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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As The Big Short unfolds its racing narrative and the protagonists come to curse the authors of the disaster, and as the movie ends with the epilogue text running up the dark screen, we hear investment bankers, stockbrokers, and rating agencies condemned as pure frauds—criminals who should not have escaped jail. We never once—I know that this defies belief, given what has been published about the crisis—we never once hear government mentioned. Not the Federal Reserve, not the government-created, government-backed Federal National Mortgage Association or the Federal National Mortgage Association [Fannie Mae and Freddie Mac], not the legislation pressuring banks to make subprime loans. Not one word. A Martian somehow hearing and understanding this movie would not know that government existed—except for a few mentions of how government regulatory agencies were asleep at the switch. Capitalism, the private sector, through greed, stupidity, and sheer denial, brought on this epic collapse of the U.S. economy and endangered the world financial system, which had to be saved by governments.
It is impossible to see this as an innocent error. Perhaps in 2010, when Michael Lewis published his book—possibly, and I am stretching, here—a writer might have focused on the direct, immediate locus of the tragedy and missed its essential cause. But by 2015, when this film was completed and released, dozens of books and articles had laid out explicitly, irrefutably the role of government as enabler of the crisis. I might mention the account by a leading banker, John A. Allison, who went through the entire experience, managed his bank to save its depositors from the disaster, and then told the story in The Financial Crisis and the Free Market Cure [McGraw-Hill Education, 2012]. There are many other accounts, such as “Who Really Created the Global Financial Crisis”? The Big Short is told as though they do not exist.
Walter Donway, writing in the Savvy Street website (which I heartily recommend).
It is worth noting that portrayals of how financiers operate are not always bad or glaringly lacking in context. As mentioned on this blog before by Brian Micklethwait, one of the best movies made about the crisis has been Margin Call, starring the likes of Kevin Spacey and Jeremy Irons. That film does not seek to claim that bankers are all evil bastards masterminding, well, evil, like a lot of jumped up Bond villains who are evil because that is what they are. Rather, it shows a lot of flawed, not always admirable but very human, well, humans dealing with a fuck up as well as they can. Even Wall Street, the Oliver Stone movie of the 1980s, is pretty good to the extent that the “Greed is good speech” contains some pretty serious truths (alas, undermined by what Gordon Gekko says later about how business is about a zero-sum game, which it isn’t). It seems the fundamental failing of The Big Short (written by Michael Lewis), both in the book, and the film made about it, is what it leaves out, as Walter Donway correctly notes. There is no fundamental explanation of why the crisis happened. Ask someone why the crisis happened and they blather on about “bankers” or “greed” gives us as much information about developments as when a person tries to explain the origins of the First World War by saying “warmongering”, “Kaiser Bill” or “bayonets”.
I might see the Big Short, but given my own Scrooge-like approach, will buy the DVD when it comes out cheap, or via that capitalist marvel Amazon Prime, to which I now have access. (Woot!)
So, as I regularly do, I read a recent posting at Mick Hartley, which is about what nutters the rulers of Saudi Arabians are, spreading the theology of bedlam and then griping when people do what the theology says, and all the while blaming the Jews for their own ridiculousness.
And then I read this comment underneath that posting, from someone called “Graham”:
Ironically, it’s the Israeli-Saudi alliance behind the QSD that’s defeating ISIS.
QSD? Quesque c’est?
I found my way to this piece (I love the internet):
These are Kurds, Muslim Arabs, Turkmens, and Syriac Christians. …
… which, to me: sounds good, sounds bad, sounds don’t-know, and sounds good …
… About two weeks after this EXTREMELY disparate group was created, it launched the most successful series of offensives in the entire five-year Syrian civil war. The US immediately began arming the QSD, and the Turks suddenly stopped complaining that the Kurds in this new army were up to no good.
This guy goes on to say (I think) that the “Muslim Arabs” are Tunisian special forces, the Tunisians having become very pissed off with ISIS for having recently destroyed their tourist industry. So those Muslim Arabs sound semi-sane, or as semi-sane as Arabs ever are.
