Quotulatiousness

January 14, 2018

POWs in Japan – Great War Remembrance – Marasesti I OUT OF THE TRENCHES

Filed under: Europe, Germany, History, Japan, Military, WW1 — Tags: , , , , — Nicholas @ 04:00

The Great War
Published on 13 Jan 2018

Ask your questions here: http://outofthetrenches.thegreatwar.tv

In today’s episode, Indy answers questions about the state of the prisoner of war camps in Japan, the ways in which WW1 is remembered in Germany and the food shortages in the Ottoman Empire, plus he takes a closer look at the Battle of Marasesti.

QotD: The Cultural Revolution of 1966

Filed under: China, Politics, Quotations — Tags: , , , — Nicholas @ 01:00

The Great Proletarian Cultural Revolution was proclaimed by Chairman Mao Tse-tung (as he was then spelt) on the 16th of May, 1966. […] It continued ten years, until its author’s death. It was one of the greatest continuing massacres of history — a work of incredible destruction through which most of the surviving cultural monuments from China’s civilized past were also wiped out. The Chinese Communist Party, which still rules this immense nation or empire, no longer wishes to talk about it. The anniversary has been suppressed, and even in Hong Kong, where media retain some fraction of the freedom they enjoyed under British colonial rule, Internet links to the anniversary have been frozen.

Led by young, psychopathic Red Guards, it was an unrestrained obliteration of what Mao called “The Four Olds” — old habits, old customs, old ideas, old culture. His satanic dream was of a “perpetual revolution.” His principles were ultimately those of the French Revolution — “improved” by the models of Leninism and Stalinism, the Hsin-hai Revolution of 1911 (in which the Chinese emperor was deposed), and the imagination of a petty bourgeois from a rural backwater in the province of Hunan (Mao himself). At this day, nothing like an adequate historical accounting can yet be attempted of the Cultural Revolution; nor of Mao’s previous iconoclastic essays; nor of the ways in which subsequent economic accomplishments have depended on them. Crucial sources for such a history remain under the control of the Politburo; and travel within their empire is still regulated by their “guides.”

The personality cult Mao launched, for the worship of himself as living god, exceeded that of Hitler or of Stalin. (At one point nothing was allowed in print that was not either by or about him.) I note that his image yet adorns Chinese banknotes.

[…] I had skirted China by then in my own travels, and read other newsy-historical works, and chatted with more than one acknowledged “China expert” in my quasi-vocation as a hack journalist; and thereby been fed almost entirely with lies. I knew that Maoism was evil, but could not begin to compass how radically evil. A growing appreciation of the grandeur of the ancient Chinese civilization accentuated this. For what was destroyed, in addition to the bodies corresponding to tens of millions of human souls, was of tremendous value, not only to China but to the legacy of the planet.

To my mind looking back, the Cultural Revolution may be the most sustained and thorough exercise in the cause of “progress” that men have yet performed.

David Warren, “Creative Destruction”, Essays in Idleness, 2016-05-16.

January 9, 2018

The Seven Years War: Crash Course World History #26

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

CrashCourse
Published on 19 Jul 2012

In which John teaches you about the Seven Years War, which may have lasted nine years. Or as many as 23. It was a very confusing war. The Seven Years War was a global war, fought on five continents, which is kind of a lot. John focuses on the war as it happened in the Americas, Asia, and Africa. the “great” European powers were the primary combatants, but they fought just about everywhere. Of course, this being a history course, the outcomes of this war still resonate in our lives today. The Seven Years War determined the direction of the British Empire, and led pretty directly to the subject of Episode 28, the American Revolution.

December 27, 2017

India’s Geography Problem

Filed under: China, Economics, Education, History, India — Tags: , , — Nicholas @ 02:00

Wendover Productions
Published on 5 Dec 2017

December 21, 2017

Manufacturing model trains in China

Filed under: Business, Cancon, China, Railways — Tags: , — Nicholas @ 06:00

Jason Shron (who glories in living the “hoser” stereotype) runs a small Canadian company that manufactures 1:87 scale model trains, doing the majority of the actual manufacturing in China. Even there, rising standards of living mean that small companies like Rapido Trains need to be on the lookout for ways to economize, as illustrated in this short video:

The bloody 20th century and the leaders who helped make it so

Filed under: China, Germany, History, Military, Russia, WW1, WW2 — Tags: , , , , — Nicholas @ 05:00

Walter Williams on the terrible death toll of the 20th century, both in formal war between nations and in internal conflict and repression:

The 20th century was mankind’s most brutal century. Roughly 16 million people lost their lives during World War I; about 60 million died during World War II. Wars during the 20th century cost an estimated 71 million to 116 million lives.

