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“The Soviet Union (also Mao’s China, North Korea, Cuba, and Venezuela) have proved that central planning is impossible. Even something as simple as corn. To grow corn, you just plant seeds in fertile soil, and wait. Yet every country that attempted to centrally plan it, has starved.” – Keith Weiner, who runs a precious metals investments business, based in Scottsdale, Arizona. He’s become a friend, and a fount of good sense on issues such as money and central banking. Check out his blog. October 30th, 2020 | 11 comments - (Comments are closed)
 “If anti-state fanatics have been calling the shots for decades, why is the federal government bigger today than it was 40 years ago?” – Oliver Wiseman, writing a review of a book that alleges that most of our problems today were caused by free market think tanks and intellectuals. Wiseman is, rightly, dismissive of the book’s central claim. October 27th, 2020 | 10 comments - (Comments are closed)
“In the first week of October, there were 91,013 cases of coronavirus reported in England and Wales, and 343 Covid-related deaths. That same week a total of 9,954 people died from various causes. Of those, just 4.4 per cent of the death certificates mentioned Covid-19.” – Annabel Fenwick Elliot, writing in the Daily Telegraph about the UK experience. October 21st, 2020 | 54 comments - (Comments are closed)
Like a number of other readers of this blog, I have wondered how or whether the COVID-19 disaster, and the government responses to it, might actually lead to a sort of “libertarian moment” when people wake up to the insight, which this blog likes to make from time to time, that “the State is not your friend”. It might be too early to know whether the clampdowns will have this effect on people, but they might. During the 1940s the policy of food rationing, continued through the decade, and only ended by the time of the Queen’s Coronation in 1953, became hated. Churchill, with his gift for a phrase (I hope Boris Johnson remembers this), said his party would “Set the People Free”; he also talked of a “Bonfire of Controls”. If Mr Johnson has any sense, he will embrace such a move as soon as possible. The failures so far of government over issues such as test and trace, and the chopping and changing of direction, with the current 3-tired restriction system, are surely examples of the folly of state central planning. As I have noted before, the National Health Service in many ways demonstrates the weaknesses of 1940s-era central planning. FA Hayek’s point about the “fatal conceit” of socialism, and of the hubristic idea that planners can run a society so much more intelligently than through the extended order of a free society, is truer than ever. On the other hand, those parts of the economy able to work more or less freely, such as supermarkets, delivery services and internet-driven communications channels, have more than risen to the challenge. That point needs to be rammed home over and over. One of the problems with the 2008-09 financial crash was that a false narrative was allowed to take root that the cause was “evil bankers”, “greed” and laughably, “unregulated capitalism”. The cause was in fact more about state-influenced imprudent lending, too-big-to-bail promises of bailouts, years of underpriced money, and unwarranted confidence in risk management models. (See this excellent analysis in the book Alchemists of Loss, by Kevin Dowd and Martin Hutchinson.) We are arguably still paying the price for not pushing those insights hard enough. So I’d argue that one important lesson of the current shit-show is that it is vital to point out that it is free individuals, able to act on their initiative and through voluntary co-operation, and not the hubristic powers of a State, that holds the key to getting us to a better place. Addendum: Here is a good point made by Sam Welsh in the Sunday Telegraph today:
October 18th, 2020 | 69 comments - (Comments are closed)
“Two bad things have happened at once. The first is that the phrase itself has been captured. “Safe spaces” for students are used to justify the “no-platforming” of thinkers who warn against the oppressiveness of “woke” doctrines. The Canadian psychologist Jordan Peterson is only the most famous of the victims: he was offered a visiting fellowship at Cambridge but then, in March last year, was denied it after protests that his views might upset students. The second is that British universities, craving cash and students from foreign countries, have become dangerously uncritical of the terms on which they accept them. This is particularly true in relation to some Arab countries and even more so in relation to China.” – Charles Moore, Daily Telegraph (£) October 15th, 2020 | 15 comments - (Comments are closed)
As the Daily Telegraph points out in its sharp (behind paywall) takedown of the UK government’s lockdown enthusiasm, the argument that we need to crush what is left of the UK economy to “protect” the National Health Service is based on the idea that the NHS will be overwhelmed by Covid-19 (despite the UK having had the late spring and summer to prepare for now). As the newspaper points out, the NHS is always “overwhelmed” this time of year because of flu and other winter-related bugs and diseases:
