Quotulatiousness

October 2, 2024

Duelling reports on how Javier Milei’s Argentinian “shock therapy” is working

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

At Astral Codex Ten, Scott Alexander tries to find something approaching the truth between the pantingly enthusiastic libertarian reports and the angrily negative progressive reports:

How is Javier Milei, the new-ish libertarian president of Argentina doing?

According to right-wing sources, he’s doing amazing, inflation is vanquished, and Argentina is on the road to First World status.

According to left-wing sources, he’s devastating the country, inflation has ballooned, and Argentina is mired in unprecedented dire poverty.

I was confused enough to investigate further. Going through various topics in more depth:

1: Government Surplus

When Milei was elected, Argentina went from constant deficits to almost unprecedented government surplus, and has continued to run a surplus for the past six months.

This wasn’t fancy macroeconomic magic. Milei just cut government spending:

This source says he cut the size of government by about 30% overall. Unsurprisingly, this eliminated the Argentine deficit.

[…]

6: Overall

When Javier Milei took office, he promised to do shock therapy that would short-term plunge Argentina into a recession, but long-term end its economic woes.

He has fulfilled his campaign promise to plunge Argentina into a recession. Whether this will long-term end its economic woes remains to be seen.

I think he gets credit for some purely political victories (completing the budget cuts he said he would complete), for decreasing inflation, and for improving the housing market. But in the end, history will judge him for whether his shock therapy eventually bears fruit. I don’t think that judgment can be made yet, and I don’t see many economists eager to go out on a limb and say that there are strong signs that his particular brand of shock therapy will definitely work/fail.

There are disappointingly few Milei prediction markets, probably because it’s hard to operationalize “he makes the economy good”. This multi-pronged mega-market has few traders, and weakly predicts a mix of good and bad things, maybe leaning a little good. But here is a more specific one:

… which compared to Argentina’s historical GDP growth rate seems — no, sorry, Argentina’s historical GDP growth rate is too weird to draw any conclusions.

And maybe the most important test:

September 11, 2024

QotD: The preposterous tactics of George R.R. Martin’s Dothraki nomads

Filed under: Americas, Books, History, Media, Military, Quotations, Weapons — Tags: , , , , , , — Nicholas @ 01:00

We do not see the Dothraki engage in large-scale warfare in the books; we see the aftermath of such fighting (AGoT, 555ff) or it occurs “off-screen” (ASoS, 487), but we do not see it. The closest we get is Jorah’s description of them, that they are “utterly fearless … [they] fire from horseback, charging or retreating, it makes no matter, they are full as deadly … and there are so many of them” AGoT, 325-6). Evidently they also scream on the attack, since their warriors are repeatedly called “screamers”.

As a description, it is hard for this to be very much wrong because it is so very vague, but the attentive reader will note that Jorah’s assertion that there are “so many” must be wrong for either Eurasian Steppe Nomads or Great Plains Native Americans, both of whom were routinely outnumbered by settled enemies, often dramatically so. Let’s put a pin in that, though, because of course while Martin gives only vague description of Dothraki warfare, the show, Game of Thrones, shows it to us on screen quite vividly.

We see a bit of Dothraki warfare in S6E9 when Daenerys’ Dothraki charge down the Sons of the Harpy at Mereen, but the really sustained look at how they fight has to wait for S7E4 and the Loot Train Battle and S8E3 and the Battle of Winterfell, both of which, happily, we have already discussed! In all three cases, the Dothraki do exactly the same thing. They charge, in a pell-mell rush, while giving high-pitched war-calls. While some of the Dothraki may fire arrows on the approach (they have them stand up to do this, which is not how actual Mongols or Native Americans fired from horseback; it looks cool and is stupid, like most of Game of Thrones season 7 and 8), they otherwise charge directly into contact and begin fighting from horseback with their arakhs as the primary weapon.

This is not how horse-borne nomads fought.

As we’ve discussed repeatedly before, the key weapon for Steppe nomads was the bow, shot from horseback at high speed (on this, note May, “The Training of an Inner Asian Nomad Army” JMH 70 (2006) and Mongol Art of War (2007)). Thus the crucial maneuver was the caracole, where the rider approaches the target at high speed, firing arrows as he goes, before making an abrupt turn (it is actually the turn that is technically called a caracole, but the whole tactic goes by this name) and retreating, before trying again. Pulling this tactic off en masse required a great deal of both individual skill at horsemanship and archery, but also quite a lot of group cohesion and coordination, since a collision of horses at speed is very likely to be fatal for everyone – humans and horses – involved.

This tactic can then be repeated – charge and retreat, charge and retreat – until the psychological toll on the defender becomes too great and they either break and retreat or else charge out to try to catch “retreating” nomads. In either case, it was at that moment when the Steppe nomads could press home and destroy the disorganized enemy. These tactics were brutally effective, but they were also a necessary casualty control measure. Shock combat – that is massed melee combat in close quarters – is simply far too lethal for low-population nomadic societies to sustain in the long-term on the regular (a hoplite battle might result normally in c. 10% casualties for instance (but note this discussion of that figure) – think of what that would mean in a society where 100% of adult males participate in each battle – you’d run out of men pretty quickly!).

And fascinatingly, we can actually see that calculus play out in North America, where the arrival of firearms, which suddenly make pitched “missile exchange” battles (especially on foot) as lethal as shock combat (it seems notable that the introduction of musketry into Old World warfare did not come with a significant increase or decrease in battlefield lethality, at least until the rifled musket – on that, see B. Gibbs, The Destroying Angel (2019), but also note E.J. Hess, The Rifle Musket in Civil War Combat: Reality and Myth (2008)), the pitched battle vanishes. It was simply too lethal to be a viable option in the long term for societies with low population density and very high military participation rates.