The number of war dead pales in comparison with the number of people who lost their lives at the hands of their own governments. The late professor Rudolph J. Rummel of the University of Hawaii documented this tragedy in his book Death by Government: Genocide and Mass Murder Since 1900. Some of the statistics found in the book have been updated here.

The People’s Republic of China tops the list, with 76 million lives lost at the hands of the government from 1949 to 1987. The Soviet Union follows, with 62 million lives lost from 1917 to 1987. Adolf Hitler’s Nazi German government killed 21 million people between 1933 and 1945. Then there are lesser murdering regimes, such as Nationalist China, Japan, Turkey, Vietnam and Mexico. According to Rummel’s research, the 20th century saw 262 million people’s lives lost at the hands of their own governments.

Hitler’s atrocities are widely recognized, publicized and condemned. World War II’s conquering nations’ condemnation included denazification and bringing Holocaust perpetrators to trial and punishing them through lengthy sentences and execution. Similar measures were taken to punish Japan’s murderers.

But what about the greatest murderers in mankind’s history — the Soviet Union’s Josef Stalin and China’s Mao Zedong? Some leftists saw these communists as heroes. W.E.B. Du Bois, writing in the National Guardian in 1953, said, “Stalin was a great man; few other men of the 20th century approach his stature. … The highest proof of his greatness (was that) he knew the common man, felt his problems, followed his fate.” Walter Duranty called Stalin “the greatest living statesman” and “a quiet, unobtrusive man.” There was even leftist admiration for Hitler and fellow fascist Benito Mussolini. When Hitler came to power in January 1933, George Bernard Shaw described him as “a very remarkable man, a very able man.” President Franklin Roosevelt called the fascist Mussolini “admirable,” and he was “deeply impressed by what he (had) accomplished.”

December 9, 2017

The Trudeau sideshow in China

Filed under: Cancon, China, Economics, Politics — Tags: , , — Nicholas @ 05:00

Colby Cosh on figuring out why Justin Trudeau’s trip to China didn’t end in the glory he and his handlers were clearly anticipating:

My favourite part of the fair has always been the sideshow. And when it comes to Justin Trudeau’s official visit to China, the sideshow definitely turned out to be the most interesting part of the proceedings. Interpreting the outcome of the visit involves a certain amount of old-fashioned Kremlinology, applied to both sides, but it seems fairly clear that Trudeau was gulled into providing Chinese leadership with some celebrity glamour in exchange for a big pile of nothing on Chinese-Canadian trade.

He came to China with hopes for progress on a future trade deal that would involve China accepting new labour, gender, and environment standards. But he collided with the newly aggressive Xi Jinping doctrine — a change in the official Chinese mood that insists on the country’s superpower status. China-watchers know that over the past year, in a process that culminated at the 19th Chinese Communist Party Congress in October, China has become more explicit, and more chauvinist, in claiming to pursue an independent, indigenous alternative model of economic and social progress.

[…]

Western commentators on China have, for a long time, had an implicit vision of a re-emerging bipolar world, with China in the old place of Russia as an ideological challenger to Western democracies. Xi is taking them at their word. China’s aspirations are no longer to follow or imitate the West, but to out-compete it on its own terms, without any of the untidy, politically dis-unifying elements of Western life — independent universities, newspapers that aren’t trash, multiple political parties, and the like.

Given this background, Trudeau arguably arrived in China at exactly the wrong moment. Formal talks on a China-Canada free trade agreement would have been the first ever between China and a G7 country. It turned out that there was more value for Xi in slapping the hand of friendship. The Global Times, an organ of the party’s People’s Daily newspaper network, published a cranky English-language editorial in the midst of Trudeau’s visit.

