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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Now the counter terrorism bill will in all probability be rejected by the House of Lords very firmly. After all, what should they be there for if not to defend Magna Carta.
But because the impetus behind this is essentially political – not security – the government will be tempted to use the Parliament Act to over-rule the Lords. It has no democratic mandate to do this since 42 days was not in its manifesto.
Its legal basis is uncertain to say the least. But purely for political reasons, this government’s going to do that. And because the generic security arguments relied on will never go away – technology, development and complexity and so on, we’ll next see 56 days, 70 days, 90 days.
But in truth, 42 days is just one – perhaps the most salient example – of the insidious, surreptitious and relentless erosion of fundamental British freedoms.
And we will have shortly, the most intrusive identity card system in the world.
A CCTV camera for every 14 citizens, a DNA database bigger than any dictatorship has, with 1000s of innocent children and a million innocent citizens on it.
We have witnessed an assault on jury trials – that bulwark against bad law and its arbitrary use by the state. Short cuts with our justice system that make our system neither firm not fair.
And the creation of a database state opening up our private lives to the prying eyes of official snoopers and exposing our personal data to careless civil servants and criminal hackers.
The state has security powers to clamp down on peaceful protest and so-called hate laws that stifle legitimate debate – while those who incite violence get off scot-free.
This cannot go on, it must be stopped. And for that reason, I feel that today it’s incumbent on me to take a stand.
I will be resigning my membership of the House and I intend to force a by-election in Haltemprice and Howden.
– David Davis MP
Quite unprecedented. An MP – and a privy counsellor – quitting in order to draw attention to loss of liberty (and he used my phrase, “the database state”. A meme whose time has come, I hope).
Update: now the official text rather than Sky’s slightly mangled transcript.
One begins to wonder if Krushchev was right in 1959 when he said “We will bury you”. We just thought he meant economically rather than socially. I am beginning to wonder how many differences between the current Russian and American governments will be left if we have a few more years of an executive branch which ignores the Constitution. According to this article in World News Daily we are now going to have a biometric database on anyone that anyone in the adminstration does not like and it will have no oversight or means of challenge whatever:
Although the directives run over 1,700 words in length, Congress is not mentioned once, nor is there any specification of how the coordinated “framework” will be disclosed to the public.
and:
The directives also do not specify any procedures for citizens to challenge their inclusion in the biometric database or any resulting consequences, such as restricted travel or additional government surveillance.
I am certainly not anti-defense minded but I would humbly suggest that no CITIZEN should have such information kept on them and if a non-citizen becomes a citizen all such information should be destroyed forthwith and severe legal penalties should exist for violations.
I fully expect this will be as effective and as competently kept a database as the no fly list, which is to say real terrorists will walk through and free and sovereign Americans will get the treatment by some jerk with a rubber glove.
I am very sorry to hear this. I could not give a damn about what his political views are. Fact is, he has been one of the acting greats. The Sting, Butch Cassidy and The Sundance Kid, Cool Hand Luke, Harper, The Road to Perdition….that is just a few of them. And he was a pretty mean motor racing driver as well, like his old pal, Steve McQueen, who succumbed to cancer at a much younger age.
At 83, he’s already put a lot of miles on the clock, but I hope he can make a few more.
Looking for a real boost in the morning? Someday you may be able to do better than coffee. According to New Scientist (via the Foresight Institute):
Human cells could have their metabolisms upgraded without altering their genes by inserting tiny plastic packages of enzymes, Swiss researchers have shown. They hope the technique could allow advanced cancer therapies, or even upgrade a person’s metabolism.
I can hardly begin to imagine the applications. With this technique you could correct chronic genetically caused disorders. It makes drugs old hat. You could boost athletic performance from inside the cell and really give the luddite sports crowd something to worry about.
Imagine the battlefield applications! It could keep the 21st century soldier alert despite little sleep; alive when injured; fed from sunlight or other external energy sources and performance enhanced when under threat.
When people rack up massive credit card debts it is easy to blame the card companies for seducing us poor moppets into living life beyond our means. So it is perhaps a little surprising that the sort of hysteria that has done for “Big Tobacco” (what, as opposed to “little tobacco”?) has not caused a political clampdown on credit card firms. I guess the reason why they have escaped heavy controls is that because the majority of the adult population use them, it would be electoral suicide for politicians to call for them to be banned or heavily restricted.