Instead, the raid came to dominate warfare on the Great Plains, with mass-casualty events generally being restricted to situations where a raiding party caught an enemy group unawares (McGinnis, op. cit., 45-6, 57-9). To be clear, that’s not to say the Great Plains Native Americans were peaceful, after all the goal of all of this raiding was to cause one of those rare mass-casualty surprise attacks and – as McGinnis notes again and again, warfare was part of the Plains Native American way of life, as the social status of males was directly and powerfully tied to success in war.

In short, the need to keep lethality relatively low is one of the most important factors which shaped nomadic horse-borne warfare, both on the Steppe and on the Great Plains. And here is where I think that even Martin’s description – which could, if read with friendly eyes, be taken as a description of the Steppe caracole described above – falls short: the Dothraki are dangerous because they are so many. But actual nomadic warfare was fundamentally conditioned by the shortage of men created by the low population density of the Steppe or the Great Plains. This weakness could be somewhat made up for by making every male into a warrior, but only if casualty rates remained low. A war of attrition with settled peoples would wear the nomads out quickly, which is why such attritional warfare was avoided (unless you are the Mongols, who use the sedentary armies of conquered states, notably using the armies of Northern China to conquer Southern China; that said, Drogo is clearly not Chinggis Khan or any such sort of Khal-of-Khals)

So where does this model of warfare come from? Well, when it comes to the show, we needn’t actually look far, because the creators tell us. The director of the episode, Matt Shakman, noted in an interview that his primary reference for the Dothraki charge was John Ford’s Apache attack in his 1939 film Stagecoach (you can see the scene he means here). And in the S7 special feature, “Anatomy of a Scene: The Loot Train Attack”, David Benioff notes that the charge “definitely got a bit of that western feel” while VFX producer Steve Kullback says, of the battle, it’s “sort of like Cowboys and Indians”.

In Stagecoach (1939), the Apache aren’t a real humanized culture, but an elemental force of destruction. Their charge at the titular stagecoach is essentially mad and heedless of all losses (in the same featurette, Camilla Naprous, Game of Thrones‘ horse master, describes the Dothraki as “they’re just these absolute mad men on horses”, in case you thought that connection was only subtext). The position of “Indians” as particularly “rapey” is also explicit in Stagecoach, where the one of the white male defenders of the coach saves his last bullet to spare the one woman, Mrs. Mallory, from being captured and raped by the approaching cavalry [NR: I think Dr. Devereaux means “Indians” here, but given the historic reputation of the cavalry …] (the concern about white women being raped by non-white men being a paramount fixation of early American film; see also The Birth of a Nation (1915); or, you know, don’t.) And the tactics (or lack thereof) of the Dothraki, charging madly forward with no order or concern for safety, also map neatly on to Stagecoach‘s Apache attack (and not on to actual Apache attacks).

I don’t think this lazy use of old Western tropes is limited to merely the show, however. Having written this far, I find myself convinced that there is a longer article or perhaps a video-essay waiting to be written by a different sort of scholar than myself – that is, a film historian – on how Martin’s depiction of the Dothraki and their world is fundamentally rooted in the racist tropes of the Hollywood Western and its portrayal of Native Americans in a frontier environment where, as Sergio Leone put it, “life has no value“. Quite a lot of parallels with Martin’s Dothraki emerge after even a brief overview of the representation of Native Americans in film. The emphasis on taking captives (especially white women) to no apparent purpose besides sexual violence, the distinctive “screaming” of Dothraki warfare (which, yes, Native Americans used a range of intimidating war cries, but so did basically everyone else in the pre-modern world, so why are the Dothraki the only ones who do it in Westeros?), its lack of tactics or order, and – as we’ve discussed already – the grossly simplified form of dress all seem to have their roots in racist Hollywood depictions of Native Americans. The Dothraki Sea is, essentially a “Cavalry and Indian Story” with the cavalry removed.

That is not a pure creation of Benioff and Weiss. The show simply takes that subtext and makes it text.

Bret Devereaux, “Collections: That Dothraki Horde, Part IV: Screamers and Howlers”, A Collection of Unmitigated Pedantry, 2021-01-08.

September 4, 2024

The History of Barbecue

Filed under: Americas, Food, History, USA — Tags: , , , , , , — Nicholas @ 02:00

Tasting History with Max Miller
Published May 28, 2024

Slow-cooked molasses barbecued pork with a vinegary sauce

City/Region: United States of America
Time Period: 1839 | 1879

“Barbecue” the cooking technique has been around for a lot longer than “barbecue” the word, but it has always been a delicious way to prepare meat. This is the earliest recipe I could find for something called barbecue, and I paired it with a sauce from 40 years later that seems to me to be a precursor to vinegar-based Carolina style barbecue sauces.

The meat is super tender and falls apart. I ended up needing to cook mine for about 12 hours, but it was worth it. You really don’t need anything besides a bit of salt to go with it, but the sauce is a delicious pairing. It packs a spicy, flavorful punch, but it’s surprisingly not too vinegary.

    To Barbecue Shoat.
    Take either a hind or fore quarter, rub it well with salt, pepper, and a small portion of molasses, and if practicable, let it lie for a few hours; then rinse it clean, and wipe it dry with a cloth, and place it on a large gridiron, over a bed of clear coals. Do not barbecue it hastily, but let it cool slowly for several hours, turning it over occasionally, and basting it with nothing but a little salt-water and pepper, merely to season and moisten it a little. When it is well done, serve it without a garnish …”
    — The Kentucky Housewife by Lettice Bryan, 1839.

    As the housekeeper is sometimes hurried in preparing a dish, it will save time and trouble for her to keep on hand a bottle of meat-flavoring compounded of the following ingredients.
    2 chopped onions. 3 pods of red pepper (chopped). 2 tablespoonfuls brown sugar. 1 tablespoonful celery seed. 1 tablespoonful ground mustard. 1 teaspoonful turmeric. 1 teaspoonful black pepper. 1 teaspoonful salt. Put it all in a quart bottle and fill it up with cider vinegar.
    — Housekeeping in Old Virginia edited by Marion Cabell Tyree, 1879.

