Trump the anti Intellectual yet idiot

Trump the anti Intellectual yet idiot

Trump is no “Intellectual yet idiot”. He is Proving Taleb right.

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China Rising

China Rising

Fascism’s foundations are being built by our technology companies and their academic ideological enablers.

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Free trade fallacies

Free trade fallacies

Benefits of free trade hold when capital and labor stay in each country. Absent that, it may not be beneficial.

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Warrantless searches

Warrantless searches

Invasions of privacy threaten our way of life. Warrantless wiretaps led to the US revolution. The internet must be private.

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The Culture Principle

The Culture Principle

How to use and combine multiple different mental models. Bridgewater’s emergent benefit and personal self growth

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The triumph of evil

The triumph of evil

The fascist left have cowed good people into silence.

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Our dystopian future

Our dystopian future

Our dystopian future caused by big data, intelligent algorithms and automated drones.

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Why police speech

Why police speech

The EU, Google and Facebook invoke Orwell’s 1984. As do universities and political correctness.

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Doing over our kids

Doing over our kids

We got richer. We used our riches to pay more for our houses. Good for banks, bad for kids.

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Clash of civilisations

Clash of civilisations

The US may split as part of the clash of civilizations. Osama bin Laden predicted it. Samuel Huntington warned of it.

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History cycles

History cycles

Everything is proceeding exactly as predicted in The Fourth Turning and The Next American Civil War.

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Ageing

Ageing

Instead of possibilities in the future, the old have realities in the past—potentialities actualized, meanings fulfilled, values realized.

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Deradicalization disaster

Deradicalization disaster

A fringe divergent Jewish sect overturned the ancient established Western order. ISIS Islamist ideology may do the same.

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To do or to be

To do or to be

Cory Bernardi, Trump and other non-establishment politicians have opted “to do” rather than “to be”. In doing so they may save the West from its self styled intelligentsia.

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Mad as hell

Mad as hell

We’re going to have neo-serfdom, except… You can live wherever you want, but… you’re going to have to pay about 40% of your income just for housing.

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Leave our DNA alone

Leave our DNA alone

Government will mandate DNA editing to save costs, then to produce a pliable populace. We could become extinct as a result.

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Trump Saves Lives

Trump Saves Lives

Trump is not wedded to past policies. He has energized the poor. This hope could arrest the decline in life expectancy. It could start saving lives

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Trump Triumphant

Trump Triumphant

Trump has threatened to incarcerate the establishment and starve the military industrial complex. They’ll try dirty tricks and assassination to stop him.

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Nations and Cultures Attacked

Nations and Cultures Attacked

Globalists seek to eliminate war by eliminating “Tribalism” and “Nationalism”. That is, your Nation as a Nation. Your culture as a culture.

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Global Leviathan

Global Leviathan

The Trans-Pacific Partnership creates a global leviathan. One which will make that of Hobbes look like a responsive pygmy.

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US Coup?

US Coup?

Today it is Washington that persecutes those who speak the truth, and it is Russia that protects them

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For the Greater Good

For the Greater Good

The left accuses others of its own sins. It calls black white and good evil. Not for nothing have they persuaded many that discrimination and judgement and wrong.

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A Few Extremists

A Few Extremists

Why the fanatical few count more than the peaceful majority

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USA today

USA today

Political correctness is communist propaganda writ small

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I love deflation

I love deflation

I love deflation. I just bought a tablet. It’s 1/3 of the price of my last one. Yet in the name of preventing deflation our economic system’s being destroyed.

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A nation of wimps

A nation of wimps

Overprotective parenting, or governing makes their beneficiaries weak and fragile.

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Boston left lies

Boston left lies

The Boston bombing, Orwell, global warming, inflation, guns and media bias are all connected. It’s time to see the truth and face the future in freedom.

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Money, Finance & Parasitoids

Money, Finance & Parasitoids

To know where we are going and how people and markets are likely to behave it is necessary to know where they have come from

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Incapable of Reforming Itself

Incapable of Reforming Itself

They cannot effectively address the situation without impairing and implicating a broad swath of the power structure, including themselves.

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Exploiting productive people

Exploiting productive people

Feudalism exploits peasants. We now exploit capitalists, skilled workers, risk takers and the thrifty. History rhymes.