Debt is clearly a serious problem for lots of people and the have now, buy later culture plays a part in this. A lot of people are also unaware that if you do not repay a card in full every month, the bill can swell alarmingly. A rising burden of taxation has not helped, either, which can hardly be blamed on wicked money-lenders. Strengthening the incentives to save and avoid indebtedness is a good thing. Cutting taxes on investments and savings products is a good start.
Yet the supposedly “conservative” columnist David Brooks comes out with the sort of panicky, “We are all dying of debt” item that you just can tell is a warm-up to calls for heavy government regulation. He places a lot of the blame on the likes of financial services firms, and avoids mentioning the role that central banks like the Fed and government-backed mortgage agencies like Freddie Mac might have played in fuelling heavy borrowing. And there is this paragraph that really raised my eyebrows:
Public and private programs could give the poor and middle class access to financial planners. Usury laws could be enforced and strengthened. Colleges could reduce credit card advertising on campus.
Huh? Ursury laws? Forgive me, but I was not aware that charging interest on loans was or is a civil or criminal offence, as it is in the Muslim world or was the case in the Middle Ages. And the line about restricting or even banning advertising of financial products like credit cards so that poor, gullible college kids do not buy them is patronising nonsense. After all, if Mr Brooks wants to use the government to help give people financial planning advice, it is pretty silly to prevent firms from advertising products that are legal, as credit cards are.
But then I remember that Brooks is not all that keen on the idea of the state leaving adults alone, even if that means their making mistakes, anyway. That’s just so Reaganite, dahling. Check out this article.
Blogger Timothy Sandefur has an interesting item questioning the argument that the inefficiency of using slaves rather than free labour would have gradually eroded the institution anyway, such as in the Old South of the US. He makes the point that as far as the owners of slaves are concerned, maximising wealth may not be the only reason why they keep slaves, so the inefficiency of this repulsive institution may not prove fatal to it. In other words, it would be naive for defenders of say, the Confederacy, to argue that a war was not necessary to get rid of this institution.
Sometimes, oppression does not just wither away. A loathesome institution or regime can endure for a long time. You need action, sometimes involving bullets, to remove these evils. For those of a pacific nature, this is not a comforting conclusion.
Here is an article I wrote some time back celebrating one of the great British campaigners against slavery, Thomas Clarkson, who is a lot less well known than William Wilberforce. Reading through the comment thread reminded me that a lot of people imagine that free marketeers like me claim that capitalism will inevitably weaken slavery. There is nothing inevitable about the demise of any human institution, certainly not one that satisifies the human lust for power over others.
Robert Man from the European Commission speaking on this morning’s Farming Today:
There is a case for allowing supermarkets to sell mis-shapen fruit and veg, provided it has a label such as “suitable for cooking” on it.
He was talking about proposals for simplifying EU produce classification regulations.
In the interests of the poor chap keeping his job, I feel I should emphasise it was a very relaxed, friendly interview, and that this latitudinarian idea was clearly being examined hypothetically as a way of reducing waste, and no impression was given that it formed part of current Commission plans. Nor did Mr Man imply that the ‘simplification’ proposals are completely settled. The Commission proposes, but member states dispose; and Mr Man was careful to point out that not all member states are yet convinced by the bold libertarianism inherent in simplification.
So for the moment you should be reassured that the full EC Marketing standards continue to apply to: Apples, Apricots, Avocados, Cherries, Grapes, Kiwifruit, Lemons, Mandarins (and similar hybrids), Melons, Oranges, Peaches and Nectarines, Pears, Plums, Strawberries, Water Melons, Artichokes, Asparagus, Beans (other than shelling beans), Brussels sprouts [of course!], Cabbage, Carrots, Cauliflowers, Celery, Courgettes, Cultivated mushrooms, Garlic, Leeks, Onions, Peas, Spinach, Salads, Aubergines, Chicory, Cucumber, Lettuce endives and batavia, Sweet peppers, Tomatoes, Hazelnuts in shell, Walnuts in shell, Flowering bulbs, corms and tubers, Cut flowers and foliage.
Though I know us Samizdatatistas are apt to be rude about regulators, I think it is important to recognise the merits of these noble public servants occasionally. Younger and foreign readers will not appreciate how much suffering the EC Marketing standards have saved. British television viewers no longer face peak-time magazine shows featuring vegetables with an amusing resemblance to genitalia.
