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Dr Butler’s work is a follow up to his book “The Rotten State of Britain” – itself a fine book explaining many of the problems this country faces.
In “The Alternative Manifesto” Dr Butler concentrates on the terrible economic position that Britain finds itself in, what really caused this position and what should be done about it.
Unlike the United States there is little challenge in Britain to the establishment view that all our problems are caused by “greedy bankers” and “lack of regulations”. The “lack of regulations” point is utterly absurd as there are endless national and indeed international regulations (for example the “mark to market” rule was part of the international financial regulations agreed, years ago, in Basel, Switzerland).
And, as for “greedy bankers”, they are indeed greedy, but to blame their greed for the crises is like blaming the speculators of “charge alley” for the problems of Britain in the 18th century – many great figures of English literature did this (as to attack the wicked speculators diverted attention from the politicians who were paying many of the great figures in English literature), but that does not alter the fact that it was the “public credit” itself, the endless government borrowing, that was at the root of the economic problems and the political corruption – not the speculators in the debt, however wicked they may have been.
Even today with our fiat money and fractional reserve banking taking beyond any level of sanity – even the most crazy banker can only build a pyramid of debt on new money that the governments themselves have created, and indeed it is these governments who are normally the loudest voices demanding that banks “expand credit” – lend more money.
However, presently Dr Butler’s works are the only books dissenting from the establishment view (the view that the root of the problem is the greed of bankers and the solution is yet more taxes and regulations) that one can find in (for example) high street book stores.
→ Continue reading: ‘The Alternative Manifesto’ – Examining the diagnosis, and possible cure, of Britain’s ills
I really, really hope that Nick Clegg, leader of the UK Liberal Democrats, does not hold the balance of power at the next General Election, if this Spectator article, “Can Nick Clegg Sing the Blues?”, is a guide (the article is behind the Speccie’s subscription firewall).
Mr Clegg, the article says, is trying to reach out to supposed Conservative voters by arguing for tax cuts. But as is clear, the cuts are only for low-earners and not for anyone else (I certainly do support tax cuts for the poor, in case anyone brings this up). He wants, for example, to impose a so-called “mansion tax” on properties worth £2 million or more and wants to raise the level of capital gains tax from its current 18 per cent to 50 per cent – a huge jump – on those whose annual income is £150,000 or more. In other words, CGT will skyrocket for the sort of entrepreneur who can, or hope, to make a decent capital gain on a business that has been launched. As the supply-side school of economists likes to point out, once depreciation for wear and tear and inflation is taken into account, a 50 per cent CGT rate can in fact be more like 70 per cent, largely nullifying the gain and likely to hammer entrepreneurial activity. Given that top earners are already due soon to be paying 50 per cent income tax, not to mention other tax hikes, the process will drive yet more folk abroad and deter wealth creators from coming into the UK. The likely upshot of this will be a less active stock market – which will hit pension fund investments – hardly a great idea from the LibDems’ point of view – and likely as not, erode, rather than acquire, more revenues.
There is also a quote, on page 14 of the magazine, that also proves to me that Mr Clegg is a numbskull: “The Tory inheritance tax cut, he said, would help people who don’t actually spend their money, they just squirrel it away'”. In other words, if you have wealth, either from your own efforts or from inheritance, and save it – you are a parasite, a dead weight. Mr Clegg clearly thinks that saving is bad, that “hoarding” of money in a bank account, or whatever, is a terrible thing, and that we should all be spending our money like mad down the High Street. Maybe he thinks it would be better if trustafarians were all down the dog track or the casino rather than sitting on a portfolio.
It is almost hard to summon breath to point out that it is precisely the high level of consumer spending, funded by debt rather than by real savings, that in part explains much of the current economic mess. We need to encourage, not discourage, savings. And given that as folk get richer, they typically invest and “hoard” a relatively high percentage of wealth, it is folly to hit them since they are a key source of capital for future investment. Folk on low incomes, by contrast, have low savings for the rather obvious reason, of course, that they struggle to make ends meet with what little income they have.
