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It's because somebody else (that blotched arrangement) always tries to hog The Best Chair, and I just can't get comfy on inferior surfaces.
[w]hile pragmatism presents itself as a tool of reason and enjoys the image of mature moderation, of common sense and practical "realism," in truth it is anything but realistic or practical. Pragmatism has become a highly corrosive force in people's thinking.Later on she identifies the key features of the pragmatic style (it could hardly be called a method) of thinking:
It snowed, early in November, and those who read signs and portents in the weather saw malevolence in it. The Germans had lost no time stealing Polish coal, the open railcars rattled ceaselessly across the Oder bridges into ancient, warlike Prussia. The men who ran the coal companies in ancient, warlike Prussia were astonished at how much money they made in this way - commercial logic had always been based on buying a little lower, selling a little higher. But buying for virtually nothing, well, perhaps the wife ought to have the diamond leaf-pin after all. Hitler was scary, he gave those huge, towering, patriotic speeches on the radio, that meant war for God's sake, and war ruined business, in the long run, and worse. But this, this wasn't exactly war - this was a form of mercantile heaven, and who got hurt? A few Poles?The thugs in charge of economic regulation in Britain and America, like the Fascists of the 1930s, are getting away with a course of action that verges on insanity and can only lead to ruin. As far as Britain's Gordon Brown is concerned, borrowing billions from the producers of the future works quite well in the short run, because the opinion polls report that his popularity has increased, and other European politicians have praised him for his economic leadership. It's true that injecting all those billions of nonexistent money into the economy doesn't seem to have eased the flow of credit much yet... But perhaps, somehow, Keynesian economics will succeed this time round, if only government ministers can bully financial institutions into making magic work.
A New Capitalism is likely to emerge from the rubble, one which may well seem fairer and less alienating than the model of the past 30 years. The system's salvation may require it to be kinder, gentler, less divisive, less of a casino in which the winner takes all.Epstein says that the system we have had for the last hundred years is not capitalism at all:
[G]enuine capitalism was abandoned long ago in favor of a mixed economy - an unstable combination of economic freedom and economic coercion by government. Today's crisis, like the 1970s stagflation before it and the Great Depression before it, took place under, and is growing under, a mixed economy - not a free market.
Who's to blame? The short answer is all of us. But it's hard to mount a convincing argument against the notion that the most at fault were the banks and bankers - because they systematically failed to do what they were handsomely remunerated to do, which was to assess properly the risks of all that lending. Their survival as institutions now wholly depends on the goodwill of governments and taxpayers.Epstein blames the crisis on the failure of decades of regulation:
In fact, today's crisis illustrates the evils of government intervention in the economy and vindicates supporters of laissez-faire capitalism. The traditional, laissez-faire view of government, held by thinkers such as philosopher Ayn Rand and economist Ludwig Von Mises, was that the sole purpose of government was to protect individuals rights against force and fraud.
This purpose necessitates, in Rand's words, "the abolition of any and all forms of government intervention in production and trade." Laissez-faire thinkers explained how any and all of the supposedly moderate, progressive government interventions in the economy, from the money-printing Federal Reserve to government insurance of failing banks, were morally unjust and economically disastrous.
But the biggest lesson of all is that we are a million miles from having created the political and regulatory institutions to help us to contain the risks of globalisation. If the unfettered movement of capital, goods and services is going to survive, if there is not going to be a retreat into national fortresses that could impoverish all of us over the longer term, we will have to find a far better way of monitoring global risks and of bringing governments together to deal with them.Epstein thinks the solution is laissez-faire capitalism:
To anyone who is unhappy with the direction the economy is going, take note: the free market philosophy has not failed-the unfree market philosophy has failed. Do your homework, speak up, and put the interventionists on the defensive.
John Maynard Keynes, rather than Ludwig von Mises, is the economist whose name is currently being invoked on the airwaves in Britain. in his own day, too, Keynes obliterated Mises: it became fashionable to believe that Roosevelt's New Deal was a kind of successful rudimentary application of Keynesianism.Read the whole thing. Also read Andrew Medworth's comment, which identifies the fundamental issue:
Yet Roosevelt's policy of massive intervention by the state to prop up wage rates and inflate credit gets a much better press than it ever deserved. Consider this: in September 1931 the US unemployment rate was 17.4 per cent and the Dow Jones industrial Average stood at 140. By January 1938, unemployment was still at 17.4 per cent, and the Dow Average had dropped to 121.
