"And no one can say that John Adams and Alexander Hamilton were a worse danger to the Republic than the omnipresent bureaucracy that rules in the name of Dwight D. Eisenhower." ~ Frank Meyer
Scotch – “it’s as good as life used to be.”
Top 5, baby
Lord Sacks on the London rioters (h/t Kalim Kassam):
The truth is, it is not their fault. They are the victims of the tsunami of wishful thinking that washed across the West saying that you can have sex without the responsibility of marriage, children without the responsibility of parenthood, social order without the responsibility of citizenship, liberty without the responsibility of morality and self-esteem without the responsibility of work and earned achievement.
What has happened morally in the West is what has happened financially as well. Good and otherwise sensible people were persuaded that you could spend more than you earn, incur debt at unprecedented levels and consume the world’s resources without thinking about who will pay the bill and when. It has been the culture of the free lunch in a world where there are no free lunches.
"British prime minister David Cameron has said he wants to get advice from authorities in the United States on how to deal with runaway mob violence." (from here). He’s gonna be pissed when he finds out that the US has no idea how to control riots. The whole reason we imported an underclass was so that subject the population to the constant possibility of riots.
Mark Steyn: "In Britain, everything is policed except crime"
From the WSJ: "The Obama administration is now launching a pilot program giving local housing authorities wide discretion to pay higher rent subsidies to allow Section 8 beneficiaries to move into even more affluent zip codes." Surely, this will finally close the gap.
I’ve said before that the free trade absolutists refuse to admit that economic growth is path dependent. Here’s an example of what I was referring to.
Vox links to a nice video of Keynes talking about how prices won’t rise once there’s no more gold standard (wasn’t that the whole point of going off the gold standard?). I remember reading a debate about going off the gold standard in the US. The debate was about whether gold would ever rise about $35/oz. The anti-gold standard people were sure that gold would never get about that price. Oops.
Reason number 20394823 why I don’t understand Robin Hanson. If that’s bias, may your life be filled with bias.
Chuck on guaranteed income. I don’t understand how this idea isn’t just a reform to good, old-fashioned slavery. The government is now your master and it would be required to provide you some basic services. Let’s just call it what it is and stop bullshitting ourselves.
In sum, though the only evidence available is circumstantial, Barack Obama, Jr.’s mother, father, stepfather, grandmother, and grandfather seem to have been well connected, body and soul, with the U.S. government’s then extensive and well-financed trans-public-private influence operations.
A reasonably good article in the CRB on ’60s radicalism:
The transitive properties of the "No enemies to the Left" rule meant that respectable liberals couldn’t bring themselves to criticize the tame activists, who couldn’t bring themselves to dissociate from the fierce ones. They were all so disposed because the historicism of American progressive thought provides no basis for drawing lines in the sand. The American republic had an unfolding destiny rather than an essence; progressivism’s raison d’être was to discern and build that destiny, to take us beyond our "political and governmental phase of democracy," in Dewey’s words, to the next, higher phase of human and social development. Thus, liberals had always looked to radicals for their "vision" of "secular transcendence," the leftist historian Michael Kazin wrote in Liberalism for a New Century (2007), a collection of essays. Having lost confidence in their own technocratic vision—justifiably, since McGeorge Bundy and Robert McNamara personified it—the liberals of the 1960s could find no basis to reject the idea that the "idealistic" young had the surer grasp of America’s destiny, even when the idealism degenerated into irrationality and violence.
Uh oh. "Careful now, the initial entry sounded like you were channeling Mencius for a moment."
Blacks and gays. I can’t seem to find out if the cops that refused to help were black, but I’d be willing to make a wager.
"A gentleman is only interested in lost causes" ~ Jorge Luis Borges
Winterspeak on Scott Sumner: "Scott Sumner is great because he’s extremely logical and impervious to facts. This makes him the go-to source for the nonsense that is Monetarism, because he will happily make the baldly ridiculous statements." . . . "’Unconventional monetary policy’ means the Fed targets some level of nominal GDP and keeps buying things until that level is met. . . .Scott argues that the Fed can buy other things, like road repair services, bridge building services, etc. etc. and therefore hit any NGDP target it chooses." Obviously, this is wildly outside the Fed’s legal authority, but I don’t suppose that matters at this point.
Ilkka: "Isn’t it funny how the fact that, say, the American black people are poorer than American white people undeniably proves that the black people are oppressed, but then the fact that the Swedes are poorer than Americans by practically the same dollar amount does not "prove" that the Swedes are oppressed by the Swedish system?"
Daphne: "If your political preference trends towards a tight blend of tea-party populism sprinkled with a heavy dose of neo-con bullshit, Rick’s your man. Nothing significant will change if he’s elected, but you’ll feel better about the inevitable decay nonetheless." While I agree with this diagnosis, I’d be tempted to vote for the guy because of these awesome pictures.
Someone needs to explain liquidity transformation to Matthew Yglesias.