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Inside Job

Inside Job

Inside Job provides the framework to view MF Global, LIBOR fixing and mortgage fraud.

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Despotism or Tyranny?

Despotism or Tyranny?

The West is on a highway to hell. Only by restoring integrity can we change direction.

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Free speech

Free speech

We will not have free speech if we do not defeat corporate and ideological vested interests. Without free speech we will lose all our other rights.

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Trust and leadership

Trust and leadership

Global regulations like Basel of necessity create global systemic risks which inevitably manifest themselves in global catastrophes.

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How to Undermine a Nation

How to Undermine a Nation

Our institutions and their product have been captured. They are undermining our way of life and destroying our future.

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Cultural corruption in finance

Cultural corruption in finance

A culture of corruption pervades finance and is entrenching crony capitalism in the USA. Markets are increasingly rigged. This needs to change – now.

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Variable intelligence

Variable intelligence

Politically correct policies are making us stupid. Empowering philosophies do the opposite. Do you want to be stupid?

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Central banks killing capitalism

Central banks killing capitalism

Central bank induced sticky prices are dragging out and deepening the downturn. They risk turning a great recession into the Greatest Depression.

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Default or experience austerity then default

Default or experience austerity then default

Greek total debt/GDP was less than the G7 median. Governments must explain the bezzle to maintain legitimacy and survive the tough times ahead.

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Carbon capture

Carbon capture

Poland vetoes EU plans to reduce greenhouse gas emissions. Proof Australia has failed to communicated its position.

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Persecution Of Conservatives In Norway

Persecution Of Conservatives In Norway

Legal intimidation and persecution are being used to stop people questioning left wing policies

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Criminalizing critical thinking

Criminalizing critical thinking

The Left is desperate to control news sources so it can hide and shift the blame for the increasingly obvious detrimental effects of their policies.

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Solar flares

Solar flares

Solar flares and other factors from beyond the earth affect our weather, volcanoes and earthquakes.

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Moves to control the internet

Moves to control the internet

Attacks on the internet & free speech are attacks on your right to know and influence. Defend your cultural rights.

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Investing in disruptive technology and culture

Investing in disruptive technology and culture

Disruptive technologies rely on enabling technologies. Disruptive cultural developments do so as well.

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Internet Censorship

Internet Censorship

Stop the UN and vested interests from removing your rights. Our cultural capital is at stake

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History Rhymes

History Rhymes

Bastiat explained what is happening in our world today.

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Killing cultural capital

Killing cultural capital

Trust and cultural capital are being destroyed by rampant corruption and fraud.

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Good-Bye to All That

Good-Bye to All That

Private embezzlement and the welfare state are forms of larceny with a time parameter.

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EU and Spain

EU and Spain

It is time for the EU to take its place in history …. books.

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Global anti carbon tax coalition

Global anti carbon tax coalition

Global coalition threatens trade war to stop EU carbon tax.

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Rule of law no more

Rule of law no more

Our way of life enriches us, save it.

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Who bears the cost of money printing?

Who bears the cost of money printing?

The Bernanke put will go the way of Goebbels great lie.

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Greek bailout

Greek bailout

Iceland thrives while Greece declines. Is bailing out householders or bondholders better?

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Massive Market Manipulation

Massive Market Manipulation

Massive fraud and market manipulation across the globe bodes ill for our future.

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Global fiscal corruption?

Global fiscal corruption?

Did Government launder USD 15 trillion? Is this evidence of a rogue US agency or a threat?

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Drug legalisation

Drug legalisation

School kids being entrapped and Obama U turn on medical marijuana.

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Parenting police

Parenting police

The State regulating parenting. It worked so well with banks.

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Citigroup still hiding fraud

Citigroup still hiding fraud

Banks still engaging in mortgage fraud.

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ACTA , Australia and too many laws

ACTA , Australia and too many laws

There are too many laws, regulations and treaties. They now threaten rather than protect us.

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International treaties and ACTA

International treaties and ACTA

Overriding democracy with treaties such as ACTA undermines the legitimacy of our system.

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Mortgage settlement gangster capitalism

Mortgage settlement gangster capitalism

The mortgage settlement is abhorrent.

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A more mercantile world

A more mercantile world

There are multiple grounds for believing the “new normal” will be a more mercantile world.

