"Restore(s) a little sanity into current political debate" - Kenneth Minogue, TLS "Projects a more expansive and optimistic future for Americans than (the analysis of) Huntington" - James R. Kurth, National Interest "One of (the) most important books I have read in recent years" - Lexington Green
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Posted by Kevin Villani on 27th February 2017 (All posts by Kevin Villani)
My first experience with manias was in the 1950’s. As a pre-schooler, I was dragged along to the Filene’s Basement annual designer dress sale. Thousands of women of all types and sizes pressed against the glass doors opening into the subway station. Within minutes of the doors opening, these “maniacs” cleared all the racks and, holding armfuls of dresses, began stripping to their slips. That’s when I panicked.
Looking back, those women acted rationally. There was a limited supply of deeply discounted dresses available on a first come basis. They traded among themselves to get the right size and their most desired dress. Buyer’s remorse was cushioned by Filene’s liberal return policy.
The premise of U.S. financial regulation is that actors within private markets are irrational, but the evidence shows that it’s not maniacal, illogical behavior that sends markets into freefall.
Great Depression and Recession
Now in its seventh edition, Manias, Panics and Crashes: A History of Financial Crises, Charles Kindleberger’s seminal work provides the narrative that underlies virtually all public financial protection and regulation: First, the irrational exuberance of individuals transforms into “mob psychology” and fuels an asset bubble. Then, when the exuberance of a few turns to fear, the mob panics and overreacts, causing a crash that brings down both solvent and insolvent financial institutions.
In his memoir, the former Federal Reserve Bank President and Treasury Secretary Timothy Geithner, who was at the epicenter of the last crisis, concluded, “It began with a mania — the widespread belief that devastating financial crises were a thing of the past, that future recessions would be mild, that gravity-defying home prices would never crash to earth.”
Most U.S. federal financial regulation originates from the Great Depression and the subsequent introduction of federal deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC), which was established in 1933 to protect “small” savers. All prior state attempts to provide insurance failed. Because there were no effective, non-politicized regulations that could prevent the moral hazard of insured banks and savings institutions taking on excessive risks, an extensive regulatory infrastructure was put in place.
Now, the U.S. has about 100 financial regulators, including those in the U.S. Treasury and the Securities and Exchange Commission (SEC), the FDIC, and the Fed. With near-universal deposit insurance, bank runs have become a rarity, but systemic crises have occurred more frequently. It is incontestable that big bubbles eventually burst, asset prices crash, and financial crises ensue. What causes the bubbles to inflate to systemic proportions, and to ultimately burst, is more contentious.
At the time of Kindleberger’s analysis, individuals were assumed to be rational. The latest edition of his book, written after the 2008 financial crisis, postulates numerous theories about mob psychology (mania) that could lead rational individuals to produce irrational markets, but these ideas are all rather lame.
Posted by Mrs. Davis on 25th February 2017 (All posts by Mrs. Davis)
I was reading Arthur Herman’s column in the WSJ Decoding the Zimmerman Telegram, 100 Years Later and I began to think about all the really, really dumb things Germany has done. And it’s not as if the Germans are dumb. A look at the Nobel prize list makes it clear that there are many brilliant Germans. But if we go back in history and look at the political decisions Germany has made, it is a cavalcade of catastrophe. In the 19th century, Germany was the cradle of socialism, not all the ideas, but certainly the movement. Then it decided to unite Germany, not a bad idea in and of itself; but it then led to the idea that it should conquer Europe. In the process, it threatened the US with invasion by Mexico, bringing the US into the war and onto the world stage. And to top it, they put Lenin in a rail car and sent him to St. Petersburg launching the Soviet Union. Hitler then rekindled the idea of conquering Europe, including the incredible decision to invade Russia and then declaring war on the United States directly, creating an enemy that might have sat out the European war.
