Year: 2009

News on a Sunday

A round up of this strange world that we all live in.

[In fact Chris wrote this on Sunday, 13th but due to the backlog of LfD posts to be published, it has been held until today, the 20th. The points are still as valid. Ed.]

BRITISH LABOUR PARTY WASTE ON FRIPPERY:

From the UK newspaper, The Daily Mail.

Judges in charge of Britain’s controversial new Supreme Court have been provided with robes they will hardly ever wear at a cost of £137,956 to the taxpayer.

The hand-crafted black brocade robes – embroidered with real gold thread – will not be worn by the 12 Supreme Court Justices in normal session.

They will be donned only perhaps twice a year for ceremonies such as the State Opening of Parliament or the beginning of the legal year. The rest of the time, the judges will wear everyday suits.

A snip at £140,000 ($224,000) Photographer – Ron Coello

It’s only money …. plenty more where that came from…

BRITISH POLITICS: Few things are more pathetic than the Liberals‘ current poll rating of 17%, with Labour on 26% That the worst government in the history of the world is still way ahead of the Liberals is of course a tribute to the lunacy of Labour voters, who seem not to understand the terrible damage this govt has done. Still, some of them have done very well under Labour: doctors, judges, high-ranking civil servants, consultants …. all more or less bribed with the people’s money.

Lib-Dems must be very depressed; if you can’t get a decent poll-rating when up against this motley bunch of venal, pompous, pretentious and incompetent misfits then you wonder really what the point of their party is.

Democracy?

Still, you get the government you deserve, so they say. Except that the British voting system is hopelessly undemocratic. In the next election a vote for the Lib-Dems is probably going to be wasted, risking the danger of letting Brown sneak in despite everything.

As for UKIP, it is a perfectly tenable position to want to get out of the EU. I’d guess that 30% of the electorate would want this, and that’s a very conservative estimate. Yet they have NO CHANCE WHATSOEVER of getting ANY representation in parliament.

This is not democracy, but of course it suits the two dinosaur parties very well indeed.

TIGER WOODS: what a pathetic, sordid saga this is. Not his bedroom antics, but the media obsession with it. People are dying all over the world of treatable diseases, of inhuman treatment at the hands of the North Koreans or others. Democracy is destroyed by religious nutters in Iran, millions more tons of ice melt, while politicians bleat uselessly (and expensively) in Copenhagen (I note they didn’t choose Scunthorpe! Might not have got such a good turnout!)

OIL: Oh, and on the climate front and the importance of reducing emissions I note that the Iraqi government is predicting oil output to rise to 12 million barrels a day within a few years – the same as Saudi Arabia.

That IS good news!!!!! … the British Labour government will hit us with every stealth and non-stealth tax you can imagine “to save carbon” and pay for yet more consultants and managers while the rest of the world greedily sups up billions more tons of oil.

Apparently, this has been a bumper year for oil discoveries …. you couldn’t make it up! An extra-terrestrial observer must be scratching his head wondering how the universe could have spawned up such a bizarre species.

Yet the press is full of Woods ….. and because he is good at golf … hitting a ball into a hole, a skill of such nanoscopically-sized irrelevance to the world’s problems. What sort of mentality is it that is even interested in yet another, crass, boring superstar who has failed to resist the temptations that money brings?

JFK was the great hero who would save the world but turned out to be just another, faithless, lying philanderer. Who can have any illusions since the days of Marilyn Monroe and the extinguished candle?

OBAMA PEACE PRIZE: The surreality of this obsession with over-sexed but hyper-boring celebrities is matched only by that involved in the award of the Nobel Peace Prize to Obama. What exactly has Obama actually DONE?

Nobel prize winner

Crucially, there is practically NO change in the Middle East (except the major change for the good brought by the reviled George Bush and Tony Blair! the world is nothing if not full of irony); the USA still cravenly supports Israel, which CONTINUES to build and/or enlarge settlements, which denies any possibility of ever putting right some of the wrongs of the past (Palestinian exiles, appropriation of their land, stealing of their capital and so on – even the West Bank roadblocks are mostly still in place.)

Yet even in the pathetic there can be humour, as when he said that to bring peace the USA had to make war, or words to that effect.

Yes, he is of course right, but it was still funny. I wonder what Mother Theresa would have said? And Nelson Mandela? He had to sweat out decades in prison preaching non-violence to earn his NPP, while Obama only had to get elected to get his. Truly the triumph of hope over reality.