(more…)

August 18, 2024

A view of the near future – “What if calling someone stupid was illegal?”

Filed under: Americas, Books, Britain, Media — Tags: , , , , , — Nicholas @ 03:00

Christopher Gage suspects that Lionel Shriver’s new book Mania didn’t require a lot of deep thinking about possible future trends, just a few glances at the headlines in British newspapers would provide all the inspiration necessary:

Lionel Shriver’s novel, Mania, asks “What if calling someone stupid was illegal?”

Set in an alternate timeline eerily flirtatious with our own, Mania depicts a world in which intelligence and competence, those oppressive agents of the modern bête noire — contrast — provoke outraged mobs.

The Mental Parity Movement demands a Khmer-Rouge-style Year Zero. To suggest the existence of differing abilities and competencies is to be “brain-vain”. In this final “great civil rights fight”, stupidity is euphemised as “alternative processing”. The mob cancels Frasier for brain vanity. After regulations prevent Pfizer from hiring qualified scientists, a toxic vaccine lays waste to millions.

The protagonist, a free-thinking academic named Pearson, cancels herself after she adds Dostoevsky’s The Idiot to her class syllabus. But the book is not the offending item. The word “idiot” is illegal. So too, is the “D-Word”. Pearson falls foul of social services after calling her seven-year-old daughter “dumb”. Her daughter grasses her up for this most heinous offence. For her crimes, Pearson endures a mandatory course entitled “Cerebral Acceptance and Semantic Sensitivity”.

Akin to our culture, mass neurosis devours that of Mania. The citizens scour the earth for evidence of the gravest offence: cognitive bigotry.

The Mental Parity Movement even renames “sage” — stripping the haughty herb of its sapiosexual swagger.

Mania imagines a world in which mediocrity is brilliance and where platitude is profundity. I suspect Shriver wasted little time on research. Turning on one’s television furnishes a commonplace book with a bottomless wealth of material.

This week, Harry and Meghan embarked on an unroyal tour of Colombia. On the agenda was a summit on misinformation and online harm. At this “responsible digital future” fandango, the former soap actress and the former royal spermatozoa relayed their fears. Essentially, hordes of toothless oiks with Wi-Fi often say nasty things online.

On stage, Harry adopted the pose of the modern soothsayer. His tieless open collar oozed Sicilian ease.

Speaking in Adverb English, Harry avoided anything as threatening or as harmful as a declarative sentence. Harry talks as if everything is a question as not to arouse predators. The Prince droned on, auditioning the Californication of his mother tongue. The same mother tongue Harry’s ancestors spread around the globe via what some may deign to be less than inclusive methods.

How can I put this in Mania-approved euphemism? Harry is minimally exceptional. Harry is to intelligent thought what lead pipes are to potable water.

August 9, 2024

Rare signs of growth in the Argentine economy

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

It looks as if Argentina is managing a trick that Justin Trudeau can’t manage — growing the national economy while keeping inflation down:

Javier Milei, 8 October 2022.
Photo attributed to Vox España via Wikimedia Commons.

During his first year as president, Javier Milei has been waging a bitter but largely successful campaign against inflation.

Now, Argentines received more welcome news: their economy is growing again.

“Economic activity rose 1.3 percent from April, above the 0.1 percent median estimate from analysts in a Bloomberg survey and the first month of growth since Milei’s term began in December,” Bloomberg reported on July 18. “From a year ago, the proxy for gross domestic product grew 2.3 percent.”

The positive economic report, based on data from the Argentine government, is a surprise to many.

The 2.3 percent year-over-year increase defied expectations of a decline of similar magnitude, Bloomberg reported. As Semafor notes, the Argentine economy was projected to have the least economic growth of any country in the world in 2024, according to the International Monetary Fund.

A “Wrecking Ball”?

Argentine economists I spoke to said that the numbers are encouraging, but the country’s economy is far from being out of the woods.

As most people know, Milei inherited an economic mess decades in the making. When the self-described anarcho-capitalist assumed office in December, Argentina was suffering from the third highest inflation rate in the world — 211 percent year over year. The poverty rate was north of 40 percent, and Argentina’s economy was declining.

With his country’s economy in a full tailspin from decades of Peronism, Milei proposed a series of economic reforms dubbed “shock therapy” that consisted primarily of three components: slashing government spending, cutting bureaucracy, and devaluing the peso.

Critics warned that these measures would be disastrous, and many took it for granted that the remedies would deepen Argentina’s recession.

The former head of the International Monetary Fund’s Western Hemisphere Department, Alejandro Werner, said Milei’s strategy could tame inflation, but at great cost.

“A deep recession will also take place,” Werner wrote, “as the fiscal consolidation kicks in and as the decline in household income depresses consumption and uncertainty weighs on investment.”

Felix Salmon, the chief financial correspondent at Axios, concurred, comparing Milei’s policies to “a wrecking ball”.

“Milei’s budget cuts will cause a plunge in household income, as well as a deep recession,” wrote Salmon.

Despite these warnings, Milei delivered his “shock therapy” plan in the first few months of his presidency. Tens of thousands of state workers were cut as were more than half of government ministries, including the Ministry of Culture, as well as the Ministries of Labor, Social Development, Health, and Education (which Milei dubbed “the Ministry of Indoctrination“). Numerous government subsidies were eliminated, and the value of the peso was cut in half.

Even before Milei’s policies were given a chance to succeed, many continued to attack them.

“Shock therapy is pushing more people into poverty,” journalist Lautaro Grinspan wrote in Foreign Policy in early March. “Food prices have risen by roughly 50 percent, according to official government data.”

Yet the official government data Grinspan cited was a report from December 2023, before Milei had even assumed the presidency.

Contrary to the dire predictions, the results of Milei’s policies have been better than even many of his supporters had dared hope.