After suffering a defeat as devastating to Germany’s people as the Thirty Years War, Nato was created to keep the Americans in, the Russians out and the Germans down. And for 70 years it was a success. Germany started well by establishing an economic powerhouse. It succeeded in reuniting Germany after the cold war was won by the US in spite of German handicapping. But since then it has made decisions with terrible consequences, not only for Germany, but for much of Europe. It has used the EU and the Euro to peacefully achieve, with American connivance, what it twice failed to do by violence. And the consequences have become deleterious at best for the rest of Europe. The Energiewende has been a catastrophe, leading to more pollution by increasing the coal and biomass burned to create energy and the highest electricity costs in Europe. Germany’s refugee policy has invited invasion by unassimilabe masses inimical to European culture and values. And a policy of minimal defense expenditures has led the Americans to consider getting out and the Russians getting back in. And now China has become Germany’s largest trading partner.
I have long felt that the EUropeans were more than capable of defending themselves and we should pull out of Nato to force them to do so and to save money. Why should we allow them to freeload? But now with the Americans leaving, the Russians returning, and the Germans rising, I am having second thoughts as I consider the possible consequences.
Trump is confronting Putin with challenges he cannot overcome, which will only grow worse over time.
The idea that Russia is capable of embarking on a new Cold War against the United States is laughable.
Russia is only considered to be a country of the first rank because of its nuclear arsenal. But that arsenal is useless, other than as a deterrent to invasion, or as a way to commit suicide. No one is going to invade Russia any time soon. More importantly, Putin and his cronies are not suicidal. Putin may even be the richest man in the world. Putin and his posse have a nice life, and a lot to lose. They likely want to enjoy the benefits of their despotism in peace, not see their dachas reduced to radioactive ash.
Russia should be aligned with the USA with regard to both China and Islamic terrorism.
The current situation is absurd and should be resolved.
This does not mean the USA will become “friends” with Putin, or the Russians.
We will not trust Putin or the Russians.
We will not be allies, beyond allies of convenience, case by case, with Putin or the Russians.
We will not have shared values with Putin or the Russians.
We will simply recognize important common interests, including ramping down the hostility between our countries, cooperating where it is mutually beneficial to do so, and focusing on more important, mutual threats and challenges.
He wants a party that represents his views better. I want that too but it’s not available. Until it is I’ll settle for the lesser evil.
The country has changed and the political parties have changed with it. Some of the changes are shocking and undesirable. Trump is a kind of crowdsourced response by middle-class, mostly Republican voters to all of this. Despite his bad qualities he gets some big things right that the political mainstream insists on ignoring. He represents the least-bad option at the moment. As Glenn says, if he is rejected the next least-bad alternative will be even less attractive to the people who complain about Trump.
Let’s not kid ourselves, NATO, in its current structure, destabilizes the peace of Europe vis-a-vis Russia. Europe’s states will not pay for their own defense as long as those states can enjoy a free ride courtesy of the American tax payer and the American elite’s visions of Pax Americana. Those visions are long past their sell-by-date. If American participation in NATO ends, there is a good chance (albeit, not a sure thing) that the Europeans will cooperate and defend themselves. That’s a win-win. Good for America, and good for Europe.
I propose a national referendum—an American Brexit—to settle the question. Let’s put the question to all of our people. Should the United States continue to participate in NATO?
But let’s go even further. Even if you could prove that, on balance, free trade is an unquestionable economic benefit, people might still prefer to be measurably poorer if that’s the price that must be paid to maintain their traditional social and political cultures. (This has even more relevance in the case of the EU, because the EU actually has power. Imagine if NAFTA had an unelected Commission in Ottowa or Mexico City that could impose laws on the United States.) Perhaps people don’t regard their economic interests as important as their national or cultural interests. It doesn’t matter what elite opinion thinks the people’s most important interests are. In a democratic society, ultimately, it only matters what the people think they are. People get to determine their own priorities, and not have them dictated by elites. The people get to answer for themselves the question, “In what kind of country do I want to live?”
