Let us next take a brief but important notice in Tacitus, for the year 33 AD:
Meanwhile a powerful host of accusers fell with sudden fury on the class which systematically increased its wealth by usury in defiance of a law passed by Caesar the Dictator defining the terms of lending money and of holding estates in Italy, a law long obsolete because the public good is sacrificed to private interest. The curse of usury was indeed of old standing in Rome and a most frequent cause of sedition and discord, and it was therefore repressed even in the early days of a less corrupt morality. First, the Twelve Tables prohibited any one from exacting more than 10 per cent., when, previously, the rate had depended on the caprice of the wealthy. Subsequently, by a bill brought in by the tribunes, interest was reduced to half that amount, and finally compound interest was wholly forbidden. A check too was put by several enactments of the people on evasions which, though continually put down, still, through strange artifices, reappeared. On this occasion, however, Gracchus, the praetor, to whose jurisdiction the inquiry had fallen, felt himself compelled by the number of persons endangered to refer the matter to the Senate. In their dismay the senators, not one of whom was free from similar guilt, threw themselves on the emperor’s indulgence. He yielded, and a year and six months were granted, within which every one was to settle his private accounts conformably to the requirements of the law.
Hence followed a scarcity of money, a great shock being given to all credit, the current coin too, in consequence of the conviction of so many persons and the sale of their property, being locked up in the imperial treasury or the public exchequer. To meet this, the Senate had directed that every creditor should have two-thirds of his capital secured on estates in Italy. Creditors however were suing for payment in full, and it was not respectable for persons when sued to break faith. So, at first, there were clamorous meetings and importunate entreaties; then noisy applications to the praetor’s court. And the very device intended as a remedy, the sale and purchase of estates, proved the contrary, as the usurers had hoarded up all their money for buying land. The facilities for selling were followed by a fall of prices, and the deeper a man was in debt, the more reluctantly did he part with his property, and many were utterly ruined. The destruction of private wealth precipitated the fall of rank and reputation, till at last the emperor interposed his aid by distributing throughout the banks a hundred million sesterces, and allowing freedom to borrow without interest for three years, provided the borrower gave security to the State in land to double the amount. Credit was thus restored, and gradually private lenders were found. The purchase too of estates was not carried out according to the letter of the Senate’s decree, rigour at the outset, as usual with such matters, becoming negligence in the end.
So far as we can understand what was happening, the passage largely explains itself. An old law restricting the rate of interest is suddenly revived. This invalidates a large class of loans above the official rate made on short term but renewable contracts. An indulgence is given of eighteen months, during which the now illegal loans are systematically called in. The result is a liquidity crisis in which land prices collapse. The crisis is dealt with by emergency lending by the Emperor.
There is nothing unusual about this sort of crisis. We are passing through something similar at the moment. What Tacitus is showing is a developed economy with much integration of capital and land markets. We can see how easily land can be sold, and how responsive prices are to the forces of demand and supply. Again, special pleading can be brought to bear on the story to try and minimise the extent of market behaviour. But, so far as this crisis can be analysed in terms of standard economic theory, the simplest explanation is to conclude that the economy of the early Roman Empire was, in its essentials, like that of the modern world.
Sean Gabb, “Market Behaviour in the Ancient World: An Overview of the Debate”, 2008-05.
October 29, 2019
QotD: The financial crisis of 33AD
October 28, 2019
The Surrender of the Imperial German High Seas Fleet
Historigraph
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Inducing cognitive dissonance at Harvard
At Samizdata, Niall Kilmartin explains some of the unintended consequences of Harvard’s consciously racist admission policies:
Harvard University Memorial Church.
Photo by Crimson400 via Wikimedia Commons.
1) Harvard invites students to attend a university – one of the halls of academia. By presenting itself as elite, it invites its students to think that academic ability, academic ways of thinking, are hallmarks (the hallmarks!) of an elite.
2) Having implied the importance of academic talent in overt and subtle ways, Harvard creates an artificial racial reality: it selects its asian-american students to average 140 Scholastic Aptitude Test points more that its white-american students. It selects its white-american students to average 130 SAT points more than its hispanic-american students. And it selects its african-american students to average 180 SAT points less than its hispanics, 310 SAT points less than its whites and 450 SAT points less than its asians.*
Thus Harvard gives members of each of these easily-distinguishable racial groups the routine experience of encountering a consistent, marked discrepancy between their group and other groups in precisely the area that the whole essence of being at Harvard implies is important, not just for gaining some academic degree but for being worthy to decide on politics, social mores, life in general. Day by day, the experience of being at Harvard teaches its students that, in the quality that matters, asians are typically superior, whites are typically normal, hispanics are typically inferior and blacks even more so. Harvard is a university – a pillar of academia, a place that implies academic is everything – and they chose the racial mix of their students to incarnate academic racial inequality.
