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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“Deposit insurance is a cancer at the heart of the capitalist system, destroying its ethical foundations. Rich depositors should not be able to secure returns, in the good times, for investing in fundamentally riskbearing activities (which fractional reserve deposits are, by their nature) but then be bailed out by the government when times are tougher. And banks are the largest allocators of capital in the economy – so this fundamental injustice gets spread across the entire economic system.”
– Andrew Lilico, The Sunday Telegraph (£)
A problem in much of the West is that the large investors who have been bailed out, such as those who did so via Silicon Valley Bank, or Credit Suisse, etc, is that they tend to be politically quite powerful. A lot of the north Californian business class, for instance. And it tends to vote Democratic.
I like the following comments by Adrian Wooldridge, the journalist, writing in Bloomberg ($ paywall) a week ago:
The humanities at their best are also perfectly equipped to provide an education in something that has been sadly lacking in recent business history: human judgment. The notion of judgment might sound a bit vague — certainly compared with the profit and loss of the business balance sheet or the ones and zeros of the digital economy — but the difference between a successful leader and a mediocre one does not lie in the amount of information they possess. It lies in the very human ability to process a vast mass of ambiguous information — sales patterns, technological innovations, political threats — and then make a rapid decision under pressure. The importance of judgment is growing as the world becomes more uncertain and trade-offs become more pressing. Who knows? Perhaps this week’s financial turmoil could have been avoided if Greg Becker, the CEO of the just-shuttered Silicon Valley Bank, had studied the humanities at Indiana University instead of majoring in business.
A preference for deceptive certainties over fuzzy truths has arguably been the biggest problem for business in recent years. Businesspeople have grown incomparably rich since the 1980s by embracing the deceptive certainties of business theory while forgetting the great truths of political theory. They have embraced the cult of shareholder value (paying themselves like owners rather than employees) while also providing themselves with golden parachutes and exploiting every accounting trick in the book. But in so doing they have whipped up popular fury that is threatening to overturn business civilization (and will not be placated by a few bromides about diversity and sustainability).
They would have been wiser if they had studied classical political theory along with contemporary economics and business theory. Aristotle argued vigorously for the “golden mean” on the grounds that a prosperous middle class is necessary to long-term stability. Plato insisted that elites inevitably collapse if they give way to their own appetites rather than restraining themselves in the interest of the public good. Surely Plato+Aristotle is a better formula for understanding the state of modern America than any number of business theorists?
I’d like to quote the whole article but there is a copyright/subscription issue, and I am a free marketeer and respecter of property, after all.
Far from robbing anybody of surplus value, Capitalism is like a benevolent ancestor who, instead of consuming all the port that he could get – as some ancestors did – laid down an enormous cellar of it for the use of future generations. And every one who is now alive in this country, and millions abroad likewise, are now able to help themselves to bottles of the grand old vintage then laid down and now ready for us, crusted, fruity, full of ripe flavour and rich bouquet. For none of us could have been so well off, and many of us could not have been born at all, if Capitalism had not done this deed, and done it judiciously and well.
– Hartley Withers, The Case for Capitalism, 1920 p239. Withers was editor of the Economist between 1916 and 1921. It’s a good analogy, or ought to be. It ought to make you think of science, shipping, railways, hospitals, educational institutions. Unfortunately, in my case it – especially the “rich bouquet” bit – makes me think of sewers.
We are now forewarned that the British government has chosen St. George’s Day, 23rd April 2023, to trial a new ‘alert’ system by sending alerts to the phones of everyone in the UK. It seems that you have to interact with the phone to stop it blaring a siren-like noise at you, and so acknowledge this impertinence.
However, not all phones can receive these ‘alerts’. The functionality is limited:
Compatible mobile phones and other devices
Make sure your device has all the latest software updates.
Emergency alerts work on:
iPhones running iOS 14.5 or later
Android phones and tablets running Android 11 or later
If you have an earlier version of Android, you may still be able to receive alerts. To check, search your device settings for ‘emergency alerts’.
But you can turn off these alerts on your phone (if you are socially-unfriendly):
You can opt out of emergency alerts, but you should keep them switched on for your own safety.
To opt out:
Search your settings for ‘emergency alerts’.
Turn off ‘severe alerts’ and ‘extreme alerts’.
If you still get alerts, contact your device manufacturer for help.
Blimey, something the government acknowledges that it can’t help me with, is this a first?
But what, pray, is this all for?
You may get alerts about:
severe flooding
fires
extreme weather
One might hope that severe flooding and fires would be incompatible, but perhaps with the climate emergency, Mr Sunak will set the Thames on fire.
