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That Daniel Hannan video has been making all the news in my part of the blogosphere during the last day or two (and I wrote that before I had seen the previous posting right here), but here is some more video worth paying attention to. Yes, it’s our old friend Ezra Levant. Many of us have already, thanks to an earlier posting here by Perry de Havilland directing us toweards the relevant YouTubery, had the extreme pleasure of seeing Levant sticking it to someone he doesn’t like. In this latest performance, we see and hear him talking with a guy who is very clearly on his side, and who makes numerous admiring mentions of Levant’s new book.
The performance is divided into five bits, and I started up bit one to just hear a short sample, to just generally get a clearer idea of what kind of a guy Levant is. But so engaging and entertaining was Levant’s performance that I ended up watching all five bits, right through. Maybe you won’t find yourself wanting to do what I did, but maybe you will.
What I liked was that I was able to learn more not just about Levant’s character and presence, but also about the various cases he talks about, and has been blogging about, month after month. But the problem with reading these stories on Levant’s blog is that once you lose the thread of some particular yarn, you are liable never to pick it up again. In this latest video performance, Levant is telling his various stories about some of the cases he has investigated, or some of the nonsense that he has himself had to battle against, to an audience which, he has to assume, has not heard anything about them before. For me, that was a whole lot easier to follow.
This letter from a highly pissed-off AIG senior staffer is worth reading. My own take is that if an employee, under an agreed contract, gets paid a sum of money that later attracts the evil eye of the political class and that money is retrospectively seized, then the rule of law is crumbling. Admittedly, it has been crumbling for some time. I note that those who berated the former Bush administration for its high-handed treatment of legal principles are less noisy about Mr Obama’s own behaviour or that of his colleagues in Congress.
I have been reading Amity Shlaes’ interesting book about the Great Depression, and among the many themes of the book is how FDR, in order to whip up support for his measures, sent his legal attack dogs after various people associated, in his eyes, with the excesses of the preceding boom years. In particular, his victims included the likes of Andrew Mellon. History repeats itself: when politicians run out of money, the easiest option is to bash the rich, bleat about “tax havens”, and the like. We are seeing that now. And of course the politicians are getting away with it so far because they calculate, probably rightly, that the broad public cannot be interested or is not sympathetic.
To get the public interested, we have to figure out how this sort of looter behaviour by those in public office can be shown to be dangerous to the average Joe. That is not straightforward, but a bit of thinking is needed. Today, talking to a friend of mine who works in the City, he pointed out that as a result of the mass bailouts and the central bank’s printing of money, a spendthrift who had a 100 per cent mortgage is being subsidised by a careful, elderly saver who is now struggling, say, to pay for a nursing home. By drawing attention to these sort of regressive transfers from the careful to the spendthrift, and from the productive to the unproductive, we can get the message across. And yes, Mr Cameron, that means support for cutting spending and taxes.
Update: Alex Singleton, who also blogs here, points out that the vandalism to the house of Sir Fred Goodwin, the former CEO of Royal Bank of Scotland, can be indirectly blamed on the government for encouraging hatred of bankers. I am not sure that Gordon Brown can be directly blamed but in his usual, cowardly fashion, he has found it convenient to pin the blame for the crisis on private banks rather than accept that the crisis was in large part driven by recklessly cheap credit as set, ultimately, by central -state – banks.
This is becoming increasingly ugly. Demonstrations are planned in the City to coincide with the totally pointless G20 gabfest in early April. Someone might actually get killed or seriously hurt.
Update: Mark Steyn’s Orange County Register article about the AIG issue confirms what I now fear, that Mr Obama is, even at the most basic level, unfit to hold executive office. And Joe Biden is just down the corridor…..
This sounds horribly familiar:
Obama has never run anything other than his presidential campaign. He doesn’t know the difference between governing and campaigning and he’s sticking with what he knows.
Which sounds exactly like Britain’s Labour government from 1997 until now. The difference being that in 1997 the British economy was in fairly good shape, which meant that the then British government had a decade during which to learn how to govern. It never did, but it might have. Now the world economy is in a terrible state, and Obama has no time at all.
Does the USA as a whole already have a bad feeling about Obama? Or is it just the people in the USA who detest him already, telling each other that they have a bad feeling about him? From over here, it’s a bit hard to tell.
