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This is a rush item. Go there right now if you read this as soon as it goes up:
SpaceX CEO & CTO Elon Musk will discuss the future of human spaceflight in advance of SpaceX’s planned flight later this year to the International Space Station, the first private mission to the ISS for NASA, at a National Press Club luncheon today at 1pm EST. Reusability is key to the dramatic cost savings that will enable advancements in human exploration of space. The Dragon spacecraft is fully reusable and SpaceX is working toward the goal of delivering the world’s first fully reusable launch vehicle.
Click here to watch the discussion live
Try the animation here for a peek at SpaceX’s future plans.
This post from the National Space Society links to the animation and gives information on Elon’s talk. What he is attempting is breathtaking and awesomely difficult, a task worthy of free Americans.
The German people (like the British people and the American people) are overwhelmingly against the bailouts. But their opinion (like the opinion of the British and American peoples) has been ignored in the past – and vast sums of money have been spent.
Today was a vote over whether or not extra hundreds of billions are to be spent – and to be spent by an European Union executive agency with arbitrary powers. At least 70% of the German people were against this – in spite of the intense propaganda of the establishment media.
Yet only 85 members of the German Parliament voted to stop it.
It is the end – not just the end of any prospect that people will really face up to their problems (rather than scream for endless bailouts), but also the end for any pretence that modern government is in any real sense “democratic”. It is not a sudden emotional whim of the people that has been ignored – it is the settled opinion (conviction) of the people, which has been held (in spite of intense propaganda against it) for a long period of time, that has been spat upon.
“Vote them out”.
How? Both the governing CDU and the opposition SPD voted for endless bailouts and arbitrary executive power.
Europe on the Brink, a Policy Brief published by the Petersen Institute for International Economics, makes for grim reading. My favourite quote from it is this subheading:
This potential break-up of the euro area is exactly what happened in the ruble zone when the Soviet Union broke apart.
“Potential”? Also, I think, for “euro area” read state-backed but not gold-backed currencies everywhere.
But the USSR comparison is spot on. When the USSR disintegrated, this was rightly hailed as a triumph for capitalism, but not rightly hailed as the triumph of capitalism. There were other walls yet to fall, other statist follies yet to be destroyed. The commanding heights of the economy used to be thought of as big companies that did physical stuff to physical stuff. 1991 was the date when the idea that governments should micro-manage such enterprises got its comeuppance, and the torrent of high quality stuff that has gushed forth ever since continues, as yet, unabated. But the real commanding heights, the loftiest and most commanding of all, the politically (mis-)managed currencies of the world, are only now collapsing.
Think of our current travails as the unfinished business of the twentieth century.
Here is a good column slating the idea of a Tobin Tax. The key issue that people need to understand is the issue of tax incidence. To put it another way, taxes are a cost (indeed, for some things, such as taxes on tobacco, policymakers stress this point). Costs get passed on. If we tax financial transactions, it will be passed on in the form of lower profits, job cuts, lower savings rates, higher borrowing costs. The tax, of course, will weigh disproportionately on London, given the far smaller turnover of rival European centres such as Paris.
As the saying goes, can we leave yet?
“For as long as the culture of business has been an integral part of American life, it has also been frowned upon by important sectors of our society. Among our intellectuals especially, the business world has been the subject of many brutal caricatures, portraying corporations large and small, and the people who run them, as heartless, soulless agents of greed. These caricatures have shaped our implicit understanding of the nature of the business world, so much that they have come to pass for conventional wisdom.”
– Algis Valiunas
An interesting piece, although its caricature of Ayn Rand is a duff note.
I live in the Westminster area of central London – Pimlico to be exact – and I am planning to get out of London next year when the Olympic Games are on and spend some time with my Dad and also travel abroad to get away from the mayhem. Luckily, my job enables me to work remotely for a while.