I occasionally read that the current “Tory” (yup, the scare quotes are there for a reason, folks) is moving away from all that ideological Thatcherite stuff about freedom, markets, scepticism of Big Government, to a more “pragmatic”, paternalistic approach. And yet the past few months have surely rammed home the message that the State does a lot of things very badly, while private enterprise, given the opportunity and freedom, does things rather better. The contrast between the ingenuity of supermarkets and their inventory management, on the one hand, and the NHS and its clunky, Soviet-style resource allocation, on the other, is harder and harder to ignore (example: cancer patients). And yet a vast swathe of UK public opinion, reinforced by all those cute rainbow symbols about “our NHS”, buys into the idea that this creation of late 1940s socialism and central planning is one of the high points of Western civilisation. We want to erase the very “problematic” Lord Horatio Nelson from Greenwich, apparently, but woe betide anyone who so much as suggests the NHS isn’t one of the Good Things of UK history. Remember the 2012 Olympic Games opening ceremony where, just before Daniel Craig as 007 did his skit with the Queen, we had a whole choreographed display honouring the NHS? Sentimentality, Charles Dickens’ besetting vice as a novelist, is, I fear, shared by much of the UK public. It is an illness every bit as bad as that of COVID-19. (As a corrective, I can recommend The Welfare State We’re In, by James Bartholomew. The book challenges many of the founding myths around the NHS, such as the idea that only the very rich got medical care before the late 1940s). October 12th, 2020 | 38 comments - (Comments are closed)
“When your political system can be thrown into hysteria by something as predictable as the death of an octogenarian with advanced cancer, there’s something wrong with your political system. And when your judicial system can be redirected by such an event, there’s something wrong with your judicial system, too.” – Glenn Reynolds, “Mr Instapundit”, and US law prof. September 21st, 2020 | 17 comments - (Comments are closed)
“Fall is almost here in California. So we know the annual script. A few ostracized voices will again warn in vain of the need to remove millions of dead trees withered from the 2013–14 drought and subsequent infestations, clean up tinderbox hillsides, and beef up the fire services. They will all be ignored as right-wing nuts or worse. Environmentalists will sneer that the new forestry sees fires as medicinal and natural, and global warming as inevitable because of “climate deniers.” Late-summer fires will then consume our foothills, mountains, and forests. Long-dead trees from the drought will explode and send their pitch bombs to shower the forest with flames. Lives, livelihoods, homes, and cabins will be lost — the lamentable collateral damage of our green future. Billions of dollars will go up in smoke. The billowing haze and ash will cloud and pollute the state for weeks if not months. Tens of thousands will be evacuated and their lives disrupted — and those are the lucky.” September 16th, 2020 | 16 comments - (Comments are closed)
“According to this theory of leadership, convictions don’t count for much: politics is a science, and leaders are little more than vectors, conveying carefully calibrated versions of externally-validated truths to the masses in order to secure maximum support and compliance. Reports from the cabinet subgrouping in charge of Covid policy suggest that the new ‘rule of six’ was chosen instead of eight not for epidemiological reasons, but for purposes of “messaging clarity”. It was thought that, since the number six was already out there, it should be retained for simplicity’s sake; eight would only complicate things. And so the lives of England’s 55 million citizens are to be drastically altered “for the foreseeable future” according to the principles of campaign science.” September 14th, 2020 | 43 comments - (Comments are closed)
“Western governments may have strong words for the Russian president, but we’ve been here before. Every time a Russian opposition figure is assassinated, from journalist Anna Politkovskaya to MI6 informer Alexander Litvinenko to politician Boris Nemtsov, there is a chorus of international outrage and demands for action to rein in Putin. Yet little is done, as world leaders don’t want to jeopardise their business dealings with Russia – or face more hostile acts by the Kremlin – and Putin emerges emboldened. A few months after the Salisbury attack, for instance, Russia hosted the World Cup, and opposition activist Petr Verzilov was poisoned after running onto the pitch during the final wearing a police uniform.” I suppose you could say that Mr Putin has almost “normalised” the idea that when dealing with political opponents or any sort of perceived threat, the approach favoured is to kill them, lie about it, smirk a bit, and go back to undermining whatever particular nearby country or cause happens to be in play. And then hold a soccer tournament. Rinse, repeat. September 3rd, 2020 | 15 comments - (Comments are closed)
