“I am not in favour of any parental choice in education. You will go to your local school.”
– Former London mayor and Hugo Chavez buddy, Ken Livingstone. Not too up to speed with the concept of choice, is he? No wonder the unions loved him.
|
|||||
|
As promised, I have some thoughts following on from the talk given by Kevin Dowd, a professor at the Nottingham University Business School and a noted advocate of what is called “free banking”. He gave his talk at the annual Chris R. Tame Memorial Lecture as hosted by the Libertarian Alliance. (The LA was founded by Mr Tame, who died three years ago at a distressingly young age after losing a battle against cancer.) Professor Dowd covered some territory that is already pretty well-trodden ground for Samizdata’s regular readers, so I will skim over the part of the lecture that focused on the damage done by unwisely loose monetary policy of state organisations such as central banks, or the moral-hazard engines of tax bailouts for banks. March 19th, 2009 | 56 comments - (Comments are closed)
 The wonderful world of web provides us with a way to check what happens to the CAP aptly described by a European leader:
via Charles Crawford March 18th, 2009 | 9 comments - (Comments are closed)
“It was John Maynard Keynes, a man of great intellect but limited knowledge of economic theory, who ultimately succeeded in rehabilitating a view long the preserve of cranks with whom he openly sympathised.” F.A. Hayek, Choice in Currency, a Way to Stop Inflation, Institute of Economic Affairs (1975), page 10. Prof. Hayek was usually a restrained and polite demolisher of nonsense but in this quote, I think we get a sense of the rage that he must have felt at how Lord Keynes, with his easy charm and confident manner, could persuade politicians of what they wanted to hear anyway – that you can create wealth by spending other people’s money. But even later on Hayek tries to argue that Keynes would have been alarmed at how his ideas have been used as cover for monetary insanity. I think that is a mark of how basically decent an intellectual opponent Hayek was. Meanwhile, following on from Kevin Dowd’s lecture last night – which I thought was very good – I will have more to say about his talk later on. March 18th, 2009 | 22 comments - (Comments are closed)
Tyler Cowen has an interesting post up about the whole business of pundits betting their own money on their views. Economics students may remember a particularly satisfying one involving the late, great Julian L. Simon and the alarmist writer Paul Ehrlich. Simon, who might be thought as a “cornucopian” writer, bet that the price of a basket of commodities would not, when adjusted for inflation, rise over a certain period. Erhlich had been claiming that commodities were running out at an alarming pace and their price would therefore skyrocket. He lost the bet. Simon suggested they have another go but Erhlich, being at least not totally stupid, decided not to accept the offer. The affair has not blunted his views, a fact that demonstrates the incorrigibility of some so-called academics. I wonder if there controversies over which you’d be prepared to stake a few pounds, dollars or pints of beer? March 17th, 2009 | 23 comments - (Comments are closed)
To date, we have been fortunate. I say that because, given the consistently submissive nature of the British public, we have been blessed (yes, I do mean blessed) with a ruling political class that has been, relatively speaking, both modest in its ambitions and cautious in its actions. If they only realised how much more they could get away with we would, by now, be living in a hell on earth. This is why I say that we, so far, been very lucky. But luck always runs out and I think ours is about to do just that:
Another database for the sake of it? Well, possibly. But I think we all know that it will not stop there. This is, of course, a prelude and a ‘softening up’ process for the eventual introduction of a requirement for exit visas (Soviet style). So, a word of advice to any of my compatriots who are planning to emigrate abroad: settle your plans as soon as practicable and make your move within the next 5 years. After that, you may well find that your escape routes have been walled off. March 17th, 2009 | 31 comments - (Comments are closed)
Regular Samizdata commentator Ian B made a good point on this comment thread (scroll down) about the issue of economic cycles. As he says, many of the boom-bust cycles have been associated with new products and markets where there is scanty information about how large a market might be. For instance, the technology boom of the 1990s involved an area – the Web – which was still unknown territory to most of us. Yes, most of us now are familiar to the nth degree with the Internet but that is because a lot of bold, not necessarily reckless, investors, geeks and entrepreneurs took a punt. With hindsight, some of these investment propositions were pie in the sky. Well, without perfect knowledge of the future, malinvestments get made. The same can be said of the 1840s railway boom. There were shysters and boosters like the 19th Century financier George Hudson, but out of the inevitable mistakes and broken dreams came a country that was criss-crossed with railways. Out of the bust of the tech boom came the Googles, Yahoos, Amazons and Facebooks of today. These technologies, for instance, have changed how I can do my job in all manner of ways, almost all of them for the better. Out of the hundreds of automobile companies set up at the start of the last century came the motoring titans of today. The examples multiply. As Ian put it, if people don’t want these busts, then maybe they are expecting the impossible if they also want to get still all the good things that a boom can produce. For sure, it would be good to stop fuelling mad cycles with fiat money, and that is why I want genuine free market banking, and not the quasi-statist dog’s breakfast, instead. But I am most certainly not in favour of the “calm” that comes when there is no change or disruptions at all. That is to demand the peace and quiet of the grave. Update: via the National Review’s Corner blog, I came across this in a similar mood to my point. March 16th, 2009 | 20 comments - (Comments are closed)