During the first half of 2024, inflation cooled for five straight months in Argentina, the Associated Press reported in July. Though consumer prices were up 4.6 percent in June from the previous month, that’s down from a 25 percent month-over-month increase in December, when monthly inflation peaked in Argentina. Meanwhile, in February the government saw its first budget surplus in more than a decade. And just days ago, an economic report was published showing a massive decline in poverty in Argentina.

Many doubted that these successes were possible, and the conventional wisdom said that wringing inflation out of the economy and slashing government spending could only be achieved at great cost: a deepening recession.

August 5, 2024

QotD: George R.R. Martin’s Dothraki rank with the lazy racial sterotypes of Hollywood’s “Golden Age” westerns

Filed under: Americas, Asia, History, Media, Quotations — Tags: , , , , , , — Nicholas @ 01:00

As I’ve noted in each of these posts, the fundamental claim we are evaluating here is this one, made baldly by George R.R. Martin:

    The Dothraki were actually fashioned as an amalgam of a number of steppe and plains cultures … Mongols and Huns, certainly, but also Alans, Sioux, Cheyenne, and various other Amerindian tribes … seasoned with a dash of pure fantasy.

We may, I think, now safely dismiss this statement as false. What we have found is that the Dothraki do not meaningfully mirror either Steppe or Plains cultures. They do not mirror them in dress, nor in systems of subsistence, nor in diet, nor in housing, nor in music, nor in art, nor in social structures, nor in leadership structures, nor in family structures, nor in demographics, nor in economics, nor in trade practices, nor in laws, nor in marriage customs, nor in attitudes towards violence, nor in weapons, nor in armor, nor in strategic way of war, nor in battle tactics.

We might say he has added “dashes” of pure fantasy until the “dash” is the entire soup, but the truth is clearly the reverse: Martin has sprinkled a little bit of water on a barrel of salt and called it just a dash of salt. There is no historical root source here, but instead pure fantasy which – because racist stereotypes sometimes connect, in thin and useless ways, to actual history – occasionally, in broken-clock fashion, manages to resemble the real thing.

It seems as though the best we might say of what Martin has right is that these are people who are nomads that ride horses and occasionally shoot bows. The rest – which as you can see from the list above there, is the overwhelming majority – has functionally no connection to the actual historical people. And stunningly, somehow, the show – despite its absolutely massive budget, despite the legions of scrutiny and oversight such a massive venture brings – somehow is even worse, while being just as explicit in tying its bald collection of 1930s racist stereotypes to real people who really exist today.

Instead, the primary inspiration for George R.R. Martin’s Dothraki seems to come from deeply flawed Hollywood depictions of nomadic peoples, rather than any real knowledge about the peoples themselves. The Dothraki are not an amalgam of the Sioux or the Mongols, but rather an amalgam of Stagecoach (1939) and The Conqueror (1956). When it comes to the major attributes of the Dothraki – their singular focus on violent, especially sexual violence, their lack of art or expression, their position as a culture we primarily see “from the outside” as almost uniformly brutal (and in need of literally the whitest of all women to tame and reform it) – what we see is not reflected in the historical people at all but is absolutely of a piece with this Hollywood legacy.

But Martin has done more damage than simply watching The Mongols (1961) would today. He has taken those old, inaccurate, racially tinged stereotypes and repackaged them, with an extra dash of contemporary cynicism to lend them the feeling of “reality” and then used his reputation as a writer of more historically grounded fantasy (a reputation, I think we may say at this point, which ought to be discarded; Martin is an engaging writer but a poor historian) to give those old stereotypes the air of “real history” and how things “really were”. And so, just as Westeros became the vision of the Middle Ages that inhabits the mind of so many people (including quite a few of my students), the Dothraki become the mental model for the Generic Nomad: brutal, sexually violent, uncreative, unartistic, uncivilized.

And as I noted at the beginning of this series, Martin’s fans have understood that framing perfectly well. The argument given by both the creators themselves, often parroted by fans and even repeated by journalists is that A Song of Ice and Fire‘s historical basis is both a strike in favor of the book because they present a “more real” vision of the past but also a flawless defense against any qualms anyone might have over the way that the fiction presents violence (especially its voyeuristic take on sexual violence) or its cultures. No doubt part of you are tired of seeing that same “amalgam” quote over and over again at the beginning of every single one of these essays, but I did that for a reason, because it was essential to note that this assertion is not merely part of the subtext of how Martin presents his work (although it is that too), but part of the actual text of his promotion of his work.

And it is a lie. And I want to be clear here, it is not a misunderstanding. It is not a regrettable implication. It is not an unfortunate blind-spot of ignorance. It is a lie, made repeatedly, now by many people in both the promotion of the books and the show who ought to have known better. And it is a lie that has been believed by millions of fans.

One thing that I hope is clear from this treatment is just how trivial the amount of research I’ve done here was. Certainly, it helped that I was familiar with Steppe nomads already and that I knew who to ask to be pointed in the direction of information. Nevertheless, everything I’ve cited here is available in English and it is all relatively affordable (I actually own all of the books cited here; thanks to my Patrons for making that possible, especially since getting materials from the library is slower in the days of COVID-19; nevertheless, the point here is that they are not obscure tomes). Much of it – Ratchnevsky on Chinggis Khan, Secoy and McGinnis on Great Plains warfare – were already available well before the 1996 publication of A Game of Thrones. 1996 was not some wasteland of ignorance that might have made it impossible for Martin to get good information! For an easy sense of what a dedicated amateur with film connections might have learned in 1996, you could simply watch Ken Burns’ The West, which came out the same year. I am not asking Martin to become a historian (though I am asking him to stop representing himself as something like one), I am asking him to read a historian.

Instead of doing that basic amount of research, or simply saying that the peoples of Essos were made up cultures unconnected with the real thing, Martin and the vast promotional apparatus at HBO opted to lie about some real cultures and then to put hundreds of millions of dollars into promoting that lie.

