Unfortunately, the Portman Group is a gloomy gaggle of killjoy jobsworths, funded by navel-gazing international drinks giants
– Brewdog
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Unfortunately, the Portman Group is a gloomy gaggle of killjoy jobsworths, funded by navel-gazing international drinks giants – Brewdog Big Bang transformed the City for the better, as I hoped at the time. It broke up the cosy cartel of the old stockbrokers and jobbers, introduced competition into commissions which made share buying and selling so much cheaper, allowed in many foreign banks and brokers with extra capital, new business and job opportunities, and allowed UK institutions to raise serious amounts of new money to operate on a world scale. It built one of the dominant financial service and banking sectors of the world. The City expanded from the narrow Square Mile around the Bank of England, to encompass Aldgate, Liverpool Street, the Finsbury area , parts of Mayfair, St Paul’s and parts of docklands. Today we earn £60 billion from our financial and business service exports, and have a group of companies and service industries that the world envies. Without Big Bang none of that would have happened, and the UK would be a lot poorer. Instead of blaming Big Bang for financial scandals, people should remember there were scandals before Big Bang, and remember above all that it was Mr Brown’s regulators who helped bring on the crash they were meant to prevent. I think Big Bang did bad things (speeding up the mess of fiat money) as well as good (doing lots of business in London). The more Austrianist you are, the earlier you will think the rot set in. Nixon takes Dollar off Gold Standard in 1971? Founding of the Fed? Founding of the Bank of England? But Redwood is right that Gordon Brown certainly didn’t help avert the crisis we are now stuck in, even if him keeping Britain out of the Euro may prove to be his most significant decision in the long run. Remember, just because one of us here selects something as an SQotD doesn’t mean we necessarily agree. We are merely noticing that something significant, and usually true-ish, has been forcefully put. So my New Year message is this. Be less political. Stop caring. – From NickM’s message for 2015. If the world that NickM and I, and probably you, want is to happen, some of us probably do have to be very political. But I, and probably you, will know just what he means, particularly if we read the whole thing. If someone has “Ambassador” in their job title, address them as “Your Excellency”. That’ll stop it. – Guy Herbert, in response to this. Life in New Malden is just unimaginably better than in that in North Korea – North Korean defector Kim Joo-il, stating the obvious from (where else) suburban London. Douglas Murray argues that in today’s supposedly anti-politics culture, a distrust of the current crop of folk in power does not translate into genuine liberalism and accountability – such as would happen if Whitehall and Brussells were cut down to size – but something potentially very nasty indeed. And he takes a look at the likes of Owen Jones and Russell Brand as symptoms of a wider problem:
This analysis is spot-on, and it explains why, even though concepts such as “the ruling class” or “establishment” can have some sort of value in explaining how groups of people act and think, they can become very dangerous without understanding that people respond to incentives, and that we make a mistake in seeing events as being driven by close-knit cabals or groups wielding enormous, but somehow secret, power. In other words, what I have learned from subjects such as “public choice economics” or the insights of writers such as Milton Friedman or a Henry Hazlitt is that seeing dark forces at work to explain things like bank crises or environmental problems is more about what people find emotionally satisfying than what actually happens 99 per cent of the time. Although I should not have to spell it out, in the past, a lot of the sort of thinking that is being described here took the form of anti-semitism. And it is probably no great accident that this is also on the rise at the moment. To people saying “pulling The Interview means the terrorists won”: we’ve been taking our shoes off at airports for no reason for 14 years… – @ozchrisrock (Not the real Mr Rock, but as quotable.) It was slightly quicker to go from London to New York 55 years ago on a de Havilland Comet, including the refuelling stop in the middle, than to go direct on a modern airliner and take in the two security theatre performances at either end. We are in the midst of a war on rape. From American campuses to British courthouses, from newspaper op-ed pages to the weird world of online petitions, ‘zero tolerance’ of rape has been declared. And who could possibly be against it? No one is ‘pro-rape’. So surely everyone will cheer a war on rape. Not so fast. Wars on rape have been declared before, and often for deeply reactionary reasons, having the effect of harming society rather than helping women. Consider the ‘war on rape’ declared in America’s Deep South in the nineteenth and early twentieth centuries, when the KKK and other racists likewise declared zero tolerance of rape – rape committed by black men, that is – and signalled their determination to wipe out this ‘ultimate transgression’. There was little positive in that crusade. And here are five ways in which today’s non-racist feministic ‘war on rape’ echoes the lynch-mob logic of yesteryear’s racist ‘war on rape’ OK, Russell, so if you don’t like representative democracy, what’s your alternative? Anarchy? Fascism? Monarchical absolutism? An Islamic Caliphate? Because you can’t have a functioning democracy without politicians; and politicians, in every parliament, tend to group themselves officially or unofficially into parties. “Context matters—everyone agrees about that. And it’s the context that distinguishes the ordinary kinds of communication, protected by the First Amendment, from those kinds of statements, like threats or defamatory comments, that are crimes. The law recognizes that a threat is a kind of injury, over and above the language in which it is communicated. If I were to move my hand swiftly toward your face, and you flinch, that’s an assault because you’ve been made to reasonably fear for your safety. When exactly the same act is carried out through language, the protection that communication normally receives should not cover up the criminality of the underlying assault. Holding Elonis responsible for his actions threatens no serious threat to the First Amendment.” – Timothy Sandefur, making an argument about how threatening messages issued via social media, etc, should be regarded from the point of view of free speech. I need to reflect a bit more about what I think about the cases he’s cited, but the whole article is worth reading. Pornography is the canary in the coal mine of free speech. It is the first freedom to die. Quoted at the end of this Adam Smith Institute blog posting by Charlotte Bowyer When David Cameron used his speech to Conservative party conference to announce that he wants to increase income tax thresholds there was uproar from his critics on the left. How dare the Prime Minister promise a tax cut when the UK is still running a giant deficit and adding to the debt burden with each passing day? The UK Treasury’s ‘Ready Reckoner’ estimates that the changes to the higher rate of tax and an increase in the personal allowance would “cost” £7 billion. Officials have been briefing that they have concerns about whether the threshold changes are “affordable.” But this is nonsense, pure and simple. A hike in the thresholds doesn’t cost a penny – it just means politicians have less of our money to spend. So you can either cut back, or you can borrow; we’ve tried the latter, and we’ve now got a £1.45 trillion debt pile to deal with whilst paying more in debt interest every year than the country spends on defence. I’d counsel, therefore, that the former is a rather better option. Indeed the very concept of tax cuts costing anything at all implies that all the money in the economy belongs to the government, and that which it deigns to allow us to keep is some sort of present from a Chancellor who once a year puts on a jaunty Santa hat to hand out alms to the masses. |
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