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Chinese poet on trial after using Skype

Chinese poet on trial after using Skype

Free speech can be undermined by quiet carriages on trains as well as arresting Skyping poets.

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FDA transparency

FDA transparency

FDA demonstrates the tendency for government bodies to morph and change into something reprehensible.

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Negative shipping rates

Negative shipping rates

Shipping rates at 25 year lows suggest falling commodity prices and a global economic downturn. Not a good time for investors to be forced into riskier assets to generate income.

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Anti-Counterfeiting Trade Agreement replacing SOPA and PIPA

Anti-Counterfeiting Trade Agreement replacing SOPA and PIPA

The old media are using the UN to effectively impose SOPA and PIPA. It’s not too late to stop them.

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New Ice Age

New Ice Age

There’s a 92% chance solar changes will make the world colder, possibly inducing a new little ice age.

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Understanding reality

Understanding reality

Our food, fuel and power bills shoot up while our incomes stagnate

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Krishnamurti and Freedom

Krishnamurti and Freedom

In 1929 Krishnamurti set an example to government and dissolved his organization.

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Barbarian Financiers

Barbarian Financiers

Barbarians through the gates, prices falling, economies falling, civilisations falling.

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Global Contextual Framework

Global Contextual Framework

A framework for understanding much of what is happening in the world today

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Superannuation, Pensions

Superannuation, Pensions

Lobbyists and financiers gain from super increases, the rest of us lose.

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Crony Capitalism

Crony Capitalism

Bailouts, covered bonds and government RMBS purchases.

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Raise interest rates

Raise interest rates

In 2010 advanced countries Debt/GDP averaged 314% (Greece 262%).

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Unexpected consequences

Unexpected consequences

What the Tea Party and OWS reveal is that the tectonic plates of US political life are ripe for realignment

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Greece and Sovereign Defaults

Greece and Sovereign Defaults

Chart porn on Greece and Sovereign Defaults

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Our future?

Our future?

There are no good options, only least bad ones – situation normal!

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Volcanoes next

Volcanoes next

Correlations between solar activity, volcanic eruptions and earthquakes are worrying.

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Technological transformation

Technological transformation

3D printing could enable Western government’s to meet their promises to their citizens.

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Market mayhem coming up

Market mayhem coming up

The risk of the whole ponzi scheme crashing sooner rather than later is going way up, rapidly.

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We have seen the Future

We have seen the Future

Our financial markets changed from being a component of a system that enriches the masses to the benefit of the many to one which impoverishes them to the benefit of the few.

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Global coldening

Global coldening

Falling sea levels, snow and ice in subtropical areas. Not predicted, and indicative of global coldening rather than warming.

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J’accuse

J’accuse

The Left always accuses you of their worst sins – inciting violence, racism, fascism, injustice.

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Government workers overpaid?

Government workers overpaid?

Government workers earning more than private ones can not be justified by differences in qualifications.

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Blind Justice

Blind Justice

Judges are undermining equality before the law. They should do their job, not ease their conscience.

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State of denial

State of denial

There is too much debt. Developed countries can not meet their past and future commitments.

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A Dalton Minimum

A Dalton Minimum

What happens if the world gets colder? Sunspots and the Dalton Minimum suggests it will.

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Climate of corruption

Climate of corruption

The climate of corruption is destroying Western Civilisation.

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Jury nullification

Jury nullification

It is the role of juries not activist judges to judge the law itself and vote according to conscience.

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Vested interests co-opt Australia

Vested interests co-opt Australia

Australian financial vested interests ensure they can gorge on taxpayer bailouts.

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Fraud will impoverish us all

Fraud will impoverish us all

Fraud was integral to to MBS. Trillions were spent on bailouts. Honesty and trust are being lost. Without them we will be poor.

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Technology for Tyranny and Liberty

Technology for Tyranny and Liberty

We are witnessing an equalizing of technological power between the state, vested interests and the people.

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Wikileaks bank fraud

Wikileaks bank fraud

Assault on Wikileaks protects fraudulent financiers, undermines society and threatens a global police state.

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US not printing money

US not printing money

Fed is not money printing. It is printing money. What is money anyway?

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No losses by government decree

No losses by government decree

Central bankers know we are in a hole, but keep digging madly anyway. It’s easier than confronting the truth and starting to climb.