And the form of this message?
‘It ain’t half hot, Mum!‘
Not exactly:
What happens when you get an emergency alert
Your mobile phone or tablet may:
make a loud siren-like sound, even if it’s set on silent
vibrate
read out the alert
The sound and vibration will last for about 10 seconds.
An alert will include a phone number or a link to the GOV.UK website for more information.
OK, but what should I do if I get an ‘alert’?
What you need to do
When you get an alert, stop what you’re doing and follow the instructions in the alert.
But does this apply to say, surgeons in an operating theatre? This is not mentioned.
And wait, what if I am…
If you’re driving or riding when you get an alert
You should not read or otherwise respond to an emergency alert whilst driving or riding a motorcycle.
If you are driving, you should continue to drive and not respond to the noise or attempt to pick up the mobile phone and deal with the message.
Find somewhere safe and legal to stop before reading the message. If there is nowhere safe or legal to stop close by, and nobody else is in the vehicle to read the alert, tune into live radio and wait for bulletins until you can find somewhere safe and legal to stop.
It is illegal to use a hand-held device while driving or riding.
Well at least that’s clear…
What is the legal basis for the government taking this power, and why is this not explained?
And presumably, if there’s someone running amok with knives or guns, this won’t be part of the alert system, when it might actually be unexpected, unlike the weather.
I can see where this is going. It will eventually be used to warn people that Nigel Farage is making a speech locally and that they should stay indoors and not follow the event on social media.
Sorry, I was being overly cynical there, I have seen this:
If you cannot receive emergency alerts
If you do not have a compatible device, you’ll still be informed about an emergency. The emergency services have other ways to warn you when there is a threat to life.
Emergency alerts will not replace local news, radio, television or social media.
That’s good to know, I had been wondering if it would. And I am pleased to hear that I won’t be getting messages from Robert Spencer if there is a certain type of rare incident in the locality. Then again, what if there is a hippo on the loose? Is there a template alert message for that, if not, why not? Are you seriously trying to protect us? Will it sound if there is, say, an unexpected landing on a beach by persons unknown?
Around 35 years ago, the late Auberon Waugh said that people only go into politics for the pleasure of pressing switches and watching us all jump. This figure of speech has become reality.
Oxfam has come a long way since it was founded 81 years ago. There was a time in the dim and distant past when its primary purpose was to raise money from well-meaning, relatively affluent folks and use their donations to assuage the hunger pangs of the poor and downtrodden across the globe. It was a worthy cause.
Those days are long over. For some time now it’s been more associated with Left-wing agitprop than famine relief. Indeed, you almost get the impression feeding the famished is now seen by some in Oxfam as an annoying diversion from the far more important work of political activism.
– Andrew Neill, of whom I am not a great fan overall but this is certainly true.
“Humza Yousaf reported to police for breaking his own hate crime law”, reports Guido Fawkes with pardonable glee:
Humza Yousaf has been reported to Police Scotland for appearing to break the Hate Crime and Public Order Act, after claiming double rapist Isla Bryson is “not a genuine trans woman” during the latest SNP leadership debate. The same Hate Crime Act introduced by… Humza Yousaf.
Speaking during the BBC’s debate on Tuesday, Yousaf claimed:
“Isla Bryson should not be in a woman’s prison. Isla Bryson is a rapist who’s completely at it, I don’t think they’re a genuine trans woman, I think they’re trying to play the system.”
Not a “genuine trans woman“, although still using “they” pronouns for some reason. Regardless, Yousaf’s remarks are a criminal offence under the Hate Crime Act, which bans “threatening, abusive or insulting language… based on their protected characteristics, which include gender identity
Mr Yousaf is presently the Health Secretary for the SNP government in Scotland, and is probably the leading candidate to replace Nicola Sturgeon as leader of the scandal-ridden Scottish National Party. Given the events of the last twenty-four hours, I wonder whether Mr Yousaf might not prefer to lose. Given that the man known as “Humza Useless” would be a useless leader of a party I despise, I am not sure whether I might not prefer him to win. He certainly deserves to lose. The following link takes you to previous Samizdata posts with Humza’s name in them, dating from his time as Scottish Justice Secretary and chief incubator of the Hate Crime and Public Order (Scotland) Act 2021. Yousaf was the man who decreed that there should be no exemption for prosecution for hateful speech and conduct just because it took place in a private dwelling.