The editorial attacked the “superiority and narcissism” of Canadian newspapers, as an alternative to jabbing the prime ministerial guest in the eye personally. But it is easy enough to read between the lines. “Trade between China and Canada is mutually beneficial, more significant than the ideology upon which the latter’s media has been focusing,” wrote the tabloid’s editor, Hu Xijin. “When Canada imports a pair of shoes from China, will Canada ask how much democracy and human rights are reflected in those shoes?”

If Trudeau had been hoping to wipe away memories of his embarrassing stunt at the TPP negotiations by a Pierre-Trudeau-like Chinese breakthrough, the Chinese government clearly saw him coming a few thousand miles away and ensured that no such PR coup would be allowed.

December 7, 2017

The battleships of Pearl Harbour

Filed under: History, Japan, Military, USA, WW2 — Tags: , — Nicholas @ 06:00

Last month Naval Gazing ran a three-part series on the US Navy battleships at Pearl Harbour on the morning of 7 December, 1941, their post-attack fates, and later careers in World War 2. Part 1 was about the initial Japanese attack:

In Pearl Harbor on December 7th were eight battleships: Nevada, Oklahoma, Pennsylvania, Arizona, Tennessee, California, West Virginia and Maryland. All of them were of First World War vintage, representatives of what was known as the Standard Type. These were ships commissioned between 1914 and 1923, all of broadly the same size, and the first ships designed for long-range combat using an all-or-nothing armor scheme. All had four turrets, and all but West Virginia and Maryland mounting 14” guns. (They had 16” guns instead.)

Pearl Harbour at the beginning of the attack, Battleship Row at the top (the waterspout is the first torpedo hit on the USS West Virginia)

All of the ships except Pennsylvania (which was in drydock) were moored along Ford Island in the famous ‘battleship row’. I’m going to focus on the stories of the individual ships during the attack, moving north to south. The attack began at 0748 on Sunday, December 7th, and a total of 353 Japanese aircraft were involved, in two waves.

A map of Pearl Harbour before the attack

The second post in the series covered the salvage of the damaged US Navy battleships:

When we left Pearl Harbor, it was the evening of December 7th, and most of Battle Force was on the bottom of the harbor. But what happened to the ships afterwards? We’ll go through the ships in the order which they returned to service (if they did) and then look more broadly at the use of the survivors during the war.

Battleship Row, 8 December 1941. Left-to-right: Maryland, Oklahoma, Tennesee, West Virginia, Arizona.

Maryland was the first ship ready to go to sea again, albeit with some damage. Tennessee was slightly behind her, as she was wedged by the West Virginia. Both ships were sent to Puget Sound at the end of the year, and repairs were completed in February. Pennsylvania was sent to San Francisco at the same time, returning to duty in March. All three ships (along with Colorado, New Mexico, Mississippi, and Idaho) served as part of TF 1, the backup to the carrier fleet until after Midway. Tennessee and Pennsylvania were sent to the states for comprehensive refit, running 8/42-5/43 and 10/42-2/43 respectively. Both received the standard upgrade, a reconstructed superstructure resembling those on the fast battleships (although there was less work done on Pennsylvania than the others), 5”/38 secondary guns in place of the former mixed secondary battery and upgraded fire control. Tennessee was also blistered against torpedoes, restricting her to the Pacific or a long journey around South America. Maryland was never refitted.

Part 3 discussed the Pearl Harbour survivors at the battle of Leyte Gulf:

The invasion began on Leyte Island in October of 1944, and triggered the largest naval battle in history, the battle of Leyte Gulf. The Japanese, who had long planned for the ‘Decisive Battle’ between their battleships and those of the US, planned a counterattack on the US landings in three main groups. Their carriers would come in from the north and draw off the US carriers covering the invasion, while two groups of battleships would sneak up on the invasion fleet from the east, passing through the Philippines and pincering the US transports from the north and south.

USS Pennsylvania leads a column of battleships into Lingayen Gulf.

The northern group (basically without planes after severe losses in June during the Battle of the Philippine Sea) managed to draw off Admiral Halsey. He’s often criticized for this, but in fairness, he was tasked with destroying the Japanese fleet, and the US didn’t realize how badly the carrier air groups had been hammered. The center group (with the faster battleships) had been detected, and appeared to have turned back after Musashi, Yamato’s sister ship, was sunk. They in fact resumed their course, and their encounter with escort carrier group Taffy 3 is the stuff of legend, but also a matter for another time.