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Perverted perspectives

Perverted perspectives

The Left has corrupted the prism through which the right views the world

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Why the Left lie

Why the Left lie

By lying about the past the Left distort policy in the present and cause misery tomorrow.

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Sovereign default

Sovereign default

Countries are desperate for other countries to not default. But they will default. The consequences will be dire.

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UN strike against Freedom

UN strike against Freedom

The UN is stufed with the lackeys of despots and tyrants.

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Ireland bailout

Ireland bailout

Where’s the money coming from? Why will it come, where will it go?

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Obama’s TSA war crimes

Obama’s TSA war crimes

Obama’s rapidly becoming responsible for more sexual assaults than anyone else in history.

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Lefty subjectivity

Lefty subjectivity

The lefty post-modernist, post truth, post Christian, post American world explained.

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TSA 2

TSA 2

The TSA are aiding and abetting the enemy.

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Islamists and the Left

Islamists and the Left

It is the left that undermines the West, which makes the Islamists a true threat.

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TSA scanners

TSA scanners

You will have neither safety nor liberty unless you demand your freedom back.

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Robosigner Validation Act

Robosigner Validation Act

Claimed attempt to override the Presidential veto of the robosigner validation act, HR 3808

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Real estate woes

Real estate woes

Chinese bought 20% of Sydney houses over $1m. If they sell or stop buying, prices will plummet.

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Truth and the Justice System

Truth and the Justice System

The judicial system is arcane and overly sensitive to the calibre of the barrister and prosecution.

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Inflation and stock prices

Inflation and stock prices

How does inflation influences stock market prices? What is going to happen to the economy?

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Destroying Cultural Capital

Destroying Cultural Capital

Cultural intangibles such as the rule of law, property rights, trust and market prices are being destroyed.

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The Left are Scum

The Left are Scum

It is our altruistic motives that turn the world into a charnel house.

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Law Enforcers, Not Peace Keepers

Law Enforcers, Not Peace Keepers

Referring to the UK police as the paramilitary wing of the Guardian might be amusing, but it encapsulates an underlying truth.

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History repeats

History repeats

The Great Depression kindled political and social revolutions, Communism and Fascism. It plunged the world into World War 2

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Stock markets, they win we lose

Stock markets, they win we lose

70% of stock market trades are held for an average of 11 seconds.

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Lessons from Zimbabwe

Lessons from Zimbabwe

Socialism links Mugabe and Gillard’s attitude to mining and farming.

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Evidence for premonitions

Evidence for premonitions

Experiments suggests people have psychic abilities.

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Cry

Cry

Being happy is no longer an acceptable goal. Now you have to be constantly concerned about your health

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Charity

Charity

Not trying to get the government to help is proof positive that you don’t care about the issue.

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Reasons why life will get better

Reasons why life will get better

Productivity is increasing and so will quality of life.

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Why Keynesians and Krugman are Wrong

Why Keynesians and Krugman are Wrong

If total spending necessarily equals total income the USA could not be in cumulative debt equivalent to 375 percent of GDP.

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Misery

Misery

Public health campaigns are instilling the fear of death into our children.

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Tomorrow

Tomorrow

The more immediate and worse an activists vision, the better their chance funding.

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Victims

Victims

No longer can we expect the product of ten years education to be able to read, write and count.

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Sex and Taxes

Sex and Taxes

Everyone has as much right to know how to fornicate as read. Poor readers get access to subsidized lessons and so should poor fornicators.

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Al Qaeda agrees with Bush

Al Qaeda agrees with Bush

Al Qaeda agrees with Bush’s “They hate our freedoms” propose “Jihad against the West” as only realistic solution.

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Reform the Judicial System

Reform the Judicial System

The judicial system is failing. As it’s the bedrock upon which our society is based, this failure is highly damaging.

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Economics 101

Economics 101

Government has no incentive to take into account costs it causes others for which it does not have to pay.

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Public Health

Public Health

Public health activists have crossed the boundary between public and private health. Between helping and hurting people.

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The community comes before the individual

The community comes before the individual

The left wear their hearts on their sleeves because they are up to their necks in the blood of the innocent.

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Externalities

Externalities

Peoples looks produce externalities and government ought to make people take this into account.

