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Micha Ghertner's blog
Batman As Agorist Hero?
Submitted by Micha Ghertner on Sat, 2008-07-19 06:45.I'm flying to Chicago this morning to attend an IHS seminar on Liberty, Communication & Change, starring friend-of-the-blog lecturer Glen Whitman. I will probably not have much Internet access for the next few days. Hopefully, I'll be able to catch The Dark Night while I'm there in the city of windbag politicians. So I'm putting this idea out there for any of you to riff on, since I may not have time to write about it until I get back.
What should libertarians think about vigilantism? Is vigilantism incompatible with a liberal order and the rule of law? Or are vigilante crime fighters such as Batman agorist heroes?
Robert Nozick takes the anti-Batman position, arguing that it is legitimate for Gotham police to monopolize the law enforcement market and punish any costumed crusaders who attempt to compete with it, on the grounds that vigilantism is too risky, and that it can be legitimately prohibited, so long as the potential vigilantes are compensated for their loss of freedom.
Randy Barnett takes the pro-Batman position, arguing that:
For practical and moral reasons, procedural fairness and knowledge by enforcers of the guilt of their suspects are moral goals to be striven for. Our efforts to achieve them, however, cannot violate the rights of any individual. To punish a victim for taking restitution from his actual aggressor just because he wasn't sure it really was his aggressor is a violation of that victim's right of self-defense and, therefore, a violation of our moral side-constraint. The right of self-defense, then, dictates that procedural fairness and epistemic certainty are goals, not constraints.
- Randy Barnett, "Wither Anarchy? Has Robert Nozick Justified The State?" Journal of Libertarian Studies, Vol. 1, No. 1. pp 15-21 Pergamon Press, 1977
What say you, dear reader?
Edit: While I'm asking what libertarians should think about Batman, it's worth mentioning that Batman is a Misesian.
Preemptive Redistribution
Submitted by Micha Ghertner on Fri, 2008-07-18 20:08.Maybe I'm missing something here, but there seems to be a disconnect between two consecutive Fly Bottle posts. First, Will argues:
The argument on offer here is an argument for preemptive redistribution. We have to redistribute so that injustice doesn’t occur. But this kind of argument, like arguments for preemptive war, face a high bar. You need to be pretty convincing that in the absence of preemptive action, something bad will occur. I think egalitarians almost never get over that bar.
But then he follows up in the very next post with:
I also like mandatory retirement accounts for paternalistic reasons that are also sort of libertarian. Means-tested benefits for old people is a better idea than our stupid current system, but would encourage too little retirement savings. Why? Old people are so politically powerful that these benefits will be too high to make saving rational. So forcing people to transfer their own money to their future selves prevents them from later forcing others to transfer them money when old.
How is this not also a case of preemptive redistribution? We forcibly transfer money from people's past selves to their future selves so that they don't later predate on other people's past selves. But how is "old people stealing from young people using their superior political power" any different than "rich people stealing from poor people using their superior political power"? Is it that old people are more of a monolithic voting bloc than rich people?
While that may be true, surely many more government transfers -- trade barriers, restrictions on labor mobility, publicly financed institutions of higher education, professional licensing, intellectual property privileges, etc. -- are a transfer from the relatively poor to the relatively rich, compared to the number of government transfers from the relatively young to the relatively old. Hell, the costs of restrictions on labor mobility alone arguably swamp Medicare and Social Security combined, and those who most suffer from those restrictions do not have the ability to vote them down, since they are not U.S. citizens.
Incidentally, it always amuses me when people suggest that the solution to government capture by the wealthy is government capture by the poor, as if playing what has always been a losing man's game is going to one day, miraculously, turn into a winner. The only way to win a losing game is to stop playing.
Are You Down With UPPP?
Submitted by Micha Ghertner on Fri, 2008-07-18 16:45.So I just had a uvulopalatopharyngoplasty three weeks ago to deal with my sleep apnea, with an interesting result:
I can no longer correctly pronounce my own name.
While I generally introduce myself to non-Hebrew speakers as "my-kah", like the mineral, my name is actually pronounced "mee-cha", with a guttural "ch", like in the German "Bach" or Scottish "Loch." Without a uvula, I can no longer make this sound.
