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]
The ‘mining giant’ Glencore, a commodity trader/mining company formed in the heat of a commodity price boom a few years ago, appears to be encountering some difficulties, of the sort that you find when your debt exceeds the value of your assets. The current instar of this company formed as commodity prices ‘boomed’ (for no obvious reason it would seem, it was on the back of a rather well-noted ‘recession’), with a take-over of the Anglo-Swiss commodity trader/mining company Xstrata in May 2013. Now, however:
Hunter Hillcoat, an analyst at Investec, said: “Mining companies gorged themselves on cheap debt in a race to grow production following the Chinese stimulus that occurred in the wake of the great financial crisis.
“The consequences are only now coming home to roost, as mines take a long time to build.”
The CEO of Glencore, Mr Ivan Glasenberg, is certainly a very capable and impressive individual, and had, when younger, been a world-class race-walking athlete, barred from international competition by his South African citizenship. We were even fed stories of how, when he paid his income tax in the Swiss village he calls home, Rüschlikon, the locals got a rebate on their income tax (how distasteful, why not cut taxes for the man himself with a cap on total take, like the Isle of Man?)
Could it be perhaps that the monetary policy of the Federal Reserve, followed by others around the world, had created an illusion of value in the mining sector, that led to what (for now) might appear to be a prodigious mal-investment, as commodity prices fall?
Mr Glasenberg has followed the ‘price signals’ coming from the markets in building up the company that he manages. Now, however, the price signals may well have been a mirage. What if debt had not been ‘cheap’? Might this company now be in better shape? Wouldn’t almost any Austrian economist have said, back when this merger was being contemplated, that commodity prices were a bubble (and that they still are)? Would anyone involved, blessed with some foresight, economic knowledge and patience, have said ‘Let’s wait for the bust after the boom before deciding what to do next.‘.
(Of course, the boom in money hasn’t ended yet, it’s just that the prices have stopped moving up for now). Then again, why should those involved care?
Now consider that lesson right across the world, what might it look like if ‘cheap debt’ had never existed, but only debt that came, not from creating money from nothing in a fiat money system via Central Banks, but via borrowing others’ savings, which were not being spent elsewhere? Everything from the cost of a home’s rent or mortgage, to the cost of the metal in a nail on your wall, might be different. What might that world look and be like?
I came across this quote on Facebook by a person whom I won’t name – since it was on a closed group – and it was written in response to an item about tax as a cost. The idea that tax is a cost struck this person (who I don’t think was trolling, but just holding collectivist views) as bizarre:
“Taxes are redistributed throughout the economy. Taxes provide public services and government spending that consumes goods/services and pay public sector wages that fuel business success which in turn, creates further tax revenue. You’re mistaken – Tax is not a cost – It drives nigh on 50% of our entire economy! Right wingers continually fail to notice this incontrovertible economic fact.”
The idea that taxes cut into existing productive activity, and that as a cost, will be passed on to consumers (such as the financial transaction tax passing on costs to bank clients, shareholders, etc) doesn’t occur. No, taxes are part of that wonderful magic money tree. Why stop at a pathetic 50 per cent? Why not tax the lot? Give it all to the State, so those clever people can spray it around and make us richer, except of course the money has that odd way of disappearing from our paychecks……..Sorry, excuse me, time for my pills.
You do have to wonder what a century or more of compulsory education has wrought.
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?
(Just a little note to the Telegraph subs: she isn’t actually farming minister yet. Labour would have to win an election for that.)
Meat should be treated like tobacco with a public campaign to stop people eating it, Jeremy Corbyn’s new vegan shadow farming minister has suggested. Kerry McCarthy, MP for Bristol East, has irked the British farming industry with her veganism and vice presidency of the anti-hunting League Against Cruel Sports.
In an interview with Viva!life, a magazine for vegans, she admitted she was a “militant” when it came to clamping down on meat consumption. She said: “I really believe that meat should be treated in exactly the same way as tobacco, with public campaigns to stop people eating it.”
In the green corner, a 3 min 41 sec clip from an LBC radio interview with the Green Party leader Natalie Bennett by Nick Ferrari dated 24 February 2015:
Most cringeworthy moments: her ghastly fake coughs at 2:07, 3:10, and 3:25 whenever Nick Ferrari pressed a point particularly hard. She really did have a cough, but even a real cough sounds wrong when told to perform before it is ready. Ferrari’s expression of sympathy after the 3:25 coughing fit was not meant to deceive her or the audience.
