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.
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One of Spain’s top banks, Santander, is making a bid to buy the British banking firm Abbey plc, the mortgage lending firm which used to be a building society (what Americans would know as a Savings and Loan).
I do not have much to say about the specifics of the deal. It is all a part of the merger, acquision and disposal process which is a healthy part of capitalism and the efficient allocation of scarce capital. Maybe the shareholders of either firm have strong views on the matter but I do not. However, what is interesting to me is what this deal says about Spain’s development as an economic power.
Spain is one of the success stories of the past few years. When I went to the glorious city of Barcelona last year I was struck by how prosperous and dynamic the place was. I hear and read similar impressions from other sources. Much of this has to do with the determination of Spanish entrepreneurs to throw off the shackles of former failed socialist policies and embrace a more liberal economic culture, which former centre-right premier Aznar helped spawn. Let us hope the new socialist government elected earlier this year in rather shameful circumstances after the Madrid bombings does not mess it up.
It would be a grave error to infer too much from the acquisitive activities of a Spanish bank in Britain. But I get the feeling that this grand old nation is flexing its economic muscles again, and who knows, making a distinct improvement to the quality of Britain’s economy while getting richer as well. Good. It feels appropriate somehow. There are hundreds of thousands of British expatriates living in Spain so it perhaps fitting that Spain’s biggest companies are trying to get a piece of the action in the UK.
(As an aside, I would like to know what the Spanish-based blog Iberian Notes makes of this).
There are many myths about Sweden and they go back a long time.
For example, in the 1930’s various supporters of the ‘Middle Way’ (such as the future Conservative party leader Harold Macmillian) suggested that if Britain followed a policy of greater statism, Britain would be more prosperous – and they pointed at Sweden as an example of greater statism. Such folk did not tend to stress such things as Swedish levels of taxation being about half British levels at the time.
Sweden’s great success was avoiding both world wars (and the capital consumption these wars involved), but this is not often talked about (the record of Sweden, in relation to Germany, in the 1930’s and during WWII is especially not something people like to talk about).
Of course these days Sweden does indeed have very high taxes (although I doubt they really are the “highest in the world”, as is often claimed – after all the stats for levels of taxation in many nations in the world are fantasy as they do not include the endless bribes one must pay and extortion one is subject to in these countries).
However, at least in recent years the Swedish government has at least managed to control its (very high) levels of government welfare-state spending (unlike the United States – see the Cato Institute for the Bush Administration’s latest lies about the cost of the Medicare extension), and whilst not as well off as Americans (“Sweden most prosperous nation in the world” is an absurd myth one still finds being talked of from time to time) the Swedish people are not doing too badly.
Apart from the control of government spending (yes it is still very high – but at least it’s growth has been controlled in recent years so government spending as a percentage of GDP has fallen – although, I repeat, it is still very high) which has led to a balanced budget, Sweden has also followed a policy of one of the lowest money supply growth rates in the world.
Now why is this? Fiscal and monetary conservatism is hardly what Sweden is supposed to be about – this is supposed to be a nation that has long worshipped the doctrines of Lord Keynes.
However, a theory does occur to me. The Swedish government has long wished to get the nation to join the European Union’s system of money (the “Euro”). How would the people of Sweden be convinced to vote to join the EU currency?
According to the doctrines of Lord Keynes (at least as they are popularly understood) if a government follows a policy of balanced budget and tight control of the money supply then (at least at some points of the “economic cycle”) such lines of policy will produce recession.
Could the intention of the government of Sweden have been to produce recession and get people to vote for the Euro as a possible “way out”? In short could the rising levels of GDP and industrial output in Sweden be not just unintentional, but the opposite of what the government wanted?
Everyone is aware by this time that al Qaeda’s attack on Madrid led to the election of the candidate who promised immediate withdrawal of Spanish forces from the coalition in Iraq. The Spanish electorate are acting like the child who, after getting knocked down by a schoolyard bully, cowers in the hope said bully will stop hitting them and just go away.
Based on this thought, I was going to do a cute ‘appropriate’ modification of the Spanish flag.
To my chagrin, I have discovered the Spanish flag already has a yellow stripe down the middle.
The forthcoming Olympic Games which are to be held in the birthplace of this event, Greece, promise to cause a few headaches. In particular, security services around the world must be wondering what level of risk is being run in holding an event relatively close to the Middle East, and in which lots of Americans, Brits, Israelis and other parts of Dubya’s great Zionist/Halliburton conspiracy are taking part.
So while I was chatting to a work colleague about Greeks’ own views of the situation, I came across a corker of a quote from an unnamed Olympic official:
Greece hasn’t hit the panic button yet. That is because it hasn’t even installed the necessary wiring.
Brilliant.
Just who are these people going around saying that a decadent, post-historic, senescent Europe is no longer capable of galvanising in response to dangerous threats?
Nothing could be further from the truth:
Jelly mini-cup sweets have been banned by the European Commission because of a risk of children choking.
The sweets are packaged in plastic cups and designed to be swallowed in one.
