Quotulatiousness

October 17, 2017

Brazil in World War 1 – The South American Ally I THE GREAT WAR Special

Filed under: Americas, History, Military — Tags: , , , — Nicholas @ 04:00

The Great War
Published on 16 Oct 2017

Though joining the war later than most, Brazil was the only South American nation to play an active role, albeit a brief one. After initially declaring neutrality in August 1914, a series of sunken ships and dead Brazilians on behalf of the Germans’ submarines forced Brazil’s hand, as anti-German sentiment in the country rose during the first three years of the war. With newly acquired ships, Brazil was ready to join the war as a naval power. Her involvement may not have lasted long, but it did earn Brazil a seat at the table during the Versailles peace conference.

October 5, 2017

Four Reasons Financial Intermediaries Fail

Filed under: Americas, Economics, Japan — Tags: , , , , , — Nicholas @ 02:00

Marginal Revolution University
Published on 26 Jul 2016

As we’ve discussed in previous videos, financial intermediaries bridge savers and borrowers. When these bridges crumble, the effects can be disastrous. For businesses, credit shortages can lead to bankruptcy, or layoffs. For individuals, they rely on credit to invest in education or a new home or car. These negative effects show you how crucial intermediaries are to our lives.

Still, what exactly causes failed intermediation? Four answers:

First, insecure property rights. Simply speaking, when you save money at a bank, you expect the ability to pull out your funds when needed. But what if your deposits are frozen? Or confiscated altogether? For instance, in 2013 amidst a financial crisis, the government in Cyprus confiscated bank deposits to help pay down the country’s budget shortfall. You can see how insecure property rights can scare away potential savers.

Second, controls on interest rates. Interest rates are the price of borrowing. Thus, controls on interest rates, often called usury laws, are effectively price ceilings—they set the interest rate lower than the market equilibrium interest rate. With this forced lowering of interest rates, borrowers will want to borrow more, but lenders won’t want to lend. The effect? A lending shortage.

Third, politicized lending. Banks profit by assessing risk, and then loaning, based on that assessment. Banks that excel at assessment succeed. Those poor at it die out. Problems arise when the government intervenes to prop up failing banks, resulting in what we call “zombie banks.” In such cases, intervention undercuts normal competition, and intervention tends to favor banks that are politically connected. In fact, it’s been shown that there’s an inverse correlation between government ownership in banks and a country’s GDP per capita and productivity growth.

Fourth, you have runs, panics, and scandals. Remember, trust is vital to the financial system. When trust erodes, depositors may rush to withdraw their money from banks, causing what is known as a “bank run.” This can cause banks to fail, as we saw during the Great Depression. Scandals can also depress market confidence. Enron, WorldCom and Bernie Madoff may come to mind.

So, which of these four factors contributed to the Great Recession of 2008?

We’ll discuss that in our next video.

September 17, 2017

Mercenaries – War of the Pacific – Russian WW1 Remembrance I OUT OF THE TRENCHES

Filed under: Americas, Europe, History, Military, Russia — Tags: , , — Nicholas @ 04:00

The Great War
Published on 16 Sep 2017

It’s time for another episodes from the chair of wisdom, this week we talk about mercenaries in the war, the influence of the War of the Pacific and Russian WW1 war graves.

September 10, 2017

Special Air Service (SAS) – The Falklands Campaign

Filed under: Americas, Britain, History, Military — Tags: , , — Nicholas @ 04:00

Published on 13 Jul 2016

Special Air Service (SAS) – The Falklands Conflict

When Argentina invaded the Falklands in April, 1982, Britain dispatched a large Naval Task Force to recapture the Falklands. Steaming south with the British fleet were D and G Squadron of the SAS, with supporting signals units.

September 7, 2017

Argentina expresses interest in laser death-beam-equipped USS Ponce

Filed under: Americas, Military, Technology, USA — Tags: , — Nicholas @ 03:00

Those sneaky Argentines, trying to grab some surplus seagoing laser switchblade technology:

The U.S. Navy Afloat Forward Staging Base (Interim) USS Ponce (AFSB(I)-15) conducts an operational demonstration of the Office of Naval Research (ONR)-sponsored Laser Weapon System (LaWS) while deployed to the Arabian Gulf.
Date. 16 November 2014 (via Wikimedia)

Argentina reportedly wants to buy the US Navy’s laser death ray testbed warship, the fearsomely named USS Ponce.

