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]
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In a comment on my previous post, Mastiff wrote, “It is easier for me to buy stock in Microsoft than it is for me to buy equity in my friend’s clothing design business down the street, thanks to the state of securities law. So which will I tend to do?”
Which is a very good point indeed, and something I had not really considered that now seems obvious. It is just another way that large incumbents can use the state to stifle competition.
However, I have not read the Financial Conduct Authority’s policy statement on crowd funding, but there do seem to be some interesting ways of investing in small companies. Have a look at Abundance Generation, Seedrs, Bank To The Future and Crowdcube.
In the USA, there was the Jumpstart Our Business Startups Act, and Rock The Post offer startup investing.
Is this the start of something world-changing, or is it set to be stifled by too much regulation?
Why then are tens of thousands of Latin Americans willingly flooding into a supposedly racist country where cutthroat capitalism ignores the poor and the oppressed such as themselves? In most past polls of Mexican citizens, two general themes often show up: the majority of Mexican nationals believe that the American Southwest still should belong to Mexico, and a sizable minority would like to leave Mexico for the U.S. You figure out the mentality.
– Victor Davis Hanson (H/T, Instapundit.)
Travelling to a country, then despising it, does not strike me as a way to win friends and influence people. I don’t know how widespread this issue is in the US – I’d be interested in comments from US-based readers about the situation on the southern border of the US.
Positive Money want to end fractional reserve banking and have the state create money directly. According to them, when quantitative easing created £375 billion, only £30 billion was made available for the government to spend, at a time when construction workers were being laid off and school building plans to fix leaky buildings were cancelled (which juxtaposition made for a nice Facebook meme). The quantitative easing also caused a stock market bubble and made some rich people even richer.
Instead, the government could have simply invented some sovereign money, debt free with no bookkeeping, and paid the builders to fix the schools. No unemployment and happy children.
Detlev Schlichter points out that it is the government who encourage fractional reserve banking, and all that really needs to happen is for them to stop doing this and banks will create some money but not nearly as much. Also, having the state create money is no less a recipe for disaster than having the banks do it, and maybe more of a disaster. The same economic distortions will apply.
If I attempt to apply Detlev’s thinking, I imagine that perhaps the state invents lots of money and gives it to schools to spend on building repairs. Suddenly the demand for construction is skyrocketing. Prices go through the roof. This stimulates supply. Software developers and professional bloggers quit their jobs for better paid jobs in the construction industry. Whole new construction businesses are started. Pensioners put all their savings into construction industry shares. And then all the school buildings get repaired, and the government moves on to curing some other perceived shortage, and the construction bubble bursts and you are back to having unemployed construction workers and starving pensioners.
Now, Positive Money responded to Detlev Schlichter. It turns out they more or less agree with him — apart from the bit about how we do not need anyone at all to create money, which they never got around to addressing directly but I gather from their criticism of Bitcoin is because they think without inflation people will speculate and not spend. But, importantly, they do not trust politicians to control the money supply either. It turns out they think some sort of “public and transparent body” can do it.
The whole thing strikes me as wishful thinking. It sounds so good it might even get somewhere. You get to bash bankers and have free money and keep politics out of it. All you need is for the public and transparent body to stay truly transparent and public and be able to manipulate the economy with precision from a central point of control. What could possibly go wrong?
As I wrote previously, the city of Sarajevo yesterday commemorated the centenary of the assasination of the Archduke Franz Ferdinand with a fairly confused set of events. A member of a not entirely ceremonial royal family and in a sense therefore a political leader was murdered 100 years ago, as was his wife. Neither of them were bad people and the murder was a horrible thing in itself, even without the terrible events that it set off. The city of Sarajevo held events to commemorate this centenary, but there was much ambiguity about what message (if any) were being sent.
Inevitably, the memories of more recent events in Sarajevo were in the air, even if not explicitly spoken about. The assassin Gavrilo Princip was a Serb nationalist and the sides of buildings in Sarajevo are full of holes that were put there by other Serb nationalists for four years during the siege of Sarajevo between 1992 and 1996.