Sometimes, when friends ask me about this, they ask if I am thinking of letting out my property for a couple of weeks or whatever, and earn a bit of extra cash to compensate for the cost of paying for the Games and the associated hassles. In general, I am against the idea of letting my place to strangers, and would only consider letting it to people I know and trust. (I am worried about strangers stealing my entire Robert Heinlein collection, 50th anniversary Playboy album and cufflinks. You know how it is). However, it turns out that Westminster City Council has decided to kill the idea anyway – people who let properties for short periods without permission will, it says, be fined. Other London boroughs are taking a more liberal line.
I was not aware that to let out my property for a few days or weeks was something that the council had any power to prevent. Now we know better, alas.
Suppose I decide to let my Dad house-sit my place for a few days, or let other relatives use my place and possibly reimburse me for the electricity, gas and water bills. It appears that the council officials are entitled to check who is in properties during the Games and make sure they are not being used illegally as rentals.
Of course, some people will chance it and let their places out. I must say, Britain is becoming more like East Germany. That country liked its Olympics, if I recall.
The next time anyone talks about the UK and property ownership, please try not to laugh.
Update: The commenter Laird asks if we could legally challenge this edict. I suppose it is possible.
David Cameron went to his first EU summit last year and agreed to let the European Union take charge of the financial regulation of the City. As far as poor decision-making goes, Gordon Brown’s gold sale was bad enough. History will remember Cameron’s surrender of the City as worse.
– Alex Singleton
“…Journalism is a trade, not a profession; the idea that its practitioners should be licensed, that it should be a closed shop that only people who have passed a test can enter; and that a politically created quango can determine who is “right” and who is “wrong” and should therefore be banned is appalling and dangerous. It is a sure route to eliminating free speech and ensuring that only “approved” views can be aired. These days, there is a continuum between a lone tweeter or blogger with a dozen followers to a star broadcaster who speaks to 10m people every day. One cannot arbitrarily draw a line between journalism and non-journalism any more. All should be protected by free speech; all should be held responsible for what they write or say.”
Allister Heath, talking about the disgusting idea of a UK Labour Party shadow cabinet member to licence journalism. It is important to note – as Samizdata regular Guy Herbert has from a Facebook comment I saw, that the sins of someone like Johann Hari would not have been picked up had he ticked all the right boxes by attending a J-school.
As Brian Micklethwait notes below, it appears the Labour leadership has disowned the idea – so far. You know how it goes: an idea is floated, is immediately rejected by the senior folk, but gradually keeps getting more and more traction.
I cannot overstate my loathing for the political class in this country. Glenn Reynolds says of the US equivalent that it is the worst political class since before the US Civil War (not exactly an encouraging thought). God knows what sort of epoch we can compare this lot to in the UK.
The UK Labour party’s conference is underway in Liverpool, and party bigwigs are presenting their proposals for reinvigorating Labour after its crushing defeat in the last election. The stupidest of these proposals to date will be presented today, when Ivan Lewis, the shadow culture secretary, will propose a licensing scheme for journalists through a professional body that will have the power to forbid people who breach its code of conduct from doing journalism in the future.
Given that “journalism” presently encompasses “publishing accounts of things you’ve seen using the Internet” and “taking pictures of stuff and tweeting them” and “blogging” and “commenting on news stories,” this proposal is even more insane than the tradition “journalist licenses” practiced in totalitarian nations.
I’m all for hanging up Murdoch and his phone hackers by their thumbs, but you don’t need to license journalists to get that done: all you need to do is prosecute them under existing criminal statutes. In other words, the only “journalism code of conduct” the UK needs to avert another phone hacking scandal is “don’t break the law.” Of course, it would help if government didn’t court favour with the likes of Murdoch, as was the case under Labour (and is the case with today’s Tories).
For a party eager to shed its reputation as sinister, spying authoritarians, Labour’s really got its head up its arse.
– Cory Doctorow
This is so mad it is being noticed everywhere, not just in Britain. Instapundit says they should have a read of Areopagitica. Well, we can hope. Not that they will read Areopagitica, merely that they might not like making themselves look like sinister, spying authoritarians, all over the world.