The always-solid Belmont Club, pondering the newly segregated Sarajevo, captures my unease with multiculturalism:
Maybe the real threat to multiculturalism are the demagogues who see identity politics as the road to power, even if that process involves the destruction of the larger polity. Under the color of multiculturalism, the ship of separatism steams majestically on.
Although I think it might be better phrased as “the real threat to tolerance“.
I can’t recall anyone claiming to push multiculturalism who wasn’t, at the end of the day, really pushing some kind of identity politics. Inevitably, identity politics is nothing more than collectivism with a grudge. I think its no coincidence that the cities I’ve lived in where race relations were the most civil (Richmond, Virginia and San Angelo, Texas) had very little in the way of vocal multiculturalism/identity politics/race hustlers, while the cities that had the worst race relations (Boston and Dallas) tended to be well populated with the breed. It reminds me of the way cities with the strictest gun control have the highest crime.
In my experience, genuinely civil multi-cultural communities tend to be somewhat segregated. The key, I think, is mutual respect, not to be confused with the naive and purblind cultural relativism of the multicultural pious.
The Financial Times carries a report – if we can dignify this rather biased piece of journalism as a report – stating that European business leaders are becoming embarrassed at the size of paychecks that are being paid out to the heads of some companies. Oh dear. The story’s underlying assumption that equality of outcome, as opposed to equality before the law, is a good thing, is unquestioned. Of course, if the economic pie is of fixed size, then the fact that Fat Capitalist Bastard X has a larger slice of it than Poor Oppressed Worker does become an issue of justice. But therin lies the rub.
European economies, certainly in the more mature economies of Germany, France, Italy and the Low Countries, have grown at barely more than 2 per cent per annum in recent years, with Germany among the better ones, at 2.6 per cent last year. Take a look at this grid of growth rates, with European ones often at the bottom. After an extremely painful period of restructuring inside the straitjacket of the single currency, Germany has become more prosperous, or at least its blue chip companies like BMW and Siemens have. France is still floundering: President Sarkozy has not proven much of a reformer. So it is unsurprising that Europe’s economic “pie” has not expanded much. In such an environment, where you have some global companies based in Europe which are doing well, their CEOs get paid a fortune, but among the mass of the public who work for small and medium-sized firms dependent on domestic markets, the picture is far less rosy. Throw in the impact of rising commodity prices like oil and wheat, and no wonder the income gap is expanding relatively.
Of course, the FT, a faithfully centrist publcation in its political complexion, does not point out that this inequality does rather undermine the idea that the social-democrat, or “Rhine” model of “managed capitalism” is so much better than the anarchic, Anglo-Saxon sort. And remember than in France, for example, the country has a relatively steep, progressive tax code, plus a wealth tax on the super-rich. It has an absurd 35-hour work-week rule and some of the most protected labour markets in the world. And yet inequality is, according to the FT, increasing.
One of the few positive things in the article, however, is the point that some large institutional investors, like pension funds, are using their market clout as shareholders to vote against massive payouts to CEOs in firms that do not perform well. This is the sort of pressure I support. As an investor, if I hold a stake in a company run by a chump who demands a 10 per cent pay rise, for example, it is only right that I should say no. Of course, the other option is to sell that firm’s shares. Sooner or later, companies run by over-paid idiots tend to lose money for their investors. As for CEOs that run strong firms and are paid big bucks, well, if their shareholders are relatively better off in terms of the returns on their investment, than the headline-grabbing paychecks of a CEO are easy to defend. After all, if being a CEO was easy, there would be more of them around, and hence, they would be less well paid on average. The question that the FT does not ask is why the supply of CEOs and other senior managers is not greater than it is.
“Everyday life is as important to understanding of what happens as are historical milestones. It might help people realise how little it takes for the society to find itself in a grasp of a toxic ideology and how gradual the decline can be, how unnoticed the erosion of freedom, dignity and moral strength.”
From this blog’s Adriana Lukas, in her moving and chilling account of an exhibition in Hungary, yesterday. Scroll down and read it all.