And I want to be clear, these are real people! I know, depending on where you live, “Mongols” and “Sioux” and “Cheyenne” may feel as distant and fanciful as “Rohirrim” or “Hobbits” or else they may feel like “long-lost” peoples. But these were real people, whose real descendants are alive today. And almost all of them face discrimination and abuse, sometimes informally, sometimes through state action, often as a result of these very lingering racist stereotypes.

In that context, declaring that the Dothraki really do reflect the real world (I cannot stress that enough) cultures of the Plains Native Americans or Eurasian Steppe Nomads is not merely a lie, but it is an irresponsible lie that can do real harm to real people in the real world. And that irresponsible lie has been accepted by Martin’s fans; he has done a grave disservice to his own fans by lying to them in this way. And of course the worst of it is that the lie – backed by the vast apparatus that is HBO prestige television – will have more reach and more enduring influence than this or any number of historical “debunking” essays. It will befuddle the valiant efforts of teachers in their classrooms (and yes, I frequently encounter students hindered by bad pop-pseudo-history they believe to be true; it is often devilishly hard to get students to leave those preconceptions behind), it will plague efforts to educate the public about these cultures of their histories. And it will probably, in the long run, hurt the real descendants of nomads.

But this is exactly why I think it is important for historians to engage with the culture and to engage with depictions like this. Because these lies have consequences and someone ought to at least try to tell the truth. With luck, even with my only rudimentary knowledge, I have done some of that here, by presenting a bit more of the richness and variety of historical (and in some cases, present-day) horse-borne nomadic life, in both North America and Eurasia.

Because there is and was a lot more to nomads than just “that Dothraki horde”.

Bret Devereaux, “Collections: That Dothraki Horde, Part IV: Screamers and Howlers”, A Collection of Unmitigated Pedantry, 2021-01-08.

July 19, 2024

Argentina’s decades-long struggle with inflation

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

At the Foundation for Economic Education, Marcos Falcone provides an update on President Javier Milei’s ongoing efforts to drag the Argentine economy back from hyperinflation:

As Javier Milei rose to power in December of last year, Argentina suffered from an annual inflation rate of over 211 percent, only behind Venezuela and Lebanon. Having risen consistently for over two decades, a combination of perpetually unbalanced budgets and investors’ distrust made money creation (and thus inflation) almost unavoidable.

In that context, Javier Milei’s first promise in his inaugural address was to avoid hyperinflation. In order to do that, his highest priority was to balance the budget so as to stop monetizing the deficit. And indeed, after just one month, the government announced in January that Argentina achieved its first financial surplus in 16 years. In successive months, the budget has been kept balanced.

Quick action seems to be causing quick effects. Indeed, inflation has plunged from 25 percent in December to an expected 4 percent in July. This is happening in a context of price readjustments, with prices like rent going down (after the government repealed rent control laws) and energy and transport prices going up (as the government is cutting subsidies). Even the IMF has admitted that inflation is falling faster than expected. In fact, inflation is coming down so fast that banks have started offering mortgages for the first time in seven years. This signals that the market expects inflation to stay down.

Milei told Argentines that the process of defeating inflation would hurt—and it has. The downside of the government’s economic plan is that the country has entered a recession which is likely to last until at least the end of the year. Amid some layoffs, the country’s industrial output is decreasing. The spending cuts that allowed the country to balance the budget have resulted in less income for provinces and specific groups like retirees.

July 14, 2024

Britain’s First Naval Defeat in 100 years – Coronel 1914

Filed under: Americas, Britain, Germany, History, Military, Pacific, WW1 — Tags: , — Nicholas @ 02:00

Historigraph
Published Sep 26, 2020

July 4, 2024

Argentina’s inflation rate

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

As you may have noticed, my interest in Argentinian affairs increased a lot with the election of Javier Milei as President. His first six months in office, while turbulent, do seem to have the economic indicators moving in the right direction for ordinary Argentines:

Argentina’s inflation rate has recently dropped to its lowest point since January 2022, registering a monthly increase of 4.2 percent in May according to the National Institute of Statistics and Census (INDEC). Although annual inflation has slowed for the first time since mid-2023, it still stands at 276.4 percent, one of the highest rates globally.

When Javier Milei assumed the presidency in December 2023, monthly inflation had skyrocketed to an unprecedented 25.5 percent. Within five months, Milei’s administration managed to reduce this figure by more than 20 percentage points. Despite the persistently high annual inflation rate, the trend indicates potential stabilization of the Argentine economy.

Javier Milei’s reforms have been described as aggressive. In his inaugural speech, he emphasized the need to clean up the economy before implementing his promises to dollarize and close the central bank.

To achieve a zero deficit, Milei enacted a 35 percent reduction in public spending. He achieved this by closing half of the ministries and secretariats, suspending public works for a year, reducing subsidies for energy and transportation, canceling government advertising, and maintaining the 2023 budget for 2024 despite an inflation rate of 300 percent. Essentially, the government drastically cut its expenditures.

These measures, although unpopular, yielded results. Milei’s government not only avoided a deficit, but achieved a surplus, and most importantly, inflation began to decline.

Following the inflation story in Argentina recently brought to mind Henry Hazlitt’s famous 1978 article “Inflation in One Page“. As the title suggests, Hazlitt summarizes the causes and remedies of inflation in a brief and simple explanation. He argued that inflation is a consequence of government monetary policies, specifically excessive money printing due to unbalanced budgets caused by extravagant government spending.

June 24, 2024

QotD: Raid warfare on the Eurasian Steppes and on the Great Plains

Filed under: Americas, Asia, History, Military, Quotations — Tags: , , , , , , — Nicholas @ 01:00

The other strategic aim nomads might fight over is for the acquisition of some kind of movable good, which is to say raiding for stuff. Because all of the warriors (which is generally to say all of the free adult males) of these societies are mounted and because they have a subsistence system which allows rapid, relatively along distance movements (often concealed; remember that Mongols need not light any camp fires), nomads make fearsome raiders, able to strike, grab the things they are looking for and quickly retreat before a counterattack can be mobilized. That goes just as well for raiding each other as it does for raiding the farmers at the edges of the grasslands.