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Originals

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Newest Post

Trump the anti Intellectual yet idiot

Trump the anti Intellectual yet idiot

Trump is no "Intellectual yet idiot". He is Proving Taleb right.

China Rising

Fascism's foundations are being built by our technology companies and their academic ideological enablers.

Free trade fallacies

Benefits of free trade hold when capital and labor stay in each country. Absent that, it may not be beneficial.

Warrantless searches

Invasions of privacy threaten our way of life. Warrantless wiretaps led to the US revolution. The internet must be private.

The Culture Principle

How to use and combine multiple different mental models. Bridgewater's emergent benefit and personal self growth

The triumph of evil

The fascist left have cowed good people into silence.

Our dystopian future

Our dystopian future caused by big data, intelligent algorithms and automated drones.

Why police speech

The EU, Google and Facebook invoke Orwell's 1984. As do universities and political correctness.

Doing over our kids

We got richer. We used our riches to pay more for our houses. Good for banks, bad for kids.

Clash of civilisations

The US may split as part of the clash of civilizations. Osama bin Laden predicted it. Samuel Huntington warned of it.

History cycles

Everything is proceeding exactly as predicted in The Fourth Turning and The Next American Civil War.

Ageing

Instead of possibilities in the future, the old have realities in the past—potentialities actualized, meanings fulfilled, values realized.

Deradicalization disaster

A fringe divergent Jewish sect overturned the ancient established Western order. ISIS Islamist ideology may do the same.

To do or to be

Cory Bernardi, Trump and other non-establishment politicians have opted "to do" rather than "to be". In doing so they may save the West from its self styled intelligentsia.

Mad as hell

We’re going to have neo-serfdom, except... You can live wherever you want, but... you’re going to have to pay about 40% of your income just for housing.

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Snippits

Tags
Newest Post

Idiots in high places

Idiots in high places

Bill seeks to let ISPs sell your web history to advertisers. If data is collected and kept, it will become available.

Joyful aging

The young have future possibilities. The old have past realities.

Le Pen up la Kaiser

"German interests do not justify the vassalisation of the other people of Europe" Le Pen to Merkel.

Hypocritical Hollywood

Hollywood celebrities flew eyebrow artist 7,500 miles to do their brows for the Oscars. Yet they prattle on about CO2 emissions.

German call to let non citizen residents vote

German Greens and SPD members support giving the vote to migrants residents who are not citizen

Spanish central bankers investigated

Spain charges former central bank head.

Jim Chanos on our times

If this is a major shift to populism, nationalism, greater state involvement, and less globalism, then you really have to rethink almost everything in your life.

Germany’s increasing Jihadi attacks

Jihad attacks in Germany are proliferating. The Berlin truck attacker may have previously killed in knife jihad.

Housing cost crowd out everything

Imagine the lifestyle if housing cost had moved like others? Bank debt driven lifestyle & economy destruction.

Growing household debt

Canada: Increasing household debt goes back 26 years & is not slowing down. Could crash the economy. Australia too. Those ever rising house prices have to be paid for somehow. If the house prices fall, what happens to the debt?

Frexit – France out of the EU?

France’s Le Pen Promises to Withdraw from EU and NATO if Elected — in an effort to make France great again.

Soros, Clinton collusion on Police & BLM

Soros and Clinton colluded on Black Lives Matter, police oversight and embedding the concept of implicit bias.

Global Warming Scam

$79bn of funding from the US government alone to prove a global warming crisis.

Cognitive biases

Cognitive biases categorized into memory, meaning, information overload, and need for speed.

The standard you walk past

The standard you walk past is the standard you accept. The left have previously accepted child sex slavery and mass gang rape.

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Funny

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The Prime Minister

The Prime Minister

Why the Prime Minister is the first among equals

Swedish sex break

An hour off for sex? Swedish proposal has its merits.

Simpsons on the fiscal cliff

Mr Burns tries to explain the fiscal cliff

Financial crisis

Euro and USA situation explained

Ghosts of econs past, present and future

Ghosts of economists past, present and yet to come (again) sing along in the spirit of Christmas

Politicians view of the stock market

Politicians view of the stock market

Ireland forced to take EU bailout

Animated cartoon of the Ireland bailout

14 Ways an Economist Says I Love You

14 ways economists say "I love you".