Mises' followers insist that the present problems in the economies of the West have not been caused by laissez-faire, but by the opposite: politically sensitive central bankers so desperate to prevent any stock market slump that they cut interest rates to a level which turbo-charged the debt markets. So when George Osborne, as he did yesterday, declares that "laissez-faire is dead", the Mises-ites – one of whom is the libertarian ex-Presidential candidate, Congressman Ron Paul – would protest that such a policy was never tried in the first place.
A crucial question, not addressed by this article, is why these disastrous policies were followed in the first place. Here we must turn to moral philosophy. Ayn Rand, herself a great fan of Mises, observed that laissez-faire policies such as the gold standard depend crucially on egoism, the view that self-interest is man's proper fundamental motivation. Government inflation has always been justified by the claim that it helps the poor: ultimately, of course, it harms us all, but if we want to see a change, we must address the moral issues behind the policy debate.Capitalism is the only practical socio-economic system because it is the only moral system.
In Defense of Speculators and Short-SellersYou can also see this article, and others on the financial crisis, on Amit Gate's blog, Thrutch.
By Amit Ghate
Everywhere today government bureaucrats and media pundits blame
unwanted price movements on speculators and short-sellers. If prices
are "too high"--it's the fault of greedy
speculators; if prices are "too low"--it's the work
of evil short-sellers. To hear these critics tell it, speculators have
the ability to create artificially high prices, while short-sellers
can wantonly destroy sound companies. (Ignore for now the obvious
question: "Where are the short-sellers in markets that are 'too
high' and the speculators in markets that are 'too low'?")
The critics then claim that since neither speculators nor
short-sellers perform any positive economic function, barring them
from the marketplace is an appropriate remedy, one that's long
past due. (Recently the United States did just this by making some
shorting illegal.)
So to begin, let's ask what the critics consider a
"correct" price? Clearly it's not the price which
obtains when all market participants are free to engage in trade based
on their best judgment, because this is precisely the free-market
price--a price which they so vociferously condemn. But if "too
low" and "too high" aren't judged relative to
the free market, what is the standard? Stripped of euphemism: their
wishes.
For example, they wish--contrary to all relevant facts--that oil be
priced at $20/barrel and that Lehman's stock trade at $80/share.
Never mind that environmental policy has prevented the drilling of oil
and the development of nuclear power for decades now, or that Chinese
and Indian oil consumption is growing relentlessly; forget too that
Lehman chose to leverage itself at 35:1 and made riskier trades year
after year--if these critics wish for a price, then that should be the
price, facts be damned!
But of course, attempting to set prices by wishing doesn't--and
can't--work, not for Lenin, Stalin or Brezhnev; or for Paulson,
Bernanke and Bush. If prices are to reflect reality, they must be the
result of an objective process of discovery and judgment performed by
interested actors.
So just as doctors specialize in identifying and evaluating the facts
affecting health and disease, speculators and short-sellers specialize
in identifying and evaluating the facts pertinent to market prices.
They make it their business to understand economic facts like supply
and demand, and then risk their capital on their judgment, properly
profiting if they're right and losing if they're wrong.
Thus in a free market, rather than prices being set by wish or decree,
they are set by a rational process, one which benefits from the
knowledge of all who participate.
For instance, if speculators believe that future oil supplies
won't match demand, they buy oil, increasing its price. If
they're right, and oil prices continue to increase, they sell
their positions, profiting from their insight but also capping prices
as their supply comes to market; furthermore, their initial effect on
prices signals to the market that greater oil supplies are needed and
reduced oil consumption is appropriate--efficiently allowing market
participants to adjust their actions to the facts.
So too for short-sellers. If they judge that Enron is cooking the
books, or that Lehman is insolvent, they can seek to profit from their
insight by short-sales. These lower stock prices in the present and
convey to the market that there are potential problems with the
companies, helping others avoid losses in the stocks. And if shorts
are proved correct, rather than exacerbating any price slide, they
actually mitigate price declines when they buy their positions back.
