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| Sackerson, 26.12.2018 |
Wednesday, December 26, 2018
Resisting our own creations
"In my broader study of the EU, two apparently unrelated tracts were of huge value to me. The first is one I have used many times, the Milton Friedman article on "barking cats", and the second is the study of the Tennessee Valley Authority by Philip Selznick, which led to the concept of "self-maintenance", the idea that institutions would always act in their own self-interests, even if this meant acting against the reasons for which they were established."
- Dr Richard North (http://www.eureferendum.com/blogview.aspx?blogno=87096)
And this is a problem for reification generally.
Once a human function - educating the young, caring for the sick, supporting the weaker and less fortunate - has been turned into an organisation, the thing has a life of its own and a desire to survive. It is a multicellular organism, composed of individual humans who each have their incomes and career prospects to consider. Attempts to steer it back onto its proper course are seen as threats, and can be opposed with the wealth and power of a great collective enterprise.
This is why liberty matters. In Britain, though not in many other countries, the citizen can teach his own children, and manage many legal aspects of his affairs without a solicitor, even representing himself in a court of law if he so wishes. The State may not like it, but it has to justify itself to the common man and keep its own behaviour within bounds, so long as judges maintain their independence.
That is the little flame that must be kept alight. Even if we ourselves may be cells in the body of the monster.
- Dr Richard North (http://www.eureferendum.com/blogview.aspx?blogno=87096)
And this is a problem for reification generally.
Once a human function - educating the young, caring for the sick, supporting the weaker and less fortunate - has been turned into an organisation, the thing has a life of its own and a desire to survive. It is a multicellular organism, composed of individual humans who each have their incomes and career prospects to consider. Attempts to steer it back onto its proper course are seen as threats, and can be opposed with the wealth and power of a great collective enterprise.
This is why liberty matters. In Britain, though not in many other countries, the citizen can teach his own children, and manage many legal aspects of his affairs without a solicitor, even representing himself in a court of law if he so wishes. The State may not like it, but it has to justify itself to the common man and keep its own behaviour within bounds, so long as judges maintain their independence.
That is the little flame that must be kept alight. Even if we ourselves may be cells in the body of the monster.
Monday, December 24, 2018
Wiggia's Winter Warning
A road safety message..............
A very Merry Christmas to all our readers, may you enjoy the fruits of your labours whether it be good food, good company, the best of wines and everything you have wished over the festive season, but just one word of warning whatever else you do , do NOT drink and drive......................
Sackerson adds:
... and watch for ice...
A very Merry Christmas to all our readers, may you enjoy the fruits of your labours whether it be good food, good company, the best of wines and everything you have wished over the festive season, but just one word of warning whatever else you do , do NOT drink and drive......................
Sackerson adds:
... and watch for ice...
Goldman Sachs: Can You Spare A Squid?
They've started with the radio adverts. You can open an online savings account with as little as £1.
"Marcus" (GS was founded by Marcus Goldman in 1869) was launched in September 2018 and will take deposits up to a maximum £250,000, paying 1.5% p.a.
With British bank accounts, deposits are protected up to no more than £85,000 per person (per financial institution). This matters, as a legal case in 1848 established that money left with a bank is not held in trust for the customer, who is merely a creditor (and not the most senior) with a claim on the bank's assets should it fail.
In fact even that £85,000 (€100,000) is an arbitrary figure not an absolute guarantee; it was reduced to £75,000 in January 2015 and re-raised in January 2017 to the fanfare of "people have more financial protection for their deposits from today." Potentially, you could end up with merely a slice of the equity of a shrunk and wobbly bank.
Goldman Sachs' new-found enthusiasm for curating the cash of the "little people who pay taxes" may or may not be connected to the 1MDB scandal that has led to multibillion-dollar claims on behalf of Abu Dhabi and Malaysia. So the pennies of the poor man's savings may help clear the blockage in the vampire squid's blood funnel.
The fraud allegations involve the former Prime Minister of Malaysia (Najib Razak) and a Malay businessman called Jho Low. Singapore is extending its criminal investigation to GS, but please don't worry about the bank execs: for people at their level, the very worst outcome is a spell improving their golf handicaps in a five-star open prison. No bunking with Bubba in a 10 x 8 for them.
You may remember the MP who, some years ago, proposed the introduction of completely safe deposit accounts - ones where the bank is only the custodian of your cash and must keep it safe for you: Douglas Carswell, 2010. (He tried again in 2016, as a tabled amendment to the Bank Of England Bill.) Even if he had succeeded, you would only be entitled to your money back - not necessarily its purchasing power.