Of course, I would argue that we don’t have truly free trade or, increasingly, a free economy in the United States. The Progressives always look at the rising income inequality and maintain that it’s the inevitable result of capitalism. That’s hogwash, of course, and Proggies believe it because they’re dolts. But the problem in this country isn’t free trade—we have precious little of it—or unrestricted capitalism, since we have precious little of that as well. The issue behind rising income inequality isn’t capitalism, it’s cronyism. Income isn’t being redirected to the 1% because capitalism has failed, it’s happening because we abandoned capitalism in favor of the regulatory crony state and its de facto collusion between big business/banking interests and a government that directs capital to favored political clients, who become “too big to fail”. It doesn’t matter, for instance, whether the president is a Democrat or Republican, because we know the Treasury Secretary will be a former—and future—Goldman Sachs executive.
Franks’s post is very well thought through and ties together the main themes that appear to be driving US, British and European politics. It’s worth reading in full if you haven’t yet done so.
The F-35B reached initial operational capability (IOC) with US Marine Corps in July of 2015. There are three models of this aircraft, the conventional takeoff and landing (CTOL) F-35A which will reach IOC with the USAF this year, the short takeoff and vertical landing (STOVL) F-35B, and the folding wing, heavy airframe, carrier version F-35C, which is due to reach IOC with the USN in 2018. Evolved from the JSF competition prototype, this aircraft is due to replace the F-15, F-16, F-18, AV-8B, and for some CAS missions the A-10, although there are rumors the USAF is considering opening a competition to replace the A-10 with a new aircraft.
Currently the aircraft is nearing the end of the test and evaluation phase and is in low-rate initial production. Lockheed is preparing to ramp up to full rate production in the near future at its massive Fort-Worth aircraft plant. To say this aircraft is controversial is an understatement and it has been the target of enormous criticism, speculation and western leftist and Russian disinformation campaigns. Probably the most egregious lie told is that $1.5 trillion has been spent on aircraft development thus far. In reality, around $1 trillion is the estimated total cost of ownership for the entire US buy of 2500+ aircraft for 50 years. That includes purchasing all the aircraft, bases, schools, pilot training, tech training, maintenance and spare parts. Politics and disinformation warfare being what it is though, the number increases whenever convenient just to increase its scariness and to make it seem as astounding as possible. It turns out, however and unsurprisingly, that if those numbers are run for any fighter aircraft you get similar or greater costs over that timeframe.
From Seth Barrett Tillman’s new post about western cultural confidence (and the lack thereof):
Our administrative unit’s official motto is: Health, Fairness, Environment, Culture. So it should not surprise you that we chose you among other applicants seeking to immigrate to our (now your) prefecture because you have (as far as we can discover) no strongly held views, on anything. We believe that (former) outsiders like you from distant regions add to our ever-growing cultural diversity, but we seek to do so in a way that guarantees our social cohesion.
In the event that you violate a minor domestic regulation (i.e., under Schedule 1 and its annex) and you are under 18, you will be assigned community service and ordered to apologize to any victims of your wrongdoing (should they remain alive). If you violate a major domestic regulation (i.e., under Schedule 2 and its annex) and you are over 18, you will be sent down for correction, but we cannot send you back to your former prefecture, as it is in political disarray and your human rights may be threatened by your return there. Your statutory right to residence vests after 60 days; your statutory right to vote in municipal elections vests after 6 months; your statutory right to vote in prefecture-wide elections and for an inter-prefecture delegate vests after 1 year…
In fact, we all know that it is this very real possibility—the omnipresent depressing likelihood of future Paris-like attacks—which is the urgent crisis that demands our immediate attention and our best efforts. All our lives and our children’s lives depend on it. All know this, except Dr. O’Donnell. For her, the “urgent [matter is] to ensure that students and professionals do not resort to prejudicial judgments about others”. This is the sort of grand category error that the public has come to expect from a disconnected transnational, elitist, academic class: an academic class which sees tradition, loyalty, and patriotism as primitive, and whose promoters teach that nations, citizenship, borders, and law defined by elected parliaments are irksome problems to be overcome.