On the bright side, at least I have a new cocktail party icebreaker.
One Way To Solve The Immigration "Problem"
Submitted by Micha Ghertner on Fri, 2008-07-18 16:09.
Tough Questions About Racism
Submitted by Micha Ghertner on Tue, 2008-07-08 17:26.Julian Sanchez asks them.
In the process, he touches on one of my pet peeves, which I discussed previously; the lack of gradations in discussions of bigotry:
Just follow me for a second here: What image springs to mind when you think of “racism”? A Klansman burning a cross? Adolf Hitler? George Wallace barring the schoolhouse door? Images like these are iconic, easy to invoke, and extreme. They remain current because they are potent illustrations of where racism leads; their ugliness, their repugnance, is manifest.
There are still, of course, sectors of American society where the crude racism of the epithet and the noose is casually accepted. But, happily, this sort of thing is largely beyond the pale in polite company now. And this makes it beguilingly easy to conclude: “Well, I don’t go around slinging racial epithets or fuming with hatred at this or that group. Therefore I can’t be one of those awful people. Why, some of my best friends…”
But the variety of racism more common today is more subtle than that, and in a way more pernicious for it, since the overt bigot is unlikely to wield much social power. It’s the subliminal reaction of the manager looking for a new cashier who, for some reason he can’t articulate, just doesn’t think the minority candidate seems quite trustworthy enough. It’s this person who we most want examining his own attitudes. But to do that means being prepared to start from the difficult premise that even he—educated, urbane, kind, and so on—may indeed harbor racial biases. Like Hitler! Like a Klansman!
Fashion Critic, Critique Thyself
Submitted by Micha Ghertner on Tue, 2008-07-08 10:39.Rachael Ray Scarf Says Terrorist, But Michelle Malkin Jacket Says Gay:
A Leather Jacket, for the clueless, is the traditional jacket of Gay leather men that has come to symbolize the homosexual jihad against our values. Popularized by Glen Hughes of the Village People and a regular adornment of Gay liberationists appearing in pride parades and Queen videos, leather has been been mainstreamed by both ignorant and not-so-ignorant fashion designers, celebrities, and RIGHT WING INTERNMENT OF JAPANESE-AMERICANS-DEFENDING PUNDITS.
Regulated Markets Lead To Monopoly
Submitted by Micha Ghertner on Tue, 2008-07-08 10:19.Jacob Sullum on the menthol exception to cigarette flavor prohibitions:
The front-page article reported that "some public health experts are questioning why menthol, the most widely used cigarette flavoring and the most popular cigarette choice of African-American smokers, is receiving special protection as Congress tries to regulate tobacco for the first time." (Here's why: Because Philip Morris, the only major cigarette manufacturer supporting the bill, does not want to give up the money it makes from Marlboro Menthol, the No. 2 brand in this category.)
Or see BK Marcus on Sarbanes-Oxley and going public:
This is the pattern with all such regulations. The bigger corporations support them, quietly or not, because they can bear the costs and thereby eliminate competition from "below." And the Marxoids say that unregulated capitalism has a natural tendency toward monopoly…
The Left loves small markets, small merchants, small businesses, but then does everything they can to promote the bigness of business — in the name of fighting Big Business.
Remember this the next time someone accuses "market fundamentalists" of being apologists for big business. Proponents of more government regulation knowingly or unknowingly promote centralization of markets, protecting existing firms from the regulatory effects of competition. More regulation from government means less regulation from market competition.
Degrees Of Sexual Neuroses
Submitted by Micha Ghertner on Sat, 2008-06-21 17:45.Note to Will, Julian, and Jim:
If you think comparing watching porn to having an affair is batshit crazy (and it is, of course), just be glad you didn't have to grow up learning that masturbation "is the most severe of all Torah forbidden sins", including not just murder, but "when one emits sperm to waste it is as if he destroys the earth." Which is, of course, "punishable by death."
So give Ross Douthat some credit here; at least he is only comparing masturbation to having an affair. His analogy could have been a whole lot batshit crazier.