Bloomberg carries this article today about the willingness of China to go on holding Western debt that might deteriorate in value:
China, the U.S. government’s largest creditor, is “worried” about its holdings of Treasuries and wants assurances that the investment is safe, Premier Wen Jiabao said.
“We have lent a huge amount of money to the United States,” Wen said at a press briefing in Beijing today after the annual meeting of the legislature. “I request the U.S. to maintain its good credit, to honor its promises and to guarantee the safety of China’s assets.”
Good luck with that. As Brian Micklethwait noted the other day, the fact that the US, or indeed the UK, might be downgraded in credit terms as nations or even default on certain debts, is no longer unthinkable. Defaults are not just things that happen in Ecuador, Russia, or competelyfuckedupistan. They can happen in the supposedly rock-solid financial centres of the world.
As Glenn Reynolds says sarcastically of the new US government of Mr Obama, the country is in the best possible hands.
Unless American politicians and bureaucrats wise up, there will be a second war with Mexico within a generation.
This is not hyperbole. Drug lords are taking over the border areas between the two countries. Killings are spreading into American cities in the southwest. Firefights near the border are becoming common. There have been kidnappings within the United States in which some of the perpetrators are thought to have not only been using military equipment, but may have been moonlighting Mexican police or military men.
Before you begin to vent your rage on Mexico, I would like you to ponder the source of the problem. This is not an ideological battle where the world vision of the enemy is independent of what we think or do. That is what we face in the Middle East. Our actions there may affect Islamist strategy and tactics, but not their dream. We are not the creators of that problem.
The problem in Mexico is an entirely capitalist one. There are goods which are in great demand. Those goods are profitable and over nearly four decades we have caused a vast global giga-billion dollar industry to come into existence where once there were college students smuggling trunks of grass over the border at Spring Break. That is also not hyperbole. One of the floors of a dorm next to mine did exactly that and supplied the entire CMU campus back in the 1969-71 era. Then came Nixon and ‘Operation Intercept’. And what was the great accomplishment of this at the time great expenditure of taxpayer money? Why, by the time I left grad school prices had doubled, tripled or more and nearly all the smuggling was in the hands of organized crime instead of paying the tuition, room and board of a few engineering students. Even so, enforcement at the time was a still a joke, and much laughed at even as it transitioned from “Berkeley to Boston Forty Brick Lost Bag Blues” to Cheech and Chong’s “Up In Smoke”.
So what did the moralizing Statists do? Admit their failure? Apply tax payer money to something useful? Of course not… they did what governments always do with failures. They increased the budget. When that failed utterly they increased it again. And again. And again. Meanwhile, Libertarians correctly predicted disaster after disaster, decade after decade. Drugs are money and all that it buys. We put drug entrepreneurs outside of our then liberal legal framework… so they adapted and operated by the old fashioned rules of Feudalism.
Feudalism is the name we gave to violent gangs far enough in the past that we can romanticize them as Princes, Princesses, Knights and the like. The rules of the Feudal game are simple. You murder your way to the top then you pillage your competitors and steal their land and resources. If you are a mean enough SOB you get to live a life of sybaritic luxury… until someone nastier and smarter and more underhanded comes along and cuts your throat.
Fifteen hundred years ago it came about due to the post-Roman power vacuum. In our era the power vacuum is in a parallel world and economy. It is outside of our laws and nation states, by our own hands, and it exists side by side with us at every point.
Every time we drive up the cost of doing business, the feudal lords of this parallel universe counter predictably. The government of the United States succeeds only in adding to their cost of doing business. You might imagine that would be a big thing… but Statists have probably increased the cost of doing legal business even more over those decades. The more regulation, the more laws, the more taxes, the more individuals will find the ‘other side’ preferable.
Twenty-five years ago US military men stated they wanted nothing to do with the War on Drugs. Getting involved in it would put their institution at risk of bribary and corruption. The moralistic morons in government would have none of it. The military was called upon to run interdictions at sea and in the air to find potential smugglers. They have been countered by minisubs, UAV’s, counter-radar and a whole range of technological counter-measures. Every escalation provides the income necessary for the counter-escalation.