Perhaps hope is all there is left. I nearly said “we have left”, but then I realized that I haven’t actually got much myself.

By Chris Snuggs

A hero

Another example of the power of social media.

I subscribe to Naked Capitalism, as much for the Antidote du Jour, as for the fine economic commentaries.  In my inbox of the 16th December was this wonderful antidote.  A quick Google search shows that these pictures are spreading like wildfire around the world’s email servers.  Not without reason.

Maybe these pictures resonate in all of us when we long for some simpler way of life …..

This Ranger is assigned to prevent poaching around the wildlife refuge area of Lanseria, South Africa. The way these animals interact with him is absolutely stunning! The lions seem to know he’s there to protect them. His charm works with hyenas and cougars too. Hyenas are usually vicious. Check out the pictures taken in the river – amazing because lions hate water.

As they say, don’t try this at home!

View the rest of these stunning photos

BA flies to the Brink

British Airways

I earnestly hope that we are not about to witness the crashing disappearance of what only a few years ago was one of Britain’s relatively few major world class businesses. It is said that those whom the Gods seek to destroy they first make mad, and the intention of BA cabin staff to launch a strike over the busy Christmas period would seem to be a clear sign of insanity.

Read more about BA

The Insanity of Medicare 2.0

US still struggling to find a proper health care solution

We’ve all heard this definition of insanity: doing the same thing over and over again but expecting a different result.

Here, in a nutshell, is the insanity of the current U.S. health care debate:

  1. Medicare, the government’s single-payer wealth redistribution health care program, is quickly going bankrupt.  No one disputes this fact.
  2. When President Obama refers to “cutting costs of healthcare,” he is referring to cutting the Medicare budget. Period.  No increased efficiencies, no improved services, no reduced market-clearing prices. No, cutting costs refers to reducing the fraction of the U.S. government’s tax collections devoted to Medicare.
  3. The new Health Care Plan is fundamentally a new Medicare program. Let’s call is Medicare 2.0.
  4. Medicare 2.0 is being funded in large part by cutting the current Medicare budget item. We are supposed to ignore the fact that the funds cut from the current Medicare program will be spent on Medicare 2.0.
  5. The Medicare 2.0 plan shifts as much as 25% of its (under)estimated costs (e.g. payments to physicians) to other accounts.  The costs are still there; these obligations would still need to be paid by the government under the proposed legislation, but Congress is hoping the public won’t “count” the shifted costs if they slap another name on them, further fostering the illusion of “lowering costs of health care.”
  6. Medicare 2.0 will also go bankrupt but, as a larger, more far-reaching entitlement program, the impact on the U.S. budget will be larger and more far-reaching.

By Sherry Jarrell

An Overview of the Study of Macroeconomics

A primer from Prof. Jarrell on this important subject

Macroeconomics is the study of aggregate supply and demand, and looks both internally to the workings of the economy and externally to how a domestic economy interacts with others worldwide.

Macro builds on the principles of microeconomics, which is the study of prices and quantities of individual goods and the markets where these goods are produced and sold.

In macro, “price” refers to some index of the prices of domestic goods and services, and “quantity” refers to some measure of the value of domestic production or “output.”  One common measure of output is gross domestic product (“a measure of the productive activity of a country computed on the basis of the ownership of the factors of production”). A country’s standard of living is usually directly correlated with its real output, or the value of total output corrected for inflation.

J M Keynes
John M Keynes

Unlike microeconomics, macroeconomics started with the idea that prices and markets do not continuously resolve all of the coordination requirements of a modern economy.   Such “failures of coordination” (Keynes) seem likely when one views the economy as the collective sum of thousands of microeconomic markets.

For example, although most economies around the world have experienced generally positive trends in their gross domestic product, short run positive and negative deviations (recessions and, in more dramatic examples of the failure of coordination, depressions) around the trend line, or “business cycles,” are common.

Inflation is the rate of change of the average level of prices, where the price level is usually measured as a price index.  Inflation rates are typically quoted in annualized percentages.  In normal times, the inflation rate is procyclical: it rises in periods of high growth and declines in periods of slow growth.  Unemployment, by contrast, is usually countercyclical.  The U. S. inflation rate was as likely to be negative as it was positive before World War II; since then, price levels have risen fairly consistently.

Read more about this important topic

The Boeing 787 Dreamliner: an impressive aircraft

What does the much delayed maiden flight of the Boeing 787 tell us about integrity?

But how difficult can it be for Boeing to make yet another new aircraft? The answer depends on how different the 787 aircraft is from anything the company has built in the past. Some initial indication that is significantly different can be taken from its being named Dreamliner.

