Ron Paul and others discuss the state of the American economy here. Don Boudreaux (the economist who writes the Cafe Hayek blog) agrees with Ron Paul that the central bank should stop "doing something".
This also chimes with what Marc Faber said last year: the crisis should be allowed to burn through and take out some of the players. Of course, those who are in a position to "allow", are part of the club that includes the players, and there's the rub.
Tuesday, May 06, 2008
Monday, May 05, 2008
Still room for wonder
Just watched Patrick Moore's "Sky at Night" programme - number 666 in the series - and been fascinated by how much we still haven't firmly established, in fact we're conjuring up theoretical matter and energy that dwarf everything we can directly observe.
It's a little early but the programme should soon appear online here.
UPDATE - now online here (requires RealPlayer to view).
Quote of the day
This global credit bust is going to astound practically everyone, including the bears.
says Mish, daringly criticising Warren Buffett, who has declared a $billion-plus loss on short bets in the market.
says Mish, daringly criticising Warren Buffett, who has declared a $billion-plus loss on short bets in the market.
Sunday, May 04, 2008
The system does not care
Please read this - and pass it on. More and more, the services of the State seem to serve only as a way to employ people, not to achieve.
Not all the individuals can be blamed - you can lose your job for going beyond your brief, or shortcutting protocol.
But don't expect a pantomime horse to win the Derby, and don't expect compassion and commitment from these reified functions that we used to perform for ourselves.
Maybe only embarrassment will make a difference. Please pass on the link to Callum's site.
http://calumcarr.blogspot.com/2008/05/those-who-read-yesterdays-post-nhs-mega.html
Not all the individuals can be blamed - you can lose your job for going beyond your brief, or shortcutting protocol.
But don't expect a pantomime horse to win the Derby, and don't expect compassion and commitment from these reified functions that we used to perform for ourselves.
Maybe only embarrassment will make a difference. Please pass on the link to Callum's site.
http://calumcarr.blogspot.com/2008/05/those-who-read-yesterdays-post-nhs-mega.html
Saturday, May 03, 2008
Brummies
James Higham writes how the nation likes to look down on the humble Brummie. Having lived here for over 30 years, I should like to say something in reply, as no doubt he knew I would:
First, I think the affected contempt for Brummies is a displaced scorn for industrial labour perhaps impermissible to express so baldly in relation to Yorkshiremen and Lancastrians. Imagine such contempt shown for miners!
This is not universal: German engineers put Ing. in front of their names, and may have a kudos similar to that of the medical profession; but British engineers are treated with patrician condescension. Think squaddies in oil-stained Khakis. No place for officers there.
Or picture Repton-educated (though expelled) Jeremy Clarkson, cheerfully displaying his ignorance as he drives the latest wonder constructed by "four blokes bashing metal in an industrial unit". Decades of regarding going into industry as the wooden spoon in life's competition, has brought Britain to our current sorry pass.
Thickos associated with Birmingham include Matthew Boulton, James Brindley, Sir Arthur Conan Doyle, JRR Tolkien, John Baskerville, Sir Edward Burne-Jones etc.
But mostly, Birmingham was too busy making its own and the nation's prosperity - the "cheap tin trays" of Masefield's "Cargoes". Ugh, the proles. Who also made the chain, the anchors, the presses, the lathes and so on that liberated us from guarding sheep as we read our Bibles with frozen fingers.
There may be a London-centric jealousy because Birmingham is not Britain's Second City, but, technically speaking, its first in geographical area and population. It is the largest local authority by a country mile (the "Mayor of London" controls a larger budget, but that "London" is an sort of urban conglomeration imprecisely related to the City of London, the surrounding boroughs, and other local authorities in the greater metropolitan area).
As to accents, few outsiders could pass for Brummies. Attempts to imitate the accent usually sound like a Scouser being strangled; and what is often thought of as a Brummie accent (say, Timothy Spall's Barry in "Auf Wiedersehen, Pet", or Julie Walters' Mrs Overall in "Acorn Antiques") is more like West Bromwich.
The Black Country abounds in accents; when I first came to Birmingham a Black Country-born history teacher told me that it was once possible to identify by his speech not only the village of the interlocutor, but sometimes even his street.
My personal preference is Sedgley, an exceptionally musical tone. Their pronunciation of the word "flowers" makes me think there must indeed have been a Golden Age in which men sang rather than spoke.
First, I think the affected contempt for Brummies is a displaced scorn for industrial labour perhaps impermissible to express so baldly in relation to Yorkshiremen and Lancastrians. Imagine such contempt shown for miners!
This is not universal: German engineers put Ing. in front of their names, and may have a kudos similar to that of the medical profession; but British engineers are treated with patrician condescension. Think squaddies in oil-stained Khakis. No place for officers there.
Or picture Repton-educated (though expelled) Jeremy Clarkson, cheerfully displaying his ignorance as he drives the latest wonder constructed by "four blokes bashing metal in an industrial unit". Decades of regarding going into industry as the wooden spoon in life's competition, has brought Britain to our current sorry pass.
Thickos associated with Birmingham include Matthew Boulton, James Brindley, Sir Arthur Conan Doyle, JRR Tolkien, John Baskerville, Sir Edward Burne-Jones etc.
But mostly, Birmingham was too busy making its own and the nation's prosperity - the "cheap tin trays" of Masefield's "Cargoes". Ugh, the proles. Who also made the chain, the anchors, the presses, the lathes and so on that liberated us from guarding sheep as we read our Bibles with frozen fingers.
There may be a London-centric jealousy because Birmingham is not Britain's Second City, but, technically speaking, its first in geographical area and population. It is the largest local authority by a country mile (the "Mayor of London" controls a larger budget, but that "London" is an sort of urban conglomeration imprecisely related to the City of London, the surrounding boroughs, and other local authorities in the greater metropolitan area).
As to accents, few outsiders could pass for Brummies. Attempts to imitate the accent usually sound like a Scouser being strangled; and what is often thought of as a Brummie accent (say, Timothy Spall's Barry in "Auf Wiedersehen, Pet", or Julie Walters' Mrs Overall in "Acorn Antiques") is more like West Bromwich.
The Black Country abounds in accents; when I first came to Birmingham a Black Country-born history teacher told me that it was once possible to identify by his speech not only the village of the interlocutor, but sometimes even his street.
My personal preference is Sedgley, an exceptionally musical tone. Their pronunciation of the word "flowers" makes me think there must indeed have been a Golden Age in which men sang rather than spoke.
Pay up, or default
Karl Denninger says it's time to settle accounts. Here's his estimate of the tab:
We have recognized $300 billion of losses but it has all been derivative loss. The $2.5-$3 trillion in credit loss from housing is still to come, plus all the credit card and other debt that cannot be paid down, likely a couple hundred billion more - at best.
= c. 20% of US GDP.
We have recognized $300 billion of losses but it has all been derivative loss. The $2.5-$3 trillion in credit loss from housing is still to come, plus all the credit card and other debt that cannot be paid down, likely a couple hundred billion more - at best.
= c. 20% of US GDP.
Subscribe to:
Posts (Atom)