The Animal House Theory of Military Leadership
Submitted by Micha Ghertner on Sat, 2008-06-21 16:43.On the one hand, I agree with Julian Sanchez:
People who join the military, of course, surrender a great deal autonomy to their superior officers and, ultimately, their commander in chief. It should be obvious why this is necessary for them to serve effectively, but it should be seen as part of a bargain that comes with a profound obligation not to abuse the enormous trust the enlisted must place in the political leadership by sending them into battle, or keeping them in the field, except when victory is achievable and the cause is vital. You can’t just brush away concerns about whether our leaders are taking their end of the deal sufficiently seriously, or exercising that trust with sound judgement, by suggesting that the troops deserve whatever they get because, hey, they signed up. This is the Animal House theory of military leadership: “You fucked up! You trusted us!”
On the other hand, I agree with Herbert Spencer:
Some years ago I gave my expression to my own feeling – anti-patriotic feeling, it will doubtless be called – in a somewhat startling way. It was at the time of the second Afghan war, when, in pursuance of what were thought to be “our interests,” we were invading Afghanistan. News had come that some of our troops were in danger. At the Athenæum Club a well-known military man – then a captain but now a general – drew my attention to a telegram containing this news, and read it to me in a manner implying the belief that I should share his anxiety. I astounded him by replying – “When men hire themselves out to shoot other men to order, asking nothing about the justice of their cause, I don’t care if they are shot themselves.”
I foresee the exclamation which will be called forth. Such a principle, it will be said, would make an army impossible and a government powerless. It would never do to have each soldier use his judgment about the purpose for which a battle is waged. Military organization would be paralyzed and our country would be a prey to the first invader.
Not so fast, is the reply. For one war an army would remain just as available as now – a war of national defence. In such a war every soldier would be conscious of the justice of his cause. He would not be engaged in dealing death among men about whose doings, good or ill, he knew nothing, but among men who were manifest transgressors against himself and his compatriots. Only aggressive war would be negatived, not defensive war.
Both the political leadership as well as the military volunteers are (to varying degrees) morally responsible. The deaths that result from the war are both the result of a political decision to engage in war and an individual volunteer's decision to fight in one. Without both parties playing their roles, the deaths would not have occurred.
Electoral politics is the black hole of moral responsibility. Just as in a frat house eventually devolves into a finger-pointing circle-jerk regarding whose turn it is to wash the dishes, politically-induced wars of aggression eventually devolve into the military volunteers blaming the politicians, the politicians blaming the electorate, and the electorate blaming the military volunteers, and all the various other combinations in between. Around and around we go, but it's never anyone's fault, the dirty dishes remain stacked in the sink, and the bodies continue to pile up.
Shoot The Doctors
Submitted by Micha Ghertner on Sat, 2008-06-21 08:08.Nasikabatrachus, the author of the weblog The Amphibious Anarchist, makes a fresh (to me, at least) argument against coerced health care, and coerced provision of goods in general, in the comment thread to this post by my recently discovered bizarro clone:
You say there's a right to live "at any cost". Doesn't that lend itself more towards the enslavement of doctors than taking money from people to pay doctors? After all, it's the doctors who refuse to work below a certain amount of money who are denying people treatment, not the people who aren't paying the doctors on behalf of others.
Imagine, for instance, that someone has just beaten you up. Who do you go to to seek restitution? Do you steal money from your neighbor down the street, or go to the one who beat you up?
Similarly, if the fact that a doctor is allowed to choose not to treat you is a violation of your rights, who do you go to? The doctor who doesn't want to treat someone for less than X dollars, or do you go stick up some random guy down the block and make him pay? Obviously, the latter is a sheer absurdity.
Don't make an argument from morality if you don't like the consequences.
We Need More And Better Democrats
Submitted by Micha Ghertner on Sat, 2008-06-21 06:59.Is it too early to say we told you so?
'Cause I sorta did, already.
I Have Discovered Bizzaro Micha
Submitted by Micha Ghertner on Sat, 2008-06-21 05:25.[crossposted in a comment thread at AotP]
Wow. I vaguely remember coming across mnuez before in some other comment thread, and vaguely remember visiting his blog and learning that he is a recovering Orthodox Jew, just like me. But it wasn't until following TGGP's link back to his blog and his conversation at Overcoming Bias that I went back, reread some of his blog posts, and realized how similar he and I truly are in terms of life experience, and yet how vastly different we are in socio/political/economic outlook. This post in particular struck a nerve; I've had nearly identical conversations with old Yeshiva buddies. And yet, and yet, and yet...