The BBC does not even pretend to be impartial these days. Iain Dale, the blogger for those junkies of Westminster politics, notes that for the second week running, the Andrew Marr Sunday politics show did not have a single guest from the opposition Conservative or Liberal Democrat parties. There may be a suggestion that the broadcaster is going along with the government’s refusal to put on any ministers if their opposite numbers appear on the show. I happen to think this is, unwittingly of the BBC perhaps, a good thing. By making the bias of that channel so blatant, it advances the BBC closer to the guillotine. At least when Fox News puts “fair and balanced” on its strapline, we know it is having a bit of a snigger. March 16th, 2009 | 20 comments - (Comments are closed)
There are so many things to do these days, especially in a place like London, that often you make up your mind about what to do of an evening at the very last moment. So, maybe you have the coming Tuesday evening, tomorrow, March 17th, still free. If you do, I strongly recommend the Libertarian Alliance’s 2nd Annual Chris R. Tame Memorial Lecture, which this year will be given by Professor Kevin Dowd.  Getting on for a hundred people have already signed up to attend this event, in other words quite a few more than showed up for last year’s inaugural Chris Tame lecture given by David Myddleton. But there is room for more still. Attendance is free of charge. All the organisers ask is, if you want to be there, email them beforehand. Follow the link at the top of this for all the details of the event, and for the email to confirm attendance. What excites me about this lecture is that Dowd is both an unswerving libertarian, and an expert on banking, on the history of banking and on the baleful effects over the decades of state monopoly fiat money and of banking regulation. This is a man who not only believes in the idea of a free market in currencies and in banking, but someone who can actually explain in detail why that would be a better arrangement than anything else now being proposed. He also has firm and positive views about what should immediately be done, right now, to alleviate the crisis. And because he is a Professor, he has some leverage for getting his ideas reported in the mainstream media. Having been looking forward to this event for several months, I now realise that I have, infuriatingly, a teaching commitment set in concrete for that very same evening. But the good news for me, and for anyone else who won’t be able to attend the lecture in person, is that it will be videoed, and video internetted just as soon as that can be contrived. You may depend upon me to have further things to say about this potentially very important lecture just as soon as that video is available and linkable to. Can we win the ideological war that now swirls about the current financial catastrophes? Personally I remain optimistic about this possibility, but whether we can actually win or not, we should surely try to win. And those of us who conveniently can should surely support those people, like Kevin Dowd, who are making the biggest efforts to this end. Most of Samizdata’s readers do not live in London and can’t be at this lecture in person, although lots are Londoners and could. But, Londoners or not, I very much hope that a healthy proportion of us will at least give the video our closest attention. Meanwhile, I am sure that almost all of you will join with me in wishing Professor Dowd all the best for tomorrow evening. March 16th, 2009 | 5 comments - (Comments are closed)
It’s like a parallel universe out there. Politicians, newspaper journalists and television presenters are running around like headless chickens with no clue as to how to deal with the economic crisis. But the truth is out there. Things are quite different from the recession of the 1970’s, which coincided with my discovery of libertarianism and Austrian School economics. Back then one had to be extraordinarily lucky to come across the likes of Mises, Hayek and Rothbard. Now correct explanations of why the crisis arose are just a few clicks away. March 15th, 2009 | 26 comments - (Comments are closed)
“The flag that he honored with his life, now honors him.” These words spoken by the Army chaplain at the graveside ceremony for General Mil Roberts at Arlington on March 12th, explained why it is so symbolically important that the flag cover the coffins of our fallen heroes. The idea of reciprocal shared honor is one that binds any good military organization together, the past, the present and the future are all embodied in that symbol and with the deep meaning that we Americans give it. The ceremony, with the honor guard, the riderless horse, a fifteen gun salute, the US Army Band playing Ruffles and Flourishes and America The Beautiful, the firing of the traditional three volleys, all done with precision and strict discipline but without the boot stomping and barked orders that one associates with some military ceremonies. The whole event was simple, elegant and dignified. Mil was sent off to what he, as a Christian, believed was a better place by his friends, comrades and family in a style and manner that he had earned in combat and in years of service to America. He landed on Omaha Beach on June 6th 1944 and fought his way across Europe ending up in Czechoslovakia. Later he served in the Army reserves while pursuing a normal civilian life. In 1970 he was called up for active duty as head of the Army Reserve in the Pentagon. As President of the High Frontier Missile Defense advocacy group, he helped get the DC-X program off the ground. That Rocket proved many things, including the fact that worthwhile space launch development programs could be done for far less than the billions of dollars that the government normally requires. This helped jump start the suborbital space tourism industry and may someday lead to a revolutionary low cost way to get into orbit. Mil always had a great sense of humor and both he and his wife Priscilla had a wonderful gift for friendship. He lived his life according to the old Jewish rule “Be a Mensch!” – Taylor Dinerman March 14th, 2009 | 2 comments - (Comments are closed)
This is a tremendous rebuttal of the claim that British manufacturing is in decline. Of course, there is nothing specifically wonderful in having a large or small manufacturing sector, but for those who care about such things, this article nails a lot of cliches about how Britain is supposedly losing the art of making stuff well. In fact, a lot of the manufacturing that goes on in the UK is first class. Take the aero-engine business, for example. Well, it is nice to grasp at positive news that is going. March 14th, 2009 | 27 comments - (Comments are closed)
|
   |
||||
All content on this website (including text, photographs, audio files, and any other original works), unless otherwise noted, is licensed under a Creative Commons License. |
|||||
Recent Comments