(Of course, short-sellers, like speculators, only profit if their
judgment is correct. If they short a productive, undervalued firm,
say, e.g., Wal-Mart or Apple, they lose when the actual facts belie
their predictions.)
Consider the recent failure of Lehman, where critics claim that
short-sellers caused the decline by obscuring and distorting the
company's true value. The facts say otherwise. When the
government shopped Lehman to potential buyers, opening the books to
them, not a single buyer emerged, not at any price! Everyone who
examined the company concluded it was worthless. This was the fact
that short-sellers grasped earlier than others--it wasn't a fact
they created.
Speculators and short-sellers don't create facts, they seek to
identify and respond to them; and in the process they help adjust
prices to economic conditions and establish smooth and liquid markets.
As a result--instead of being scapegoated and banished--they should be
respected and welcomed for the productive role they play in our
markets.
Amit Ghate is a guest writer for the Ayn Rand Center for Individual
Rights, a division of the Ayn Rand Institute. He is a full-time trader
who often speculates and shorts.
Copyright (c) 2008 Ayn Rand(R) Center for Individual Rights. All rights
reserved.
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Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned.
The recognition of individual rights entails the banishment of physical force from human relationships: basically, rights can be violated only by means of force. In a capitalist society, no man or group may initiate the use of physical force against others. The only function of the government, in such a society, is the task of protecting man’s rights, i.e., the task of protecting him from physical force; the government acts as the agent of man’s right of self-defense, and may use force only in retaliation and only against those who initiate its use; thus the government is the means of placing the retaliatory use of force under objective control.
The teacher in the center, who is seated on a cushioned stool facing right, holds a writing tablet on his lap, his stylus held in his raised right hand. His student also stands facing him, wrapped in his mantle.
actions "inappropriate, irresponsible, liable to bring the profession into disrepute and not in your patient's best interest".
They found he prescribed the retired businesswoman, known as Patient A, with sodium amytal "solely for the purpose of ending her life" and practised poor clinical management after she took an overdose of a different drug.
The panel also found he prescribed sodium amytal without adequate reason and contrary to guidance, and that he failed to make adequate notes.
Dr Kerr said he gave Patient A the sleeping pills as an "insurance policy".
He told the hearing in Manchester: "She said 'Give me something that I can take if things get too bad' and I said yes."
Suzanne Goddard QC, counsel for the GMC, said what Dr Kerr did was "akin to handing her a noose with which to hang herself at a time of her choosing".
Patient A later disposed of the sleeping tablets because she did not want to get him into trouble after learning he was being investigated by health chiefs for his views on assisted suicide.
Patient A was an osteoporosis sufferer who loved playing bridge and attending family events but feared becoming a burden upon her family, the GMC heard.
Her son told the GMC she was strong-minded and had a high regard for Dr Kerr.
He said she was aghast at witnessing the deterioration and death of her sister from bone cancer.
Dr Kerr said Patient A had "firm views about how she wanted her life to end" and wanted to maintain control over what happened to her.
She made an advance statement in which she expressed her desire not to be resuscitated if she became gravely ill, the GMC heard.
Patient A killed herself in December 2005, aged 87, using a cocktail of Temazepam, antihistamines and painkillers.
The GMC heard she made a failed suicide attempt two weeks earlier using Temazepam but was not referred to hospital by Dr Kerr.
His decision to prescribe her more Temazepam three days later was branded "illogical" by John Donnelly, chairman of the GMC Fitness to Practise Panel.
The panel found Dr Kerr had not failed to take adequate measures to dissuade her from suicide.[my emphasis]
Mr Donnelly said: "Patient A was an elderly lady who made her end-of-life wishes quite clear, in that she did not want to become a burden upon her family. The panel found that she was determined to end her own life."
[Dr Kerr] told the GMC: "I think when dealing with someone holding a rational view of the circumstances in which they want to end their life, it was my duty to at least consider whether he or she had a reasonable opinion and that it was my duty to assist if I thought I agreed with that patient's assessment."
He also said his concern was for the wellbeing of his patients who had placed their trust in him.
[T]he reason that suicide can be morally allowed is that life is not intrinsically valuable. Life is not to be maintained at any cost, like it or not. A life-based code is not a sentence to live, saddling people with the obligation to endure, however painful the circumstances. Life is the standard of value and source of moral obligation if it is a person's goal but it is up to the individual whether to embrace the goal.