November 27, 2017

China discovers that there’s a (very) limited appetite for shared bikes

Filed under: Business, China, Economics — Tags: , , — Nicholas @ 04:00

In the Guardian, Benjamin Haas reports on what at first might seem to be a vast modern art display:

At first glance the photos vaguely resemble a painting. On closer inspection it might be a giant sculpture or some other art project. But in reality it is a mangled pile of bicycles covering an area roughly the size of a football pitch, and so high that cranes are need to reach the top; cast-offs from the boom and bust of China’s bike sharing industry.

Just two days after China’s number three bike sharing company went bankrupt, a photographer in the south-eastern city of Xiamen captured a bicycle graveyard where thousands have been laid to rest. The pile clearly contains thousands of bikes from each of the top three companies, Mobike, Ofo and the now-defunct Bluegogo.

Tim Worstall draws the correct conclusion from the provided evidence:

We want, irrespective of anything else about the economy, a method of testing ideas to see if they work. Does the application of these scarce resources meet some human need or desire? Does it do so more than an alternative use, is it even adding value at all?

Bike shares, are they a good idea or not? The underlying problem being that expressed and revealed preferences aren’t the same. There’s only so far market research can take you, at some point someone, somewhere, has to go out and do it and see.

Excellent, the Commie Chinese have done so. Vast amounts of capital thrown into this, competing bike share companies, hire costs pennies. And no fucker seems very interested. That is, no, large scale bike share schemes don’t meet any discernible human need or desire, they don’t add value, spending the money on something else will increase human joy and happiness better.

And this is excellent, we’ve tried the idea and it don’t work. Now we can abandon it and go off and do something else therefore.

Which is the great joy of market based systems. They’re the best method we’ve got of finding out which ideas are fuck ups.

Long live markets.

November 12, 2017

The Mad Baron – Roman von Ungern-Sternberg I WHO DID WHAT IN WWI?

Filed under: Asia, History, Military, Russia, WW1 — Tags: , , , — Nicholas @ 06:00

The Great War
Published on 11 Nov 2017

Check out Feature History’s video about the Polish-Soviet War: https://www.youtube.com/watch?v=UJ3jQQ00pX0

Roman von Ungern-Sternberg was certainly one of the most interesting characters of the First World War. He was a military buddhist, loyal to the Tsar and enjoyed acts of foolish heroism and cruel violence in equal measure. From his Estonian beginnings to his Russian military service, and eventually running his own autocratic regime whilst the Bolsheviks and Whites engaged in Civil War, let’s take a look at the man behind the legends; the Bloody Baron.

November 5, 2017

QotD: Explaining comparative advantage

Actually, it’s dead easy. No math, no arithmetic. It is in fact the soul of common sense. But you have to understand that comparative advantage is the principle of cooperation, as against competition. The word “advantage” gets us thinking of competition, which is perfectly reasonable in our own individual lives — we do compete with other businesses or other writers or whomever. But the system as a whole, whatever it is, does well of course by cooperating, in business or science or family life. It’s not all we do, admittedly. We also compete. But within a household or a company or a world economy the job is to produce a result in the best way, cooperatively. If you are running a household or a sports team or a world economy, you would want to assign roles to the various contributors to the common purpose sensibly. It turns out to be precisely on grounds of comparative advantage.

Consider Mum and 12-year old Oliver, who are to spend Saturday morning tidying up the garage. Oliver is incompetent in everything compared with Mum. He cannot sweep the floor as quickly as she can, and he is truly hopeless in sorting through the masses of rubbish that garages grow spontaneously. Mum, that is, has an absolute advantage in every sub-task in tidying up the garage. Oliver is like Bangladesh, which is poor because it makes everything — knit goods and medical reactors — with more labor and capital than Britain does. Its output per person is 8.4 percent of what it is in Britain. So too Oliver.

What to do? Let Mum do everything? No, of course not. That would not produce the most tidied garage in a morning’s work. Oliver should obviously be assigned to the broom, in which his disadvantage compared with Mum is comparatively least — hence “comparative advantage.” An omniscient central planner of the garage-tidying would assign Mum and Oliver just that way. So would an omniscient central planner of world production and trade. In the event, there’s no need for an international planner. The market, if Trump does not wreck it, does the correct assignment of tasks worldwide. Bangladesh does not sit down and let Britain make everything merely because Britain is “competitive” absolutely in everything. And in fact Bangladesh’s real income has been rising smartly in recent years precisely because it has specialized in knit goods. It has closed its ears to the siren song of protecting its medical reactor industry. It gets the equipment for cancer treatment from Britain.

