Saturday, December 6, 2008

Ethics of Capitalism: archive

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Politeia: "We Are All Socialists Now"

(...) It's always the same tired trick and it keeps on giving. When will we learn?! Force your ideology on a self-sustaining system and when it breaks down because of it, blame the system and shout 'I told you so, it needs more revision and supervision! That will prevent me interfering in the future!' Deontology does the rest for a clear conscience: our intentions are so ethical because for the common good, that we are a priori absolved for adverse consequences ... the perpetual 'get out of jail card'.

Blaming the' fallibility' of markets is like blaming the weather for storms. We will see much more of that: the Left are always prepared to establish the Socialist Utopia on the smoldering ruins of whatever crisis (induced or otherwise) - the reason why revolutions were incited in the first place. Entire tribes of community organizors, eh ... agitators were insinuated to bring them about.(...) he goes on pumping public money into the system in order to send a message of stability and confidence. What he is actually signaling is that the system is so broke that it needs more and more medicine. As usual THEY and their quack remedies are the problem, not the weather! For Heaven's sake, stop burning our money!(...) ... oh, and for the record ...

Boston Globe: "Frank's fingerprints are all over the financial fiasco"

Related:

- Morning Bell: "Here they go again"

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10th Oct 2008


Politeia: "The Bother with the Bailout Bill"

The text of the Bailout Bill in PDF format by Fox News.

World shocked, shocked ... House Reps throw out corporate social security act!

Video archive material on hearings: Democrats blocking Republican calls for regulation of Fannie Mae and Freddie Mac.

The video shows what no ones wants to learn: the way to hell is paved with good intentions; but the effect of selfish capitalism means prosperity for all! Point being, a system that works, in tandem with the right philosophy based on the real reality (as opposed to a perceived, or wished one) takes courage - isn't for the meek or the feeble of spirit ...

Dr Sanity: "CAPITALISM IS GOOD FOR THE SOUL-- IF YOU HAVE ONE

(For your own good and) for morality read fifty times "The Fable of the Bees"

Here's the best explanation yet.

But here's the thing:

Real Clear Politics: "In Times of Crisis, Trust Capitalism", by Joseph Calhoun

There has always been a stigma attached to borrowing directly from the Fed and for good reason. If a bank can’t get other banks to lend it money, that tells the market something about the condition of the bank in question. Last August, Bernanke convinced three large banks to borrow at the discount window in an effort to remove that stigma. When that didn’t work, he concocted a scheme to allow banks to borrow from the Fed in anonymity via a mechanism he called the Term Auction Facility. (...) Banks will not lend to each other because they don’t know which ones are really in trouble. The rise in inter-bank lending rates is a rational market response to a lack of information. Furthermore, why pay those inter-bank rates when the Fed or ECB is offering easier terms? These opaque lending facilities are just part of the problem created by the Fed and Treasury. (...) Trust capitalism. It works. >>>

"this must run its course" >>>
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Politeia: "First Euro Bank Nationalised"

The British press (Yahoo!News UK & Ireland) was the first early this morning to announce what has been negotiated behind closed doors all weekend without so much as a by your leave: the Belgian, Dutch and Luxemburg governments pumping 11.2 billion Euros worth of tax payers' money into an over greedy and over prestigious bank, for years high in overdrive on testosterone: Belgium 4.7 billion Euros, the Netherlands 4.0 billion and Luxembourg 2.5 billion.

Mind, unlike Fannie Mae and Freddie Mac this was not a bank force-fed by politically correct government policies (and their community organizing enforcers) on quotas of toxic loans! The bank went down because its eyes were not on the bottom line, but indulged in irrational behavior, notably in buying the unaffordable Netherlands major bank - ABN AMRO - out of old world prestige. Investor confidence simply collapsed, shedding three quarters of the value.

The contrast with the US could not be greater. Whereas swathes of the Republican Party as well as a number of Democrats had qualms about handing over vast amounts of tax payers money to market parties, the silence in Europe is deafening. While the bailout bill is hugely unpopular in the US, the Netherlands only Libertarian magazine today sings the praises of the Fortis deal, calling it "a good move" (link in Dutch).

- Cartoon by Gary Varvel - more on Townhall -

The idea you see, that government money is brought up by all of us - the tax payer - refuses stubbornly to sink in. This is the defining difference between the US and Europe. Whereas Americans own their politeia and their politicians are voted in to handle the business of government on their behalf, in Europe the shoe is on the other foot.

Like the Old Testament Jews wandering in the desert, fighting to shed the mind-set of slaves and to become a free people, Europeans are wandering the continent in blind servitude to the state under a inequitable social contract: freedom in lieu for a risk-free life under a cheese-dome. The wards-of-state find their system vastly superior, not realising that that is precisely what betrays their inferiority: the inability to accurately assess value. (...) >>>

28th Sep 2008
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Aktualne: "Crowded Prague maternity hospitals curb admissions"

Europe is said to be dying out with the Czech Republic being no exception. But if you visit Prague´s maternity hospitals, you would get a different picture. Almost all of them claim they are overcrowded; some have even stopped to admit pregnant women who would like to give birth. One of the biggest hospitals in Prague, Thomayer´s hospital, refuse to accept soon-to-be mothers who will give birth earlier than in January 2009. (...) >>>

Updated: 8th July 2008

... it can hardly be believed that a wrong presumption dating back to Rousseau - the zero sum approach to economics - can still have credibility today in 'serious' circles ...

Sustainable Development Network: "Too Many People" - Hat tip: "De Groene Rekenkamer"

The idea that global populations levels are too high and must therefore be stabilized has been embraced by policymakers and opinion formers all over the world, from the UN to Al Gore. But there is no evidence to support this.

This report from demographic expert Nicholas Eberstadt shows how global living standards have improved dramatically all over the world over the past century despite a near-quadrupling of human numbers – and they can continue to improve at current and future population levels.

The concept of ‘overcrowding’ is widely misunderstood, conjuring images of hungry children, unchecked disease, squalid living conditions and teeming slums. These conditions are more properly termed as ‘human poverty’. In reality, there is no link between population and density– wealthy Monaco, for example, has a population density forty times greater than Bangladesh (...) >>>

Updated: 31st May 2008
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Le Quebecois Libre: "Thank Heaven for Capitalism", by Chris Leithner

(...) Commerce and capitalism are not inherently bad. Nor are they neither-good-nor-bad-depending-upon-the-context. Quite the contrary: properly conceived and practised, they are inherently and unambiguously good; and they are admirable for reasons that most of today's politicians and academics cannot fathom and most of today's clergy cannot bear to admit. Commerce and capitalism are noble (...) >>>

(Updated: 22nd Jan. 2008)
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American Thinker: "Lesson Relearned: Freedom = Prosperity", by Randall Hoven

The Heritage Foundation just released its latest Index of Economic Freedom. It provides ever more evidence that economic freedom yields "greater prosperity for the larger society." It also helps bolster the point I made just last weekend that the New York Times' star op-ed columnist (and Princeton University professor) Paul Krugman gets it exactly backward regarding Europe, the "Comeback Continent." The study itself makes clear that the economic theories of Adam Smith still hold. >>>

(Updated: 15th Jan. 2008)

Related:

- "The Perversion of Development Aid"
- The Economics and Monetary Dossier

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