Get used to it. This is the world as it is without American power setting standards and boundaries. After a 70-year hiatus from history, nothing you think you know applies to this situation. This is the world of 1900 – 800 – 500 B.C. – but with much more destructive weapons, and much faster ways to get around.
The 100-year threshold is also a statistical guess based on data on past storms and assessments of whether they’ll occur in the future. That means the models change every time a new hurricane strikes. The numbers being used as guidelines for construction are changing as time passes.
The standard also does not mean—can’t possibly mean—that a 100-year storm will occur only once per century. It means that such a storm has a 1 percent chance of happening in any given year. So for example, it’s technically possible for several 100-year floods to occur in just a few years, although it’s highly unlikely.
One way to look at it is that the engineers need to estimate how high a wall New Orleans needs to protect itself against a reasonably unlikely flood — say, a 1-in-1000-year event. This is the line of discussion pursued in the CNBC article.
Another way to look at it is to observe that the odds of another Katrina, or worse, within a specified period are highly uncertain. In this case a radical course of action might be called for. You do something like: take the best estimate for the wall height needed to protect against a 1000-year flood and then double it. Building such a levee would probably be extremely expensive but at least the costs would be out in the open. Or you might decide that it’s not the best idea to have a coastal city that’s below sea level, and so you would discourage people from moving back to New Orleans, rather than encourage them by subsidizing a new and stronger system of walls.
In this kind of situation the political incentives are usually going to encourage public decisionmakers to ignore radical solutions with high obvious costs, in favor of the minimum acceptable incremental solution with hidden costs: probably subsidies to rebuild the levees to, or perhaps a bit beyond, the standard needed to protect the city in the event of another Katrina. And it’s unlikely that any local pol is going to advise residents to move out and depopulate his constituency. Thus, eventually, a worst case will probably happen again.
A Declaration of the Representatives of the UNITED STATES OF AMERICA, in General Congress assembled.In Congress, July 4,1776. The unanimous Declaration of the thirteen United States of America.
When in the Course of human events,it becomes necessary fora People to advance from that Subordination, in which they have hitherto remained, one people to dissolve the political bands which have connected them with anotherand to assume among thePpowers of theEearth theequal and independant Stationthe separate and equal stationto which the Laws of Nature and of Nature’s God entitle them, a decentRrespect to the opinions of Mmankind requires that they should declare theCcauses which impel them to theChange separation.
We hold these truths to be self–evident, that all men are created equal and independant, that from that equal creation they derive rights inherent and inalienable,that they are endowed by their Creator with certain unalienable rights, among which that among these are the Preservation of Life,andLiberty,and the Pursuit of Happiness. tThat to secure theseEndsrights, Governments are instituted among men, deriving their just powers from theCconsent of the governed; t.—That whenever any Form ofgGovernment shall becomebecomes destructive of these ends, it is theRright of the People to alter or to abolish it, and to institute new Government, laying itsFfoundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transientCcauses; and accordingly all Eexperience hath shown, that mankind are more disposed toSsuffer, while Eevils areSsufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of Aabuses andUusurpations, begun at a distinguish’d Period and, pursuing invariably the same oObject, evinces aDdesign to reduce them under absolutePowerdDespotism, it is theirRright, it is their Dduty, to throw off such Government, and to provide new Guards for their future security. Such has been the patient Ssufferance of these Colonies; and such is now theNnecessity which constrains them to expungealtertheir former systems of government. The history ofhis present Majesty,the present king of Great Britainis a history of unremittingrepeatedinjuries and usurpations, among which no one Fact stands Single or Solitary to contradict the uniform tenor of the rest,all of which havehaving in direct object the Eestablishment of an absolute Ttyranny over these Sstates.To prove this let Ffacts be Ssubmitted to a candid Wworld., for the Truth of which We pledge a Faith, as yet unsullied by falsehood.