However, there are two Sarajevos. The bulk of the city is part of the Federation of Bosnia and Herzegovina (not to be confused with the nation of Bosnia and Herzegovina, of which it is a constituent entity), and is populated mostly by Bosnian Muslims, with a small Bosnian Croat population also. However, to the east is Istočno Sarajevo (East Sarajevo), which is part of the Serbian Republic (not to be confused with the Republic of Serbia, of which it is not a constituent entity but would probably like to be) and which is populated by Bosnian Serbs. East Sarajevo consists mostly of new housing that was built on the edge of town using international aid money in order to house Serbs from Sarajevo who either fled or where expelled from Sarajevo during the siege. There is no obvious sign that one is crossing the boundary between the two entities when one does, but they are quite separate just the same. Public transport does not cross the border. People from East Sarajevo to not have access to healthcare in the principal hospital in Sarajevo. People from one side do not socialise or work on the other.
If you look more carefully there are differences between what is on the two sides. As I said, the housing in East Sarajevo is mostly new. The housing in nearby neighbourhoods of non-East Sarajevo are older, and the walls of buildings are full of holes where they were hit by shells during the siege. There is a large and new Orthodox Church overlooking the boundary between the two parts of the city. Away from the populated areas but still on the boundary is the base of the EUFOR peacekeeping force. The boundary goes right through its middle.
Although the memory of the siege of 1992-6 was hanging over the events in the historic part of Sarajevo yesterday, allusions were vague. In East Sarajevo, not so much. Public spaces are still being established in that part of town. One of these is a new park. A ceremony was held yesterday to name it “Gavrilo Princip Park”, and a statue of the murderer himself was also unveiled. Thankfully, I suspect, we did not make it to East Sarajevo for that dedication ceremony. However, we did visit the park and the statue today. A few people were posing for photographs with it. Whereas the main commemorating events were deliberately non-provocative, those in East Sarajevo were extraordinarily provocative, and very crude. Also, insane.
Crowdfunding military procurement? Could this be the best idea ever? Or at least the best idea since letters of marque?
Actual link to the project here.
It is graffiti for goodness sake, and here we have assorted people arguing about whose graffiti it is. Oh what a strange world we live in.
It is an amusing work I grant you, and if someone can find a mug who wants to lift it off and buy it for real money, I can see why the lawyers get called in… but please spare me the “Banksy is a National Treasure” crap. He is a talented criminal who does not think ‘crimes against property’ are really crimes (and the reason they are is because the crimes are actually not against ‘property’, they are against the owner of the property).
I wonder if he expects anyone to respect anything he owns, such as his legs for example? Fortunately for him not everyone thinks the way he seem to.
That said, where he to find himself in a prison cell for said ‘crimes against property’, he should probably be given a brush and some paint to pass the time.
To people clucking that the First Black President deserves more respect, may I suggest that you should have done a better job of picking the First Black President?
– Instapundit
Samizdata’s World War 1 correspondent Patrick Crozier and I are presently in Sarajevo, on the hundredth anniversary of the assassination of the Archduke Franz Ferdinand, which triggered World War 1. It has been a slightly peculiar occasion, as nobody – local, or visiting – seems to be quite clear about what exactly is the correct way to commemorate such an event. There are musical events, art exhibitions (mostly only tangentially related to the occasion), conferences, and a vast number of television crews from all around the world looking for people to interview and things to film other than one another, mostly without great success. It has been, a long, hot day, and the journey into Sarajevo from Belgrade (that we made yesterday evening) is a long and tiring one through steep mountain roads, and I lack the strength to write at length now, alas.
However, whatever the correct way of commemorating an event such as this is, my guess is that it does not involve dressing up as the Archduke and/or his wife Sophie and sitting in a similar open car to the one they were riding in when they were murdered on the exact same spot exactly one hundred years earlier.
It was, however, possible to to that in Sarajevo today.
Perhaps I would not go quite so far as the Russian revolutionary Nikolay Gavrilovich Chernyshevsky in regarding with delight any failure to reform the old regime on the grounds that more misery for the poor brings forward the day of revolution.
But I am rather pleased that “arch federalist” Jean-Claude Juncker is to be the next president of the European Commission. Though it is not his fault, even the man’s name rankles.
Never apologise for saying what you think. The people whose opinions matter to you either agree with you, or if they do not, they at least understand why you think the things you do… but your enemies will still hate you anyway no matter what you say, so why bother apologising? If you have offended someone, that is not your problem, that is their problem. It is a fairly major mistake to give a damn.
UPDATE:
Here is what I think the issue is: ‘Jews’ pretty much run Hollywood. Indisputable. Generally when someone mentions this the subtext is “and this is bad because Jews are the secret reptile masters of the world” (or insert whatever particular strain of the craziness).