Comparative advantage means assigning resources of labor and capital to the right jobs, whatever the absolute productivity of the economy. It applies within a single family, or within a single company, or within Britain, or within the world economy, all of which are made better off by such obvious efficiencies. Following comparative advantage enriches us all, because it gets the job done best. Policies commonly alleged to achieve absolute advantage lead to protection — that is, extortion, crony capitalism, and the rest in aid of “competitiveness.”

Dierdre N. McCloskey, “A Punter’s Guide to a True but Non-Obvious Proposition in Economics”, 2017-10-16.

November 4, 2017

The death toll of a century of Communism

Filed under: China, History, Politics, Russia — Tags: , , , — Nicholas @ 05:00

Yuri Maltsev on the human cost of the Russian Revolution and its follow-on upheavals worldwide:

The horrors of twentieth-century socialism — of Lenin, Stalin, Hitler, Mussolini, Mao, and Pol Pot — were the offspring of 1917. Seventy years earlier, Marx and Engels predicted the overthrow of bourgeois rule would require violence and “a dictatorship of the proletariat … to weed out remaining capitalist elements.” Lenin conducted this “weeding out” using indiscriminate terror, as Russian socialists before him had done and others would continue to do after his death.

The late Rudolph Rummel, the demographer of government mass murder, estimated the human toll of twentieth-century socialism to be about 61 million in the Soviet Union, 78 million in China, and roughly 200 million worldwide. These victims perished during state-organized famines, collectivization, cultural revolutions, purges, campaigns against “unearned” income, and other devilish experiments in social engineering.

In its monstrosity, this terror is unrivaled in the course of human history.

Lenin’s coup on November 7, 1917, the day Kerensky’s provisional government fell to Bolshevik forces, opened a new stage in human history: a regime of public slavery. Collectivist economic planning led to coercion, violence, and mass murder. Marx and Engels had defined socialism as “the abolition of private property.” The most fundamental component of private property, self-ownership, was abolished first.

[…]

The Marxists’ biggest targets have always been the family, religion, and civil society — institutional obstacles to the imposition of the omnipotent state. With the Bolsheviks in power, Lenin set out to destroy them.

Murder of children became a norm after he ordered the extermination of Czar Nicholas II, his wife Alexandra, and their five children. Millions of families were rounded up and forcibly relocated to remote and uninhabited regions in Siberia and Kazakhstan. Hundreds of thousands of children died of starvation or disease during their journey into exile and were buried in mass unmarked graves.

In 1935, Stalin introduced Article 12 of the USSR Criminal Code, which permitted that children age twelve and older be sentenced to death or imprisonment as adults. This “law” was directed at the orphans of victims of the regime, based on the belief that an apple never falls far from the tree. Many of these kids, whose parents had been jailed or executed, were commonly known as bezprizorni, street children. They found themselves living in bare, dirty cells in a savagely violent gulag, where they were mixed with dangerous criminals and were brutalized and raped by guards and common criminals.

On a lighter note, here’s a review of The Death of Stalin from Samizdata:

The Death of Stalin opened recently across the UK. It is an excellent black comedy, 5 stars. The film opens with a musical performance for Radio Moscow, Stalin likes it, and asks for the recording. There is none, so, in true Soviet style, the recording is ‘faked’ by the terrified producer, who resorts to desperate measures. The backdrop to this is nightly NKVD raids, roaming through apartment blocks with the citizenry knowing what to expect, Beria adds his own touches to the minutiae of the raids. We see Stalin’s inner circle, all desperately keeping track of what they have said, and striving to please their master.

Then Stalin collapses, with a little sub-plot device thrown in. Beria is the first to find him, and gets his head start on the race for power. The others in the Praesidium arrive, and the plotting begins. Efforts to get a doctor for Stalin are complicated by the consequences of the Doctors’ Plot, with the NKVD rounding up whoever they can find instead. But it becomes clear that Stalin is in a terminal condition and he then dies.