According to the Mail on Sunday, the Argentinians are interested in buying the 46-year-old former landing platform (dock) from the American Navy when she is decommissioned next year.

“Senior Pentagon sources have confirmed talks are ongoing with the Argentinians over a Landing Platform Dock vessel capable of launching 800 troops, six helicopters and 2,000 tons of equipment into a war zone,” reported the paper, contrasting this with the Royal Navy’s HMS Ocean, which is very similar to the Ponce’s original configuration.

As regular readers know, the mighty Ponce has spent the last few years blasting various targets into bits using a shiny new $40m laser cannon and the US Navy even deployed her to the Gulf a few years ago.

To North American readers: if you’re wondering why this reads a bit oddly even by ordinary Register standards, it’s because the word “ponce” in British usage is a bit, um, odd. It’s taken as read that the primary purpose of an Argentine-flagged Ponce would sooner or later be intended for use in “liberating” the Falkland Islands:

The Ponce would be far from the first former US warship acquired by Argentina. In 1951 the Second World War cruiser USS Phoenix, a veteran of the Pearl Harbour attack by Japan, was bought by Argentina. She was renamed ARA General Belgrano – and sunk by British nuclear submarine HMS Conqueror during the 1982 Falklands War. Doubtless the same fate would befall the Ponce if Argentina tried the same trick again.

August 9, 2017

The Falklands War – A War for Lost Glory I THE COLD WAR

Filed under: Americas, Britain, History, Military — Tags: , , , — Nicholas @ 02:00

Published on 1 Jul 2015

The Falklands War was based on an old colonial struggle between two former world powers. When the military Junta in Argentina decided to claim the Falkland Islands in the South Atlantic they didn’t reckon with Great Britain’s Iron Lady Margaret Thatcher. The British Prime Minister unleashed full scale invasion. The Royal Navy and the British Army landed and ultimately took the capital Port Stanley. The Argentine Army surrendered shortly after that.

August 5, 2017

At least someone on the left is willing to find fault with Venezuela’s leadership

Filed under: Americas, Politics — Tags: , , — Nicholas @ 03:00

Of course, when I say “find fault”, I mean “criticize for not being even more horrible“:

Ken Livingstone, a former mayor of London, has blamed the turmoil in Venezuela on the unwillingness of the former president, Hugo Chávez, to execute “oligarchs” after he came to power.

Livingstone, who is suspended from the Labour party, also blamed the economic crisis in the country on the government’s failure to take his advice on investment in infrastructure, which he said would have reduced the Latin American state’s dependence on oil.

The former mayor, a longtime supporter of the late president Chávez and his successor Nicolás Maduro, said the socialist leader’s enemies wanted to restore their power.

“One of the things that Chávez did when he came to power, he didn’t kill all the oligarchs. There was about 200 families who controlled about 80% of the wealth in Venezuela,” Livingstone told Talk Radio.

“He allowed them to live, to carry on. I suspect a lot of them are using their power and control over imports and exports to make it difficult and to undermine Maduro.” When pressed, Livingstone said he was “not in favour of killing anyone”.

Livingstone visited Venezuela during his time in office as mayor of London, striking a cut-price oil deal with Maduro to supply Transport for London. The Labour leader, Jeremy Corbyn, has also regularly expressed his admiration for Chávez, saying in 2013 he was “an inspiration to all of us fighting back against austerity and neoliberal economics in Europe”.

August 4, 2017

Short memories and willing self-deception over Venezuela

Filed under: Americas, Economics, Media, Politics — Tags: , , , , , — Nicholas @ 03:00

In the Los Angeles Times, James Kirchick took the pundits to task for their adulation of Venezuela’s government as it plunged deliberately into a humanitarian disaster:

Shaded relief map of Venezuela, 1993 (via Wikimedia)

On Sunday, Venezuelan President Nicolas Maduro claimed victory in a referendum designed to rewrite the country’s constitution and confer on him dictatorial powers. The sham vote, boycotted by the opposition, was but the latest stage in the “Bolivarian Revolution” launched by Maduro’s predecessor, the late Hugo Chavez. First elected in 1998 on a wave of popular goodwill, Chavez’s legacy is one of utter devastation.