In fact, if the Tories have any sense – not much unfortunately – they should boldly confront the insane, Keynesianism-on-drugs mindset that says that spending is always a good thing and that savers are all rich, selfish bastards who should be taxed. Many years ago, FA Hayek likened this form of economic thinking to quackery. As usual, the great Austrian economist was being far too polite.
This is splendid almost beyond words.
Now go make your own!
Hat tip to John Farrier
Oh Jesus wept, just put the leadership of the Tory party out of our misery and get it over with. The ‘secret weapon’ of the Tory Party is a pro-Euro corporatist whose ability to alienate actual conservatives has been proven every time the bastard has rolled out over the last couple decades.
The Tory party is facing a widely detested and demonstrably failed government and the fact they are not forty points ahead in the polls shows just how far they have their heads up their own collective backsides… and now, just to dispel any lingering doubt, they dust off Ken Bleedin’ Clarke. Unbelievable.
Of course, when I say that that is what Strathclyde Fire and Rescue (“making our communities safe places to live work and visit”) preferred, I do acknowledge it cannot have been pleasant to sit around listening to her desperate cries for the last six hours of her life while rescue equipment that could have brought her out from the mine shaft into which she had fallen stood inactive. But it was that or disregard a memo.
According to the Times,
An injured woman lay for six hours at the foot of a disused mine shaft because safety rules banned firefighters from rescuing her, an inquiry heard yesterday. As Alison Hume was brought to the surface by mountain rescuers she died of a heart attack.
A senior fire officer at the scene admitted that crews could only listen to her cries for help, after she fell down the 60ft shaft, because regulations said their lifting equipment could not be used on the public. A memo had been circulated in Strathclyde Fire and Rescue stations months previously stating that it was for use by firefighters only.
Tough call. We must hope that the eighteen firefighters present (according to an account in the Scotsman) supported each other.
I am a little confused by the fact that the this rope equipment was specified for use by firefighters only. I suppose this restriction is to avoid untrained people being rescued.
NickM, Samizdata comment thread regular who gigs over at CountingCats, pretty much sums up my own views about the Tories and David Cameron at the moment. Which got me thinking: what would happen if, heaven forbid, we got another few years of Gordon Brown in Number 10?
This is all getting very ugly indeed. For a start, sterling is falling fast in the exchanges. There is, I think, more than an outside chance that if long-term government bond yields start to rise faster to attract lenders to lend, it will push the UK back into the recession from which it only recently – if you believe the data – recovered. I also think this government is quite capable of reiimposing exchange controls, which means that tourists, for example, would not be allowed to take more than a piddling amount of cash out of the UK. Of course, such a policy would not be announced in advance but imposed as an immediate measure. But it is a prospect to bear in mind. It is a bit academic in my case, but it is worth moving any spare cash you might have offshore, assuming you can do this without incurring a heavy charge. With what investments I do have, I tend to make sure that a fairly high proportion are in economies that are not heavily exposed to sterling. I am also a bit of a long-term dollar bear, given that the US also suffers from massive debt problems and that the dollar is also losing its reserve currency status, albeit slowly. I also favour commodity-backed currencies (the Australian dollar, for instance.)
Next year, I can qualify to get a Maltese passport, which, among other things, makes it easier for me to live in places such as Canada, apparently. I am going to look into this seriously. In the current environment, it pays to have a Plan B. I am lucky: as we don’t – yet – have kids, me and the missus will not have too great a trouble getting out, although I would contemplate it perhaps even more so if I did have children. I have worked abroad from time to time, so some of the logistics would not be a mystery to me. My only major reservation at the moment is that if I did move, I would not want to be too far from my parents, who haven’t been in the best of health lately and are not getting any younger.
