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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“Certainly there is a need for free-market economics to be rescued from those who distort and discredit it, but that is the argument that must be made: that this system has delivered mass prosperity (and the self-determination that comes with it) on a scale unprecedented in human history, and that it deserves to be saved from the spoilers.”
Janet Daley, writing with justified scorn about those people who have been bashing Mitt Romney for his career in venture capital at Bain. To be honest, his background in this area is one of the few things going for him. It would be quite refreshing to have a president of the United States who can actually read a balance sheet.
For those who have not come across the “creative destruction” line before and how it applies to sometimes wrenching change in business, check out the great Joseph Schumpeter.
As a caveat, I should add that some – but no means most – private equity buyouts of firms have been made possible by cheap credit, and therefore might not have occurred in the way they did had interest rates not been how they were in the past decade or so. On a related point, here is what I wrote in defence of private equity at Samizdata several years ago. Excerpt:
“In the main, what these firms do is target cash-rich firms that are run by often lazy executives who have presided over crappy business decisions. Take the meltdown of Marconi a few years ago, one of Britain’s most famous companies. That was a listed company. The destruction of value and jobs in that company remains, in my mind, one of the most disgraceful episodes in British corporate history and who knows, it might have been saved from making big errors had a private equity fund been in charge, rather than deluded executives. Private equity firms helped stymie Deutsche Börse’s foolish bid for the London Stock Exchange 2 years ago, and have turned around businesses. They typically buy and hold a firm for 5 years or more, take a hands-on approach to running firms before spinning them off to another buyer or floating them in an IPO. So Will Hutton should spare us sentimental guff about how limited liability firms floated on the stock exchange represent the perfect model of doing business or something that Adam Smith or Voltaire would exalt. They are merely one of the many ways in which economic activity manifests itself. As interest rates rise and the economic cycle turns, some of the excesses of leveraged buyouts will fade and private equity transactions will decline.”
Phyllis Dixey – 1914 to 1964 – Striptease Artiste – lived here in flat number 15.
– The wording proposed last November for a new British Heritage blue plaque, but it proved controversial. I only just came across this story. Since then, I don’t know what has happened. Is this plaque actually going to materialise? What it says at the bottom of this recent news item, about another proposed blue plaque in honour of movie actress Margaret Lockwood, suggests not. If not, shame.
Anyone looking for evidence that the current Conservative/Liberal Democrat government in the UK has the same tidy, but severely limited intelligence of its predecessor need do no more than read this story suggesting that thousands of jury trials held in the country could be axed to save what appears to be a relatively paltry sum, when measured against the dangers and cost to individuals of being wrongfully convicted.
I can understand why jury trials can be an easy target. In my distant past I had a spell covering court cases in the UK and watched several juries at work. It struck me – especially in the more complex fraud cases – that there are clear problems. And maybe – although no politician will dream of saying so – that the British are not as law abiding as they presumably were 50 years ago and therefore the average jury panel reflects this fact. But historians would point out that juries in, say, early 19th Century England could be an awkward bunch. But therein lies the strengths of trial by jury – it is one of the few elements in which ordinary members of the public can be brought into the affairs of civil society by sitting in judgement on the alleged guilt or innocence of their fellows. Juries remind the powerful and the legally sophisticated about the proper order of things.
As I remarked the other day about the dangerously misconceived move by the previous Labour government to scrap the double-jeopardy rule, the ongoing attempts by administrations of all political hues to gut the English Common Law, and the checks and balances of the system, remain one of the most foolish trends in our public life. And that such an idea is being contemplated makes a mockery of the idea that having the Lib Dems in the government coalition will increase, in any way, the supposed liberality of this administration.
He wastes no time in twisting the knife of truth in this thrillingly irreverent talk. No, he probably will not ever be invited back.
O’Leary’s conference bio should have foreshadowed to organizers that they would not be getting the traditional, polite, boring PowerPoint presentation.
Nag, nag, nag:
If you click on that, you will see that this snap was snapped in a hardware store. A randomly selected one, as it happens, near to where I live.
I’ve said it before, and I’ll say it again, health and safety is, among other things, a business, and therefore an interest. If it diminished, money would be lost, money which knows it would be lost and which would therefore speak up against it being stopped.
But of course the big complaints, if they now tried to moderate this crap, would come from all the big businesses which have now got used to all this excessive nagging and know how to handle it, unlike smaller potential competitors who, poor innocents, know only about making good products.
Hey, “tyranny” was his word, not mine. Sid Ryan writes in the Guardian:
There have been some serious incidents at the camp in the last few months including: thefts, tents being slashed and minor assaults. These problems are not of Occupy’s making, but they’re happening on its watch. When anyone is challenged about people’s behaviour they’re quick to cry “persecution” and appeal to the founding principles of inclusion. If Occupy can’t solve the problem of behaviour on-site, a hostile media and the police will end the movement before it gets going.
Even people who aren’t aggressive or violent can derail the movement. The very nature of the general assembly (GA), whereby everyone can wield a veto, makes it inevitable. A block should be used only if the blocker feels so strongly that they would rather leave the movement than see it carried through, but it is rarely used as such and rarely with a full understanding of the issues at stake. Occupy proudly states that the GA is “real democracy”, in fact it is a tyranny that makes it possible to drown out a hundred rational voices with a single irrational one.
Schadenfreude aside, Mr Ryan’s article provides an interesting case study of an attempt at non-coercive organisation, a subject that interests many libertarians. Perhaps what stops it working for them is Original Sin. I refer to the sinful desire, shared by both the reformist and the revolutionary wings of Occupy, to coerce others.