Thanks to Chavismo’s vast social welfare schemes (initially buoyed by high oil prices), cronyism and corruption, a country that once boasted massive budget surpluses is today the world’s most indebted. Contraction in per capita GDP is so severe that “Venezuela’s economic catastrophe dwarfs any in the history of the U.S., Western Europe or the rest of Latin America” according to Ricardo Hausmann, former chief economist of the Inter-American Development Bank. Transparency International lists Venezuela as the only country in the Americas among the world’s 10 most corrupt.

Socialist economic policies — price controls, factory nationalizations, government takeovers of food distribution and the like — have real human costs. Eighty percent of Venezuelan bakeries don’t have flour. Eleven percent of children under 5 are malnourished, infant mortality has increased by 30% and maternal mortality is up 66%. The Maduro regime has met protests against its misrule with violence. More than 100 people have died in anti-government demonstrations and thousands have been arrested. Loyal police officers are rewarded with rolls of toilet paper.

The list of Western leftists who once sang the Venezuelan government’s praises is long, and Naomi Klein figures near the top.

In 2004, she signed a petition headlined, “We would vote for Hugo Chavez.” Three years later, she lauded Venezuela as a place where “citizens had renewed their faith in the power of democracy to improve their lives.” In her 2007 book, The Shock Doctrine, she portrayed capitalism as a sort of global conspiracy that instigates financial crises and exploits poor countries in the wake of natural disasters. But Klein declared that Venezuela had been rendered immune to the “shocks” administered by free market fundamentalists thanks to Chavez’s “21st Century Socialism,” which had created “a zone of relative economic calm and predictability.”

Chavez’s untimely death from cancer in 2013 saw an outpouring of grief from the global left. The caudillo “demonstrated that it is possible to resist the neo-liberal dogma that holds sway over much of humanity,” wrote British journalist Owen Jones. “I mourn a great hero to the majority of his people,” said Oliver Stone, who would go on to replace Chavez with Vladimir Putin as the object of his twisted affection.

August 2, 2017

Argentina vs United Kingdom: Falklands War 2017

Filed under: Americas, Britain, History, Military — Tags: , — Nicholas @ 02:00

Published on 9 Dec 2016

How would Argentina fare if it tried to take the Falklands again? Does UK have enough forces stationed there to defend itself? Watch the video and find out!

July 15, 2017

The MOST DANGEROUS and EXTREME RAILWAYS in the World!! Compilation of Incredible Train Journeys!!

Filed under: Americas, Asia, Europe, India, Railways — Tags: — Nicholas @ 02:00

Published on 31 Mar 2017

This list consists 12 of the most dangerous and extreme railways in the world!!From railways That deep gorges and near vertical descents, to a 100 year old railway bridge built on sea. These are some of the most amazing, unbelievable and incredible railway routes around the world. These Railways offer daring experience to those who ride them.The Trains needs to pass through the most dangerous railroads along their journey. However, one can enjoy the scenic beauty while travelling on them.
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The Most Dangerous Railways featured in this list are :

Maeklong Railway, Thailand: This Railways passes through the congested maeklong market in Thailand.

Nariz del diablo, Ecuador : Considered most difficult train journey, the railway passed through tight cliffs and climbs steep altitudes.

Pamban Bridge, India : the trains has to pass through this breathtaking 100 year old sea bridge still operating.

Bangladesh Railways : Considered most overcrowded railways in the world where roof riding is a common sight.

Burma Railway : Constructed during world war II using forced labor, Many workers (prisoners of war) died due to rough conditions thus earning nickname ‘Death Railway’

Ferro carril Central Andino, Peru : Second Highest Railway in the World Running through the Andes.