And I also found my way to this piece of Kurdish Daily News (Kurdish Daily News, to me, sounds good) which says:
Syrian Democratic Forces (QSD) has released a six-day balance sheet of the operation they launched against ISIS gangs in the rural areas of south Hesekê on October 31.
During the first six days of the operation, an area of 350 square kilometers has been cleared of ISIS gangs; which involves 36 villages, 10 hamlets, 2 gas factories, 3 quarry areas and some guard posts near the borderline.
The operation has thus far left 196 members of the gangs dead, 99 of whom were killed by QSD forces and 79 as a result of airstrikes by jets of the international coalition.
Part of my daily reading these days consists of Instapundit, and people linked to by Instapundit, telling me that the Middle East is going totally to hell, and that US Middle East policy now has no redeeming features at all. But I am unpersuaded that the answer to the Middle East’s many problems is for the Middle East to be totally conquered and then micro-managed by the USA, with everyone else just standing around and either waiting for their chance and getting it, or else hoping for the best and not getting it. US policy now seems to have been to back off, wait for some Good Guys to emerge out of the mess, and then when they eventually did, to back them with a few guns and a few missiles and a few airstrikes, but not with a huge US army stomping about making friends-that-are (and then abandoning them following an election) or friends-that-aren’t and enemies-that-are, and generally crowding out the best local answers. Is that – “leading from behind” (i.e. not actually leading at all) – such a very terrible idea? It sounds like a rather better idea than earlier ideas have been. Whether President Obama started out wanted that policy, I really do not know, but that now seems to be what is happening.
This more recent posting at Mick Hartley says that if QSD beats ISIL, the big winner could end up being al-Qaida. But might not QSD first defeat ISIL, and then might not QSD, or something closely related to or descended from QSD, then turn on al-Qaida and defeat al-Qaida also?
But what the hell do I know? Comments anyone?
In my book, Everything Has Two Handles: The Stoic’s Guide to the Art of Living, I argue that the values of the ancient Stoics can help us achieve personal happiness. I believe that these same values can help our children grow into strong, responsible, and resilient citizens. And what are Stoic values? It’s not just a matter of keeping a stiff upper lip, nor does Stoicism hold that you should tamp down all your feelings. Rather, Stoics believed that the good life is one characterized by virtuous beliefs and actions—in brief, a life based on duty, discipline, and moderation. The Stoics also believed in the importance of taking life on its own terms–what they would have described as “living in harmony with nature.” Stoics did not whine when they were passed over for an award, nor did they throw a hissy fit when they didn’t get their way. As the Stoic philosopher, Seneca (106-43 BCE) put it, “All ferocity is born of weakness.” Perhaps most important, Stoics understood the tremendous value of gratitude — not only for the gifts we have received, but also for the grief we have been spared. Maybe if more children were inculcated with these teachings, we would find our celebrities showing more gratitude and less “attitude.”
– Ronald Pies.
In another article, the author of this item argues that narcissism may explain the recent spate of mass shootings in the US; he seems to acknowledge, which is to his credit, that overall violent crime in the US has actually fallen in recent years, however.
There can only be one explanation for the disgrace that is Donald Trump: he must have failed to realise that the film industry’s demonic portrayals of conservative politicians are politically motivated caricatures, not role models to be emulated. In Love Actually, the villain is a crude, lecherous redneck Republican president on a visit to London. He is keen not just to bully Britain but also to force himself upon Martine McCutcheon’s character. Prime Minister Hugh Grant – an anti-war version of Tony Blair – tells him to get lost, tearing up the “one-sided” special relationship in the process, to the cheers of a grateful nation. As an insight into the Left-liberal mind, this scene takes some beating; the US president at the time was George W Bush and the invasion of Iraq had just been completed. But Trump, who unfortunately remains in the lead for the 2016 Republican nomination, seems to be auditioning for the remake.
– Allister Heath.
Read it all. By the way, I have noticed in some other online forums that Trump fans get very annoyed at we Brits opining about his views. Well, he chose to refer to the UK as part of his recent remarks about Muslims, so he puts himself in the frame for criticism. If you cannot take the heat, etc. The same would apply if a Brit, such as the broadcaster Piers Morgan, chooses to bash America for its 2nd Amendment.
