It’s full time in Bloemfontein, and England have crashed out of the 2010 World Cup. Meanwhile, at Old Trafford we have a double change with Ryan Harris back into the attack.
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The sort of dependence that results from exchange, i.e., from commercial transactions, is a reciprocal dependence. We cannot be dependent upon a foreigner without his being dependent on us. Now, this is what constitutes the very essence of society. To sever natural interrelations is not to make oneself independent, but to isolate oneself completely. – Frederic Bastiat June 25th, 2010 | 18 comments - (Comments are closed)
 
– George Gordon, Lord Byron June 19th, 2010 | 8 comments - (Comments are closed)
Never has there been a worse time to be a US ally. – Daniel Hannan finally admits that he was wrong to have backed Barack Obama for President June 16th, 2010 | 15 comments - (Comments are closed)
We are incredibly heedless in the formation of our beliefs, but find ourselves filled with an illicit passion for them when anyone proposes to rob us of their companionship. – James Harvey Robinson, via Dale Carnegie’s classic How To Win Friends and Influence People June 15th, 2010 | 7 comments - (Comments are closed)
Full government control of all activities of the individual is virtually the goal of both national parties – Ludwig von Mises June 12th, 2010 | 9 comments - (Comments are closed)
“The beliefs and attitudes that this president has internalized are to be found everywhere—in the salons of the left the world over—and, above all, in the academic establishment, stuffed with tenured radicals and their political progeny. The places where it is held as revealed truth that the United States is now, and has been throughout its history, the chief engine of injustice and oppression in the world. They are attitudes to be found everywhere, but never before in a president of the United States. Mr. Obama may not hold all, or the more extreme, of these views. But there can be no doubt by now of the influences that have shaped him. They account for his grand apology tour through the capitals of Europe and to the Muslim world, during which he decried America’s moral failures—her arrogance, insensitivity. They were the words of a man to whom reasons for American guilt came naturally. Americans were shocked by this behavior in their newly elected president. But he was telling them something from those lecterns in foreign lands—something about his distant relation to the country he was about to lead.” Dorothy Rabinowitz, Wall Street Journal. I am not sure whether it is very smart for the WSJ to have a headline referring to Mr Obama as an “alien” in the White House – that will only reinforce the view, held by parts of Mr Obama’s more extreme fans, that his critics are racist bigots. And it is also far from the first time that a supporter of Transnational Progressivism has held office – think of the dreadful Woodrow Wilson, for instance, or to a lesser extent, Jimmy Carter. But it certainly is notable that more and more people are drawing the conclusion that Obama and his associates don’t seem to care for their country very much, or pander to some of the silliest Blame-Amerika-First lines. Of course, had WSJ readers been following Paul Marks on this blog, none of this stuff would be a surprise. June 9th, 2010 | 21 comments - (Comments are closed)
“We are building socialism … and as long as we are building socialism but have not yet built it, we will also have homeless children.” – Anne Applebaum quotes Nadezhda Krupskaya in this review of Children of the Gulag June 7th, 2010 | 3 comments - (Comments are closed)
The ultimate cause of the problem with the banks was indeed chronic government interference, in the form of implicit and explicit guarantees supplied to them free of charge, which hopelessly weakened the entire industry. Reserve ratios – the percentage of deposited cash which is actually retained by the bank rather than lent out – has fallen from over 50% in the 19th century to 2-3% today (or a negative percentage in Northern Rock’s case). That could not have happened in a free market, at least not on an industry-wide scale; nobody would lend to a bank if it tried to take on that much leverage without a government guarantee. The banking industry had been rendered so unstable by government intervention that it was only a matter of time before it had a crisis, and the crisis could have been brought about by any number of proximate causes. Unfortunately most commentators blame the proximate causes, the particular individuals who happened to be involved at the time, and “free markets”. In a free market, firms fail from time to time; they aren’t bailed out, people don’t expect them to be bailed out, people arrange their affairs accordingly and so the failure of one firm doesn’t bring down an industry or an economy. Banks were a long way from being a free market. – “Some Guy” (that’s what he calls himself) commenting on the Bishop Hill piece also linked to below by Johnathan Pearce in connection with Matt Ridley’s inglorious career as a banker June 4th, 2010 | 26 comments - (Comments are closed)
“Mediocracy prides itself on being progressive. Its critics (to the extent they are permitted to survive, and allowed to express themselves) are derided as conservative, reactionary, and so on. However, the kind of progress that mediocracy promotes is rather specific. Curiously, it often takes tribal life as its paradigm. Movement ‘forwards’ is movement towards a model of a pacifist, egalitarian community, not exploiting the environment, sharing all tasks equally, with each member answerable to the whole community. Other kinds of change are considered inappropriate, and therefore not described as ‘progressive’: e.g., greater freedom from state interference, fewer restrictions on commercial activity.” Mediocracy, by Fabian Tassano, page 142. May 31st, 2010 | 17 comments - (Comments are closed)
Mr Congdon said the dominant voices in US policy-making – Nobel laureates Paul Krugman and Joe Stiglitz, as well as Mr Summers and Fed chair Ben Bernanke – are all Keynesians of different stripes who “despise traditional monetary theory and have a religious aversion to any mention of the quantity of money” – This is the, er, money quote, so to speak, from an article by the erratic Ambrose Evans-Pritchard, quoting Tim Congdon May 27th, 2010 | 11 comments - (Comments are closed)
Here’s the problem: the global economy has gone tits up. We are doomed. And nowhere is more doomed than Europe whose Monopoly-money currency is going the way of the Zimbabwe dollar and the Reichsmark, and whose constituent economies are so overburdened by sclerotic regulation and so mired in corruption, waste and the kind of institutionalised socialism which might work just about when the going’s good but definitely not now sir now sirree. And what, pray, is the European Union’s solution to this REAL problem which has already led to riots and death in one country and which could well lead to many more in the horror years to come? Why, to impose on its already hamstrung, over-regulated, over-taxed businesses yet further arbitrary CO2 emissions reductions targets, which will make not the blindest difference to the health of the planet, but which will most certainly slow down economic recovery and make life harder and more miserable for everybody. In Britain, David Cameron is wedded to the same suicidal policy – on the one hand brandishing £6.5 billion cuts in government spending as though this were a sign of his maturity and his commitment to reducing Britain’s deficit, while on the other remaining committed to a “low carbon” economy set to destroy what’s left of our industry and cost the taxpayer at least £18 billion (yep – almost THREE times as much as the pathetic cuts announced so far by his pathetic chancellor) a year. – James Delingpole explains why he keeps banging on and on about Global bloody Warming. May 26th, 2010 | 8 comments - (Comments are closed)
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