I think the one major outlook he and I share is athiesm. And that's where it ends. He seems to be an economic welfare-statist populist of the Naomi Klein variety, a genetic determinist with respect to race (but not sexuality, apparently), an immigration restrictionist, and, as demonstrated in the AotP thread, has some personal hang-ups with homosexuality. I haven't read enough of his blog to discern his foreign policy views -- specifically Israel and the war in Iraq -- but my initial guess would be Weekly Standard-esque. That might be unfair, but it was one of the last major changes in my world view, and given my personal experience I think it's pretty damned difficult for someone brought up in America as an Orthodox Jew and who has spent time in Israel to adopt what would be for them a most radical heterodox position.
And yet, and yet, and yet...... there are still some signs of hope. His willingness to defend the FLDS even though he pretty clearly finds their practices repugnant is... inspiring, to say the least, from this radical pluralist libertarian's perspective. Consider the following snippets taken from that post:
The simple fact is that Freedom Kills.
BUT -
Allowing human beings as much Freedom as a functioning society possibly can offer them is still the best system that we've got for ensuring human happiness.
It's inefficient, wrong as often as it's right, harm and suffering-causing in ways too varied and too horrible to list or describe - but it's still the best massive system (that I know of) that humans have ever created.
Allowing children to be indoctrinated by the ridiculous beliefs of their local "authorities" (their Rabbis, teachers, cultural icons, prophets or parents) and then allowing them to continue to believe what they will and to "worship" as and what they will and to DO as they wish (provided the fist comes to a stop before the bulb of the nose, of course) is stomach-churning stuff. More than 1 out of every hundred of these people will END THEIR OWN LIFE(!) or at least make an attempt of some sort to do so. That's pretty bad statistics for a species. But as Churchill famously is said to have said regarding Democracy, it's still the best system we've got.
So until such a (seemingly mythical) Utopian Era shall dawn I believe that we should do every single thing in our power to REBEL against any utopian attempt to curtail human freedoms. [...]
I believe in justice for THEM for the solitary and selfish reason that I desire justice for ME. Their religions are all worthless (in my view) but until we humans get around to figuring out the ideal way to raise our children and to live in absolute happiness and joy (something which is likely never to happen [unless we computerize ourselves or something similar]) we're best off not allowing any totalitarianism to gain a foothold. The world of ideas requires competition which is why we demand liberty for all and why we have a Bill of Rights.
Now, if he could just take these same insights and apply them to economics, ala Nozick's capitalist acts between consenting adults, I think we'd have a genuine libertarian on our hands.
For example, consider his economic objection to libertarianism here:
Laissez Faire is violent. When a credit card company is allowed to utilize decades worth of academic research into exactly how best to get some inner-city suffering single-mother to sign up for one of their new cards with exorbitant fees so that they can rape what last pennies she has, they are engaging in violence.
How is this any different than a self-interested cult-leader brainwashing his uneducated followers to engage in behavior that is harmful to their own interests? Answer: it isn't. But yet in the case of the brainwashing cult leader, mnuez recognizes that the cure is more dangerous than the disease. As much as we may despise the religious cult for doing intellectual (and often very real) violence to its own members, mnuez understands that granting government officials the power to live other people's lives for them is more likely to lead to harm, not help. Now he just needs to extend this same insight to pay-day lenders and he'll be set.
Incidentally, in that same post mnuez requested (for reasons that escape me given his professed religious views), "Find me laissez faire in the Bible please." I am more than happy to oblige. See: I Samuel, Chapter 8. A more poetic encapsulation of laissez faire I cannot fathom. (I'm assuming, of course, that by Bible mnuez is cool with referencing the entire Tanach, and not just the first five books.)
