The brief lull between the Christmas festivities and the Hogmanay celebration merits a slightly unusual and different musical offering!
Friday, December 28, 2018
Thursday, December 27, 2018
Never Mind The EU, Can The UK Parliament Be Reformed?
In yesterday's post, Dr North referred to a 1973 Newsweek article by Milton Friedman on "barking cats"; the link he gives is now "404: not found", but another copy can be seen here:
https://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/NW_02_19_1973.pdf
- and one paragraph stood out, for me:
"The error of supposing that the behavior of social organisms can be shaped at will is widespread. It is the fundamental error of most so-called reformers. It explains why they so often believe that the fault lies in the man, not the “system,” that the way to solve problems is to “throw the rascals out” and put well-meaning people in charge. It explains why their reforms, when ostensibly achieved, so often go astray."
The phrase "throw the rascals out" is often used in connection with the British electoral system, compared favourably with the EU where the electorate cannot dismiss a bad or incompetent Commission.
But does Friedman throw light on a problem we have with the UK Parliament, too?
When the overwhelming majority of MPs are Remainers, most of whom representing constituencies that voted clearly for Leave; and when many of those MPs in their several political parties are doing their best to oppose and subvert the results of a referendum which they repeatedly assured us would be decisive; and when they are visibly upset and angry if reprimanded by impertinent members of Question Time audiences who seem to think that this is a democracy; then should we adapt Mrs Thatcher's judgment* and say:
"The British Parliamentary system as a whole is fundamentally unreformable"?
For if their subversion (and the complex public relations assault they are using to scare, distract and confuse the voters) succeeds, they will call into question the legitimacy of their own power. This is not merely theoretical quibbling. To quote the Scottish play:
"Thoughts speculative their unsure hopes relate,
But certain issue strokes must arbitrate."
Even if it manages to put down revolt - and Government has such powerful tools these days - the relations between rulers and ruled will be deeply tainted.
This is now about more than the EU.
___________________________________________________
*"Statecraft" (2003), p. 321 - "Europe" in the original, not "The British Parliamentary system"
https://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/NW_02_19_1973.pdf
- and one paragraph stood out, for me:
"The error of supposing that the behavior of social organisms can be shaped at will is widespread. It is the fundamental error of most so-called reformers. It explains why they so often believe that the fault lies in the man, not the “system,” that the way to solve problems is to “throw the rascals out” and put well-meaning people in charge. It explains why their reforms, when ostensibly achieved, so often go astray."
The phrase "throw the rascals out" is often used in connection with the British electoral system, compared favourably with the EU where the electorate cannot dismiss a bad or incompetent Commission.
But does Friedman throw light on a problem we have with the UK Parliament, too?
When the overwhelming majority of MPs are Remainers, most of whom representing constituencies that voted clearly for Leave; and when many of those MPs in their several political parties are doing their best to oppose and subvert the results of a referendum which they repeatedly assured us would be decisive; and when they are visibly upset and angry if reprimanded by impertinent members of Question Time audiences who seem to think that this is a democracy; then should we adapt Mrs Thatcher's judgment* and say:
"The British Parliamentary system as a whole is fundamentally unreformable"?
For if their subversion (and the complex public relations assault they are using to scare, distract and confuse the voters) succeeds, they will call into question the legitimacy of their own power. This is not merely theoretical quibbling. To quote the Scottish play:
"Thoughts speculative their unsure hopes relate,
But certain issue strokes must arbitrate."
Even if it manages to put down revolt - and Government has such powerful tools these days - the relations between rulers and ruled will be deeply tainted.
This is now about more than the EU.
___________________________________________________
*"Statecraft" (2003), p. 321 - "Europe" in the original, not "The British Parliamentary system"
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
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