He has refused his assent to laws the most wholesome and necessary for the public good.
He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his assent should be obtained; and, when so suspended,he has neglected utterly to attend to them.
He has refused to pass other Laws for the accomodation of large Ddistricts of Ppeople unless those Ppeople would relinquish the right of Representation in the Legislature, aRright inestimable to them, and formidable toTtyrants only.
He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their public rRecords, for the sole purpose of fatiguing them into compliance with his measures.
He has dissolved Representative Houses repeatedlyand continually,for opposing with manlyFfirmness hisIinvasions on theRrights of thePpeople;
He has refused, for a long Space of Ttime after such Ddissolutions to cause others to be elected, whereby the lLegislative Ppowers, incapable of aAnnihilation have returned to the People at large for their Eexercise, the sState remaining, in the mean Ttime meantime, exposed to all the Ddangers of Iinvasion from without, and Convulsions within.
He has endeavoured to prevent the Ppopulation of these States; for that purpose obstructing the Laws for nNaturalization of fForeigners; refusing to pass others to encourage their Mmigrations hither, and raising the Cconditions of new Appropriations of Lands.
He has sufferedobstructed the Administration of Justice totally to cease in some of these Colonies,by refusing his Assent to Laws for establishing Judiciary Powers.
He has made our Judges dependent on his Will alone, for the Ttenure of their offices, and the amount and payment of their Ssalaries.
He has created a Mmultitude of nNew oOffices by a Self-assumed Power, and sent hither swarms of oOfficers to harass our Ppeople, and eat out their Ssubstance.
He has kept among us, in Ttimes of Ppeace, Standing Armies and Ships of War without the cConsent of our legislatures..
He has affected to render the mMilitary independent of and Superiour superior to the cCivil Ppower.
He has combined with others to subject us to a Jjurisdiction foreign to our Cconstitution, and unacknowledged by our Llaws; giving his Assent to their pretended Acts of pretended Legislation:
fFor quartering large Bbodies of armed Ttroops among us:
fFor protecting them, by a Mmock TryalTtrial from Ppunishment for any Murders which they should commit on the Inhabitants of these States:
fFor cutting off our Ttrade with all Pparts of the Wworld;
fFor imposing Taxes on as without our Consent—fFor depriving Uus in many cases of the Bbenefits of Trial by Jjury;
fFor transporting us beyond Seas to be tried for pretended offences:
fFor abolishing the free sSystem of English Llaws in a neighbouring Province, establishing therein an aArbitrary government, and enlarging its Boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule into these cColonies:
fFor taking away our Charters, abolishing our most valuable lLaws, and altering fundamentally the Forms of our Government:
fFor suspending our own Legislatures, and declaring themselves invested with Ppower to legislate for us in all Ccases whatsoever.
He has abdicated Government here withdrawing his Governors, and by declaring us out of his Allegiance andpProtection,and waging war against us.
He has plundered our Sseas, ravaged our Coasts, burnt our towns, and destroyed the Lives of our Ppeople.
He is at this Ttime transporting large Armies of foreign Mercenaries to completecompleat the Wworks of death, Ddesolation, andTtyranny, already begun with Ccircumstances of Ccruelty and Pperfidy scarcely paralleled in the most barbarous ages, and totally unworthy the Head of a civilized Nnation.
He has excited domestic insurrection among us,and has endeavoured to bring on the Iinhabitants of our Ffrontiers, the merciless Indian Savages, whose known Rrule of Wwarfare is an undistinguished Ddestruction of all Aages, Ssexes, and Cconditionsof existence.
He has incited treasonable Insurrections of our Fellow Citizens, with the allurement of Forfeiture and Confiscation of our Property.