In the red corner, a four minute clip from a BBC Northern Ireland radio interview with Jeremy Corbyn by Stephen Nolan dated 8 August 2015, while Mr Corbyn was the front-runner in his ultimately successful bid to become leader of the Labour Party:
The most cringeworthy section again involves a pretence. Listening from 3 minutes until the end, Mr Corbyn’s initial claim not to have heard was credible; there was interference from another station to contend with. But as the interviewer doggedly repeated the question in an admirably clear voice, my belief in Mr Corbyn’s deafness trickled away.
Jeremy Corbyn: “Can we take the thing forwards rather than backwards?”
Stephen Nolan: “Are you refusing to condemn what the IRA did?”
[Background noise – interference from another station.]
JC: “Sorry, couldn’t hear that.”
SN: “Are you refusing to condemn what the IRA did?”
[Pause]
SN: “Jeremy?”
JC: “Hello? I think we’re going to have to do this later…”
SN: “OK, let me just – let me just ask this last question while it’s quiet there. Are you refusing to condemn what the IRA did?”
[Sound of indrawn breath.]
[Click.]
Every so often I encounter a comment that seems to me to deserve to be dragged out of the credits at the end of the show, and given top billing in its own right.
Here is one such, by David Gillies, at David Thompson’s blog, on this posting. Someone had introduced the subject of Jeremy Corbyn into the comment thread. This was what Gillies had to say about the man:
Jeremy Corbyn was born in 1949. Stalin was still in power then. Since then we have been through the Korean War, the 1956 Hungarian revolution, the Prague Spring and its subsequent repression, the Communist takeover of Viet Nam and Laos, the Khmer Rouge genocide in Cambodia, the fall of Eastern European Communism, the dissolution of the Soviet Union, Tiananmen Square and the recent upswing in Russian revanchism. We have also seen free markets and the rule of Law lift billions out of utter destitution, leaving mainly untouched those areas where the Left still has sway. Despite all this, Corbyn still cleaves to the most disgusting, barbarous ideology that has been seen on Earth since the Conquistadors put the kibosh on Aztec thoracic surgery. That’s not misguided. That’s evil. Just because he looks like a geography teacher shouldn’t let him off the hook. He is a wicked man busily surrounding himself with wicked (mainly) men and a few wicked women. We should not be afraid to state, plainly and repeatedly, what he is and what he stands for. To do any less is to acquiesce in his vileness.
On the other hand, the commenter directly above Gillies pours scorn on Corbyn’s fondness for photographing manholes. I see nothing wrong with that. And if Corbyn could be chased out of politics and persuaded to stick to doing only that, I would then see a lot less wrong with Corbyn.
If only there was some way for the Labour Party to be trashed, which is what Corbyn seems to be doing, without the trashing of my country also being risked.
Yesterday evening I attended a dinner, hosted by a bank, at the outstanding Enlightenment Gallery of the British Museum. The collection of artifacts in that place is astonishing and I could have spent many happy hours there. Later, talking to one of the folk attending the dinner, we got on to the subject of how the BM has, notoriously, become a home to items of classical antiquity, and how, by a savage twist of fate, the museum’s experts are assisting people in countries such as Iraq and Syria to restore and recover the treasures being destroyed, defaced, or stolen by ISIS and other Islamo-nihilists. The conversation reminds me of this article by Daniel Johnson. Here is an extract:
The full significance of the demolition of Palmyra thus only emerges when we consider what it implies about the perpetrators’ attitude to Western civilisation. Ruins that had stood for nearly 1,800 years mean less than nothing to the genocidal ghouls of the new Caliphate, whose aim is to throw history into reverse and annihilate even the memory of all non-Islamic cultures. By harnessing the resources of Western culture — not only military technology but above all using the internet as a propaganda tool — the marauders of Isis have forced themselves into the forefront of our consciousness. Islamism is the face of nihilism in our time. The paralysis of the Western democracies when confronted with such radical evil is not unprecedented — we did not stop the Holocaust or the Cultural Revolution either — but what is new seems to be the brazen self-aggrandisement of the perpetrators. The great crimes of the 20th century were largely hidden from the world while they took place. This time, Isis has forced us to watch the agony of a civilisation. Whose civilisation is it? Ours — for the ruins of Palmyra belong to our cultural heritage no less than their architectural progeny, the English country house or the Capitol. The casual murder of Khaled al-Asaad in front of the antiquities that had been his life’s work recalls the death of Archimedes, who according to Plutarch was slain in Syracuse by a Roman soldier because he would not look up from his geometrical diagrams in the dust. Yet the Roman general, Marcus Claudius Marcellus, was apparently furious, having given orders that Archimedes was not to be harmed.
