Thursday, February 06, 2014

Poor Tim – deselected by the web

When I’m chatting with my better half over a glass of port with the log-burner flickering away and the wind whistling round the chimney, she often has to look up bits and pieces of information on her phone.

Nothing unusual in that, but this tiny gadget gives us access to more information than we could ever have imagined just a couple of decades ago. What difference is it making to our lives?

A few centuries ago there were chained libraries and books with locks because books were expensive and not for the common people.

Today, the ancestors of the common people are able to access anything they please from an unimaginably vast repository of information, news, comment and entertainment. Most of it dross of course, but how many of us would care to read the contents of a chained library anyway?

It changes the balance of power in subtle and not so subtle ways.

We assess the capabilities of our political leaders more easily and don’t have to rely on establishment media to do it. We bypass the genteelly selective BBC and look around for sources we trust and visit them as often as we choose.

Social status is far less important as a route to sound information. A good example is how far behind the curve our leaders are on fracking. Many of us knew about the benefits long before they did, just as we have known for years that climate science is an unholy mess.

It’s impossible to be completely sure of all this, with our political class being so untrustworthy, but their mendacity is something we are aware of too. We don’t suspect – we know.

We know some of them are thick, some dishonest, some personally unreliable, some sexually deviant, some arrogantly aggressive and a few may be good eggs but the good eggs don’t usually get anywhere. We may know all this in some detail, where years ago it was all glossed over by compliant pundits.

Is it likely to make a difference though? I don’t see how it can fail. Narratives are multiplying and for every item of establishment pap there is a more reliable, less ameliorative source of information readily available.

We have reached a stage where no intelligent person takes the BBC as reliable on any subject with an establishment narrative. This is new and unless the BBC changes, its authority has gone for good.

The deselection of Tim Yeo may have had a number of causes, but one of them was surely the persistent wash of negative information telling us about the man, the games he plays and how effective he is as an MP.

It isn’t merely that the negative information on Yeo exists, but it is far more pervasive than it ever could have been in the comparatively recent past. The web seems to keep issues alive in a way which in pre-web days was rare.

Pressure could be brought on newspaper editors and stories would disappear if indeed they ever appeared in the first place. Now anyone may launch a story and if it spreads there is little others can do. Even court injunctions have been circumvented.

The world has changed and I’m sure we have yet to see the full consequences. Although Tim has had a taster.

All original material is copyright of its author. Fair use permitted. Contact via comment. Unless indicated otherwise, all internet links accessed at time of writing. Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Tuesday, February 04, 2014

Oh, what a surprise!

When things go wrong, the modern meme is to blame the “Law of Unintended Consequences”, which is the modern way of saying “it’s just God’s will”. However, in all too many instances, the “unintended” consequences could be easily predicted.
 Case 1: Most stocks are now owned by mutual funds. The fund managers are interested in fees, which means waiting for price increases, and selling the stocks. Their sole interest is short-term price gains. The CEO’s are hired with bonuses for price increases, and the only oversight is the Board of Directors (consisting of CEO’s of other companies), and the annual stockholder meeting (dominated by the fund managers). Then there is general surprise that many companies are managed for short-term stock price increases, and not for long-term performance!
 Case 2: Most US school systems have curricula which are dominated by methods courses, and very light on the content that they will teach. We put those ill-educated teachers into the field, and give them the message that any failure of a student means that the teacher is incompetent (I was told this by an education professor recently). We then test students and blame the teachers for every bad result. Why are we surprised at grade inflation and cheating on tests?

All original material is copyright of its author. Fair use permitted. Contact via comment. Unless indicated otherwise, all internet links accessed at time of writing. Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Monday, February 03, 2014

Electric cars - a long gestation

Arnold Bennett clearly liked electric cars. They must have been the coming thing and maybe they were also seen as a hint that the machine age could produce more than dark satanic mills. Here are a few quotes.

Advantages.
Richard’s car ran through the cutting — it was electrical, odourless, and almost noiseless.
Mounting
He crept back to his own car, found it unharmed in the deep shadow where he had left it, and mounted.
Dismounting
Richard directed the car gently through the gate and then stopped; they dismounted, and crossed the great field on foot.
Range
This vehicle, new and in beautiful order, and charged for a journey of a hundred and twenty miles, travelled in the most unexceptionable manner. The two and a half miles to the North-Western station at Dunstable were traversed in precisely five minutes, in spite of the fact that the distance included a full mile of climbing
Teresa of Watling Street (1904)

Intimacy
The electric brougham was waiting. I gathered up my skirt and sprang in.
 Oh, the exquisite dark intimacy of the interior of that smooth-rolling brougham! 
Sacred and Profane Love (1905)

Notice the reference to a range of a hundred and twenty miles. There are a number of explanations as to why electric cars were ousted by the internal combustion engine after an auspicious start, but are any of them satisfactory?

All original material is copyright of its author. Fair use permitted. Contact via comment. Unless indicated otherwise, all internet links accessed at time of writing. Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Sunday, February 02, 2014

The Condom Mission

Sex education, Danish-style...

All original material is copyright of its author. Fair use permitted. Contact via comment. Unless indicated otherwise, all internet links accessed at time of writing. Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Bombing Man Friday

Over at the New Zealand-based Cafe Pacific blog, a story about a documentary film that has been kept off-air for two years so far:

"Nuclear Savage is a recent documentary film that explores American nuclear weapons testing in the Marshall Islands, 1946-1958 - and particularly the secret Project 4.1: an American experiment in exposing Pacific Islanders to overdoses of radiation – deliberate human radiation poisoning – just to get better data on this method of maiming and killing people." (My emphasis.)

All original material is copyright of its author. Fair use permitted. Contact via comment. Unless indicated otherwise, all internet links accessed at time of writing. Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Saturday, February 01, 2014

Wi-Fi sky-spy eye on you - all the time!

Not only does your car spy on you and constantly report your whereabouts, so (if you've ever used free Wi-Fi) does your smartphone or portable computer - and the tattletale goes back in time to when you bought the thing.

All original material is copyright of its author. Fair use permitted. Contact via comment. Unless indicated otherwise, all internet links accessed at time of writing. Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Did Lloyds Bank have a heart attack last week?

Last Sunday, "hundreds of thousands of customers were left unable to use debit cards and 7,000 cashpoints" (Daily Mail).
 
The BBC News website said the cause was "a hardware failure" but - perhaps in an attempt to reassure us - the bank told them "the faults were not caused by any external upgrade work or cyber attack."

Funnily enough, Sunday was also the day that Lloyds borrowed an extra c. £766 million, according to the Wall Street Journal:

Source: WSJ
Just in time - or very nearly so, anyway?

As it happens, our current account is with Lloyds and earns 0% interest. This Harvard economist has just withdrawn $1 million from Bank of America for exactly that reason: the odds against a collapse, though presumably small, are not zero, so the risk to a depositor is underpriced.

Weekends seem to be bad for banks: on Saturday, September 13, 2008 the Federal Reserve was in talks with Lehman Brothers, Barclays backed away from making an offer (as reported in the NYT next day, Sunday) and the bankruptcy filing came on the Monday - at 1.45 in the morning. Not much chance for the likes of you and me to queue up at the counter.

Shoebox or bank account, bank account or shoebox? So hard to decide.

All original material is copyright of its author. Fair use permitted. Contact via comment. Unless indicated otherwise, all internet links accessed at time of writing. Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.