“Speaking personally, I am getting a little fed up with the shoe-horning of George Floyd into every aspect of our lives. The Minnesotan policeman accused of killing him is currently in prison awaiting trial for murder. Literally nobody on earth is defending his actions. So it is slightly galling that anyone, at the BBC or anywhere else, should try to present his killing as some sort of Murder on the Orient Express effort involving every white person on earth.” He, yours truly and many other people are fed up with all this. But for today’s Maoist culture warriors, even seemingly small things, such as the words accompanying “Land of Hope and Glory”, are worth crushing into silence, if their acts achieve the end of demoralising and destroying what they hate. (Check out this Elgar CD for the actual music.) Ironically, the song Rule Britannia includes the line “Britons never, never shall be slaves”. That enrages some, for whom the object of their drooling political philosophy is to enslave humanity. Their hatred of such tunes is in fact a form of psychological projection and on a massive scale. They see evil imperialism in a desire not to submit to rulers. This isn’t going to stop unless and until the structures that today’s Gramscian Left have captured – many universities, tax-funded arts bodies, the BBC, etc, must have their funds cut off, their staff fired, and the organisations forced to subsist on whatever private stipends they can obtain. Meanwhile, the BBC has once again achieved the opposite of its intentions. August 26th, 2020 | 37 comments - (Comments are closed)
Western businesses like Australia’s ANZ have toyed with Chinese communism so much they have put themselves on an inevitable road to ruin. As a new Cold War between the West and China’s increasingly despotic and brittle communist regime comes into ever sharper view, one of Australia’s major banking groups has emerged as the world’s exemplar of what not to do when it comes to strategy and reputation. The Australia and New Zealand Banking Group (ANZ) has long been mired in scandal and rumour. Predictably, it is currently facing court battles concerning share price fixing and cartel accusations. However, under the leadership of CEO Shayne Elliott and the bank’s Chair David Gonski things have become so toxic that some observers are detecting unprecedented levels of incompetence. Unable or unwilling to execute a coherent strategy, Elliott and his team have wasted several years honing a quintessentially woke public relations veneer in an attempt to disguise the bank’s massive involvement in totalitarian China.While publicly talking the talk of ‘diversity and inclusion’, ANZ’s leadership have made sure the bank is walking the walk of the CCP. As China stamps on people’s freedoms at home, in Hong Kong, and further afield (not to mention its use of concentration camps and the forced sterilisation of minorities), ANZ has not only been left with oceans of increasingly questionable investments in China but it has also been exposed for having worked alongside China in its information warfare assaults on western free speech. Shamefully, ANZ even fed the career of one of its own employees, the US citizen and star trader Bogac Ozdemir, to a Chinese disinformation operation because he dared to speak out against the Chinese Communist Party. Similarly, while ANZ is headquartered in Melbourne, Australia, the bank’s leadership has placed the organisation’s key data centre in the Chinese city of Chengdu. Despite Chinese cyber-attacks on Australia and the recent expulsion by China of US diplomats from Chengdu, this is the city that Elliott chose as the location for ANZ’s main data ‘hub’ – therein putting at risk vast amounts of their customers’ personal information (not to mention all manner of emails and other communications). Indeed, so far reaching has ANZ’s involvement and exposure to China been that Brussel’s EU Reporter recently likened the bank to running “the risk of becoming a twenty-first century Krupps or IG Farben”. Strategically, ANZ is caught between the spokes of an unsustainable strategy on China, an overheating mortgage market in Australia, and a US-led west determined to face down the CCP and its proxies. While most observers now expect Elliott’s contract with the bank will not be renewed in October, one insider in Melbourne goes so far as to say “he is toast,” adding, “Gonski’s exposure to China is so big he will have to go too.” Truly, if ever you wanted to see a western business toy with totalitarianism, and in so doing place itself on a road of economic and reputational ruin, then this is it. Devoid of morality, coherence and basic common sense, the failings of ANZ are so great they should make an entertaining MBA case study for years to come. If it wasn’t so tragic, it would be funny. August 25th, 2020 | 10 comments - (Comments are closed)
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