Now on to the homosexuality. I have no idea if homosexuality is biologically or culturally determined. It doesn't really much matter (or shouldn't really much matter) for questions on how gay people should be treated. So I am very much perplexed when he writes,
What disturbs me is the Big Lie regarding how these people came to be classified thusly. The general consensus in all polite company is that “they were born that way” such that they are a class of human beings akin to Jews, Blacks or Women and thus there are particular “human rights” that they are morally entitled to in the same manner as the aforementioned groups of people whose societal status is innate.
My own view is that it’s most likely that the majority of self-identified gay people would likely not be as interested in exclusive homosexuality were they raised in different environments (though of course a few other people might be interested in just such a sort of sexual relationship were they raised in said “other” environments).
For this reason I believe that Christian mommies have every moral right to ask that their sons not be influenced by the likely-untrue belief that homosexuality is innate.
There is much to unpack here. What does innateness have to do with human rights? For example, being a member of a particular religious belief system is certainly not innate (even if holding a generic religious belief is innate), and yet mnuez seems to be willing to defend the human rights of strange Mormon sects to practice their wacky beliefs. Why should the same not be true of homosexuals?
I'm also not sure what he means by his last sentence. If Christian mommies want to live without a television in their house (as my Orthodox married sister does) so as not to be exposed to the evils of Will and Grace, more power to them. If they went to further restrict themselves and their children from exposure to not just television, but modern secular culture in general (as my many Chareidi aunts, uncles, and cousins living in Israel do), more power to them as well.
I don't see how any of this turns on the question of the innateness of homosexuality. Why is the belief that homosexuality is innate any more dangerous or influential to the Christian mommies than the belief that homosexuality is environmental but also unobjectionable and perfectly compatible with a happy, healthy, moral, flourishing, satisfying life? The Modern Orthodox consensus among American Jews seems to accept the claim that homosexuality is biologically innate (at least for the sake of argument), but still rejects it on the grounds that it violates Halacha. So it would seem to me that the second belief -- that it is environmentally determined but perfectly acceptable, would be more at odds with socially conservative religious views than the first belief.
I'm inclined to agree with mnuez's claim that "it’s most likely that the majority of self-identified gay people would likely not be as interested in exclusive homosexuality were they raised in different environments." Not that this impinges on the question of whether homosexuality is biologically innate or culturally influenced. It could be a combination of both. Some people might be more inclined than others to pursue exclusive homosexuality under certain cultural conditions, and less so under other cultural conditions. So too, some people who really like the taste of bacon might be more inclined than others to satisfy this taste if they were brought up Christian in contemporary America than if they were brought up Muslim or Jewish in a culture where eating bacon might result in severe social ostracism or legal punishment.
For what it's worth, one piece of evidence that homosexuality is a bit more than just an aberrant taste is the lengths and risks some people will go to engage in homosexual relationships. A personal example: I attended an Orthodox Yeshiva in Israel the year after high school, just as mnuez did. (Ohr Yerushalayim - I'm sure mnuez has heard of it; it is one of the larger and well known Yeshivas in this demographic.) A few years later, I found out that one of the boys that attended the same year I did came out of the closet while attending Yeshiva University. Now, I didn't know this guy very well, and I don't really know the culture of YU, so it's possible he wasn't really interested in living a halachic lifestyle anyway, but what about those who are so interested? There are certainly many cases of people who seem to be genuinely conflicted over both their commitment to Orthodox Judaism (or, for that matter, their commitment to the more socially conservative denominations of Christianity that do not tolerate homosexuality) and their desire to remain part of that community, but at the same time feel that they are deeply homosexual, and that leading a purely heterosexual life would be a life devoid of romantic and sexual meaning, a life lacking something very basic and very important to most of us.
If homosexuality is purely a result of cultural influences, why in the world would a small but significant minority of people brought up in socially conservative cultures, who otherwise appreciate those cultures and want to live their lives within them, choose to squander their relationship with friends, family, and community over an easily modifiable whim or preference? If the only problems I had with being halachically observant were the inconveniences of keeping kosher and shabbos, I'm sure I would still be observant. Those were small prices to pay to remain within the culture; openly violating those laws (and any widely-practiced halacha) meant placing myself outside the community, distancing myself from friends and family, and giving up on whatever cultural benefits I may have previously enjoyed from being an observant Jew. There were many reasons I ultimately decided to separate myself from that community, but no longer having to deal with the inconveniences of kashrus and shabbos were mere side-benefits, afterthoughts, way down on the list of reasons to depart. If human sexuality were as easy to ignore and modify as mnuez seems to think, I don't understand why we would see so many cases of people genuinely conflicted, who want to remain in the community and are willing to bear whatever other costs are asked of them, but not this one.