How can you store value in a world of made-up money, inflated values, fairy guarantees and swindling? When you know, do please tell me.
___________________________________________
https://www.marcus.co.uk/uk/en/savings
https://en.wikipedia.org/wiki/Goldman_Sachs#Founding_and_establishment
https://www.moneysavingexpert.com/news/2018/09/new-online-bank-makes-its-marcus-with-top-savings-rate/
https://www.bankofengland.co.uk/prudential-regulation/authorisations/financial-services-compensation-scheme
https://en.wikipedia.org/wiki/Foley_v_Hill
https://www.globalresearch.ca/financial-meltdown-and-the-confiscation-of-bank-savings-the-uk-eu-bank-depositor-bail-in-scheme/5475934
https://www.fscs.org.uk/news/2017/january/new-85000-deposit-limit-from-today/
https://en.wikiquote.org/wiki/Leona_Helmsley
https://www.barrons.com/articles/abu-dhabi-fund-sues-goldman-sachs-over-1mdb-1542821292
https://finance.yahoo.com/news/malaysia-seeks-7-5-billion-reparations-goldman-sachs-071652236--sector.html
https://www.straitstimes.com/asia/se-asia/singapore-to-expand-1mdb-criminal-probe-to-include-goldman-sachs
https://www.theguardian.com/world/2018/oct/25/1mdb-scandal-explained-a-tale-of-malaysias-missing-billions
https://www.malaysiakini.com/news/457478
https://positivemoney.org/2010/09/douglas-carswell-mp-introduces-bill-to-stop-fractional-reserve-banking/
https://positivemoney.org/2016/04/23871/
Bonus track - Matt Taibbi's famous 2010 article on GS in "Rolling Stone" magazine:
https://www.rollingstone.com/politics/politics-news/the-great-american-bubble-machine-195229/
"Marcus" (GS was founded by Marcus Goldman in 1869) was launched in September 2018 and will take deposits up to a maximum £250,000, paying 1.5% p.a.
With British bank accounts, deposits are protected up to no more than £85,000 per person (per financial institution). This matters, as a legal case in 1848 established that money left with a bank is not held in trust for the customer, who is merely a creditor (and not the most senior) with a claim on the bank's assets should it fail.
In fact even that £85,000 (€100,000) is an arbitrary figure not an absolute guarantee; it was reduced to £75,000 in January 2015 and re-raised in January 2017 to the fanfare of "people have more financial protection for their deposits from today." Potentially, you could end up with merely a slice of the equity of a shrunk and wobbly bank.
Goldman Sachs' new-found enthusiasm for curating the cash of the "little people who pay taxes" may or may not be connected to the 1MDB scandal that has led to multibillion-dollar claims on behalf of Abu Dhabi and Malaysia. So the pennies of the poor man's savings may help clear the blockage in the vampire squid's blood funnel.
The fraud allegations involve the former Prime Minister of Malaysia (Najib Razak) and a Malay businessman called Jho Low. Singapore is extending its criminal investigation to GS, but please don't worry about the bank execs: for people at their level, the very worst outcome is a spell improving their golf handicaps in a five-star open prison. No bunking with Bubba in a 10 x 8 for them.
You may remember the MP who, some years ago, proposed the introduction of completely safe deposit accounts - ones where the bank is only the custodian of your cash and must keep it safe for you: Douglas Carswell, 2010. (He tried again in 2016, as a tabled amendment to the Bank Of England Bill.) Even if he had succeeded, you would only be entitled to your money back - not necessarily its purchasing power.
How can you store value in a world of made-up money, inflated values, fairy guarantees and swindling? When you know, do please tell me.