Selected stupidities

A selection of daft news reports

Military exercise or Top Gun movie footage?

China may have broadcast scenes from the movie Top Gun as footage from a military exercises

Zombies

The left will happily worship Mohammed as their strong man font of all wisdom a la Stalin, Mao, Kim Jung-il.

Bank of America maths

Bankers waste more money, but who cares? They will just get another bailout.

Wikileaks keeps on publishing

Wikileaks keeps on publishing despite arrest animated cartoon on youtube.

Bright bomber

Fleeing arsonist runs into lamppost

Global warming activist snowed in

Global warming activist snowed in on way to Cancun to say how hot it is

Trump the anti Intellectual yet idiot

Amazon opens in Australia, moves to tax foreign packages go into hyper-drive. Quelle surprise, big business always wants to impede competition. It’s the easiest way to lock in fat profits. They legally bribe politicians and regulators with donations and post public service sinecures.

You need to extend patent or copyright induced monopolies? No problem. You want to do it in other countries? Well, have we got a treaty for you.

Milton Friedman stood up for the consumer and against big business and government:

“There’s a common misconception that people who are in favor of a free market are also in favor of everything that big business does. Nothing could be further from the truth.”

In this he followed in the footsteps of Adam Smith:

“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”

Few modern economists, policy makers and politicians do. All too often they impose the same harmful policies. Our establishment class, be it of the “left” or “right” are cognitively captured. Their blinkered mindset and arrogance make them Taleb’s Intellectual Yet Idiot.

“These self-described members of the “intelligentsia” can’t find a coconut in Coconut Island, meaning they aren’t intelligent enough to define intelligence hence fall into circularities — but their main skill is capacity to pass exams written by people like them. With psychology papers replicating less than 40%, dietary advice reversing after 30 years of fatphobia, macroeconomic analysis working worse than astrology, the appointment of Bernanke who was less than clueless of the risks, and pharmaceutical trials replicating at best only 1/3 of the time, people are perfectly entitled to rely on their own ancestral instinct and listen to their grandmothers (or Montaigne and such filtered classical knowledge) with a better track record than these policymaking goons.

Indeed one can see that these academico-bureaucrats who feel entitled to run our lives aren’t even rigorous, whether in medical statistics or policymaking. They can’t tell science from scientism — in fact in their image-oriented minds scientism looks more scientific than real science. (For instance it is trivial to show the following: much of what the Cass-Sunstein-Richard Thaler types — those who want to “nudge” us into some behavior — much of what they would classify as “rational” or “irrational” (or some such categories indicating deviation from a desired or prescribed protocol) comes from their misunderstanding of probability theory and cosmetic use of first-order models.) They are also prone to mistake the ensemble for the linear aggregation of its components” Taleb, The Intellectual Yet Idiot, “https://medium.com/…/the-intellectual-yet-idiot-13211e2d0577

Is it really any wonder that Trump was able to run rings around them? He bested what Republicans claimed was the most talented field ever. He then defeated the Democrat candidate in the face of fierce media, academic and public servant opposition. “Intellectual yet idiot” Trump is not. The world needs more like him, so we can reform peacefully rather than through revolutionary rivers of blood.

 
China Rising

“China is a sleeping giant. Let her sleep, for when she wakes she will move the world.” Napoleon Bonaparte

China is sowing the seeds of its own stagnation:

  • President Xi Jinping removing term limits
  • The one child policy induced decline in the workforce
  • The longer-term consequences of its negative return infrastructure led growth.
  • The censorship of thought is creativity crushing, free thinkers will think freely.

China has clearly awoken and is moving the world. Unfortunately in doing so it is also ushering in new models of despotism. Ones which enable democracies to transition to tyrannies with minimal fuss:

China said it will begin applying its so-called social credit system to flights and trains and stop people who have committed misdeeds from taking such transport for up to a year.

Twitter, Facebook and Google are already embracing authoritarianism and crushing free speech. Big business and government working hand in hand to steer the masses. What does that remind you of? Fascism is alive and well and its foundations are being built by our technology companies and their academic ideological enablers. Technology enabled fascist national socialism will be as damaging as international socialism has repeatedly proven to be.