Indian railways : World’s most busiest Railway, more than 25,000 people die annually on India’s railways

White pass & Yokon Route, Alaska : Built during Klondike Gold rush. This route boasts incredible sceneries.

Gokteik Viaduct, Myanmar : Highest railway trestle in the world.

Pilatus Railway, Switzerland : This Most steepest cogway railway offers incredible Sceneries.

Tren a las nubes, Argentina : The train Passes through dangerous curves and high bridges.

Gelmerbahn Funicular, Switzerland : Almost feels like a roller-coaster ride!

H/T to CT for the link.

May 29, 2017

Falklands War – Argentine Perspective – An Inevitable Defeat? (Guerra de las Malvinas)

Filed under: Americas, Britain, History, Military — Tags: , , , , — Nicholas @ 02:00

Published on 12 Apr 2016

The Falklands War (Guerra de las Malvinas) in 1982 as seen by many as an inevitable defeat for Argentina, but taking a closer look at the preparations or better the lack of preparation on the Argentine side reveals that the British could have faced a far stronger opposition and might even had been defeated at least in their initial attacks. This video could also be seen as a how NOT to guide.

May 23, 2017

Venezuela’s American “useful idiots”

Filed under: Americas, Economics, Media — Tags: , , , — Nicholas @ 04:00

Marian L. Tupy on the American apologists for the ongoing economic and humanitarian disaster unfolding in Venezuela, thanks to that country’s embrace of socialism:

… all socialist countries eventually come to experience similar economic and political problems. And, just as surely, there will always be those in the West who will jump to socialism’s defense. Vladimir Lenin, the founder of the Soviet state, called such people “useful idiots”.

I was reminded of the immensely seductive nature of socialism this week, when Tucker Carlson, the host of the eponymous show on Fox News, hosted a young socialist from The Students and Youth for a New America. To give you a sense of the conversation between the two, I have transcribed some of Dakotah Lilly’s statements below:

    “We need to acknowledge that what Venezuela is facing right now is terrorism at the hands of the opposition. Opposition has bombed schools, they have bombed buses, [and] they have taken wiring and strung it across roads to behead cops on motorcycles. These are not choir boys. These are violent extremists, hell-bent on taking away the progress that Venezuela has made over the past few years.”

    “If you look at the casualties that have happened in the past few months in these protests, the majority of those that have been killed have been trade unionist leaders, have been dedicated Chavistas, have been people on the Left.”

    “In terms of economics, the sanctions that the United States has put on Venezuela and the hoarding done by multi-national corporations in Venezuela, certainly does not help the [economic] situation.”

Almost everything that Lilly says here is demonstrably false. Extensive reporting by the New York Times, hardly a promoter and defender of “unbridled capitalism”, shows that most of the victims of political violence in Venezuela have been anti-government protesters.

Prey for Socialism’s Siren Call

Moreover, the sanctions imposed by the United States on a few individuals connected to the Venezuelan government have nothing to do with that country’s economic meltdown.

Aside from oil exports, Venezuela does not have or make anything that anyone in the world wants to buy. Thus, when the oil price collapsed from $140 to less than $50 a barrel, the country lost most of the foreign exchange it needed to purchase food and consumer goods abroad. Shortages ensued.

Admittedly, it is not entirely fair to criticize American millennials for their almost unfathomable ignorance. The state-schools system is, by and large, broken. American pupils can go through years of primary and secondary “education” without learning about communist crimes and socialist economic failures. Solutions to these problems are not easily to find. History and economics are not the most popular of subjects, and more often than not, the faculties are Left-leaning.

To make matters worse, young people, such as Dakotah Lilly, are deeply idealistic and easy prey to the siren call of socialism. They see the imperfections of free-market democracy at home and assume that countries with the opposite economic and political arrangements, such socialist Venezuela, must offer a better life to their people.

As Steven Horwitz pointed out earlier this month, “you can’t deny that Venezuela is a socialist calamity“:

This humanitarian disaster has raised the question of who or what to blame. That question puts self-proclaimed socialists and their progressive sympathizers in a difficult spot. After all, one can easily find lots of examples (from Michael Moore to Bernie Sanders) of people on the left praising or endorsing Chavez’s economic policies. So what can people who took that position say in the face of this disaster? And what can the defenders of free enterprise say as well?