Read more about the B787

Remarkable people: Dame Shirley Bassey

The wonderful, irrepressible DSB – Dame Shirley Bassey

This wonderful lady was born in 1937 and, thus, next January 8th she turns 73.  So for this author, born in 1944, DSB has been in the background of my life for ever, and for millions of others.  There is so much written about her that the only purpose of this Post is try and bring her to the attention to those that may not know of her so well.

I only have to think of the soundtrack to the film Goldfinger to instantly hear Shirley Bassey’s voice loud and clear in my mind.  Unforgettable, stunning, thrilling and still capable of raising the hairs on my skin now over 40 years since the track was recorded.  Just listen to this voice:

Read more about DSB

Putting Admitted Terrorists on Trial

Khalid Sheikh Mohammed (KSH)

I must say that I am very confused about bringing an admitted terrorist into  our country and its court system, where everyone is presumed innocent until proven guilty, has an attorney assigned to them if they cannot afford one, and they enjoy the full rights and benefits of any other individual accused of a crime in the United States.

Evidence will be brought to bear on the case and, based on the preponderance of the evidence as presented skilfully by attorneys on both sides, and as adjudicated freely and with respect for the law, the judge and/or jury will find KSH innocent or guilty.

If, as Eric Holder, Obama’s choice for the U.S. Attorney General, has indicated ‘KSH’ should be found guilty of horrible crimes and should be brought to justice, I am wondering what is Holder’s real purpose of trying this mastermind here.  He must know that there is a chance that the well-meaning set of 12 honest, everyday jurors in this case, through legalese or side-deals or  bias,  might find to acquit.  Right? Then what?

Holder says he’s guilty, yet brings him here (while trying others in a military tribunal) to “try” him in a courtroom which Holder expects to find him guilty.  I see the twisted mess we are left with if this happens.  But where’s the upside?

Am I missing something?

By Sherry Jarrell

Greg Craven and his message

How to approach the global warming dilemma.

Yesterday, a Post was published a Post about Greg Craven.  It made the point that social media was becoming a very real force in influencing opinions and how that threatened traditional politics.  Here’s an extract:

I was doing some research for an earlier Post about Copenhagen and came across a YouTube video created by Greg.  More details and links later after making a more fundamental point.

This video of Greg’s has had 2,704,000 viewings! The information on that YouTube ‘page’ has had over 7,500,000 viewings. Greg has now written a book and so on, and so on.

Now I want to return to the core subject of how we deal with very complex issues that have the power to decimate humanity, e.g. global warming.

The fact is that the majority of people who think about such issues as global warming don’t have the skills and knowledge to determine what to do for the best.  It comes down to determining risks, which was the theme of an earlier Post acknowledging the work of Peter L Bernstein.

That’s also the theme of Greg Craven’s video on YouTube.  It’s a noble effort by a concerned citizen of Planet Earth.  Watch it.

By Paul Handover

Copenhagen – the unspoken issue

It’s getting crowded down here!

For those readers who are not regular BBC television viewers, the Beeb has for many years run an excellent factual/science & nature series under the name of Horizon.  Just recently there was a programme with the title of How Many People Can Live on Planet Earth?

Sir David Attenborough

It was presented by that familiar face on the BBC in terms of the natural world, Sir David Attenborough.  It was an appropriate and worthy person to present the information.

But before getting into some of the details underpinning the programme, there seems to been an enormous and unspoken omission at Copenhagen – why no debate about global population trends?

Luckily the media noticed the rather obvious exclusion.  Here’s the UK Daily Telegraph newspaper (online version) of the 8th December, 2009. An extract:

Population growth is the one issue accused of causing driving climate change that no one at the Copenhagen climate summit dares to talk about.

The argument is that more people consume more resources, therefore producing more greenhouse gases that cause global warming.

The global population is currently at 6 billion and could rise to 11 billion by 2050 if fertility rates continue, not only threatening the climate, but food shortages and conflict as well.

Organisations like the Optimum Population Trust, that is backed by Sir Jonathan Porritt, Dame Jane Goodall and Sir David Attenborough, advocate birth control as a way of slowing climate change.

As Sir David has said: “I’ve never seen a problem that wouldn’t be easier to solve with fewer people, or harder, and ultimately impossible, with more.”

A study by the London School of Economics found contraception is almost five times cheaper as a means of preventing climate change than conventional green solutions such as investing in green technology.

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