Category Archives: Economics

Economic Booms and Busts

Where do they come from?

Most “explanations” for the phases of the economic or business cycle are just descriptions of symptoms. Nobel-Prize (1974) winning economist Friedrich August von Hayek however hit the nail on the head: Government intervention is to blame. See this short video.

What this video doesn’t explain is something else Hayek pointed out. Namely that much of the money used by governments to incentivise the economy in this or that direction is created out of thin air. It’s called “fiat money”, with “fiat” being Latin for “let there be”, as in “let there be light” (“fiat lux”) in Genesis 1:3, God’s very first commandment.

And herein lies the very heart of the problem of our time. We allow governments to play God by allowing them (or rather their central banks, which essentially amounts to the same thing) to create money out of nothing. It is a huge fraud, which every now and again collides with reality and breaks down. That is what economists then call a “recession” or “depression” or “downturn” or “bust”. It also is the prime cause of inflation.

Once the general population has worked that out, it will be game over for interventionist governments playing God.

For more on Hayek, see here.

Wicked Globalists Are Causing Starvation and Poverty Under the Guise of Environmentalism

It's time to take up true moral responsibility instead of broadcasting unearned virtue

Video presentation by Jordan Peterson.

Dr. Jordan B. Peterson examines the current energy crisis, the globalist ideology that simultaneously fuels it while calling for the sacrificial demise of the poor, and what this truly means for Europe’s future, if not the entire world.

One of the comments under this video:

The only person who makes me think that my life as an individual is precious while everyone else says my life harms the planet Earth. Protect this man at all costs. Thank you. Love from Korea.

How to make the world a better place

Another great talk with Jordan Peterson

A talk with Bjørn Lomborg and Ralph Schoellhammer

Leftist politicians and the “intellectual elite” prioritize a vague plan for saving earth over the lives of struggling people all over the world. Governments are being forced to press their citizens, straining already fragile economic and agricultural systems, in order to appease a globalist utopian vision. Bjørn Lomborg and Ralph Schoellhammer sit down with Dr Jordan B Peterson to discuss the faults in this plan, and the people who are suffering because of it.

Bjørn Lomborg is a Danish author, having written numerous books on climate change such as “False Alarm,” “The Skeptical Environmentalist,” and “How to Spend $75 Billion to Make the World a Better Place.” He is the president of the think tank Copenhagen Consensus Center that focuses on doing the most good, for the most people, with increasingly limited budgets. Previously, Lomborg was the director of the Danish government’s Environmental Assessment Institute.

Ralph Schoellhammer is a scholar and journalist operating in Europe who has diligently covered overlooked stories such as the Dutch Farmers Protest. He is also an assistant Professor of international relations at Webster Vienna Private University, and produces a podcast following political psychology and institutionalism called the Global Wire.

Superabundance

We are entering an age of plenty, say authors Marian Tupy and Gale Pooley

The video of the discussion between Dr. Jordan Peterson and the authors of the book with this title is here.

Marian Tupy and Gale Pooley are co-authors of the new book, “Super Abundance”. They sit down with Dr Jordan B Peterson to discuss their studies into overpopulation, the myths surrounding the subject, and how academia has created a new philosophy that demonizes modern man simply for existing.

Marian Tupy is the co-author of “Super Abundance”, as well as “10 Global Trends Every Smart Person Should Know” and “The Simon Abundance Index”. He is the current editor of humanprogress.org, and is a senior fellow at the center for global liberty and prosperity.

Gale Pooley is the co-author of “Super Abundance,” and is also an Associate Professor of business management at Brigham Young University in Hawaii. He has taught economics all over the world, and earned his PHD from the University of Idaho. He is also well known for his role in the development of the Simon Abundance Index.

New definition of socialism

A recent Orwellian change in the Oxford English Dictionary

I’ve just learnt that at some point at or before 13th January 2019, the OED added some interesting words to its definition of the word “socialism”.

According an entry in Kristen R. Ghodsee’s blog, dated 13th January 2019, this is how the OED defines socialism (emphasis added by me, PwG):

“Frequently with capital initial. A theory or system of social organization based on state or collective ownership and regulation of the means of production, distribution, and exchange for the common benefit of all members of society; advocacy or practice of such a system, esp. as a political movement. Now also: any of various systems of liberal social democracy which retain a commitment to social justice and social reform, or feature some degree of state intervention in the running of the economy.”