But what are the things here that they are aiming to get? It depends on the targets; nomadic raids into the settled zone generally aim to capture the goods that agrarian societies produce which nomadic societies do not: stocks of cereal crops, metal goods and luxury goods. But most nomadic raiding was directed against other nomads, seeking to acquire either people or animals.

On the Great Plains, the animals in question were invariably horses; the act of stealing, or “cutting out” a horse gives McGinnis part of the title of his book (Counting Coup and Cutting Horses) and raids for horses dominate both McGinnis and Secoy’s discussion of Plains Native American warfare. Horses were, after all, a scarce commodity which only percolated into the Great Plains from the South (and which could only be raised in quantity in its southern reaches), but which all tribes required both to hunt and fight effectively. Stealing enemy horses thus both strengthened your tribe while weakening your enemies, both in military and subsistence terms. The Mongols also engaged in quite a lot of raiding for horses, but also – in a pastoral subsistence system – a lot of simple cattle rustling as well (e.g. Ratchnevsky, op. cit., 28-31).

Raiding for people is more complex, but undeniably part of this system of warfare. But crucially this raiding was generally not for slave-trading (though there are exceptions which I discussed last time), but instead incorporative raiding. What I mean by that is that the intent in gaining captives in the raid was to incorporate those captives, either as full or subordinate members, into the nomadic community doing the raiding. Remember: the big tribe is the safe tribe, so incorporating new members is a good way to improve security in the long run.

On the Eurasian Steppe, incorporated captives became the ötögus bo’ol “bonded serfs” that we mentioned previously (Ratchnevsky, op. cit., 12-4). Unlike warfare on the Great Plains, it seems possible for the bo’ol to include adult men, either captured or sold (by destitute parents) as children or else taken as prisoners when their tribe or clan was essentially dissolved by being conquered in war. Indeed, in his own conquests, Chinggis only decreed the annihilation of one tribe, the Mongols’ traditional enemies, the Tatars – there he ordered the death of any Tatar male taller than the linchpin of an oxcart (May, Mongols, 12). In other cases, it is clear that the incorporation of defeated nomad warriors into the successful tribe was fairly normal, though raids to capture women and children (also for incorporation) were just as common. Bride abduction in particular was very common on the Steppe, as Ratchnevsky notes (op. cit., 34-5).

The incorporation of males was far less common in Great Plains Native American warfare, but the capture of women and children to enhance tribal strength in the long term was a core objective in raiding. McGinnis (op. cit., 42-3) notes how the Crow, after suffering a massive defeat in the early 1820s which resulted in the deaths of many warriors and the capture of perhaps several hundred women and children, steadily built their tribe back up over the following decades with an intentional strategy of capturing women and children from their enemies. As McGinnis (op. cit., 24) notes, women captured in this way might be married into the capturing tribe, adopted into it, or sometimes kept as an enslaved laborer (under quite bad conditions). Adult males, by contrast, were almost always killed; unlike on the Steppe, the incorporation of formerly hostile warriors doesn’t seem to have been considered possible (though one wonders if this would have become cultural practice given enough time; both McGinnis and Secoy note how the increasing lethality of warfare post-gun/horse led to slow population decline overall, which may, had the system run without outside interference long enough, led to the emergence of norms more closely resembling the Eurasian Steppe. We should keep in mind that the Eurasian horse-system had many centuries to sort itself out, whereas the North American horse-system was essentially strangled in its crib).

Of course, taken together with the previous discussion of territorial warfare, we can see that all of these raids have a double purpose: they both aim to acquire resources (horses, sheep, humans) and at the same time inflict damage on an opponent with the long-term goal of forcing that enemy to move further away, opening their pastures or hunting grounds for exploitation by the victorious tribe. Thus in the long-term, each successful raid is intended to build a sense of threat which eventually results in territorial gains (though in cases of real power asymmetry, the long term could come very rapidly; people aren’t stupid and if you are being raided by a clearly superior opponent, you are likely to move on before you lose everything of value).

Squaring the ugly reality of nomadic raiding with [George R.R.] Martin’s depiction [of his nomadic Dothraki] is tricky. On the one hand, a raid in which exceptional victory results in enemy women and children taken captive and fit adult males slain fits within either the Great Plains Native American or Steppe nomad military tradition. On the other hand, the immediate declaration by Drogo’s men that female captives taken this way are not marriageable (AGoT, 559; the idea is treated as laughable) and the killing of all of the very valuable livestock (which, even if the Dothraki are not herdsmen, these animals could be eaten, or quite easily driven to a place where they could be sold or traded for other resources, like metalwork) suggests that Martin has not understood why those raids happened. Instead, it seems like his imagination is only able to view these raids from the perspective of the settled people on the receiving end.

Instead, Martin’s understanding of Native American warfare seems not conditioned by any actual Native Americans, but rather by Hollywood depictions of Native Americans during the Hollywood “Golden Age” which were in turn conditioned by sensational accounts of Western settlers who themselves didn’t understand how Native American warfare worked on the Great Plains. As we will see, the Game of Thrones showrunners took that unfortunate subtext when making the show itself, and turned it into actual text.

Bret Devereaux, “Collections: That Dothraki Horde, Part IV: Screamers and Howlers”, A Collection of Unmitigated Pedantry, 2021-01-08.