Let’s do some word association.
McCarthyism: Senator Joseph McCarthy, witch-hunts, reds under the bed, blacklists, Hollywood, the House Un-American Activities Committee.
Or to put it another way: it was a Jolly Bad Thing. Hey, the term “McCarthyism” still gets used to this day, so it must be true.
Not so fast. We can dismiss a few of those things straight away. McCarthy had nothing to do with either Hollywood or blacklists. His focus was Soviet sympathisers in the Federal Government, initially the State Department (the US Foreign Office) and, later on, the Army Signals Corps. And as a Senator he could have had nothing to do with a House committee, un-American or otherwise.
But what about the rest? Is it true? Did he hound entirely innocent people or was he on to something? The vast majority of books and articles written on the subject claim that he made it all up. M. Stanton Evans begs to differ. In Blacklisted by History: the Untold Story of Senator Joseph McCarthy and his Fight Against America’s Enemies he argues that in the vast majority of cases those accused by McCarthy of being communists were exactly that. Some were out and out spies. Some were agents of influence. Some were happy to help in the running of communist front groups. But the argument still stands: they were aiding a power that was hostile to the United States.
Evans comes to this judgement mainly by leafing through the files that have become available. These include the FBI files and what have become known as the Venona transcripts: Soviet messages de-crypted by the US military in the 1940s.
It is important to realise that these weren’t just spy games. Communist activity had a real impact. In the early 1940s, for instance, John Stewart Service, the State Department’s man in China produced a string of reports. In them he praised Mao’s Communists to the hilt claiming that they were democrats and successfully fighting the Japanese while condemning Chiang Kai Shek’s Kuomintang (KMT) for being incompetent, corrupt and uninterested in prosecuting the war. This was a travesty of the truth. Reports like this led to the KMT being starved of money and weapons which may well have tipped the balance in the Civil War leading, in turn, to the misery that was subsequently inflicted on the people of mainland China.
So, if he was right why has he been condemned and why does he continue to be condemned by history? Some of it appears to have been McCarthy’s own fault. He puffed up his war record. He over-stated his case. He bullied witnesses. He made the odd mistake. He criticised revered war heroes. Some if it was snobbery. McCarthy was from the wrong side of the tracks. There was no Ivy League education for him. He left school early but through hard work still managed to become a lawyer. He was also a Catholic. But most of it was because he was up against the combined forces of the communists and the establishment.
The Tydings Committee – a special sub-committee of the Senate Foreign Relations Committee – was established to get to the bottom of his initial 1950 claim that there were 57 communist agents working in the State Department. It did no such thing. In fact it didn’t even try.
According to Evans it was a cover up from start to finish. There was almost no attempt to get at the facts. Often a denial from the accused was sufficient. At one point they even asked the leader of the US Communist Party if certain people were members. He had to be prompted to say “no”. Most of the hostile questioning was not aimed at the accused – who were often evasive – but McCarthy himself. An inordinate amount of time was given over to attempting to prove that McCarthy had initially claimed a figure of 205 rather than 57 – as if it mattered. There was a definite suggestion that State Department personnel files had been tampered with. It was no great surprise when the official report concluded that McCarthy had made it all up.
You would have thought that even Democrats might have been interested in whether the State Department was full of communist moles. But no. Were they communist sympathisers themselves, or attempting to save the reputation of their side (in Truman, they had their man in the Whitehouse)? Probably the latter but you do wonder.
The Tydings Committee established a pattern for the McCarthy era. McCarthy would make a claim and then the establishment would investigate McCarthy while obstructing the investigation of his claims at every turn.
One of the surprising things for me is how poor Congress was (and probably still is) at holding the Executive to account. More than once the Executive showed utter contempt for Congress’s attempts to get at the truth. This included, as mentioned earlier, tampering with files but also making witnesses unavailable. But this never led to any consequences. Whenever, a confrontation got serious, Congress backed down.
There is a tendency amongst libertarians to imagine that there was some golden age when politicians were decent and honest. If there was, early 1950s America wasn’t it.