On the other hand, robots, when they are not seducing us, are supposed to be taking our jobs. It doesn’t matter that UK productivity has slipped even further towards the bottom of the developing world, as the use of immigrants, women and older people by far outweighs the deployment of new machines. It doesn’t matter that, at 5.1 per cent, unemployment in the US is at a seven-year low. It doesn’t matter that investment (automation included) is weak throughout the West, that the cash hoarded by IT companies speaks volumes about their unwillingness to take robots much further, that the 225,000 robots sold worldwide in 2014 merely match the number of new jobs typically created in the US in just one month. People still insist that robots and IT generally are about to change the workplace forever, create mass unemployment and heighten inequality.
Yeah, funny and all, but it is depressing that so many people find an allegation quoted second hand from a single un-named source to be proof positive so long as the accused is someone they dislike. The claim that there is photographic evidence sets the seal on my disbelief. If this photo exists what is stopping this little piggy going to market? Why didn’t he squeal before now? Is the possessor of this photograph waiting for someone richer than Ashcroft to offer him more money or some time better than today for it to get some media attention?
I haven’t got the photo, alas. What a pig’s ear I made of my opportunities there. Like David Cameron, I managed to trot along to Oxford in the early 80’s and yet knew nothing of the Bullingdon Club, the Piers Gaveston Society or whatever. I first heard of the former when Cameron became prime minister and of the latter yesterday. My friends wore anoraks and were into science fiction. Or even science, the weirdos.
The consequences of politically motivated credulity regarding allegations that look increasingly likely to have been porky-pies are sometimes more serious than a lot of bad puns.
The most senior prosecutor in England and Wales has added her voice to criticism of the Metropolitan police’s inquiry into claims of a murderous Westminster paedophile ring, saying detectives “overstepped the mark” when they stated that the allegations were true.
Alison Saunders, the director of public prosecutions and head of the Crown Prosecution Service, acknowledged the difficulties of investigating historical allegations but said: “You don’t just take somebody’s word as it is.”
On Monday Scotland Yard acknowledged that a senior detective’s description of an alleged victim’s claims as “credible and true” had “suggested we were pre-empting the outcome of the investigation”.
Pre-empting the verdict of a trial? You don’t say! Why did it take you this long to notice, Ms Saunders?
For those who don’t follow the Dolphin Square soap opera, the claims described by police as “credible and true” came from one source, nicknamed Nick, who claimed that three children were murdered by a VIP sex ring.
Operation Midland has drawn criticism since police forces leapt on unsubstantiated abuse claims against Edward Heath, and the former MP Harvey Proctor condemned as preposterous the allegations of torture and abuse put to him by officers.
Note that Heath was alleged to have been abusing and possibly offing kiddies while a serving prime minister, when his every moment was monitored by bodyguards (most of whom would have been police officers themselves), officials, flunkies and journalists. All in on it, I suppose. I think that Heath was one of the worst PMs we have ever had, but who believes this crap?
The deputy leader of Her Majesty’s Loyal Opposition, that’s who!
Midland is one of a number of inquiries that began after Labour’s deputy leader, Tom Watson, said in the House of Commons in 2012 that there had been “a powerful paedophile network linked to parliament and No 10”.
The Kenyan government didn’t play much of a part in ending the three-hour bloodbath, McConnell reports. By the time security forces arrived, the attack was mostly over thanks to an “unlikely coalition of licensed civilian gun owners and brave, resourceful individual police officers [who] took it upon themselves to mount a rescue effort.” While this little band of saviors would ferry dozens of people to safety, when Kenyan forces did arrive, “it was only to shoot at one another before going on an armed looting spree that resulted in the collapse of the rear of the building, destroyed with a rocket-propelled grenade. And there were only four gunmen, all of whom were buried in the rubble, along with much of the forensic evidence.”
However, like most political slogans, the rhetorical appeal and simplicity of “smash the onion” can easily divert us from thinking about the reality of rolling back the state. Rather than an onion, let’s think about the state as a ticking time bomb. Libertarians are the bomb squad called in to defuse it before it goes off. We could argue for simply yanking out all the wires, or even “smashing the bomb,” but either option is likely to cause the bomb to explode. Defusing a bomb often requires careful thinking about how the bomb was constructed, which parts are linked, and what all those wires do. In other words, safely defusing the bomb requires snipping those wires in the right order.
I had a really weird dream. I dreamt that Japan beat South Africa at rugby 😀 I know, hilarious 😛 Yet strangely I cannot seem to wake up! What the fuck?
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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