June 22, 2024

The End of Everything

Filed under: Africa, Americas, Books, Europe, Greece, History, Military — Tags: , , , , , , , , , — Nicholas @ 05:00

In First Things, Francis X. Maier reviews Victor Davis Hanson’s recent work The End of Everything: How Wars Descend into Annihilation:

A senior fellow in military history and classics at Stanford University’s Hoover Institution, Hanson is a specialist on the human dimension and costs of war. His focus in The End of Everything is, as usual, on the past; specifically, the destruction of four great civilizations: ancient Thebes, Carthage, Constantinople, and the Aztec Empire. In each case, an otherwise enduring civilization was not merely conquered, but “annihilated” — in other words, completely erased and replaced. How such catastrophes could happen is the substance of Hanson’s book. And the lessons therein are worth noting.

In every case, the defeated suffered from fatal delusions. Each civilization overestimated its own strength or skill; each misread the willingness of allies to support it; and each underestimated the determination, strength, and ferocity of its enemy.

Thebes had a superb military heritage, but the Thebans’ tactics were outdated and their leadership no match for Macedon’s Alexander the Great. The city was razed and its surviving population scattered. Carthage — a thriving commercial center of 500,000 even after two military defeats by Rome — misread the greed, jealousy, and hatred of Rome, and Roman willingness to violate its own favorable treaty terms to extinguish its former enemy. The long Roman siege of the Third Punic War saw the killing or starvation of 450,000 Carthaginians, the survivors sold into slavery, the city leveled, and the land rendered uninhabitable for a century.

The Byzantine Empire, Rome’s successor in the East, survived for a millennium on superior military technology, genius diplomacy, impregnable fortifications, and confidence in the protection of heaven. By 1453, a shrunken and sclerotic Byzantine state could rely on none of these advantages, nor on any real help from the Christian West. But it nonetheless clung to a belief in the mantle of heaven and its own ability to withstand a determined Ottoman siege. The result was not merely defeat, but the erasure of any significant Greek and Christian presence in Constantinople. As for the Aztecs, they fatally misread Spanish intentions, ruthlessness, and duplicity, as well as the hatred of their conquered “allies” who switched sides and fought alongside the conquistadors.

The industrial-scale nature of human sacrifice and sacred cannibalism practiced by the Aztecs — more than 20,000 captives were ritually butchered each year — horrified the Spanish. It reinforced their fury and worked to justify their own ferocious violence, just as the Carthaginian practice of infant sacrifice had enraged the Romans. In the end, despite the seemingly massive strength of Aztec armies, a small group of Spanish adventurers utterly destroyed Tenochtitlán, the beautiful and architecturally elaborate Aztec capital, and wiped out an entire culture.

History never repeats itself, but patterns of human thought and behavior repeat themselves all the time. We humans are capable of astonishing acts of virtue, unselfish service, and heroism. We’re also capable of obscene, unimaginable violence. Anyone doubting the latter need only check the record of the last century. Or last year’s October 7 savagery, courtesy of Hamas.

The takeaway from Hanson’s book might be summarized in passages like this one:

    Modern civilization faces a toxic paradox. The more that technologically advanced mankind develops the ability to wipe out wartime enemies, the more it develops a postmodern conceit that total war is an obsolete exercise, [assuming, mistakenly] that disagreements among civilized people will always be arbitrated by the cooler, more sophisticated, and more diplomatically minded. The same hubris that posits that complex tools of mass destruction can be created but never used, also fuels the fatal vanity that war itself is an anachronism and no longer an existential concern—at least in comparison to the supposedly greater threats of naturally occurring pandemics, meteoric impacts, man-made climate change, or overpopulation.

Or this one:

    The gullibility, and indeed ignorance, of contemporary governments and leaders about the intent, hatred, ruthlessness, and capability of their enemies are not surprising. The retreat to comfortable nonchalance and credulousness, often the cargo of affluence and leisure, is predictable given unchanging human nature, despite the pretensions of a postmodern technologically advanced global village.

I suppose the lesson is this: There’s nothing sacred about the Pax Americana. Nothing guarantees its survival, legitimacy, comforts, power, or wealth. A sardonic observer like the Roman poet Juvenal — were he alive — might even observe that today’s America seems less like the “city on a hill” of Scripture, and more like a Carthaginian tophet, or the ritual site of child sacrifice. Of course, that would be unfair. A biblical leaven remains in the American experiment, and many good people still believe in its best ideals.

June 18, 2024

Spice: King Of The Poor Man’s Kitchen

Filed under: Americas, Books, Europe, Food, History — Tags: , , , , — Nicholas @ 02:00

Townsends
Published Mar 3, 2024

One of the questions we seek to answer on our channel is that of the plight of poor folks in American history. What did they eat? How did they dress? Did they have enjoyment in life? They didn’t have the best cuts of meat or the most sought after ingredients. What they did have was plenty of flavor! Spice is the king of the poor man’s kitchen.
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June 8, 2024

El Loco, Argentina’s “skunk at the garden party”

Filed under: Americas, Bureaucracy, Economics, Government, Liberty — Tags: , , , , — Nicholas @ 04:00

In The Free Press, Bari Weiss talks to Argentinian President Javier Milei (through a translator) about his first six months in office:

At the start of the twentieth century, Argentina was one of the wealthiest countries in the world. The capital, Buenos Aires, was known as “the Paris of South America”.

A lot can happen in a hundred years.

Argentina today is in grave crisis. It has defaulted on its sovereign debt three times since 2001, and a few months ago, it faced an annualized inflation rate of over 200 percent — one of the highest in the world.

Why? What happened?

Argentina’s new president says it’s simple: socialism.

When Javier Milei took office in December 2023, he became the world’s first libertarian head of state. During his campaign, he made his views clear: “Let it all blow up, let the economy blow up, and take this entire garbage political caste down with it”. In case the chainsaw he wielded on the campaign trail left any question about his intentions, during his victory speech last year, he reiterated his vision: “Argentina’s situation is critical. The changes our country needs are drastic. There is no room for gradualism, no room for lukewarm measures.”

There is nothing gradual about what Milei is now doing.

He’s eliminating government ministries and services, cutting regulations, privatizing state-run companies, and purposely creating a recession to curb the out-of-control inflation.