When exactly did that “now” of the “now also” happen?

It’s quite obvious what has happened, and why. Believers in socialism have still not accepted that their path to paradise has failed miserably, abysmally. So they want to rescue their idea by stowing away on “liberal social democracy”. It’s no secret that left-wing types are heavily overrepresented in academia. They will have had the clout to get that change done.

Secondly, this is a great way to bring in socialism back in again through the back door. First change the definition, then have as many people as possible campaign for “social justice” and “social reform” and more “state interventionism”. In the meantime scoffing baselessly at anyone who shows that these concepts will necessarily lead to socialism. At some point in the future, when it is deemed safe to do so, declare openly that all those campaigners are really demanding socialism – just refer to the OED! And then demand its full implementation.

Lockdown and the price of suppressing dissent

In times of crisis, we need more debate – not less

Article by Fraser Myers

Excerpts:

This week, we learned that this shushing of debate and silencing of questions went right to the top of government. Speaking to the Spectator, former chancellor Rishi Sunak claims that even he was unable to get a hearing for his concerns about lockdown.

An omerta on lockdown harms was quickly established in the spring of 2020. Ministers were told not to talk publicly about potential trade-offs. According to Sunak: ‘The script was, oh, there’s no trade-off, because doing this for our health is good for the economy.’

[…]

Although there was an apparent consensus in SAGE in favour of lockdown, Sunak says this isn’t the whole truth. When difficult questions or disagreements were raised in the scientists’ meetings, these were simply edited out of the minutes before they reached ministers. Dissent was excised. It is only because Sunak had a Treasury official listen in to the SAGE calls that he knew there was often a great deal of disagreement and uncertainty among the scientists.

[…]

Many opponents of lockdown suspected that SAGE was being overly alarmist throughout the pandemic, and this was confirmed beyond any doubt in December 2021, when the government defied SAGE’s recommendations and refused to implement new restrictions. A predicted bloodbath of 6,000 deaths per day simply did not materialise.

Throughout the pandemic, the government and the scientists tried to hide their uncertainty. The media demonised dissenters and Big Tech cracked down on them. All of this was apparently to the end of showing a unified front, preserving the integrity of science and pushing a singular, easy-to-follow public-health message. We were essentially told that in times of crisis it is better to put up and shut up than to undermine the authorities.

But look where that has got us. An economic crisis, a health-service crisis and an education crisis are now engulfing the nation – all of which were, at least in part, fuelled by lockdown. We are standing in the smouldering wreckage of our elites’ terrible decisions. We have paid a heavy price indeed for suppressing debate and dissent.

Why Britain’s water industry stinks

The sewage crisis is a damning indictment of the water firms and our state bureaucracy.

Article by James Woudhuysen, who is visiting professor of forecasting and innovation at London South Bank University.

Excerpts:

The smell around the water firms could hardly be more pungent. At the same time as they dump effluent into our rivers, the chief execs are earning hundreds of thousands of pounds in bonuses alone. They can even top up these salaries by sitting on the boards of each other’s companies.

So how did we get here? The blame cannot be placed on the water companies alone. The corporate failures are undoubtedly legion. But they have been compounded by an opaque web of state regulators and non-governmental organisations who also manage and monitor the water industry.

[…]

One thing that binds the regulators and the water companies together, and more or less ensures that problems go unsolved and the public’s needs are ignored, is an obsession with climate change.

The corporate water sharks and the bureaucrats agree that climate change is at the root of all evil. And as we have seen recently, both dry spells and heavy rain can be blamed on climate change. Regulators and companies tell us to save water when it’s dry – because of climate change. And then when it suddenly gets wet, the sewage overflows are also our fault – because we’ve failed to do our bit to stop climate change.

[…]

The first step to ending the outrage of sewage spewing into our waters is to reject this self-serving narrative, to reject the intimate relations between the state, water companies and environmentalists, and to hold all three fully to account. Britain’s bloated and ineffectual water bureaucracy – not climate change, nor the people – is the real problem here.