of communists that they think their party is God – a God sadly lacking the attributes of forgiveness and absolution. People who have the sense to know communism is stupid can still be very wilfully deluded about how much they themselves understand and how unshocking it should be to be proved not merely wrong but clueless.
So what is the UK equivalent of ‘NeverTrumper’? We all know what ‘Guardian-reader’ means. Is it time to be aware what ‘Economist-reader’ can mean?
“There must logically be a point at which the cost of the containment measures, in terms of human welfare and even of fatalities, outweighs the cost of the virus.”
– Daniel Hannan.
“President Trump can’t do right by some critics no matter what he does. For three years he’s been denounced as a reckless authoritarian, and now he’s attacked for not being authoritarian enough by refusing to commandeer American industry. The truth is that private industry is responding to the coronavirus without command and control by the federal government.”
The Wall Street Journal’s editorial board. Unfortunately, no-one is likely to find a cure for Trump Derangement Syndrome this side of the heat death of the universe.
I have taken the liberty of adding this excellent comment by Ross Clark, in the Daily Telegraph today. He seems to be one of the saner voices out there:
The year 2020 has already brought many firsts: never before has the British population been confined to home, nor has a UK government previously offered to pay the wages of private sector staff. But here is another: it is the first time that Donald Trump has stood out as a rare voice of reason amid a cacophony of panic.
At any other time, and coming from anyone else’s mouth, the statement “We cannot let the cure be worse than the problem itself,” would hardly raise an eyebrow. It is surely a principle which ought to be baked into all government policy. But, no, it aroused instant condemnation from the President’s critics.
As for his hope that he could get the economy roaring again by Easter, it led to an eruption from senators who appear to be enjoying the global emergency, are who have no doubt sensed that coronavirus could be the black swan event that succeeds where impeachment failed.
Sure enough, Trump has not bathed himself in glory over coronavirus, foolishly calling it a ‘hoax’ at one point. But he is right to recognise that there is a balance to be struck between fighting the disease and maintaining a functioning economy. So far, much of the developed world has embarked on a course which pursues the former to the total exclusion of the latter.
Last week, our own government published a dossier of the modelling which has informed its policy on coronavirus. There was plenty of epidemiological evidence in there, yet not a single paper modelling the economic effects of a lockdown. It is merely assumed that what will almost certainly be a steeper decline in economic output than either the 2008/09 crisis or the Great Depression can be put right by oodles of public money, much of it printed by central banks.
I am sceptical: what is this crisis going to do to the entrepreneurial spirit of millions who invested time and their life savings to set up businesses only to find them forcibly closed by the government? It is going to take a long time to recover that.
The most foolish remark you hear made in these situations is “lives are too important for money”. As Trump quite rightly points out, unemployment will itself cost lives. So, too, will social isolation. There are 7.7 million Britons who live alone, many of them elderly. There will be a serious cost to life now that enforced confinement will reduce them to the point of invisibility.
In any other situation, the Left would be jumping up every five minutes to claim that poverty costs lives. How often have we heard this fanciful figure that Tory ‘austerity’ has cost 130,000 lives over the past decade? That is nothing compared with the toll we face from mass unemployment.
Philip Thomas, Professor of Risk Management at Bristol University, calculates – in a study which has yet to be peer-reviewed – that if a lockdown causes the economy to shrink by more than 6.4 percent then the recession will have cost more lives than coronavirus itself. I would say a 6.4 percent shrinkage in GDP is on the seriously optimistic side.
We don’t normally seem to have a problem balancing the needs of medicine with those of the economy. We could save lives by going into lockdown every winter – the US Centers for Disease Control estimates that seasonal flu kills between 300,000 and 650,000 people annually.
But we don’t because we know the economic havoc would be even worse. Covid-19 is a serious disease, and one to which we began this year with no resistance. But its most damaging effect has been to destroy our ability to make a trade-off between medicine and the economy.
|
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.
|