He has constrained othersour fellow citizens taken cCaptive on the high sSeas, to bear arms against their cCountry, to become the executioners of their friends and bBrethren, or to fall themselves by their hHands:
He has waged cruel War against human Nature itself, violating its most sacred Rights of Life and Liberty in the Persons of a distant People who never offended him, captivating and carrying them into Slavery in another Hemisphere, or to incur miserable Death, in their Transportation thither. This piratical Warfare, the opprobrium of infidel Powers, is the Warfare of the Christian King of Great Britain.
He has prostituted his Negative for Suppressing every legislative Attempt to prohibit or to restrain an execrable Commerce, determined to keep open a Market where Men should be bought and sold, and that this assemblage of Horrors might want no Fact of distinguished Die.
He is now exciting those very People to rise in Arms among us, and to purchase their Liberty of which he has deprived them, by murdering the People upon whom he also obtruded them: thus paying off, former Crimes committed against the Liberties of one People, with Crimes which he urges them to commit against the Lives of another.
In every stage of these oOppressions wWe have pPetitioned for rRedress, in the most humble tTerms: oOur repeated Petitions have been answered by repeated Iinjury.
A Prince whose Ccharacter is thus marked by every Aact which may define a Tyrant, is unfit to be the Rruler of a People who mean to be free people. future ages will scarce believe, that the Hardiness of one Man, adventured, within the Short Compass of twelve years only, on so many Acts of Tyranny, without a Mask, over a People, fostered and fixed in the Principles of Liberty.
Nor have wWe been wanting in Aattentions to our British Bbrethren. We have warned them from Ttime to Ttime of attempts of by their Llegislature to extend aan unwarrantedJjurisdiction over these our Statesus. We have reminded them of the Ccircumstances of our Eemigration and Ssettlement here no one of which could warrant so strange a Pretension. That these were effected at the expense of our own Blood and Treasure, unassisted by the Wealth or the Strength of Great Britain; that in constituting indeed, our Several Forms of Government, we had adopted one common King, thereby laying a Foundation for Perpetual League and Amity with them; but that Submission to their Parliament, was no Part of our Constitution, nor ever in Idea, if History may be credited; andwWe have appealed to their Nature,nativeJjustice and Mmagnanimity and we have conjured them byas well as to the Tties of our common Kkindred to disavow these usurpations which were likely towould inevitably interrupt our Correspondence and Connectionconnection and correspondance. They too have been deaf to the Vvoice of Jjustice and of Cconsanguinity.and when occasions have been given them by the regular Course of their Laws of removing from their Councils, the Disturbers of our Harmony, they have by their free Election, re-established them in Power. At this very Time too, they are permitting their Chief Magistrate to send over not only soldiers of our common Blood, but Scotch and foreign Mercenaries, to invade and deluge us in Blood. These Facts have given the last Stab to agonizing affection, and manly Spirit bids us to renounce forever these unfeeling Brethren. We must endeavour to forget our former Love for them, and to hold them, as we hold the rest of Mankind, enemies in War, in Peace Friends. We might have been a free and a great People together but a Communication of Grandeur and of Freedom it seems is below their Dignity. Be it so, since they will have it: The Road to Happiness and to Glory is open to us too; we will climb it, apart from themWe must thereforeand acquiesce in the Nnecessity which denounces our eternalSseparation andhold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.
We, therefore, the Representatives of the United States of America, in General Congress aAssembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by the Authority of the good People of these StatesColonies, reject and renounce all Allegiance and Subjection to the Kings of Great Britain, and all others, who may hereafter claim by, through, or under them; We utterly dissolve and break off, all political Connection which may have heretofore subsisted between us and the People or Parliament of Great Britain, and finally we do assertsolemnly publishand declare, that theseUnitedColonies are, and of Right ought to befFree and iIndependent States;that they are Absolved from all allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved;and that as fFree and iIndependent States, they shall hereafter havefullPower to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which independent States may of Right do. —And for the Ssupport of this Declaration, we mutually pledge to each other our Lives, our Fortunes, and our Sacred HonourHonor.