This is why people voted for him: change. They saw someone who could shake things up in a way that could turn out to be lifesaving for the country — even if it meant short-term economic pain.

But will it work? Not all Argentines think so. And not everyone is willing or able to wait for things to improve. In April, with food prices rising and poverty up 10 percent, tens of thousands of Argentines took to the streets to protest Milei’s aggressive austerity measures.

Milei is a strange and idiosyncratic creature. There are the obvious things: He says he doesn’t comb his hair (and he doesn’t appear to). He has four cloned mastiffs that he refers to as his “four-legged children“, and which he’s named for his favorite free-market economists. He was raised Catholic, but studies the Torah. (He even quoted a Midrash during our conversation.) He used to play in a Rolling Stones cover band. And he has been known since grade school in the ’80s as El Loco, on account of his animated outbursts, which would later bring him stardom as a TV, radio, and social media celebrity.

But that’s all the superficial stuff. What really makes Milei unusual is that he is the ultimate skunk at the garden party. In a world of liberals and conservatives, he doesn’t represent either side. He is ultra-liberal on economics, but right-wing and populist on rhetoric. He is anti-abortion, but favors the legalization of prostitution. He wants to deregulate the gun market and legalize the organ trade.

He calls himself an anarcho-capitalist, which basically means he believes the state, as he told me, is “a violent organization that lives from a coercive source which is taxes”. Essentially, he’s a head of state who really doesn’t believe in states. Or at least, not theoretically.

In January, Milei showed up at Davos, the Alpine mountain resort that hosts the annual World Economic Forum. This is traditionally a place where people who all think the same way go to drink champagne and tell each other how smart they are. Milei arrived, flying commercial, and blew up that comfortable consensus: “Today, I’m here to tell you that the Western world is in danger. And it is in danger because those who are supposed to have defended the values of the West are co-opted by a vision of the world that inexorably leads to socialism and thereby to poverty.”

All of this is why I was eager to talk to Milei and put some of these questions to him: How long will it take for things to improve in Argentina? Why does he believe the Western world is in danger? What’s the difference between social justice and socialism? Can the free market really solve all of our civic problems? And how does he feel about being the skunk at the garden party? (Spoiler: He loves it.)

And despite having called journalists “extortionists”, “liars”, “imbeciles”, “freeloaders”, and “donkeys”, for some reason, he agreed to sit down with me.

June 5, 2024

“Stop viewing every inconvenience discovered in the economy as a market failure needing government intervention”

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

Argentine President Javier Milei visited the Hoover Institution at Stanford and spoke about his approach to addressing Argentina’s many economic issues during his first six-months in office:

Milei recalled his years as an economist with HSBC Argentina and work advising a large pension fund. He explained how he had to remain adaptable to changing market conditions and new ideas and not make assumptions based on static economic models.

“Reality is complex, but when the model doesn’t match reality, you get rid of it,” he said. “You don’t get angry with reality.”

Milei argued that many twenty-first-century leaders see every failure of an economic model as proof of a market failure warranting government intervention.

He added that the state interventions are slowly strangling our ability to generate economic growth.

“Let us not allow the fatally conceited to destroy our lives with regulations.”

Throughout his speech of more than one hour, Milei brought up luminaries who’ve shaped his worldview, including Adam Smith, Friedrich von Hayek, Milton Friedman, Henry Hazlitt, and Murray N. Rothbard. He described how they influenced his view that everything should flow from the promotion of private enterprise and maximum possible growth, and that state intervention often only exacerbates the problem it was intended to solve.

Milei described himself as a libertarian and a minarchist who believes the role of the state is only to protect individuals and their property from aggression.

While talking about the challenges of governing and the Austrian school of economists who influenced his worldview, he suggested that it may have been his love of conflict that brought him away from work as an economist and television commentator and into the position he finds himself today.

“That’s probably why I got into politics. I love conflict.”

Milei said that his government is working to tame inflation and get public spending under control, and he applauded his economy minister, Luis Caputo, sitting in the audience.

“He’s in charge of the chainsaw operation,” Milei said, alluding to the chainsaw he brought with him to campaign rallies to symbolize his anti-spending agenda. “We are getting rid of a whole lot of things.”

“I am very happy when my economy minister gets applause. He’s making the greatest adjustment not only in the history of Argentina but in the whole history of humanity. We have already adjusted by 13 percent of GDP.”

He then turned to confront those he called “statists” and “regulators” who oppose his efforts in Argentina.

“They’re sitting in an office, and they create regulation just to justify their own existence,” he said. “This has a direct impact on innovation … They regulate just out of ignorance or just to justify the chair [they sit on], and they’re ruining our lives.”

He argued that most people in economics can’t even articulate where the state ends and the market begins.

“The market is ourselves,” he said. “When there’s talk of the market, we are the market.”

He described the market as a “social cooperation process” where “property rights are voluntarily exchanged”. He contrasted this with interaction with the state, where participants are compelled to act in a certain way.

“State intervention is always bad, because it’s based on coercion, on force, and nothing based on coercion can be good.”

June 3, 2024

18th Century Spiced Hot Chocolate

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

Tasting History with Max Miller
Published Feb 23, 2024

Rich, thick, dark hot chocolate spiced with cinnamon and cardamom

City/Region: England
Time Period: 1747

Up until the 19th century, the most popular way to partake of chocolate was to drink it. Aztecs drank a very bitter chocolate, and when Europeans brought it back home, they paved the way for one of the most perfect of food pairings: chocolate and sugar.

This hot chocolate is fairly dark, so feel free to add more sugar if that’s to your taste. It’s super rich and much thicker than most hot chocolates you’d get today, so you may only want to make a small amount of the drink and save the rest of the chocolate for later. The spices jump out at you, and even though mine still had a bit of grittiness from the cocoa nibs (it’s basically impossible to get it completely smooth at home), it was really, really good.
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