We have arrived at a predictable state of affairs. Feudal lords are now taking over portions of ‘our’ universe in which they hold the balance of power. Border provinces in Mexico are under their control. Military resources are appearing in their hands. Soon their private gangs will morph into real armies. They will bribe American military men and politicians. Where bribery does not work, they will kidnap and kill children and rape wives as object lessons in what happens when you dare to disobey the new royalty.
A time will come when the Mexican National government is absorbed. What do you think is going to happen then? When Mexican Special Forces are carrying out hits against any American who gets in the way of business, things are going to get very, very ugly. There will be calls to invade our southern neighbor and reasonable people will then have to agree there is no other choice. If and when it comes to that, we will have absolutely no one but our leaders to blame. It will be 100% their fault for getting us there.
You can not stop contraband. You can only make smugglers rich and powerful enough to buy you out or kill you.
It will of course not be the end of the Catholic Church, but the pattern of state regulatory encroachment here in what should simply be a criminal matter is unmistakable.
After a priest stole $1.4 million from a church in Darien, state legislators have proposed a law that would regulate how parishes are controlled and operated.
The state’s Catholic bishops rallied opposition from the pulpits at weekend Masses.
The law essentially would strip the dioceses of all financial control of parishes and leave bishops and priests to oversee “matters pertaining exclusively to religious tenets and practices.” A board of elected laypersons would handle parish finances.
Even if “lay control” (and what started with an “elected body of lay persons” would not end there – it is the principle that Church matters are governed by the government that they are after) was established the Roman Catholic Church would continue to operate in peaceful defiance of the government – as it did in France after the government take over (the “separation of Church and State” in the inverted language that is used by these evil people) of 1905.
This is the real reason that Obama and the other liberals are not popular with either conservative Protestants or Jews or with Roman Catholics – whereas FDR was. FDR, however far his economic radicalism went, was a social conservative – government control of churches would not have even occurred to him. The left think they can use scandals, both financial and sexual, to aid their objective of taking over (i.e. destroying) all institutions outside government.
They are mistaken. Even if there is no God – it is the independence of these institutions from government that gives them value in the minds of those who are involved in them. They will be deeply offended in ways the left do not understand.
(via Red State)
Remember that email I got from Tim Evans flagging up this? Well someone called James Tyler responded to it, also sending his reply to all of us on Tim’s list, with a link to this, which I likewise recommend. It’s a piece in Portfolio.com called “The End of Wall Street”, by the guy who wrote Liar’s Poker. I’m still reading the piece, but this is my favourite bit so far, about the observations of a man called Eisner:
More generally, the subprime market tapped a tranche of the American public that did not typically have anything to do with Wall Street. Lenders were making loans to people who, based on their credit ratings, were less creditworthy than 71 percent of the population. Eisman knew some of these people. One day, his housekeeper, a South American woman, told him that she was planning to buy a townhouse in Queens. “The price was absurd, and they were giving her a low-down-payment option-ARM,” says Eisman, who talked her into taking out a conventional fixed-rate mortgage. Next, the baby nurse he’d hired back in 1997 to take care of his newborn twin daughters phoned him. “She was this lovely woman from Jamaica,” he says. “One day she calls me and says she and her sister own five townhouses in Queens. I said, ‘How did that happen?'” It happened because after they bought the first one and its value rose, the lenders came and suggested they refinance and take out $250,000, which they used to buy another one. Then the price of that one rose too, and they repeated the experiment. “By the time they were done,” Eisman says, “they owned five of them, the market was falling, and they couldn’t make any of the payments.”
Paragraphs like that make me optimistic that statists just will not be able to pass the catastrophe off as a mere failure of unregulated capitalism. Yes the whole Sub-Prime thing was aided and abetted by Wall Street, big time. But it was set in motion by Washington politicians, and in particular politicians of the Democrat persuasion. This was, as we cannot repeat too often, a failure of the mixed economy, not of the extreme free market of the sort we here favour.
The folly of the Republicans, which has already been electorally punished, deservedly, was that most of them didn’t see it all coming and panicked when it did, and those that did smell the coffee were unable to do anything to soften the blows when the coffee exploded, or whatever. My guess is that there will soon be a cull of Washington Democrats as soon as the voters next get a culling opportunity – two years from now, right? And the big question is, what will the new intake’s take be on it all? But, as I often say on my personal blog when discussing gadgetry of various kinds beyond my understanding, what do I know?