UPDATE: Thanks for the feedback (well, most of it, anyway). First of all, my support for the freedom to migrate – as in the above instance – does not mean that I can expect to go where I like, or change the culture of the country to which I choose to live, or impose my values on such places. Which means that I do not dismiss the worries of those who have been concerned about, say, the influx of folk from very different cultures into the UK (ie, from the Muslim world). There is also the injustice, of course, of migrants taking up welfare benefits in the countries to which they enter – that clearly should stop. But such important caveats aside, as I have said, the freedom of exit is, if you think about it, the ultimate freedom as it protects other freedoms. If the situation becomes intolerable, it is glib for someone to argue that I am somehow “harming” my fellows who stay behind by leaving. If a state can ban or seriously hamper any individual from leaving a country of his birth, tht person is a serf.
One commenter by the name of Tim thinks my argument for leaving is somehow unprincipled as I will be causing, albeit in a tiny way, the very sort of problems (a falling pound, etc) that is bothering me in the first place. That argument does not convince. One might as well object to my refusing to use the services of a firm any longer because the firm will lose sales. Yet the firm, if it is run by intelligent people (big if) will react to the loss by trying to make itself more attractive. If a country is losing people and their departure is a “harm”, then surely that very fact is an incentive for countries to change course, to encourage people to enter that country rather than leave. Or take another analogy: socialists get upset by the idea of school choice because a school will be “harmed” if dissatisfied parents pull their kids out and send them somewhere else.
Every time Labour show a whiff of recovery the pound crashes.
– Guido Fawkes comments on his graph showing that The Market Hates Labour.
One of my current top bloggers Richard North points to a new blog, Political Facts, where posting number one is about the Convenient Criminal. And since Richard North is now one of a lot of other people’s top bloggers also, that means that news of this new blog will spread fast, perhaps faster than its writer might have preferred.
The story its first posting tells if of how the British police, animated by the desire to meet targets rather than to mete out justice, have resorted to arresting the easiest persons to arrest, rather than the guiltiest. The guilty ones flee before the police arrive but the victims of the villainy stay, waiting for help and support, unpractised in the arts of obstructing the police. So they, or their angry sympathisers, get arrested, basically for being a bit angry about having been set upon by actual criminals.
Police arrive. One police officer tells the violent drunk, now a few yards away, to leave the area. The bleeding victim is helped to his feet and tries to point our his attacker but by now he has already left the scene as instructed by a police officer. Not good for the police who have attended an assault but now have no boxes to tick.
One girl tells the police they are useless and is arrested for a Section 5 Public Order Offence for screaming and swearing at the violent drunk as he assaulted the young man. A female bouncer from the nightclub who has witnessed this rushes across the street and tries to tell the police they have the wrong person. (Captured on CCTV) Police tell her to go away and proceed to issue a Fixed Penalty notice. Another Convenient Criminal without police having to take the time and effort of now trying to find and arrest the violent drunk. Effortlessly ticks all the boxes the officers need ticked for their performance targets while justice is thrown away.
But are that event and another similar one outside a pub real events, or were they merely, as they say in the movies, “based on fact”? Are these actual people, or merely composites. This first posting is strong on principle, not so strong on chapter and verse. A widespread set of prejudices about how the police now operate is eloquently laid out. But where are the actual reports of actual events, in local papers or in other blogs? At first glance, the posting looks to be full of links, but all that bold-and-in-colour stuff turns out merely to be bold-and-in-colour. It doesn’t lead anywhere.
But, as I say, it’s early days for this blog and with luck it soon will start to lead somewhere. More to the point those facts alluded to in the blog’s title may start gravitating towards it. After all, the blog’s readers now at least know the kind of facts being sought. The man can obviously write, and with luck, he will turn out to be well placed enough, near enough to the kind of dramas he now describes in a generalised way, soon to be deploying some serious facts and making some serious waves.
“The declaration of neutrality on the issue of the sovereignty of the Falklands issued by the US State Department is clear proof of the uselessness of the Obama administration.”