I was about 50 when I discovered the U-curve and began poking through the growing research on it. What I wish I had known in my 40s (or, even better, in my late 30s) is that happiness may be affected by age, and the hard part in middle age, whether you call it a midlife crisis or something else, is for many people a transition to something much better—something, there is reason to hope, like wisdom. I wish someone had told me what I was able to tell my worried friend: nothing was wrong with him, and he wasn’t alone.
Israel, if it is farsighted and wise, has a grim opportunity in the emergence of Islamic State Sinai Province. It can sign a defense treaty with Egypt to ensure the territorial integrity of Egypt. Israel’s gain would be the undertaking of Egypt to grant palestinians on Egyptian territory Egyptian citizenship, removing the malign influence that the UN Relief and Works Agency (UNRWA) is having over the Palestinian situation the only sure way possible, by removing its reason for being in a decent, humanitarian way by settling Palestinian refugees into a normal status, in this case as citizens of Egypt.
This line of thinking does assume that Egypt’s military will be unsuccessful in stopping IS Sinai Province from controlling territory, either part or all of Sinai. It further assumes that the Muslim Brotherhood in Gaza/Hamas will be assisting ISSP in its efforts, justifying an Egyptian takeover of Gaza to root them out. Now is the time for the negotiations to start, if they haven’t already started.
Without refugee status, and the unique UN agency to support Palestinians in their grievances, Palestinians will tend to disperse, tend to get jobs, and as they get more invested into the existing legal system, tend to reduce their jihad to lawfare seeking reparations for their losses in both properties and suffering. Eventually Israel will write a big check and be happy to end this chapter in their history.
Time is running out, the man explains, speaking calmly and confidently, in the manner of a university professor. A deadly disease, spread by primitive tribespeople through dead bodies, will kill vast numbers of Americans unless the Federal government uses its powers to stop it.
As I write this, the most widely-read individual blog in the English-speaking world, written by a genuine university professor, is infested with (invariably pseudonymous) commenters not readily distinguishable from Weston; we can only hope that none of them will act on their impulses as he did. Read the rest of this entry »
Posted by Lexington Green on 29th October 2014 (All posts by Lexington Green)
“The core problem in our society is political correctness.”
“We’ve become a more risk-averse society,” he said, “we’ve lost hope in the future.” The problem isn’t one of intelligence, but of character. “We live in a world in which courage is in less supply than genius.”
Posted by Lexington Green on 28th October 2014 (All posts by Lexington Green)
Those of you who know Dostoievski will remember the scene of the ‘Grand Inquisitor,’ where the problem is poignantly unfolded. If one makes any concessions at all to the principle that the end justifies the means, it is not possible to bring an ethic of ultimate ends and an ethic of responsibility under one roof or to decree ethically which end should justify which means.
My colleague, Mr. F. W. Forster, whom personally I highly esteem for his undoubted sincerity, but whom I reject unreservedly as a politician, believes it is possible to get around this difficulty by the simple thesis: ‘from good comes only good; but from evil only evil follows.’ In that case this whole complex of questions would not exist. But it is rather astonishing that such a thesis could come to light two thousand five hundred years after the Upanishads. Not only the whole course of world history, but every frank examination of everyday experience points to the very opposite. The development of religions all over the world is determined by the fact that the opposite is true. The age-old problem of theodicy consists of the very question of how it is that a power which is said to be at once omnipotent and kind could have created such an irrational world of undeserved suffering, unpunished injustice, and hopeless stupidity. Either this power is not omnipotent or not kind, or, entirely different principles of compensation and reward govern our life–principles we may interpret metaphysically, or even principles that forever escape our comprehension This problem–the experience of the irrationality of the world–has been the driving force of all religious evolution. The Indian doctrine of karma, Persian dualism, the doctrine of original sin, predestination and the deus absconditus, all these have grown out of this experience. Also the early Christians knew full well the world is governed by demons and that he who lets himself in for politics, that is, for power and force as means, contracts with diabolical powers and for his action it is not true that good can follow only from good and evil only from evil, but that often the opposite is true. Anyone who fails to see this is, indeed, a political infant.