3) Harvard also teaches that it is the most appalling sin, unspeakably evil and harshly-punished even when the evidence is slight or non-existent, for any student ever to refer in the slightest, most micro, most indirect way to this routinely-experienced reality that Harvard admissions has created. Students must not in any way betray that they have noticed any aspect or even distant side-effect of the artificial reality Harvard has created for them – and this of course compounds the artificiality of the Harvard reality.
So my question is: what does this experience in fact teach Harvard students?
Finishing the Box | Dovetail Box Series #19 | Free Online Woodworking School
Matt Estlea
Published 26 Oct 2019In this video, I show you how I would go about finishing the box and guide you in choosing your perfect finish. If you want to know more about how I apply OSMO, watch this video:
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_________________________________________________________________My name is Matt Estlea, I’m a 23 year old Woodworker from Basingstoke in England and my aim is to make your woodworking less s***.
I come from 5 years tuition at Rycotewood Furniture Centre with a further 1 year working as an Artist in Residence at the Sylva Foundation. I now teach City and Guilds Furniture Making at Rycotewood as of September 2018.
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The demonstrated need for “Clean Teen” fiction in the YA section
You don’t need to be a Bible-thumping traditionalist to be alarmed at what publishers are pushing into the Young Adult fiction market for teenagers and older pre-teens. There are themes and content choices that many parents would be unwilling to allow younger readers to encounter, but the criticisms are falling on deaf ears, as Megan Fox shows:
“New Spin on YA” by Salem (MA) Public Library is licensed under CC BY-NC-ND 2.0
It’s tough to find a book for pre-teens and teens without graphic sex and violence. The “Young Adult” section, which is marketed to kids from nine to seventeen, is full of stuff most parents would not want their children reading about. Because of it, sites like Common Sense Media, where you can see what kind of content is in the books before you let your kid read them, are very popular with parents. Parents and kids rate the books according to how much violence, sex, drug use, mature themes, and the like are in them. Librarians and the American Library Association are staunchly opposed to anyone categorizing books by content and liken it to censorship. They’re out of their minds. On one hand, they tell parents, “It’s up to you to direct your child’s reading,” but they offer no help in actually doing that by their refusal to mark books that contain adult content. And now that some websites are answering parents’ calls for innocent plotlines by offering “Clean Teen” selections, SJW authors, who think every child should have the sexual knowledge of Caligula, have their panties in a twist about it.
“If they’re named ‘Clean Teen’ novels what are the rest called? ‘Unwashed Teen’ ‘Trash Teen’ ‘Didn’t shower after soccer practice Teen’ ‘Say three Hail Mary’s in confessional Teen?'” said Zorri Cordova, a supposed author.
The far-left weirdos are never satisfied to corrupt their own children, they want your kids too. The American Library Association loves to take potshots at Common Sense Media. “These days, Common Sense Media’s initiatives contain a less than subtle paternalism based on the conviction that its values should control children’s learning experiences,” wrote Joyce Johnston on the ALA’s Intellectual Freedom Blog. They have no problem, however, controlling children’s learning experiences with their far-left values. For a laughable example, check out ALA’s LGBT initiatives.
Publisher’s Weekly wrote about this topic.
Kendra Levin at Simon & Schuster Books for Young Readers observes that “the meaning of ‘clean teen’ can depend on the context, but within publishing houses, I think it’s most often used to describe a buffer zone between middle grade and mature YA — books specifically geared toward the younger end of the teen spectrum. You could also call this young teen and 12-and-up YA, as opposed to 14 and up.
This suggests that 14-year-olds are ready for the Roman orgies and coke parties that are depicted in the majority of YA fiction these days (and yes, I’ve read them). I don’t know what planet these people are living on, but it’s starting to get to me. What is wrong with Little House on the Prairie? Oh yeah, Laura Ingalls Wilder has been branded a racist.
Hetzer – a German mobile armoured coffin
Lindybeige
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The Hetzer (or Jagdpanzer 38t) – it is a “cool”-looking vehicle, and a favourite with WW2 tank enthusiasts, but was it all that great to fight in?