Why does everything have to be justified on the basis that it will help the NHS? Especially when the NHS is failing its patients so badly? UK healthcare spending as a percentage of GDP now ranks fifth highest in the OECD, yet the system isn’t delivering even the most basic forms of care. Some 2.7 million people are sitting anxiously on the waiting list.
– Kate Andrews
Regular readers of this blog know that politically, the cause for liberty cuts through conventional categories. Over at Wired magazine, which in my view has tilted more Left in recent years and seems to have a lot of “green” material in it these days, it occasionally comes up with an article that is worth reading.
Here’s one on the use of AI technology to track alleged welfare cheats in Denmark. Denmark is one of those supposedly happy, social democratic, tax-and-spend places that the dimmer sort Western politicians, such as US Democrats, like to wax lyrical over. Well, take a look at this:
Denmark isn’t alone in turning to algorithms amid political pressure to crack down on welfare fraud. France adopted the technology in 2010, the Netherlands in 2013, Ireland in 2016, Spain in 2018, Poland in 2021, and Italy in 2022. But it’s the Netherlands that has provided the clearest warning against technological overreach. In 2021, a childcare benefits scandal, in which 20,000 families were wrongly accused of fraud, led to the resignation of the entire Dutch government. It came after officials interpreted small errors, such as a missing signature, as evidence of fraud, and forced welfare recipients to pay back thousands of euros they’d received as benefits payments.
The idea of creative destruction in capitalism is frequently bandied around, particularly among techies, but rarely is it ever allowed to work its magic in today’s world, where seemingly everyone is looking for a handout, from the biggest auto companies to the tiny little community coffee bar at the end of the street, and from the wealthiest financier to the poorest welfare claimant.
– Jeremy Warner, Daily Telegraph (£). The title of his article, which is about the federal government protection of depositors in Silicon Valley Bank, is “Capitalism is dead unless institutions that take bad bets are allowed to fail, nobody ever learns the lessons”.
Remember EU “chat control”? It’s growing, putting out roots.
The author of this Twitter thread, Matthew D Green, teaches practical cryptography at the Johns Hopkins Information Security Institute. You should read the whole thread, but I will single out this point as particularly scary:
Green is replying to someone with the user name f00b4r who offers as reassurance the statement that nothing will be done without a “detection order” issued by a competent authority. I have no doubt the paperwork will be in order, but that does not reassure me. Likewise, the idea that “that service providers are not liable for the content if they comply” is phrased by f00b4r as if it softens the threat, but so far as I can see it is the threat: comply or be made bankrupt.
Perhaps we had all better trust in the fact that the United Kingdom has left the European Union so none of this cannot possibly affect us. I’m sure we’ll be fine.
But we shouldn’t be surprised by these occasional eruptions. First, banking is a confidence game. We’ve decided as a species that it’s safer to keep our money in a bank rather than say, at home, in our mattresses. Maybe it’s the confidence inspired by the marble bank façade, or the huge, 10-foot-thick steel door to the vault over in the corner. But here’s the fallacy in that logic: in our fractional banking system, one in which banks are only required to hold a fraction of their deposits as reserves, the money—our money—that we think is safe and secure is not even at the bank. And whether it is safe and secure is a matter of a myriad of factors that a depositor has nothing to do with, and no control over.
“In other words, in our fractional banking system, the mirage of safety and security is a clever and extremely persuasive narrative created to get us all to put our money in a bank thinking that a bank is the safest place to put our money. Even the banks that we perceived to be the most august—Lehman Brothers, Merrill Lynch, Bear Stearns—turned out to be elaborate and highly sophisticated houses of cards.
– William D Cohan, a writer at the “Puck” collection of columnists on various financial matters. (It is behind a registration wall, and free for seven days.)
“If we do revert to a lack of evidence, a lack of information — if we’re going back to the era where we’re just making policies up with no evidence behind them, the world is in a worse place. And we’re moving away from an era of sort of 20th, 21st-first century enlightenment to something darker,’ [Sir Jeremy Farrar] concluded with a flourish. ‘We can’t let that happen.”
Who could argue with the need for evidence-based science and the unfettered flow of information to help make the world a better place? It was no surprise, however, Farrar chose The Guardian for his valedictory interview as he heads to Geneva for a new post as chief scientist of the World Health Organization. For this ensured there would be no challenging questions over his central — and profoundly anti-science — role in stifling debate on the pandemic origins and effectively pushing his own conspiracy, cooked up with a handful of influential colleagues, including Anthony Fauci in the US, which suggested any idea that Covid might have emerged from some kind of laboratory incident in Wuhan was crackers.
– Ian Birrell
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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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