Added later: Guardian commenter Forlornehope mentions the Seige of Münster. One hopes events will not come to such a pass that St Paul’s ends up being adorned in the manner of St Lambert’s Church:
Vigorous preparations were made, not only to hold what had been gained, but to proceed from Münster toward the conquest of the world. The city was being besieged by Franz von Waldeck, its expelled bishop. In April 1534 on Easter Sunday, Matthys, who had prophesied God’s judgment to come on the wicked on that day, made a sally with only thirty followers, believing that he was a second Gideon, and was cut off with his entire band. He was killed, his head severed and placed on a pole for all in the city to see, and his genitals nailed to the city gate. Bockelson, better known in history as John of Leiden, was subsequently installed as “king”.
Claiming to be the successor of David, he claimed royal honours and absolute power in the new “Zion”. He justified his actions by the authority of visions from heaven, as others have done in similar circumstances. He legalized polygamy, and himself took sixteen wives. (John is said to have beheaded one wife himself in the marketplace; this act might have been falsely attributed to him after his death.) Community of goods was also established. After obstinate resistance, the city was taken by the besiegers on June 24, 1535, and in January 1536 Bockelson and some of his more prominent followers, after being tortured, were executed in the marketplace. Their dead bodies were exhibited in cages, which hung from the steeple of St. Lambert’s Church; the cages still hang there, though the bones were removed later.
Austrian economic theory describes how purposive action by fallible human beings unintentionally generates a grand, complex, and orderly market process. An additional ethical step is required to pronounce the market process good. Economic theory per se cannot recommend but only explain markets. This is what Ludwig von Mises meant when he insisted that Austrian economics is value-free. Anyone of any persuasion ought to be able to acknowledge that economic logic indicates that imposing a price ceiling on milk will, other things equal, create a shortage of milk. But that in itself is not an argument against the policy. Mises assumed the policymaker would have thought that result bad, but the economist qua economist cannot declare it such. As Israel Kirzner likes to say, the economist’s job in the policy realm is merely to point out that you cannot catch a northbound train from the southbound platform.
– Sheldon Richman writes about How Liberals Distort Austrian Economics
Exposed: Taxman’s ‘illegal’ war against Britain’s small businesses. That is the title of a most interesting report in the Independent. Not so much a war, I would have said, as a shakedown.
The Government is unlawfully using late-payment penalty fines against tens of thousands of small firms who do not file their tax returns on time as a “cash-generating scheme” for the Exchequer.
In a damning judgement, the Tax Tribunal has ruled that Her Majesty’s Revenue and Customs is operating a policy of “deliberately” waiting months before alerting businesses that have not filed their tax returns so that late- payment fines stack up.
…
“It is no function of the state to use the penalty system as a cash-generating scheme,” said the judge, Geraint Jones, QC. “We have no doubt that any right-thinking member of society would consider that to be unfair and falling very far below the standard of fair dealing expected of an organ of the state.”
While applauding his judgement in this case, I question his expectations of standards of fair dealing by an organ of the state. It’s not as if they didn’t try much the same with speed cameras.
I gather HMRC are to appeal*. Confusion to their knavish schemes.
(Via Englishman’s Castle)
*This sentence originally read “I gather HMRC are appealing.” Edited for accuracy.
Jeremy Warner, a columnist at the Daily Telegraph, has a short, thumb-sucker about what happens if Scotland becomes independent, as many Scots (and many English voters and taxpayers) want. Given that the Euro is a partial disaster, no sane Scottish politician would want to campaign to join it, at least not yet. The idea of Scotland staying in the sterling zone is also bit, well, problematic if Scotland breaks free of any fiscal union with the English, or if the English decide to give the Scots the elbow. Could Scotland go back to an old, Scottish currency of its own and would that be viable?
Of course, the land of Adam Smith and David Hume could adopt a gold-backed currency and set a magnificent new trend, but given the socialistic nature of most Scottish politicians seeking independence, that does not seem very likely, but you never know. I always felt that if the SNP wanted to really pull a trick, they should seek to turn Scotland into a sort of northern Switzerland.
Here is an old essay by Lawrence White about Scottish banking.
The ultimate pre-flight procedure, courtesy of Southwest Airlines.
Some commenters on this blog got more than a little sniffy when I had a few critical things to see about Ron Paul the other day. I stand by my remarks, which actually were hardly the sort of fire-eating stuff that some people come up with, but I’ll happily repeat my respect for his genuine good points, as I see them.
David French, over at National Review, has an interesting item reflecting on why, of all GOP candidates, and of Obama himself, Ron Paul gets more respect in financial terms from the serving military. Here is the final paragraph:
“I know there are many other reasons why troops support Ron Paul (quite a few embrace libertarian economic principles), but this post is an attempt to explain his support within a national-security framework — how some of the most hardened warriors I know enthusiastically embrace a man whom others say is soft on national security. They don’t see him as soft. They see him as realistic. I disagree (strongly), but it’s an argument that won’t be defeated by ridicule, and it’s an argument grounded in a cultural reality that few Americans have experienced.”
Incoming from Detlev Schlichter:
Just a heads-up in case you are interested, I will be one of four guests on Andrew Marr’s show Start the Week on BBC Radio Four on Monday, 16th January. The program starts at 9 am but there are various ‘listen again’ facilities, and it will also be published as a podcast. The topic is the financial crisis, and the other guests are The Economist’s Philip Coggan (author recently of Paper Promises), Angela Knight, chief executive of the British Bankers’ Association, and the Labour life peer Maurice Glasman.
I am interested.
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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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