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QotD: Latin versus English
Winston Churchill, My Early Life, 1930.
October 27, 2019
Hitler is Disappointed by his Allies – WW2 – 061 – October 26, 1940
World War Two
Published 26 Oct 2019Hitler finds out that not everyone is ready to do his bidding. Much to the frustration of Hitler, Franco, Petain and Mussolini all have their reasons to take the high road.
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Freedom of speech under threat (again)
In The Atlantic, Ken White strongly urges pro-free-speech advocates to avoid using some arguments that have been bandied around recently:
What speech should be protected by the First Amendment is open to debate. Americans can, and should, argue about what the law ought to be. That’s what free people do. But while we’re all entitled to our own opinions, we’re not entitled to our own facts, even in 2019. In fact, the First Amendment is broad, robust, aggressively and consistently protected by the Supreme Court, and not subject to the many exceptions and qualifications that commentators seek to graft upon it. The majority of contemptible, bigoted speech is protected.
If you’ve read op-eds about free speech in America, or listened to talking heads on the news, you’ve almost certainly encountered empty, misleading, or simply false tropes about the First Amendment. Those tired tropes are barriers to serious discussions about free speech. Any useful discussion of what the law should be must be informed by an accurate view of what the law is.
Supreme Court Justice Oliver Wendell Holmes, Jr.
Photo by Harris & Ewing via Wikimedia Commons.
[…]“This speech isn’t protected, because you can’t shout ‘Fire!’ in a crowded theater.”
This line, though ubiquitous, is just another way to convey that “not all speech is protected by the First Amendment.” As an argument, it is just as useless.
But the phrase is not just empty. It’s also a historically ignorant way to convey the point. It dates back to a 1919 Supreme Court decision allowing the imprisonment of Charles Schenck for urging resistance to the draft in World War I. Justice Oliver Wendell Holmes Jr. wrote that the “most stringent protection of free speech would not protect a man in falsely shouting fire in a theatre and causing a panic.” This decision led to a series of cases broadly endorsing the government’s ability to suppress speech that questioned official policy. But for more than half a century Schenck has unequivocally and universally been acknowledged as bad law.
Holmes himself repented of the decision — though he continued to indulge his taste for pithy phrases with lines like “Three generations of imbeciles are enough” to justify forcible government sterilization of the handicapped.
So when you smugly drop “You can’t shout ‘Fire!’ in a crowded theater” in a First Amendment debate, you’re misquoting an empty rhetorical device uttered by a career totalitarian in a long-overturned case about jailing draft protesters. This is not persuasive or helpful.
Did You Know These 7 BASICS ABOUT MAPLE LUMBER?
Woodworkers Source
Published on 26 Dec 2018Wait, what? Hard maple, soft maple, what the heck is country maple and while we’re at it PLEASE EXPLAIN curly maple, bird’s eye maple, quilted maple, ambrosia maple.
Seriously folks, we get this question a lot. LIKE, A LOT. First of all, sorry about the confusion. Second, it even confounds us from time to time. But we’re gonna fix that today.
Let’s do this! This video demonstrates the 7 maples that you might encounter at your lumber supplier, and distills it all down the essential differences that might help you out.
***
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QotD: Hating jazz
Some people’s innate hatred of jazz is simply the result of an unfortunate experience, but then anyone who’s witnessed Art Blakey performing a three-and-a-half hour drum solo is entitled to feel a little peeved (and I speak as someone who has seen one at close quarters). On top of this, some people just don’t get it. Like the later work of James Joyce, the films of Tarkovsky and “tax harmonisation”, the fact that some things will always lie just beyond the common understanding is something jazz enthusiasts must learn to live with.
Also, jazz has often been victim to the vagaries of fashion, destined to be revived at the most inappropriate moments. The last time jazz was really in the limelight was back in the mid-Eighties, when it became the soundtrack du jour in thousands of matt-black bachelor flats all over designer Britain and when every style magazine and beer ad seemed to look like a Blue Note album cover. Jazz went from being a visceral, corporeal music to a lifestyle soundtrack. This was the age of Style Council, of Absolute Beginners … of Sting. Buying into jazz was meant to lend your life a patina of exotic sophistication and was used to sell everything from Filofaxes and coffee machines to designer jeans and sports cars.
Dylan Jones, “The 100 best jazz albums you need in your collection”, GQ, 2019-08-25.