Something Is Happening Here / But You Don't Know What It Is
Submitted by Micha Ghertner on Fri, 2008-06-20 14:27.While we're on the topic of funny movie reviews more entertaining than their subject matter, here's Christopher Orr on The Happening:
Since the threat driving the movie is a colorless agent in the air, Shyamalan has nothing, really, to dramatize visually. He solves this by showing a strong wind every time the deadly agent appears. There are two problems with this: No matter how biochemically sophisticated the trees have become, it seems rather unlikely that they'd be able to control the weather. And, insofar as wind could represent anything in the context of the movie, it would be hope, not danger, as strong winds would disperse the airborne toxin rather than, as Shyamalan somehow imagines, intensify it. Still, we gets leaves blowing every time people are going to die, and a hilarious scene where Elliot et al. are running across a field trying to outrace the wind. It's like the climax of Twister, without the twister.
It almost makes me want to see it, just to appreciate how truly terrible it is. Almost.
In other news, Zohan was friggin' sweet. Though I might be biased; much of what I found engaging might be lost to someone with less familiarity with contemporary Israeli culture, which seems to be perpetually stuck in the '70s.
Three Cheers For Globalization
Submitted by Micha Ghertner on Fri, 2008-06-20 14:09.I finally got around to reading Peter Thiel's Hoover essay from a few months ago on bubbles and globalization. Much of it was over my head, but I did like his definition of globalization:
“Globalization” means a breaking down of barriers between nations; an increase in travel and knowledge about other countries; an increase of trade and competition among and between the peoples of the world, to the point where there is a more or less level playing field in the entire world; and the death of all cultures, in the sense of robust systems that exclude part of humanity. On the level of economics, it means a global marketplace; and on the level of politics, it means the ascension of transnational elites and organizations, at the expense of all localized countries and governments.
Even these preliminary observations remind one that globalization remains far from complete. Massive barriers to trade remain. The nation-state has not withered away. On the crudest of economic measures — say, the difference between the income of a car factory worker in Detroit and in Shenzhen — the gulf between the present and a truly global future remains vast. And on the level of the UN, the WTO, or Echelon, political unity remains more an aspiration than a reality.
At the same time, the current round of globalization has reached a point equal to or greater than past cycles. As measured by the percentage of tradable GDP, or the number of people who live in countries different from their place of birth, or even more abstractly, the connectivity of the world, we stand at a level of globalization that compares with the previous peak year of 1913.
Thiel strikes the right balance between retrospective optimism regarding past progress and forward-looking pessimism given how far we still have yet to go. We live in interesting times, and I can only hope the trend continues.
Freedom Through Unfreedom
Submitted by Micha Ghertner on Wed, 2008-06-18 21:21.This:
That is why it is necessary for a people and a duty of their government to restrict this movement into their lands by force, through whatever physical or legal or punitive barriers prove necessary.
Followed four sentences later by this:
But for those of us with other goals - such as the continuation (at least thru our grandchildrens' lives) of the United States as a bastion of freedom and rule of law in an otherwise corrupt and lawless world...
Freedom through unfreedom. The disconnect is delicious. What kind of bastion of freedom is a country that punishes people for wanting to take part in that very same freedom? Not a country worth preserving.
Why Didn't Someone Tip Me Off To This Already?
Submitted by Micha Ghertner on Wed, 2008-06-18 20:52.I finally came across it reading Jacqueline Passey's archives from two weeks ago. I guess I should be reading Marginal Revolution more often.
Time travel back to 1000 A.D.: Survival tips
I liked this suggestion, for nonsensicalness on its own terms:
Change history! I like the tip about cats. Make them draw LOLCATS in their churches, temples, or whatever. Make historians frown.
Why would historians frown at the discovery of ancient inscriptions of LOLCATS? Unless they knew what you were up to with your time-traveling shenanigans.