If there is one organisation that does come out well out of this it is the FBI. They were onto communist subversion at a very early stage and were responsible for producing most of the evidence that McCarthy later used. This may explain the extraordinary lengths communists and others have gone to over the years to tarnish the reputation of J. Edgar Hoover.
You’d would have thought that with the election in 1952 of Eisenhower as President things would have been different. After all why should a Republican Cold Warrior have any qualms about removing communists from the government especially when he had no need to defend the decisions and practices of a previous administration? Sadly, as it turned out, Eisenhower was every bit as bad as Truman. With Republicans divided between McCarthy and Eisenhower and the Democrats an anti-McCarthy bloc, the Senate voted to censure McCarthy. That was the end of the McCarthy era. He died a few years later, ignored, if not forgotten. He was 48.
Blacklisted by History is an extraordinary achievement but it is not without its faults. One gripe is that it is not particularly well-written – frequently I’d find that I had read several paragraphs without really understanding what was going on. I it is also not particularly well-organised. The same topics seem to crop up again and again often many hundreds of pages apart. And it is also worth bearing in mind that this is not a biography: it is an examination of McCarthy’s claims. McCarthy, himself, doesn’t really appear until 200 pages in and we get very little sense about what he was like. But it makes its case: Joseph McCarthy was a hero.
The whole system is clearly a tax-collection scheme masked as justice. In the end, what this court wanted was money, and the people it squeezed were the least able to pay. What I saw rivaled the worst forms of petty tyrannies I’ve read about in history books: how tyrannical kings would use every trick to pillage the population of their meager resources. I very much doubt that there is anything unusual about what I saw. It probably goes on every day in your town, too.
– Jeffrey Tucker
I have been re-reading Mark Steyn’s amusingly-written prediction of America’s coming Apocalypse, noting those parts where his predictions seem to be on course (debt, rising bureaucracy) and those which suggest there’s more vigour in that country than the doomsters suggest (fracking, the continued innovations of its businessmen and women, etc). I am not on the same page with Steyn about everything – he is more of a social conservative and culture pessimist than I am, but most of his points hit home or at least are a spur to change course. There is a laugh-out-loud paragraph on every page and this one in particular, on page 75, caught my eye. Steyn writes about the “stimulus” programme of the Obama administration:
“What sort of jobs were “created or saved”? Well, the United States Bureau of the Public Debt is headquartered in Parkersberg, West Virginia – and it’s hiring! According to the Careers page of their website: `The Bureau of the Public Debt (BPD) is one of the best places to work in the federal government. When you work for the BPD, you’re a part of one of the federal government’s most dynamic agencies.'”
“Most dynamic agencies”.
Have a good weekend.
What would cutting Canada’s emissions in half really look like? Which schoolbuses and fire trucks would Mulcair say we shouldn’t use any more? Which farms will be shut down? Which factories? (Has Mulcair he told his union friends about that last part?)
Mulcair’s plan will cripple our country without changing the world’s temperature one degree. Because as the UN IPCC itself admits, even if every country in the world obeyed the Kyoto Protocol, including China, it would not change the temperature of the world by 1/100th of one degree, even after 100 years.
These cap and trade schemes are really about deindustrializing the West, and crippling capitalism and progress.
– Ezra Levant
By now, everyone knows about the Volkswagen scandal. VW have admitted installing software that cuts exhaust emissions when their cars are being tested and lets them spew death and disease every which way when they’re not.
So who is the villain here? To my mind there are two possible suspects: the US Environmental Protection Agency and the European Union. I know what you are thinking: why can’t we pin the blame on both of them? Well, cheer up because I think we can.
To my mind pollution is simple. The polluter pays the victim. I would like to find some non-state means for doing this and as I understand it in the days prior to environmentalism just such a mechanism – albeit involving courts – did indeed exist.
Of course, since then government has queered the pitch for everyone introducing two principles which it rolls out according to taste. One, that the polluter pays the government. Two, that the polluter becomes subject to government violence – or to put it in statist terms: pollution is regulated.
