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Samizdata, derived from Samizdat /n. - a system of clandestine publication of banned literature in the USSR [Russ.,= self-publishing house]
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Samizdata quote of the day In terms of the massively deluded concerning economics as we all know John McDonnell is one of life’s winners. Anyone who can possibly observe the past 40 years and decide that capitalism as failed is clearly, obviously, either nuts or ignorant. True, he saw through the Senior Lecturer but still. He is though insisting that a Labour victory, with those associated policies of uncompensated nationalisation, yet more of the country’s investment running through government, will raise the value of sterling.
This might, you know, not happen.
– Tim Worstall
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Should be followed by RTWT — Read the Whole Thing. :>)
Astute feller, that Worstall. :>))
There is also the existence of practical experience. These policies have been tried in the past and the results have been disastrous in every case, I am not aware of a single exception. So why would he think these ideas will be a roaring success the next time that they are put into practice? Deluded isn’t a strong enough word to describe this level of idiocy.
Some people might think that this is a challenge! Lots of things were tried and didn’t work, and then it worked, and became commonplace. The 4-minute mile, climbing Mount Everest, etc. The person or team that makes it work becomes famous! And lots of people have been taught that ‘History is bunk!’
I would suggest that failing repeatedly and then succeeding eventually would involve trying something slightly different each time to test out what would work better and, as a consequence of that, eventually succeeding. I also think that the idea has to be basically sound to begin with if it is not to be doomed to perpetual failure. Are you suggesting that the idea of socialism is basically sound and we just need to keep trying it until we get it right?
I don’t think that the four minute mile is a very good analogy. Four minutes was an entirely arbitrary time that was bound to be broken eventually simply due to constant gradual improvements in athletic abilities. We are now getting to the point where top distance runners can run close to five minute miles for twenty six miles.
It’s just the intrinsic irony that some people read about the failure of capitalism on a smartphone and agree with it.
Actually, Sterling probably would rise in the immediate aftermath of a Labour victory – because a general election is going to happen only if Boris can’t get Brexit done, and a Labour victory will casue people to think – perhaps rightly – that it’ll never happen. The removal of uncertainty would certainly cause a brief, sharp rise.
Any such rise, of course, would have a strong resemblance to the behaviour of recently-deceased feline quadrupeds.
“In terms of the massively deluded concerning economics as we all know John McDonnell is one of life’s winners.”
That’s just genius. It’s like Timmy is simultaneously channeling both P J O’Rourke and Terry Pratchett. 😀
Truth is, I’m not poor enough to afford a Labour government.
Dear Mr Samizdata Illuminatus
That nice Mr McDonnell knows that he will be right this time, because he will be in charge.
So that’s all right then.
DP
PS If that nice Mr McDonnell looks like he is getting anywhere near power, change all your sterling binary bits and paper into gold sovereigns and/or Bitcoin and stock up with canned fish in oil, which will become the new currency when a trillion pound sterling note will buy you a small bag of crisps, but only if you are quick.
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