The commission said they were a risk because of their “consistency, shape and form” and that warnings alone were not enough to protect children.
Though I do think that diplomacy and negotiation should have been tried before embarking on such unilateralist and aggressive actions.
The claim is being made (by various people) that the founder of the IKEA company, Ingvar Kamprad, is now the richest man in the world (supposedly Mr Kamprad has overtaken Mr Gates).
In the British media (both electronic and print) Mr Kamprad is described as ‘Swedish’. Now he may well still be a citizen of Sweden, but Mr Kamprad has been a resident of Lausanne, Switzerland since 1976.
Sweden is not doing badly economically at the moment, but I do find it interesting that the taxes of Sweden mean that its most successful businessman is unable to live there.
Fifteen suspected Islamic extremists linked to the Casablanca bombings of 16 May 2003 have been arrested this morning, according to the Europe 1 radio station which broke the news.
The bomb attacks last year killed 45 people, including 3 French citizens.
The arrests were made by the DST (French equivalent of MI5) and the RAID (elite Police unit) in two Paris suburbs, Aulay-sous-Bois and Mantes-la-Jolie. They come as Queen Elizabeth II makes an official visit to Paris, to coincide with the centenary of the ‘Entente Cordiale’ between the United Kingdom and France.
Over the week-end French police made a number of arrests of Basque ETA terrorists, including Felix Ignacio Esparza Luri, alias “Navarro”, at Saint-Paul-lès-Dax in the Landes département.
One of the very many arguments in which I was embroiled while I was a student in the 1980’s involved one of my house-mates who steadfastly held that the government should pay students a handsome monthly salary in return for all the hard studying they did. Now this was at a time when, in fact, the government did pay most students an annual grant which covered the costs of their education and left them with a bit of spending money to boot.
But that was not enough for my protagonist. As far as he was concerned this was ‘mere crumbs’; a demeaning insult from a skinflint Tory government. No, students were so precious and valuable that they deserved an ‘executive’ style pay package so that they would not be subjected to the indignities of having to buy second-hand clothes from charity shops. → Continue reading: “Down with Reality”
According to the ABC website (Spanish conservative daily newspaper), the Islamists blew themselves up rather than face capture. My Spanish is not great so any better linguists can check this out. (not permanent link). Three suspects implicated in the Madrid railway station bombing were pursued to the residential building where the explosion occured this evening.
Following yesterday’s find of an explosive device along the Madrid-Seville railway, an energetic series of police actions in Spain and France against both ETA and the Islamic terrorists.
According to the Spanish government two leading members of ETA have been arrested in South-West France and other suspects detained over the past two days. Four explosive devices were found, two of them ready for immediate use. The French government, whilst confirming that arrests have been made has not been forthcoming with any details.
Meanwhile in Madrid, an explosion was heard today and small arms fire during a police raid on an appartment complex in the Leganes suburb (my thanks to Susan for the link to Jihad Watch ). Official sources say the explosion was a controlled detonation.
French TV is running a story about explosives found along the high-speed railway link between Madrid and Seville today.
The explosives with copper wiring similar to that used in the 11 March attacks on Madrid appear to have been abandoned when a routine track patrol was made near Toledo.
N.B. Toledo was the site of two decisive battles: the first confirmed the Moorish conquest of Spain in 712, and the second was the launchpad of the Spanish Reconquistada with the Moorish defeat there in 1212. If this is the work of an Islamist cell, we have an answer to the question: “Did voting for the PSOE appease Al-Qaeda?”
The report adds that the new (Socialist) Interior Minister – responsible for law enforcement and internal security – is having a meeting today with the outgoing (conservative) Defence Minister. Bi-partisanship in Spain is about as frequent as Bible rallies in Riyadh. Nice one!
Gloomy prognostications about the future of Europe seem to be flying thick and fast these days. It seems that everybody who is anybody, especially on the other side of the Atlantic ocean, is quite convinced that the whole European continent is riding on a one-way ticket to Palookaville.
Speaking for myself, I am not entirely persuaded. Certainly the combination of demographic decline and economic and political sclerosis means that Europeans have some very difficult choices galloping over the horizon towards them. But that is not the same as saying that they are all doomed and done for. Who is to say that they will not make the right choices?
Well, British historian Niall Ferguson for one. In his reading of the entrails, choice does not even come into it:
The fundamental problem that Europe faces, more serious than anything I’ve mentioned so far, is senescence. It’s a problem that we all face as individuals to varying degrees, but from society to society the problem of senescence, of growing old, varies hugely. In the year 2050, which is less remote than it may at first sound, current projections by the United Nations suggest that the median age of the European Union countries, the EU 15, will rise from 38 to 49.
There is only one way out for this continent, and that is immigration. There is an obvious source of youthful workers who aspire to a better standard of living. All around Europe there are countries whose birth rate is more than twice the European average, indeed, significantly more than twice. The trouble is that nearly all these countries are predominantly Muslim.
So far, so what? There is nothing here that is not being editorialised about in much of the press. But Ferguson takes matters a little further. → Continue reading: Faith is the key?
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