Many on the left will start by denying that socialism is at fault. Sometimes they’ll deny that the Chavez-Maduro policies were “real” socialism. In other cases, they’ll argue that while their intentions might have been good, corruption and poor implementation doomed good policies to failure.

Both of these arguments have real problems.

If those policies were not “real” socialism, then why did so many sympathetic to socialism express so much support for them and argue that they would be transformative in ways socialists value? Chavez himself made such claims.

Do all of them not understand what socialism is? The variety of attempts Chavez made to prevent markets and prices from working and to substitute some form of economic planning in the name of the people have been broadly consistent with socialism since Marx. If that’s not socialism, what exactly is meant by that word anymore?

May 3, 2017

“Poverty, to be scenic, should be rural”

Filed under: Americas, Economics, Liberty — Tags: , , , — Nicholas @ 05:00

Daniel Hannan on the contrast between rural and urban poverty, and the attitudes of Westerners:

When I was growing up in Lima in the 1970s, Western visitors were astonished by the shantytowns, the barriadas, as they were known, that ringed that grimy city. Why, they asked, did people leave the countryside to live in these squalid slums? Why swap the pure air of the Andes for traffic fumes and sewage?

It was a very First World question. No Peruvian ever asked why people were quitting villages that lacked electricity and clean water. The barriadas may have been ugly, but they were humming with enterprise. They offered work, access to schools and clinics, a power supply. They were, for most of their denizens, transitional, a staging post between mountain squalor and something better.

In time, I came to realize that Western nose-wrinkling at developed countries was more esthetic than sympathetic. As the Victorian novelist Anthony Trollope put it, “Poverty, to be scenic, should be rural.”

Western attitudes haven’t advanced much since then. My kids’ geography homework is full of stories about evil Western corporations exploiting poor women in Vietnam or wherever. Now, you and I would not want to work in a Vietnamese sweatshop. But we have not spent our lives bending our backs in rice paddies.

Employees of foreign-owned companies in Vietnam earn 210 percent of the average wage. The readiness of that country to open itself to trade and investment has brought huge benefits to the Vietnamese, including those on the lowest incomes. Over 19 years, the West struggled to defeat totalitarian socialism in Vietnam, and failed. Three decades of trade have achieved what 60,000 American lives and over a trillion dollars in today’s prices in military spending failed to achieve: the end of Communism.

Developing countries which open their markets eliminate poverty more quickly than those which don’t. Compare Vietnam to Myanmar, or Colombia to Venezuela, or Bangladesh to Pakistan. A study of developing states since 1980 showed that those which had joined the global trading system enjoyed annual growth at an average of 5 percent, as against 1.5 percent for those which hadn’t.

April 6, 2017

American “isolationism” between the wars

Filed under: Americas, China, Europe, History, USA — Tags: , , , , — Nicholas @ 05:00

Reason‘s Jesse Walker linked to this article by Andrew Bacevich which helps to debunk the routine description of US foreign policy between the first and second world wars as “isolationism”:

… McCain is worried about the direction of world events, with Russian provocations offering but one concern among many. Patterson shares McCain’s apprehensions, compounded by what he sees as a revival of “the isolationism in Europe and America that precipitated World War II.”

Now as an explanation for the origins of the war of 1939-1945, American “isolationism” is as familiar as the sweet-and-sour pork featured at your local Chinese takeout joint. Its authenticity is equally dubious. Yet Patterson’s assertion has this virtue: It captures in less than a sentence a prime obstacle to instituting a realistic, fact-based approach to foreign policy.

In truth, isolationism is to history what fake news is to journalism. The oft-repeated claim that in the 1920s and 1930s the United States raised the drawbridges, stuck its head in the sand, and turned its back on the world is not only misleading, but also unhelpful. Citing a penchant for isolationism as a defect afflicting the American character is like suggesting that members of Congress suffer from a lack of self-esteem. The charge just doesn’t square with the facts, no matter how often repeated.