___________________________________________
https://www.marcus.co.uk/uk/en/savings
https://en.wikipedia.org/wiki/Goldman_Sachs#Founding_and_establishment
https://www.moneysavingexpert.com/news/2018/09/new-online-bank-makes-its-marcus-with-top-savings-rate/
https://www.bankofengland.co.uk/prudential-regulation/authorisations/financial-services-compensation-scheme
https://en.wikipedia.org/wiki/Foley_v_Hill
https://www.globalresearch.ca/financial-meltdown-and-the-confiscation-of-bank-savings-the-uk-eu-bank-depositor-bail-in-scheme/5475934
https://www.fscs.org.uk/news/2017/january/new-85000-deposit-limit-from-today/
https://en.wikiquote.org/wiki/Leona_Helmsley
https://www.barrons.com/articles/abu-dhabi-fund-sues-goldman-sachs-over-1mdb-1542821292
https://finance.yahoo.com/news/malaysia-seeks-7-5-billion-reparations-goldman-sachs-071652236--sector.html
https://www.straitstimes.com/asia/se-asia/singapore-to-expand-1mdb-criminal-probe-to-include-goldman-sachs
https://www.theguardian.com/world/2018/oct/25/1mdb-scandal-explained-a-tale-of-malaysias-missing-billions
https://www.malaysiakini.com/news/457478
https://positivemoney.org/2010/09/douglas-carswell-mp-introduces-bill-to-stop-fractional-reserve-banking/
https://positivemoney.org/2016/04/23871/
Bonus track - Matt Taibbi's famous 2010 article on GS in "Rolling Stone" magazine:
https://www.rollingstone.com/politics/politics-news/the-great-american-bubble-machine-195229/
Saturday, December 22, 2018
Friday, December 21, 2018
FRIDAY MUSIC: Christmas (Part 2), by JD
As with last week, more music you may not have heard anywhere else.
Merry Christmas!
Merry Christmas!
Thursday, December 20, 2018
Does The Welfare State Kill?
Scrooge would probably have welcomed the notion that charitable generosity is misguided. But in the mouse experiment described here, it wasn't because of overpopulation:
"Great care was taken to ensure the mice were taken care of, food and water was unlimited allowing mice to eat or drink whenever they pleased and there was always space and clean bedding available so females could rear young in peace and safety.
"Despite this, Calhoun noticed that after day 315 of the experiment, things started to go wrong. First of all there was a noticeable drop in population growth. While initially the population of mouse heaven had doubled every 55 days, after day 315 it doubled, according to Calhoun’s notes, approximately every 145 days. This made little sense as there was still at this time ample space to house an additional 3000 mice.
"In addition to a drop in population growth, Calhoun also noticed an abrupt change in behaviour in both males and females. Social bonds effectively broke down and male mice, without a reason to defend their territory or food source (since both were plentiful) became dejected, forming cliques that randomly attacked one another for seemingly no reason. Females similarly began abandoning young or even attacking them and slowly but surely, both males and females simply stopped breeding...
"... what’s often lost in Calhoun’s work is what came after, in which he continued to research and tweak environmental variables to try to find ways to keep the mice from going down the extinction path even as the population density grew. And, in fact, he had some success at this, for instance in one case via simply encouraging creativity in certain mice by various means. Giving them a sort of purpose here actually worked, with the “creative” mice continuing to thrive well beyond what would have otherwise been expected from the previous experiments."
http://www.todayifoundout.com/index.php/2018/12/that-time-a-guy-tried-to-build-a-utopia-for-mice-and-it-all-went-to-hell/
Conclusions?
"Great care was taken to ensure the mice were taken care of, food and water was unlimited allowing mice to eat or drink whenever they pleased and there was always space and clean bedding available so females could rear young in peace and safety.
"Despite this, Calhoun noticed that after day 315 of the experiment, things started to go wrong. First of all there was a noticeable drop in population growth. While initially the population of mouse heaven had doubled every 55 days, after day 315 it doubled, according to Calhoun’s notes, approximately every 145 days. This made little sense as there was still at this time ample space to house an additional 3000 mice.
"In addition to a drop in population growth, Calhoun also noticed an abrupt change in behaviour in both males and females. Social bonds effectively broke down and male mice, without a reason to defend their territory or food source (since both were plentiful) became dejected, forming cliques that randomly attacked one another for seemingly no reason. Females similarly began abandoning young or even attacking them and slowly but surely, both males and females simply stopped breeding...
"... what’s often lost in Calhoun’s work is what came after, in which he continued to research and tweak environmental variables to try to find ways to keep the mice from going down the extinction path even as the population density grew. And, in fact, he had some success at this, for instance in one case via simply encouraging creativity in certain mice by various means. Giving them a sort of purpose here actually worked, with the “creative” mice continuing to thrive well beyond what would have otherwise been expected from the previous experiments."
http://www.todayifoundout.com/index.php/2018/12/that-time-a-guy-tried-to-build-a-utopia-for-mice-and-it-all-went-to-hell/
Conclusions?
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