James Corum, military expert, ex-US soldier and writer in the Daily Telegraph. I would point out, in fairness, that in the early phases of the Falklands conflict in 1982, some members of the Reagan administration initially were sympathetic to Argentina, or at least tried to prevent a UK military recovery of the islands. But the Obama administration clearly has little love for the UK. Fair enough: let the UK follow its national interest and f**k the White House.
Over at Devil’s Kitchen, the blogger uses justifiably salty prose to describe what he thinks of Nick Clegg, the leader of the Liberal Democrat Party, after Mr Clegg gave various proposals for taxing City bankers and the like, including such brilliant ideas as raising the rate of capital gains tax to 50 per cent on top earners, in line with the new, 50 per cent income tax rate due to kick in at the start of April. Clegg gave an interview to the daily freesheet, CityAm.
Clegg, let us not forget, could be in a position to be an important power-broker if the outcome of the next UK general election produces a hung parliament in which no one single party has an overall majority. Given that both the Tories and of course Labour have shown no reluctance to pander shamelessly to anti-banker, anti-capitalist sentiment, it is likely that if any of these parties gets into bed with the LibDems (a truly gruesome thought, Ed), that such “bash-the rich” crapola will get worse. So we can expect the exodus of wealthy people from this country to continue if this sort of zero-sum economics nonsense holds sway.
Under trade descriptions legislation, the LibDems’ own brandname would be declared as false advertising. Liberal they are certainly not.
“What’s really going on, I think, is that the nature of class war has changed. The old virus has mutated. The old social and political divisions have given way to two new classes — rather as on the trains. Those in economy are most of us, paying for the comforts of those in first class. And those in first class are the new political class — all those who owe their advancement and their security and their pensions and their privileges not to their backgrounds or their talents, or even necessarily their political parties, but to the state and our taxes.”
– Minette Marrin
Incoming from Rob Fisher, to whom thanks (and oh look, I get a mention in Rob’s latest posting), alerting me to this.
This is worth a look. The chap handles himself very well.
Indeed. His name is Bob Patefield. It comes across rather strongly that his real crime is not “being anti-social”, but telling the first semi-police-officer, a “Police Community Support Officer”, very politely, that he wasn’t prepared to give his personal details, because he didn’t believe that the semi-police-officer had the right to demand such details. That semi-police-officer then told a real police officer about this act of defiance, and the real police officer then moved in, inventing the claim that the photographer was taking pictures in an anti-social manner.
He was held in custody for eight hours, and then released without charge.
What a difference an internet makes. Not just in spreading the news of such harassment, but in rewarding those who resist it with a bit of glamour and attention and praise, from the likes of us. And punishing the police for such behaviour in an equal and opposite way.
The bottom line of all this, I believe, is that none of us actually believes that the way to stop terrorists, any terrorists, is to stop people taking photos of buildings. There are just too many people who take such pictures for entirely innocent reasons for such harassment to make any sense. Contrariwise, have terrorists ever crept about the scene of their subsequent crime, taking snaps? If so, I sure we would now be being told about it relentlessly. I like to take pictures of tourists taking pictures in the centre of London, and they constantly take pictures of buildings that are surely a lot more likely to be attacked by terrorists than is Accrington town centre. Like: the Houses of Parliament. The police never seem to bother them.
Maybe the police want to establish a track record having harassed lots of people who they have no reason to suspect of being terrorists, so that when they really do suspect someone of being a terrorist, who is also taking photos, and they ask him who he is, they can avoid accusations of racism, Islamophobia, etc. But if they have reasons for such suspicions, why all this kerfuffle when they haven’t? These PCSO people in Accrington should perhaps be told about this.
Maybe the truth of this is that these PCSOs are simply picking fights with people, in order to prove that they are doing something other than just wandering about rather aimlessly and not really earning whatever they are paid. Maybe it’s that simple.
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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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