LATER: Lewis’s Loony Licensing Plan Disowned By Miliband. The derision was not confined to the internet. The Labour Conference was derisive too. Good on them. Someone tell Instapundit.
As has been widely reported, Standard and Poor’s (S&P) credit rating agency is under criminal investigation for the “crime” of rating various financial instruments as low risk (“triple A”) when, in fact, these financial instruments were based on worthless mortgages (worthless as the original home loans were paid to people who had very little chance of ever paying them back).
No doubt S&P did not do their job of rating risk very well. After all S&P is part of a de facto government established cartel of ratings agencies (the vast level of regulation makes very difficult for new companies to compete in the credit rating business) and the government wanted its “affordable housing” policy to continue and part of that was for the original lenders (the banks and other such who had made loans to people who could not pay them back – partly to avoid legal action under the Community Reinvestment Act and partly because the Federal Reserve system was making lots and lots of cheap credit money available and it had to go somewhere) to be able to pass on the loans as securities and other financial products.
Also, of course, S&P (like the other ratings agencies) is paid by the people it is rating (not the people who want to check credit worthiness) so it has a perverted incentive to not look too closely at the financial products it rates – and the mortgage backed financial products (i.e. the pass-the-parcel-before-it-blows-up products) paid very well – especially as financial people (as financial people are apt to do) were using the mortgage based financial products as the basis for pyramid schemes – building vast constructions of debt upon them.
However, every single word of the above could be applied to the larger “Moody’s” Credit Ratings agency. For example, it was the credit rating enterprise that rated the (utterly demented) government backed (and government created) “Fannie Mae” and “Freddie Mac” (the organizations that own most American home loans) as perfectly safe.
Yet Moody’s is not under criminal investigation – why not?
By an odd coincidence S&P downgraded American government debt about a month ago – and (after observing the hostile reaction of the American government) Moody’s chose not to. Could this (as some have claimed) be the latest example of the “Chicago Way” where commercial “friends” get rewarded politically – and “enemies” get punished?
The existing regulations already gave the government (via such agencies as the SEC) vast (and, to a great extent, arbitrary) power. But the passing of “Dodd/Frank” (an Act of Congress named after, arguably, the most corrupt members of the Senate and the House of Representatives at the time) completed the process of turning the American financial system and markets it a political toy – totally under the control of the government. And presently it is a very corrupt government – dominated by Chicago Machine people (from the President down).
However, it is hard to have much sympathy for the financial companies and traders – they are, after all, addicted to government subsidies and have long stopped being anything to do with “free enterprise”.
For example, whenever a vast new government subsidy orgy is announced (such as a new round of funny money creation by the Federal Reserve – or a promise of a vast bailout for European banks) the markets go up not down. The long term is of no interest to most players on the market – they care only about the new money that government creates (from nothing) and their personal chances of getting some of it.
They (most of the financial elite) and the governments (for the other governments are much the same as the American one) are made for each other – it is just a shame that the rest of humanity has to live on the same planet as these people.
“The great problem of recycling anything is that whatever it is that you’re after might be extremely dispersed. You can end up epending more energy, more labour, in trying to oncentrate it enough to recycle it than you would expend by simply digging up some new stuff.”
Tim Worstall on the issue of recycling rare metals. The point he makes very well, in my view, is the issue about the scarcity of time. It takes oodles of time for people, even in their own households, to recycle stuff and sort it out, as opposed to acquiring material elsewhere. Now, if the value of the recycled stuff rises sufficiently to make it worth the while of people to recycle it, or the availability of dumping grounds for unwanted stuff declines sharply, the of course recycling will increase.
Everything has a cost. And time is one of the costs that legislators frequently don’t stop to address.
The fallacy at the heart of this crisis is that every financial problem has a political solution.
– Jeff Randall He’s talking about the euro’s problems, but the same fallacy is at work nearly everywhere.
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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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