At first I was thinking I would use my futurist knowledge to impress people and make them think I was a prophet or a God, then start my own religion, becoming wealthy, famous, powerful, and getting all the ladies, while also (somehow) instilling the values of science, rationality, liberal tolerance, and a Rothbardian respect for the nonaggression principle. But then I realized that besides the inherent contradictions inherent in promoting rationality through a cult of personality (*ahem* Objectivism), this would probably get me killed very quickly.
The Bubble Puzzle
Submitted by Micha Ghertner on Wed, 2008-06-18 00:02.For all these people who think the rise in oil prices is due to a bubble -- and I'm not saying it isn't, 'cause I honestly don't know -- shouldn't they put their money where their mouths are and sell oil futures short? I mean, if the high prices are due to speculation and not fundamentals, and if you think you know the fundamentals better than the speculators, shouldn't you be able to beat them at their own game and get rich in the process?
Am I missing something here is or is all this talk of bubbles just cheap talk?
Times Sure Have Changed Since Adam Smith
Submitted by Micha Ghertner on Tue, 2008-06-17 18:20.The Republican presidential nominee, John McCain, speaking on June 17, 2008 [via Matt Welch]:
There is the further problem of speculation on the oil futures market, which in many cases has nothing to do with the actual sale, purchase, or delivery of oil. [...]
[W]e all know that some people on Wall Street are not above gaming the system. When you have enough speculators betting on the rising price of oil, that itself can cause oil prices to keep on rising. And while a few reckless speculators are counting their paper profits, most Americans are coming up on the short end -- using more and more of their hard-earned paychecks to buy gas for the truck, tractor, or family car.
Investigation is underway to root out this kind of reckless wagering, unrelated to any kind of productive commerce, because it can distort the market, drive prices beyond rational limits, and put the investments and pensions of millions of Americans at risk. Where we find such abuses, they need to be swiftly punished. And to make sure it never happens again, we must reform the laws and regulations governing the oil futures market, so that they are just as clear and effective as the rules applied to stocks, bonds, and other financial instruments. In all of these markets, reform must assure transparency, prevent abuse, and protect the public interest.
Adam Smith, writing 232 years earlier:
The popular fear of engrossing and forestalling [Smith's terms for commodity speculation] may be compared to the popular terrors and suspicions of witchcraft. The unfortunate wretches accused of this latter crime were not more innocent of the misfortunes imputed to them, than those who have been accused of the former. The law which put an end to all prosecutions against witchcraft, which put it out of any man’s power to gratify his own malice by accusing his neighbour of that imaginary crime, seems effectually to have put an end to those fears and suspicions, by taking away the great cause which encouraged and supported them.
Is Obama Cribbing From Chris Rock?
Submitted by Micha Ghertner on Tue, 2008-06-17 18:14.via AotP:
Mr. Obama laid out his case in stark terms that would be difficult for a white candidate to make, telling the mostly black audience not to “just sit in the house watching SportsCenter,” and to stop praising themselves for mediocre accomplishments.
“Don’t get carried away with that eighth-grade graduation,” he said, bringing many members of the congregation to their feet, applauding. “You’re supposed to graduate from eighth grade.”
Compare to:
N*****s always want credit for some shit they supposed to do. A n***** will brag about some shit a normal man just does. A n***** will say some shit like, "I take care of my kids." You're supposed to, you dumb motherfucker! What kind of ignorant shit is that? "I ain't never been to jail!" What do you want, a cookie?! You're not supposed to go to jail, you low-expectation-having motherfucker!
Jeffrey Friedman on Persuasion Strategy
Submitted by Micha Ghertner on Wed, 2008-06-11 17:02.From a very interesting comment thread at The Austrian Economists blog:
I've found that the very brightest Ivy League students become suddenly receptive to Austrian economics if I posit the complexity of the world, and present market mechanisms as making our cognitive task easier. When I point out that there are no equivalent political mechanisms, they are sold--on libertarianism!--but without any invocations of "rights," "liberty," and all the rest. If you start insisting on those concepts, not to mention "universal laws," Homo economicus, etc., all you do is make Austrian economics look like a cog in an ideological contraption. (I can't help but wonder sometimes whether that's all that it is.)