Quote of the week

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In a democracy, the two major parties spend the majority of their time and energy trying to inform an ignorant electorate that the other party is unfit to rule. And both do that admirably. And both are right.

H.L. Mencken

H/T Kids Prefer Cheese

Blog Review 878

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If you're going to try and work out whether fiscal stimulus shortened the Great Depression then the two most important questions are, was there a fiscal stimulus and if so, did it shorten the Great Depression?

If you're going to talk about the unemployment rate worth making sure that you know what it actually is.

Yet more bad ideas: self sufficiency.

What really happens at industry conferences.

Something to ponder about the US: "the important fact that the origins of the United States rest on the economic consequences of unjust government policy. We are a country founded on a tax revolt...."

There's a serious problem with make work jobs.

And finally, what do we tell the children about the world before the internet?

Blog Review 877

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So, does foreign aid actually work or not? Depends upon what you mean by "work".

Not photographing or identifying policemen? How is this going to interact with social media then?

Many say that the solution to the banking problems is to turn them into cooperatives, mutuals. But what is the problem here that mutualisation will solve?

Or bank nationalisation. Is anyone in power actually getting the importance of process here?

Grand Auto Theft. It's not just a computer game you know.

While true, this rallying cry might need further polishing: "Mr Obama, give me back my wallet"

And finally, Allen Stanford, daft bastard.

Blog Review 876

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Dealing with the problem of high marginal tax rates by raising marginal tax rates doesn't, at least on the face of it, sound like a very good solution.

The Obama plan to help homeowners doesn't have all that much to recommend it either.

And this idea that we should all dig allotments? Piffle.

We seem to be running four for four so far on the inanity of government plans: this fourth being about drugs.

Why is Chrysler asking for government funds when it's owned by Cerberus who are not short of funds themselves?

In defence of bonuses.

And finally, financial neologisms (and you can add to the list too!)

Blog Review 875

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Excellent couple of political interviews: once Senator insists that taxes are voluntary, a Congresswoman insists that working for less than minimum wage is just fine, as long as they're working for her.

Even if the stimulus works, it won't work: what'll be the effect of politicians getting their hands on the banking syustem?

It's generally agreed that sports stadium building doesn't provide a stimulus: so why should other infrastructure projects do so?

And this scheme is likelty to be expanded as part of our own stimulus. Whoopee, eh?

Introducing Valtio, the country which might give Patri Friedman a run for his money.

Instead of the spies playing economists and the economists spies, why not utilise that insight of Adam's, the division of labour and its specialisation?

And finally, vomitology.

Blog Review 874

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When markets rumble a mistake in a market, this isn't a failçure of markets, this is markets working like they're supposed to do.

Financial services are not the be all and end all of the UK economy: and most certainly not all of the growth in it.

Banks have the right of set-off. Some want them not to use it: hang on, aren't we trying to nurse the banks back to health?

Democrats, the poor, Republicans and the religious....and professional politicians.

Was the iPhone simply too good?

Diplomatic blogging like you've not seen it before.

And finally, the world put to rights. Had to happen eventually, didn't it?

Quote of the week

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The old adage “Everyone’s a capitalist on the way up and a socialist on the way down" is kicking in. The thing is, if you’re a socialist on the way down, you were never really a capitalist on the way up. Capitalism requires putting your own capital at risk. What we do have is a grand adhocracy where “government," a.k.a. Barack Obama, Timothy Geithner, Nancy Pelosi, and a dozen others, will figure everything out as they go. Businesses will rise or fall based on their skill at kissing up to the government. And as sure as shinola, when government fails again, we’ll be told that only government can save us.

Jonah Goldberg, NRO

Blog Review 873

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Tsk, what, me, worry? For as we're told, even wasting money, even corruption, is a stimulus, right?

Well, how about that. Lower prices bring out the buyers.

But do higher prices bring out competent politicians? And if they do, won't higher pay bring out the competent bankers?

We could do with a few competent politicians, of course.

How embarrassing, a book on gifted traders includes one running a Ponzi scheme.

Might it be possible for those in charge of protecting civil liberties to actually be able to recognise a civil liberty? Is that too much to ask for?

And finally, boring sport "brought to life" by boring geekery. Or some such.

Patri Freeman: The Seasteading Institute

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As we lurch from one government induced disaster to the next, many of us dream of leaving it all behind and establishing our own countries with smaller governments and more freedom for the individual. Patri Friedman, grandson of the late Milton and son of David Friedman has recently established an organization,The Seasteading Institute, to do just that.

The Seasteading Institute is looking into the development of new countries on the sea. Out of the reach of established governments, new laws will develop incrementally, with a step-by-step process of moving from a single seastead to a city seastead and onto forming of a nation.

There are few frontiers left to explore as all land has claims made upon it by governments. There are many who live on boats and ships but no one has yet to develop a nation at sea. (And no, Sealand doesn’t count, as it’s not been recognised nor is it in international waters.)

To find out more about this fresh and innovative approach to how we can reappraise societal and governmental formation, come along to the ASI at the end of March and hear from Patri himself. The Adam Smith Institute is hosting an Evening Seminar, March 31 2009, 6.30pm to 8.30pm where he will discuss seasteading and all that it encompasses. To find out more click here and if you would like to attend please email events@old.adamsmith.org. We hope to see you there! No pirates allowed.
 

Blog Review 872

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Strange though it may sound, "the best interests of the child" is a principle in direct conflict with the principle of "justice". And we do need to decide which we hold higher.

If the head of Liberty will not speak out for liberty, who will?

No, no, you men out there, buck up. Valentine's Day is indeed rational.

More things economics can tell you: why BDSM clubs are full of munts.

In contrast, things that economists actually agree upon.

And some things that economists do not agree upon.

And finally, well, this story is going to run and run. Bernie Madoff and Bernie Cornfeld?