Martin Baker, the UK journalist – he worked for several years at the International Herald Tribune in Paris as one of his stints – is someone who has realised that there is an untapped seam out there to be mined: thrillers about the world of finance. I have often myself wondered why, considering how much news is written about financial speculators these days, that there have not been more novels with speculators and the like as the main characters. There are some exceptions: there is Tom Wolfe’s Bonfire of The Vanities; there is, of course, Ayn Rand’s great celebration of capitalism in Atlas Shrugged, although the book is more about industry than money-lending. The novel Cash McCall is a neglected 1950s classic. Occasionally financiers feature in other novels but that is pretty much it. As for movies, ask anyone about a fictional presentation of a Wall Street speculator or City buyout king, and they will say Wall Street, with the glorious Gordon Gekko, played by Michael Douglas. And he was supposed to be a baddie, remember.
Mr Baker wants to plug a bit of a gap and he has written a thriller called Meltdown, which came out a little while ago. I picked up my signed copy and a few days ago, I read it. I am afraid I have to say the book comes as a bit of disappointment. If a movie is ever made out of it, it could be toe-curlingly embarrassing unless they sort out some of the plot and characters.
Without giving away a rambling plot, the protagonist is a brilliant young Oxford academic called Samuel Spendlove, who is persuaded to be employed by some shady media types to spy on a bank in Paris, to discover the doings of a proprietary trader who makes gazillions of dollars on deals, to report back on his affairs, and presumably, to bring said shady trader to book. What we get is what I might call the “misadventures of Samuel”, a story of a once-innocent academic fallen among knaves. There are sex scenes so bad that I fear for Martin Baker’s reputation. And they add nothing to the plot. There is a feeling that we need a least a bit of sex in there to clinch a movie deal for the novel. Much of the dialogue between the main characters is clunky and lacks believability. I have worked in finance and the media and can state without qualification that yes, there are some nasty pieces of work in both, but they do not talk as Martin Baker has them talking, at least not all the time.
Also, the plot does not make a lot of sense, and the central premise: that a single proprietary desk dealer and a few buddies can bring down not just a couple of other banks, but wipe out parts of the global economy, simply does not stand up to scrutiny, although it plays to the notion that bankers are “Masters of the Universe” with deep and dark powers. Of course, there can be spectacular blowups and we are witnessing some of that now, as the recent cases of Northern Rock and Bear Stearns prove, and as Barings and Long Term Capital Management did before it. But the idea that one private bank can cause a major recession seems over the top; to do that, they need the assistance, however unintended, of governments and central banks. For sure, in a thriller, a bit of licence is okay, but you need enough believability to carry the reader along. I do not think Mr Baker quite pulls this off.
Perhaps my biggest disappointment is not the credibility of the plot, but that the character of Spendlove is not quite convincing: he seems too gullible. I never quite believe that such a smart guy could let his media puppetmasters treat him like so badly. We never really find out what motivated his media controllers to act as they did. If I were Spendlove, I’d tell his bosses to get lost and go back to doing something more intelligent instead. He lacks depth; we do not really get to grips with what makes him tick as a character beyond a desire to get some excitement away from the academic world and earn pots of money.
There are good things about the novel, to be fair. Mr Baker knows how finance works or at least he knows about the jargon used around it; he has a good feel for what a dealing room looks like, how people in these places act and he sometimes gets the dialogue right. As a journalist, he has an excellent understanding of how markets move on rumours, how news services like Reuters or Dow Jones cover the news and how bankers’ hours get elongated by time-zones. Some of the touches are a bit cliched, but the cliches do not grate too much.
Generally speaking, however, I rate this book as a two out of five, with five as the top score and one as poor. There is a great, contemporary novel to be written that has the doings of financiers at its core and which does not pander to the notion that moneymaking is a zero-sum game. Mr Baker does at least understand, to his credit, that there is a yawning gap in the arts world’s treatment of finance. It is a bit of a shame that he has not really filled it. Maybe the next one will be better.
The FT today carries a piece from Timothy Geithner, We can reduce risk in the financial system in which the president of the Federal Bank of New York asserts:
The institutions that play a central role in money and funding markets – including the main globally active banks and investment banks – need to operate under a unified framework that provides a stronger form of consolidated supervision, with appropriate requirements for capital and liquidity. […] It is important that we move quickly to adapt the regulatory system to address the vulnerabilities exposed by this financial crisis. We are beginning the process of building the necessary consensus here and with the other main financial centres.
The FT itself kindly translates: “NY Fed chief in push for global bank framework”. Is this merely one more piece of assumption by a US government agent that running the entire world according to US government standards is an unquestionable good? Or is such a fearsome regulatory cartel genuinely likely to come about?
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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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