October 26, 2019
The Frankfurt School and you
At Rotten Chestnuts, Severian suggests we consider the origins of a large part of modern progressive thoughts:
Notable members of the Frankfurt School in Heidelberg, April 1964 at the Max Weber-Soziologentag. Max Horkheimer is front left, Theodor W. Adorno front right, and Jürgen Habermas is in the background, right, running his hand through his hair. Siegfried Landshut is in the background left.
Photograph by Jeremy J. Shapiro via Wikimedia Commons.
It occurs to me that Our Thing ought to take a long, hard look at the Frankfurt School.
Those were the guys, of course, who pioneered the notion that their political opponents must be mentally ill. Given that
- all sane people are good; and
- good people only want good things; and
- Socialism is a good thing;
then
- anyone who doesn’t want Socialism wants a bad thing;
- therefore is a bad person;
- therefore is insane.
Anyone with the common sense God gave little catfish recognizes this as begging the question. And not particularly subtle question-begging, either, which is why it took over 1,000 pages (!) of ponderous Teutonic prose to disguise it. It’s science, comrades. Only Socialism, or a .38 to the back of the neck, will cure us …
… assuming, of course, that we want to be cured.
The Frankfurt Schoolers assumed this, of course, as did all those freelance critical theorists running the NKVD’s torture chambers. But that was then. The Frankfurt Schoolers were shockingly bourgeois on so many things. They thought homosexuality was a mental illness, if you can believe it, and I doubt even Herbert Marcuse would’ve signed off on “drag queen story hour,” let alone the state-mandated chemical castration of 6 year old boys. Only the peerless enlightenment of the Current Year recognizes this, comrades.
History Summarized: Byzantine Beginnings
Overly Sarcastic Productions
Published 25 Oct 2019It’s Rome! It’s Greece! It’s… The Byzantine Empire! Check out how late Imperial Rome transformed in the centuries from Constantine to Justinian, as it evolved into a new and unique iteration of Roman civilization. Watch as Byzantine craftsmen revolutionize artwork by throwing a megaton of gold onto every last mosaic in the Mediterranean, and radically reimagine architecture by asking “But what if *dome*?”
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A look into yet another dystopian future
This time, it’s Tom Slater looking at the parliamentary situation well into the future:
The year is 2051. An 87-year-old Boris Johnson is still prime minister, commanding a majority of minus 200 in the House of Commons.
The taxidermied remains of Jeremy Corbyn looks lairily at him each day from across the chamber.
The Liberal Independent Group for Anti-Democratic Change, formed by breakaway elements of the other parties in the great merger of 2020, is by far the largest bloc.
For some reason it has never found the “right time” to assert control of the Commons. But by some convoluted means it has successfully delayed some 187 attempts to hold a General Election.
The UK is still a member of the European Union. But no one else is. Long since collapsed, it is now just a portacabin outside the Mini-Europe miniature park in Brussels.
It employs one man, whose job it is to sweep up, sort the post, and respond to the United Kingdom’s periodic requests for an extension to Article 50.
Somehow, his expenses are exorbitant.
They say making predictions these days is a mug’s game. But I’m pretty sure that’s where we’re headed. Or rather, given the Kafkaesque turn British politics has taken, nothing could surprise me now.
PM Boris Johnson has offered the opposition the election they claim to have been craving, again, and they appear set to reject it, again.
Labour leader Jeremy Corbyn has indicated he will back a General Election once the European Union grants an extension to Article 50. But the EU is holding off on making that decision until MPs vote on the election.
You can see the problem here. But at least it will keep half of Corbyn’s parliamentary party happy, who are apparently dead-set against an election and would rather we go for a second Brexit referendum first.
Chassepot Needle Rifle
Forgotten Weapons
Published on 30 May 2015Sold for $1,150 (with three other rifles).
The Chassepot was the French answer to the Dreyse needle rifle, and also the only other needlefire rifle to see major military service. It was adopted in 1866 and served as a primary French infantry rifle until being replaced by the 1874 Gras rifle, which was basically a conversion of the Chassepot to use self-contained brass cartridges. The concept of a needle rifle is that of a breech loading rifle using paper cartridges. A primer was set in the base of the cartridge (inside the paper), and upon firing the needle-like firing pin would pierce the paper cartridge and detonate the primer and powder charge. The system always had trouble with sealing the breech, but was still a significant improvement over muzzleloading rifles.