Here, by way of illustrating some of those relevant facts, is a partial list of places beyond the boundaries of North America, where the United States stationed military forces during the interval between the two world wars: China, the Philippines, Guam, Hawaii, Panama, Cuba, and Puerto Rico. That’s not counting the U.S. Marine occupations of Nicaragua, Haiti, and the Dominican Republic during a portion of this period. Choose whatever term you like to describe the U.S military posture during this era — incoherent comes to mind — but isolationism doesn’t fill the bill.

As for Patterson’s suggestion that the behavior of the United States “precipitated” World War II, the claim is simply laughable. World War I precipitated World War II, or more specifically the European malaise resulting from the bloodletting of 1914-1918, compounded by the Bolshevik Revolution and the spread of fascism, and further exacerbated by profoundly shortsighted policies pursued by Great Britain and France. Throw into the mix the Great Depression, Japanese imperial ambitions, and the diabolical plotting of Adolf Hitler and his henchmen, and you have the makings of a catastrophe. Some few observers foresaw that catastrophe, but preventing it lay well beyond the ability of the United States, even if U.S. leaders had been clairvoyant.

March 29, 2017

You can’t really understand history without considering the geography

Filed under: Americas, Asia, Books, Economics, History — Tags: , — Nicholas @ 04:00

At Samizdata, Brian Micklethwait discusses Tim Marshall’s book, Prisoners of Geography:

Britain and Western Europe, and then the other parts of the world where English is the dominant language, have mostly been blessed with a degree of geographically conferred freedom of manoeuvre that is denied to the inhabitants of pretty much all other nations. That is why these places got rich first. And it also now means that we Euros and Anglos are able to believe, as a matter of practical political policy rather than merely as privately pious aspiration, in a wide range of idealistic things of very variable value – things like freedom, democracy, equality, human rights, freedom for women, “social justice”. and so on and so forth – things that geographically more constrained people can only, as yet, dream of, and which they often regard as more as a threat to their own ways of doing things than as any kind of promise.

[…]

The word “maps” being in its subtitle, along with the bombastic claim that these maps tell you all you need to know about the world, these maps ought to be really, really well done, from the graphic point of view. But to my admittedly fading eye, they seemed to be not that good. On their own, they tell you nothing like everything about the world, which is why you actually need to read the book to get the points of all the maps. I was particularly disappointed by how the mountains look in these maps. Along with rivers, mountains are a big deal in this book, as you would expect them to be. But, in these maps, the mountains often scarcely register. It doesn’t help that the maps are done only with black ink on white paper. Colour would have helped. But even black ink could have been used, I feel, with somewhat greater clarity. I had to look quite hard to work out where these various mountains were. But, as I say, maybe that’s just me. My eyesight is definitely not what it was.

The mountainous insight I recall with particular pleasure is Marshall’s observation that the hostility between India and China would have been and would now be far greater, were it not for the most impenetrably formidable mountains on earth being at the boundary between these two civilisations. Contrast those impenetrable Asian mountains with that famous gap in the mountains in northern Europe, which results in a gigantic military parade ground with no natural barriers stretching from the Pyrenees to the Urals.

In addition to knowing better about Europe’s mountains, I now sort of know a whole lot more than I did about the mountains of South America. South America is, for me, one of the less fascinating places in the world, because, being so geographically cut off from the rest of the world and being of significance mostly only to their northern neighbours, South American mistakes count for a lot less than mistakes can elsewhere, especially mistakes made by the USA and Europe of course. South America, you might say, is basically just a big clutch of European mistakes.

Speaking of European mistakes, Marshall is very good on the habit of late nineteenth century Europeans of drawing straight lines upon maps of foreign parts, in defiance of geographical and consequent social and cultural and now “national” realities on the ground. The USA gets along fine despite all the straight lines that it contains dividing its states, because these states are, fundamentally, still very united, at least in the sense that everyone in them is quarrelling about the same things within the same political institutions. But the Middle East is still trying to shake free of its baleful legacy of fake states, which Europeans and now also Americans, all motivated by the need for oil, have expended so much of their own treasure and so much Middle Eastern blood trying to keep in being.

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