Monday, May 07, 2012

In for a penny, in for a pound

It seems that the British pound was originally based on a pound weight of silver, equivalent to 240 silver pennies (or "sterlings"). I remember the old pre-decimal penny (which was 12 to the shilling, and 20 shillings made a pound) - though it had long since ceased to be made of silver.

Currently, 99.9% pure silver is being bought at £0.53 per gram. A pound weight of silver (454 grams) would therefore fetch £240.62.

So an old silver penny is worth a new British pound.


An 11th century (Edward the Confessor) penny

But the increased efficiency of modern production and distribution has made things cheaper today:

- Petrol (currently c. £1.40 per litre) would, in silver terms, cost 6d/gallon - a third cheaper than in 1896! And that's despite the fact that, these days, 60% of the pump price of petrol is taxes.
- Artisan bread from Asda (currently 78p for 400g), equates to £1.13 for a full pound weight (454g) - a little over one silver penny. Whereas in the year 1758, the old best quality (white) "penny loaf" got you only 6 ounces 2 drams weight, or 174 grams; so a pound weight of the same would now cost 2.6 silver pennies - more than twice as much pro rata as that Asda loaf.
So we've had inflation, but also a drop in prices.

Sunday, May 06, 2012

Those gold-plated public sector pensions that are ruining us

The Office of National Statistics (htp: The Spectator's "Barometer" column) has calculated that pension obligations in the UK amount to £7.1 trillion, or nearly 5 times GDP.

Unfunded public sector pensions - the so-called "gold-plated" ones - account for a mere 11.90% of the total.



Saturday, May 05, 2012

Simon Heffer has gone mad

From today's Daily Mail:

"Most people are quite content with things the way they are."
"I am delighted Tony Blair is re-engaging with British politics."

I rest my case. Careful with those straps, gentlemen; easy does it; now the syringe.

Why I voted UKIP

In our ward, it didn't make any difference, this time round, although the UKIP candidate did beat the Conservative into xth place.

But I take a wider view.

Withdrawing from the EU is essential: it's quite clear that the one-size-fits-all approach doesn't work. Yet even now the EU continues in that path.

Let's take one example: Mervyn King told the House of Lords Economic Affairs Committee on 27 March:

"The current proposals that were put forward by the European Commission would have made it impossible for any regulator, say in Sweden or in the United Kingdom, to impose higher capital requirements on its own banks in order to protect domestic taxpayers. If you have a large banking sector and the consequences of its failure would be much more damaging to domestic taxpayers because they would feel compelled to bail the banks out, in that situation—as Switzerland has done, and indeed so far as Sweden has also done, and as Vickers recommends for banks behind the ring-fence—to have a higher level of capital than previously would simply make sure that you had a safer banking system, which would help to protect domestic taxpayers. Since there is no suggestion that European taxpayers are going to pick up the bill for a national banking system if it gets into trouble, it seems reasonable to allow national regulators to protect national taxpayers but the European Commission does not want to allow that."



If we keep voting for any of the three largest parties we'll never get past the first step.

But it's not enough. All that would do is to expose what rotters we have in Parliament. Peter Hitchens is good at noting how many of our laws arise from EU directives, yet the MPs pretend it's their decision. And at other times, they tell us that the EU insists on things where actually we have discretion. So a restoration of national sovereignty would mean no-one else for them to blame.

Then there's the voting system, so flawed that there's lots of people making very good money advising political parties how to exploit it. Funny how they all got together to keep out the Alternative Vote. Better Buggins' turn than all be thrown out in favour of some new political force; though as the origin of that phrase indicates (see link), the current corrupt system could be the reason for the catastrophic collapse.

And the weird boundary system, too. Until the boundary in my constituency was changed, you could vote for anything you liked but you'd get Labour. You'll still never get Conservative here.

Which brings me to the electorate. Thomas Jefferson advocated any political system that fully reflected the will of the people, even if that meant revising the Constitution from time to time. But the franchise in his day was nothing so widely extended as today. Democratic government throws itself on the mercy of the people, and that places a reliance on the people's intelligence, their level of education and access to information, and willingness to debate reasonably and abide by collective decisions.

Well, maybe we're sunk, then.

But it is better to be defeated in an honourable cause, than prosper in corruption.

And besides, if the people have more say, more often, in matters that affect them, this will educate them.

So, UKIP - and the feelings and as yet not fully defined principles behind it - is a start.

Thursday, May 03, 2012

Foreign cinema news

Despite the success of "Salmon Fishing in the Yemen", which has also boosted tourist interest in that area, the Egyptian Film Board is reportedly "disappointed" at the reception of its own recent release, "Catching Crabs in Alexandria".

Suspicion of the day

Those who publicly demand freedom are secretly seeking power over others.

Wednesday, May 02, 2012

Gun murders revisited

Yesterday, I grabbed some Wiki data to look at whether a higher rate of gun ownership means a lower chance of being killed with a gun. I divided one by the other and it didn't look like the argument stood up.

Today I'll do it a different way: I'll MULTIPLY one by the other, on the assumption that if the theory is correct, one figure gets lower and the other gets higher, so the line should be reasonably even, even if it might be angled (I'm sure a statistician can put me right, but at least I'm trying). Here's the data:


... and here's the graph (in block form):


The last 5 on the right leap out of the trend. My explanation is that higher rates of gun murders are more a function of lack of social cohesion and weak official control. What's yours?