It should be noted that the film is by the writers of The Thick of It, something, not having a TV, I have never seen, but it has the flavour of a much coarser version of an Ealing Comedy. Beria’s raping and torturing is a major theme, and anyone who sits through the first 15 minutes should by then be under no illusion about the nature of the Soviet Union and socialism. Another excellent aspect of the film is the use of various accents, Stalin is a cockney (perhaps he should have been Welsh, an outsider, emphasising his Georgian origins). Zhukov a bluff Lancastrian (or Northerner), Malenkov and Khrushchev have American accents.

October 10, 2017

India’s bold experiment … is an economic failure

Filed under: Economics, Government, India — Tags: , , — Nicholas @ 05:00

Back in December, I linked to an article by Shikha Dalmia, discussing the rhetoric and (likely) reality of India’s currency experiment. Now, Lawrence White rounds up the damage done:

The debate over demonetization was revived this month (September 2017) after the Reserve Bank of India finally announced the count of returned currency. It announced that 99 percent of the discontinued notes, Rs 15.28 trillion out of Rs 15.44 trillion, had been returned. As Vivek Kaul has noted, “The conventional explanation for this is that most people who had black money found other people, who did not have black money, to deposit their savings into the banking system for them.”

The trivial size of unreturned currency, of course, obliterates BDK’s [Bhagwati, Dehejia, and Krishna’s] projection of a government seigniorage windfall.

What about BDK’s other projected source of revenue, the 50% tax on acknowledged black deposits? Whereas in BDK’s scenario, black currency holders would make Rs2 trillion in voluntary-disclosure deposits, which would yield Rs 1 trillion in revenue, the actual collections under the scheme were reported in April at Rs 23 billion, or 2.3% of the BDK-imagined sum. Such paltry revenues mean that demonetization, from the fiscal perspective, was all pain and no gain.

The accumulating evidence on economic growth, meanwhile, has become damning. Between July and September 2016, India’s GDP grew 7.53 percent. Between January and March 2017 it grew 5.72 percent. Former head of the Reserve Bank of India Raghuram Rajan, now returned to the University of Chicago, links the drop to demonetization: “Let us not mince words about it — GDP has suffered. The estimates I have seen range from 1 to 2 percentage points, and that’s a lot of money — over Rs2 lakh crore [i.e. trillion] and maybe approaching Rs2.5 lakh crore.” Kaul adds that GDP does not well capture the size of the informal cash sector, where the losses from demonetization were greatest.

In response to the RBI report and GDP data, and to their credit, BDK have substantially retreated from claims of success to what can be regarded as the claim that there is still a chance to break even.

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 14, 2017

Ken Burns and Lynn Novick: The Vietnam War Is the Key to Understanding America

Filed under: Asia, History, Media, Military, USA — Tags: , , , , — Nicholas @ 05:00

Published on 13 Sep 2017

Nick Gillespie interviews Ken Burns and Lynn Novick about their new documentary series: The Vietnam War.

The Vietnam War led to more than 1.3 million deaths and it’s one of the most divisive, painful, and poorly understood episodes in American history.

Documentarians Ken Burns and Lynn Novick have spent the past decade making a film that aims to exhume the war’s buried history. Their 10-part series, which premieres on PBS next week, is a comprehensive look at the secrecy, disinformation, and spin surrounding Vietnam, and its lasting impact on two nations. The 18-hour film combines never-before-seen historical footage, with testimonies from nearly 80 witnesses, including soldiers on both sides of the conflict, leaders of the protest movement, and civilians from North and South Vietnam.

A two-time Academy Award winner, Burns is among the most celebrated documentary filmmakers of our time, best-known for the 1990 PBS miniseries The Civil War, which drew a television viewership of 40 million. He and Novick are longtime collaborators, and in 2011 she co-directed and produced Prohibition with Burns. In 2011, Reason’s Nick Gillespie interviewed Burns that film and the role of public television in underwriting his work.

With the release of The Vietnam War, Gillespie sat down with Burns and Novick to talk about the decade-long process of making their new film, and why understanding what happened in Vietnam is essential to interpreting American life today.

Produced by Todd Krainin. Cameras by Meredith Bragg, Mark McDaniel, and Krainin.

Full interview transcript available at http://bit.ly/2x0e5U4

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