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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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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”.
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
We are forever changed. The British people, along with the populations of many American states such as New York and California, have henceforth to live with the fact that civil liberties we Yanks call ‘inalienable’ can be cancelled at a moment’s notice for years on end. Our ‘rights’ are alienable as can be. We’re often warned that democracy is fragile. Lo, that turns out to be horribly true.
– Lionel Shriver
I predict in 5-10 years corporations will scrub any reference to Net Zero from their corporate website and LinkedIn archives following widespread recognition of the damage this aim has wrought on the poorest in society. Everyone of them promoting it now will deny they ever did.
– Tim Newman
“What was most alarming was the alacrity with which the broadcast news media fell into line – with boundless enthusiasm – as they were given a key role in the day-to-day dissemination of government authority.”
– Janet Daley, Sunday Telegraph (£). She was writing about the BBC’s conduct during the and after the lockdowns.
One of the many reasons why I regard the past few years of “Conservative” government is wasted is its failure to remove the BBC licence fee, and convert the Corporation into a privately financed operation, with some of its operations broken up. The Tories just aren’t strategically minded in removing embedded Establishment sources of opposition and building the groundwork for this. (Even Margaret Thatcher never quite pulled the trigger.)
Race becomes the supremely important phenomenon, masking every other aspect of a complex culture. Racial politics provide the framework of values by which every institution concerned with the past is to be judged. There are many important factors in the way that human societies develop. Race is only one of them and not necessarily the most important. Any serious commentator on the current state of historical studies ought to welcome attempts to present aspects of history which have previously been ignored or marginalised. That includes the story of ethnic minorities and non-European societies. But it does not mean that the whole of Britain’s modern history should be viewed through their eyes. It does not mean that the role of slavery or empire in Britain’s economic, cultural and social history should be exaggerated beyond recognition. And it does not mean that current political priorities should determine how we understand the past.
– Jonathan Sumption
[T]his also proves that relying on a Kindle or other tech is a folly. I have quite a library in my flat, and sometimes friends of mine poke fun at it and ask why I don’t put all this on a digital device. The naivete is clear.
Buy the actual books; learn to look after them, keep copies of really valuable ones. And give them to those whom you respect and love in your will. Beware anyone whose bookshelf is smaller than their plasma TV.
– Johnathan Pearce
Finally, a Labour government will be very, very funny. We’ll enjoy Keir Starmer frantically attempting to make sense of his little bag of contradictions. We’ll eat popcorn as the Corbynites feud with the New Labour nostalgists. We’ll watch MPs who can barely spell “policy” do policy (of course, that’s nothing new but it will be fun to have a different cast of characters). This might be small consolation, but what is life without morbid comedy?
– Ben Sixsmith
What I love about this new encryption law is how much easier it will be for foreign governments to spy on British citizens and enterprises now that Britain has unilaterally disarmed.
– Perry Metzger
Taking the meme ‘Everyone I Don’t Like Is Hitler’ to dizzying new heights, now we’re being told it’s far right to want to drive your car. Motorist and fascist, peas in a pod. Protesters against Low Traffic Neighbourhoods and so-called 15-minute cities – policies being adopted in various regions of the UK that will severely limit where and how often a person can drive his car – have been damned as hard-right loons. Who but a modern-day Brownshirt would bristle at eco-measures designed to save Mother Earth from car toxins? One author attended this month’s colourful protest against Oxford City Council’s anti-driving policies and decreed that this motley crew of car-lovers are on ‘the road to fascism’. Only they’ll never get there, presumably, given the elites’ penchant for road restrictions.
– Brendan O’Neill
As for Ukraine itself — yes, it’s complicated. History always is. It’s true that ever since independence, the country’s politics have been horrendously corrupt, as evidenced by Zelenskyy’s recent crackdown on venal ministers and officials. It’s also true, by the way, that its politics have long had an unpleasantly nationalistic, indeed openly neo-Nazi fringe. But I don’t think this is the devastating trump card that professional contrarians and Putin apologists think it is. If we were to withdraw our sympathy from every European country with unpleasant far-Right political elements, then we wouldn’t have any friends left. On that basis, would we still have supported Poland in 1939? Would we intervene to help Italy today, or France, or even the United States? Presumably not.
The really striking thing about the war in Ukraine, it seems to me, is that at a fundamental level it actually isn’t complicated. And for all the cheap and tawdry attractions of contrarianism, the right conclusion is the obvious conclusion. Ukraine didn’t attack Russia; Russia attacked Ukraine. Zelenskyy isn’t perfect and Putin isn’t Hitler; but one really is on the side of the angels, and the other will surely rank alongside the villains of history. One appeals to European solidarity and common humanity; the other to xenophobia and national chauvinism. One defends his own territory; the other seeks to seize somebody else’s. One is right, the other is wrong.
– Dominic Sandbrook
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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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