Posted by Mrs. Davis on 19th October 2014 (All posts by Mrs. Davis)
Two viruses are making the news these days. One, Ebola hemorrhagic fever has infected two in the United States with no deaths yet. It has created wide spread concern bordering on panic. The other, Non-Polio Enterovirus D 68, appears to have infected 825 this year and been directly responsible for at least one death and indirectly responsible for many others, primarily among children. It has generated comparatively little media attention and very little panic. Why the difference?
First the victims of D 68 are primarily children, Ebola also strikes adults. As a culture we no longer value children as much as we once did. Children are an option, almost a luxury. They have become more expensive than most luxuries we consume. Perhaps it is because the high cost to rear a child is reflective of the damage we humans are doing to the planet Or because so few of them die at an early age as compared to the past. And I suspect that childlessness is far more prevalent among our media elite opinion makers. In any case, few children vote and so they don’t really matter to policy makers.
Second, D 68 generally kills indirectly by weakening the child so that pneumonia or some other respiratory illness can be the cause of death. Ebola eats you alive! I’ve seen it on TV! And it is a terrible new way to die unlike ways we’ve died before.
Finally, WE’RE ALL GOING TO DIE. D 68 is poorly understood and we have no idea how prevalent it is in the population or how many childhood deaths it has contributed to. And it’s non-Polio. But we know Ebola has a 50-70% fatality rate among those who contract it in African third world countries. After all it’s hemorrhagic fever. We’re going to bleed to death. So, if it gets loose here we could have millions of deaths like that! But we actually have all the tools we need in our public health system to prevent it from spreading widely, once we get the Bozos out of power. So it’s highly unlikely that this outbreak will spread among the general population.
It’s a very small probability of a terribly frightening event. And some folks have used the propensity of people to exaggerate the possibility of catastrophic outcomes to further their political goals. I’m thinking of nuclear power, an energy source that has killed no one in the US. Compared to the coal industry, which routinely contributes to the death of both its producers and consumers, nuclear power is harmless. However, some used Three Mile Island to shut down the development of power plants that could have cushioned us from the effects of the OPEC cartel. Or how about the Anthropogenic Global Warming (AGW) fraud? Or the reaction to a terrible but unrepeated terror bombing? The public has been taught to fear by leaders who want to harness public opinion to support their political goals.
Now comes Ebola. True, a threat. But a highly improbable one. Except when the incompetence of our elite leaders is made abundantly clear for all to see. And then those leaders have the audacity to be surprised when a formerly courageous people are reduced to trembling? The chickens are coming home to roost.
[Readers needing background may refer to the first member of this series, Don’t Panic: Against the Spirit of the Age, posted last month. This post, unlike that one, was hastily written due to time constraints involving, perhaps ironically, international travel to a Third World country.]
Constructive foreword: suggested case studies in disruption are the Chicago blizzard of 1/13-14/1979 (~3 million commuters immobilized) and the Milwaukee Cryptosporidiosis outbreak of 3/23-4/8/1993 (~400k residents sickened simultaneously).
Thesis: I argue that, at least with Ebola, inept and overwrought responses pose far greater risks to American society than the disease itself. With regard to managing the risks associated with Ebola in the US, it is vital that we identify easily disrupted institutions and design our processes intelligently to avoid creating bottlenecks, mostly by resisting the urge to overreact; likely candidates include … Read the rest of this entry »
This article describes a situation that is similar to what happens in a neighborhood controlled by the Mafia. Monopolies and cartels raise the prices of the products they sell by restricting supply. This is usually a bad outcome. However, when the product is crime or violence there are benefits to restricting supply.