But I am pretty sure that is not the point Oldman was making. What I suspect is he was saying that it is actually impossible to mention that fact no matter what. Much like you cannot discuss race and IQ. Or race and crime statistics. Or race and GDP. Or anything that suggests some genders might be better suited to certain jobs. Cannot be done in ‘polite society’. It does not matter what your motivation and ‘subtext’ is, the entire subject is haram.
Now I understand why these topic are haram better than you might think. For example I once wrote this on Samizdata:
[it should be possible to discuss race in a reasonable manner with strangers]. In theory true but the reality is otherwise. I have yet to have a conversation with, well, almost anyone on-line about race which did not segue into a conversation expressing views that are simply race-collectivist (i.e. racist). That should not be the case but that is indeed my experience. Whilst I am willing to admit to the possibility of a discussion of race without racism, the empirical evidence suggest that if I assume anyone who brings up the subject of race is a racist, I will rarely, if ever, be proved wrong. Sure, if I was to find myself chatting academically with a genetic scientist, that may not be the case, but otherwise…
…and I shut down and ban ‘race realists’ on Samizdata’s comment section immediately, because of their habit of turning pretty much *any* discussion into a discussion about race. Utterly tedious. Some topics seem to simply be beyond rational discussion other than with a closed circle of friends.
But the trouble is people like the ADL are not defending their blog the way I do, they are reaching out and shutting down any discussion of “The Jews” (an alarmingly collectivist notion right there, it must be said, as if all Jews were some fungible mass). Heaven knows I can understand why a certain ‘sensitivity’ might have developed, but if Oldman was simply pointing out that people like the ADL treat the world as their blog and their job is to moderate all discussion therein, well he does have a point. And if the ADL dislike me saying that, take a guess how much I care 😉
I have been arguing since 2005 that propping up the Iraqi state was never a good idea. ‘Nation building’ was always a preposterous delusion, as if Iraq and Afghanistan could be turned into an Islamic version of Arkansas, if only enough schools were built and wells were dug. Ludicrous.
Also if an independent Kurdistan gives Syria, Turkey and Iran the vapours, I fail to see why from a western perspective that should change anything at all. I mean seriously, well ain’t that too damn bad. Moreover, there already is an independent Kurdistan in all but name, and it has the only viable army in Iraq, which now even controls Kirkuk. Game, Set and Match Erbil… and if Baghdad thinks that is ever going to change, well if they reckon ISIS is rough, good luck taking on the Peshmerga. Even politically, it is clear the Kurdish leaders have consistently outclassed the other players, be they Arabs, Turks or Iranians.
It is by no means clear the current festivities are inevitably heading somewhere undesirable, as it might end up producing something far more stable than a unitary Iraqi state. Yes, ISIS must not be allowed to take over all of Iraq’s oil producing areas, but frankly it is hard to see how they would manage to take and hold anything in the areas that are not overwhelmingly Sunni… they sure as hell will not be taking Kirkuk this side of hell freezing over, that much seems certain.
“So why is it, then, that when it seems obvious that to understand finance you need to understand human behaviour, Finance World continues to insist that finance is `all about numbers’ and can be fully understood using mathematics? Partly, perhaps, because so many of them are mathematicians to start with and they find it difficult to see things other than within a numerical framework. Partly, perhaps also, because many have Type-A personalities and they find it difficult to deal with uncertainty. Yet surely also because so many are reluctant to admit that they may have been wasting their time all these years basing their work on the Markowitz worldview, just as so many unrepentant socialists found it difficult to admit they had been used as Stalin’s `useful idiots’ when the Soviet Union’ collapsed.”
– Guy Fraser-Sampson, The Pillars of Finance: The Misalignment Theory and Investment Practice, page 187. The book is about how, under the influence of mathematics specialists such as Markowitz, a lot of investment decisions got dangerously out of whack with reality, as we saw in 2008. Despite some pushback, a lot of the investment industry on which our pensions and savings depend are in thrall to risk and market ideas that are seriously mistaken. Throw in the joys of central bank fiat money and the rest, you have a problem. I should add that Fraser-Sampson, who is a professional investment figure as well as academic, is a big fan of the Austrian school (von Mises, etc). Even better, Douglas Adams, the 30 Year’s War and The Goon Show make an appearance. What more can one ask for in a book about finance?
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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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