And each cross of silver a shield will be. As we will, so mote it be.[from Morrigan's Cross]
See Hamlet run. Run, Hamlet, run.
Where are you going, Hamlet?
"I am going to find Uncle Claudius" says Hamlet.
On the way he passes a brook. In the brook he sees Ophelia. Ophelia is drowning.
"Where are you going?" asks Ophelia.
"I am going to find Uncle Claudius."
"Glub, glub," says Ophelia.
The Scott, Foresman series was heavily illustrated with pictures intended to help new readers associate a word with its meaning: a picture of Jane and Sally looking up at Dick's flying airplane above a few lines of text repeating the word up, for example.
Another important influence, albeit a largely indirect one, was Rudolf Flesch’s Why Johnny Can’t Read, published in 1955. This book argued that children’s primers were not just boring, but educationally flawed, based as they were on word recognition, by which children learn words by memorising them. Flesch, by contrast, proposed a system whereby children are taught to associate letters and groups of letters with particular sounds. This, it was argued, would equip young readers to make sense of unfamiliar words by sounding them out phonetically.
...UK libel jurisprudence, in direct contrast to US law and due process considerations, effectively operates to declare Defendants guilty before proven innocent and UK courts have become a magnet for libel suits...[S]o heavy is the burden of proof put on the defendant that the mere threat of suit in a UK court is enough to intimidate publishers into silence, regardless of the merit of their author's works.
A major player on this front is Khalid bin Mahfouz, a wealthy businessman who resides in Saudi Arabia and who has been accused by several parties of financially supporting Al Qaeda. A notable libel tourist, Mahfouz has sued or threatened to sue more than 30 publishers and authors in British courts, including several Americans, whose written works have linked him to terrorist entities.
Faced with the prospect of protracted and expensive litigation, most of the parties targeted by Mahfouz have issued apologies and retractions, while some have paid fines and "contributions" to his charities.
http://www.essortment.com/home/unusualusesfor_swnv.htmLeonard Peikoff revealed in his February podcast on philosophy that vodka was his favourite drink (yes, it was on-topic - listen and discover how). I suppose he buys the best Polish. Does he know of its other uses?
Nothing can make your glass and chrome bathroom fixtures shine like a polish with some vodka.
Etiam cursus cursus dolor. Lorem Ipsum quisque in lacus et dolor fermentum malesuada. Integer eleifend libero ac est. Suspendisse vitae urna. Etiam mattis convallis libero.Unable to make sense of the snippets I saw now and then, I thought I must have lost the moderate grasp of Latin I'd had when I left school in the year 3 BPC (Before Personal Computers).
...For many years it was believed that it was a random, nonsense text. However, Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia...has established that Lorem Ipsum is derived from two paragraphs of Cicero's 'De Finibus Bonorum et Malorum' (The Extremes of Good and Evil), written around 45 BCE. It is somewhat scrambled from the original, with words interchanged and syllables missing.In fact,
...Lorem Ipsum has also become a spoken language - albeit a fictional one. In the novel, 'Something Rotten' by Jasper Fforde...Ms Next's toddler son, Friday...grows up burbling phrases of Lipsum that only his mother and their pet dodos can understand.Friday Next isn't the only Lorem Ipsum speaker around. I often have the sensation that what someone is saying to me sounds like real language but doesn't actually mean anything. (This is one of the more creditable reasons for my tendency to think about imaginary people at meetings.)
This thing is out there and the genie’s damned well not going back into the bottle. And now that you’ve managed to work your usual magic of murderous intimidation, even more people are going to want to see it to find out what the hell all the fuss is over. Here’s a list of some of the places where you can still download the video and see it for yourself:
AJM (dedicated server — very fast)
Bivouac-ID (French subtitles)
Czech Infidel (Czech subtitles)
Daily Motion (flagged as inappropriate — must register to see it)
Google video
Isohunt (links to torrent sites)
Rapid Share (flv format)
Rapid Share (wmv format)
The Pirate Bay (bit torrent)If none of those work, just click here and download it from my server (about 35MB in .wmv format for now) to keep on your hard drive. Here’s a torrent link, if that’s more your style. And as soon as I can find it in a format that’ll embed good here, I’ll be doing that too.