The benevolent dictator model is great, as long as the dictator is great. Lee Kuan Yew is perhaps the best example, but for every Lee Kuan Yew there are multiple Mugabe’s. Democracies elect incompetents, but they also constrain how much damage they can do. The intensity and duration of the damage done by despots’ dwarfs that of elected leaders. Over the long term democratic systems trump despotic ones. Something the EU ought to have taken into account as it designed its undemocratic governing systems.

Deng Xiaoping learned from Lee Kuan Yew’s example in Singapore. He transformed China. China may have another good or even great leader in Xi Jinping. Removing his term limit is, to my mind, an ominous sign. Better to be further embedding a culture of peaceful regular and regulated transition.

Better also if the institutions of Western Civilisation propagated an understanding and appreciation of the building blocks its way of life, of progress and prosperity. These act as an immune system to repel destructive ideologies. Political correctness has much to answer for.

 
Free trade fallacies

Grosse Arbeitslosigkeit auch in England ! Im Monat Juli wurden in England über 2 Millionen Arbeitslose gezählt. Es ist eine Ziffer, wie sie England noch nicht aufzuweisen hatte. Arbeitslose vor dem Gewerkschaftshaus in London auf Arbeit wartend.

Steve Kates explains why Trump’s attitude to trade may conform to Ricardo’s theory of comparative advantage:

The free trade argument concludes that nations jointly maximize their levels of consumption to their mutual benefit when firms within the nations are allowed to engage in trade unhindered by arbitrary interventions by government especially those intended to shield some industries from foreign competition. Hindering such trade through the imposition of tariffs or quotas is called protectionism. His principle and approach have been the basis for subsequent expansion and development of the free trade idea, and are still taught in principles textbooks.

This is true enough but it is built on a foundation which no longer holds:

The major prerequisite for the benefits of free trade to hold: it is assumed that capital and labor stay within each country. They are reallocated within a country, but not between them. That means that outsourcing of, say labor, is not an example illustrating free trade nor are those who object to outsourcing promoting protectionism. In short, maintaining the Ricardian prerequisite is not anti-free trade.

The key concept which drives this conclusion is the distinction between comparative and absolute cost advantages. A country may be able in absolute cost terms to produce something more cheaply than its trading partner (using fewer workers, for example). However, it still may find it advantageous to let its trading partner produce this good, if its own alternative uses of (labor) resources allows it to be still more productive. Subsequent trade between the two countries will be to their mutual benefit. The essence of the free trade principle then is comparative not absolute advantage. Yet when corporations scan the globe for the cheapest labor to move their factories to or hire their services from, they are looking for absolute not comparative advantage–a situation that goes beyond the bounds of the free trade principle. It is not a tenet of free market economics that losing one’s productive assets is beneficial for the nation, however much it may benefit a particular corporation. Current US experience makes the point very clear: the middle class continues to shrink while paupers and billionaires continue to grow. This is not the hallmark of a healthy economy.

Armed with this distinction we are liberated to adjust policy (within limits) without losing our economic integrity to free markets. We can, for instance, admit that there are situations where a complete free trade or laissez-faire approach is unwise. These are situations not considered in the Ricardian analysis but which subsequent work has shown complicate the picture of benefits and costs arising from international trade and which do call for prudent policy interventions.

Ideologues have thrown the free trade baby benefits out with the bathwater.

The coalition signed up to the Trans Pacific Partnership. If anything marks them as unfit to govern, that does.

Too many economists, public servants and politicians have substituted mouthing slogans and repeating received notions, for thinking. Sometimes a little bit of knowledge is a dangerous thing. It creates fertile ground for the growth of the Dunning-Kruger Effect:

Incompetent people are significantly less able to recognise their own lack of skill, the extent of their inadequacy, and even to gauge the skill of others. Furthermore, they are only able to acknowledge their own incompetence after they have been exposed to training in that skill.

Dunning-Kruger Effect is running out of control. It appears to be particularly widespread among those who should know better. This may be an  unforeseen consequences of the rampant expansion of the university sector. It has not just wasted time and money, but has actually undermined the competence of those exposed to it.

Our governing class may not be too dumb for their own good. But they certainly are for ours. Over educated group thinking mouthpieces. Lacking in the breadth of experience necessary to spot BS when we are up to our necks in it. They are fine, floating along on their perks and privilege. Complaining of the stink from those they deem beneath them. Blissfully unaware of the sewer they are turning society into.