So, the government imposes regulations in which if you score below a certain number you are left alone and if you score above they send the boys round. Black mark against the EPA.
But meanwhile the EU has been promoting diesels like crazy over recent years. Whether this is a sinister French plot or the result of the global warming hoax, who knows. The really sad thing is that we have ended up with that abomination: the diesel-powered sports car. Oh yeah, and London’s air ain’t too great either.
 Some diesel Miscellaneous thoughts and questions
Why is that we are quite happy to use the term NOx but not the term COx? It makes no sense.
What were VW doing selling diesel cars in the US? Petrol (US = gasoline) is much cheaper there. So the market for diesel cars is much smaller. Come to think of it it’s probably because they were trying to make inroads into the market in the expectation that diesel taxes would come down making diesels more attractive. It is a tax issue isn’t it?
Why is it that cars are regulated in this way? I find it difficult to believe that a lorry or bus is in any way cleaner than a car. But I bet the latter two are not nearly as stringently regulated. To ask the question is, of course, to answer it. They do it because they can.
Did anyone else catch that excellent Mark Evans documentary about the diesel engine on BBC4 the other night? Comet swirl chambers, eh?
You may have recently seen that after Trump said the Bible is his favorite book, he couldn’t name a single Bible verse or passage that meant something to him. And we all know why, because it’s all just a show, and he hasn’t ever read the Bible. But you know why he hasn’t read the Bible? Because he’s not in it.
– Bobby Jindal, as quoted by Jay Nordlinger.
For those who are not aware, an elected county clerk in Kentucky was jailed for contempt of court for failing to issue marriage licenses to same sex couples because she claims that aiding same sex marriage violates her religious beliefs. She had been given a court order to do so and refused to either comply with the order or to resign her position.
An acquaintance asked this on his FB wall:
He asked: “Do any of my libertarian (or anarchist or otherwise anti-‘state’) friends agree that Kim Davis should be jailed for not issuing marriage licenses to gay couples?”
I thought I’d reproduce my answer here.
So, there are two levels to this. On the one hand, as an anarchist, I would say the state shouldn’t exist at all, and a minarchist would agree with me that marriage licenses should not exist. No one should need to seek state permission to enter in to a private interpersonal relationship.
However, lets presume a world where the state does exist, and marriage licenses do exist. Under those circumstances, a government official whose job is to give out such licenses ought not have any discretion about withholding them from people who meet the general legal qualifications.
If you would like translated version of that, imagine that you have an official whose job is to give out building permits, and they refuse to give out a building permit for a headquarters for an organization that they feel offends their religion. As an example, imagine such an official refusing to grant permission for a church which is a heterodox schismatic sect of the religion they follow because they consider such people heretics. Now, clearly, there shouldn’t be building permits, and no state official should have such power to grant them in the first place, but given that state officials are out granting building permits, they shouldn’t be able to stop people from building things that offend them, even if their religion says that the people building the building are heretics.
In this particular instance, generally, I’d say that she should have been fired for failing to do her job, not jailed, but given that she is an elected official, the current legal regime provides very little in the way of other options to the judge.
Note that if libertarianism is about anything, it is about curtailing the power of state officials to deny people the right to do things, even if those things deeply offend them, if those things are purely consensual for all involved parties and do no violence to others. To the minarchist the state ought to be minimized, to the anarchist it should not exist at all, but neither would grant a state official the right to make the decision to interfere in such behavior.
My mathematics teachers were far keener on us pupils showing our working than the final result of a calculation, to see if any error had intruded into our processes, and presumably because it was harder to cheat the working than a whispered or glanced answer. We now have, it seems, a rejection of paper money by ISIL or whatever it calls itself, the adoption of a gold dinar and silver, and a whole hour-long video explaining in English with arabic subtitles the thinking behind it, which is where the working starts to fall down, although I haven’t gone through the whole of it.
The problem of paper money is, of course, cited (wrongly) as the fault of capitalism and the Jews, but they do take a dig at the Federal Reserve, and what they term ‘America’s capitalist system of enslavement‘.
What a terrible prospect would be a fatwa on Keynes and his followers.
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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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