UPDATE: Although, I’ve now finished reading the piece, and it is clear that its author derives no such anti-statist moral from his wretched story. Wall Street is the villain, and Wall Street is being justly, although very insufficiently, punished. Not a word about Democrats, or for that matter Republicans.
The email I got today about it from Tim Evans of the Libertarian Alliance started “Dear All”, so I don’t know how many other bloggers have already noticed and linked to this. But like Tim, I strongly recommend it, having watched it earlier today. It’s an American banker (who is also a follower of Ayn Rand) talking about the financial crisis, why it happened and what to do about it. The circumstances he describes so confidently, convincingly and knowledgeably are American, but the message of the talk is universal. He uses the word “interesting” a lot, by which he mostly means “disastrous”.
Apologies for not having any time left over from watching it to add any thoughts of my own. But the thing itself is so good that I am sure I will be forgiven for simply recommending this remarkable talk. I daresay some may even prefer this.
Life for me is hectic right now – for all the right reasons – but I wanted to quickly put up this link to an excellent commentary by Dan Mitchell of the Cato Institute, concerning the current US government’s drive against offshore tax havens, especially Switzerland. Governments such as that of the spendthrift US, UK and France are getting desperate for cash, and low-tax regimes which respect client confidentiality make for an easy target.
I can also recommend Dan’s recent book, co-authored with Chris Edwards, as a fine study of the whole case for tax havens and why they are a thoroughly good thing. Whenever you read someone arguing for ending “unfair tax competition”, what they really in fact want is to create a cartel. Most cartels, if not backed by states, tend to disintegrate in time, but are generally thought of as bad. Tax cartels are a prime example of cartels of the worst kind.
“What did you do during the recession, Daddy? I installed solar panels and wind turbines. If only Franklin Roosevelt had thought to put millions of Americans to work during the Depression doing make-work jobs that were gee-whiz futuristic…. Oh, that’s right. He did. And it didn’t work then, either. But this time is different, you know.”
– Nick Gillespie, at Reason’s Hit & Run blog.
Fraser Nelson at the Spectator has an interesting column at the moment about how Britain’s Tories have been influenced by the culture of California, specifically, the northern part of that great state. I think his analysis is fine but I would add some caution, given that the state is, or is about to go, bankrupt. Here is what I wrote in a comment over at the Coffee House blog:
For a while, the political culture of California, both the northern, Silicon Valley/Napa/San Francisco and the southern, Hollywood bit, had been libertarian: or to put it in US politicsspeak: conservative on economics, liberal on social issues.
More recently, as the near-bankruptcy of the state shows, the culture of the state has become socialist. Spending is out of control; the Green movement has stymied developments such as new electrric power plants. Many of its best entrepreneurs are fleeing to nearby Nevada, or further afield. California has an economy the size of France and is exhibiting France-like dirigisme.
I would urge the Tories to draw the right conclusions from this state, not to get too dazzled by the admittedly superb economic success of Google and the tecchies.
One of the things that I liked about northern California when I used to visit a good friend of mine in Steve Jobs’ back yard of Cupertino was that you might be sitting in a bar, drinking a coffee next to some pony-tailed dude in a Grateful Dead T-Shirt, and that the latter would be tapping away on his laptop about his latest round of venture capital funding before heading off down the gun range to fire in his new Glock.
A good historian of California is Kevin Starr. Check this out.
Here is a website that is obviously produced by people very, very angry about what they see as the one-sided coverage of Mr Obama in his recent victorious campaign. You do not have to buy into conspiracy theories to be alarmed at the fawning press coverage that Mr Obama received during the campaign. As for the treatment of the McCain/Palin ticket, while I am certainly no great fan of either, the hysteria over Mrs Palin’s personal life or supposed wing-nuttery over religion seemed totally out of proportion.
In the end, we get the media we do because the underlying philosophical assumptions of the public at large are reflected by it and at the same time, those assumptions are held by the media outlets themselves. It pains me to say it but in many respects, the US is now closer to the social-democratic, corporatist model of Europe than many in the US will want to admit. There will, I hope, be a backlash, but whether that backlash is a particularly libertarian one is not something I am very confident about at this point.
Thanks to fellow contributor Paul Marks to alerting me to this website.
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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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