Quotulatiousness

November 11, 2019

QotD: The British army from WW1 to the end of the Cold War

Filed under: Britain, History, Military, Quotations, WW1, WW2 — Tags: , , — Nicholas @ 01:00

Before WW1 the army was optimised primarily as a colonial police force, coupled with a small expeditionary force of regular soldiers intended to deploy to the continent to work alongside the French or other allies in the event of war. WW1 was an event that really constituted three armies – the small regular/territorial force of barely 300,000 soldiers that mobilised in 1914 and was wiped out to buy time. The interim force of Territorials and Reservists that held the line in 1915-1916 while the army reconstituted, and the civilian volunteer/conscript force from 1916 onwards that saw the army grow to over 4 million men by 1918.

Rapid demobilisation followed, followed by regeneration in the 1920s and 30s to become the most mechanised army in the world by 1939, comprising some 224,000 regulars. It is often forgotten that the British army of 1940 had many more tanks and vehicles than the German Army – history is not kind to the losers. The army in WW2 grew to a citizen force of roughly 3.5 million men, before shrinking post war.

The continuation of National Service, the war in Korea and the end of empire saw the army stay at roughly 330,000 soldiers for much of the 1950s, causing significant damage to the national economy due to the cost and lack of manpower for rebuilding. By 1957 the army estimated that its regular strength was roughly 80,000 personnel (only a quarter of the whole force), many of whom were tied up training two-year National Servicemen. A major factor in the 1957 Sandys Defence White Paper was the need to reduce manpower costs and free people up for other economically important tasks.

The Sandys Review led to a reduction to 165,000 troops most of whom were focused on either colonial policing actions (it is often forgotten that in the early 1960s there were over 100,000 UK service personnel in the Far East) or deployed in Germany as part of the British Army of the Rhine (BAOR). The withdrawal from empire saw the army shrink to a strength of approximately 150,000 by the 1980s, where its role was primarily to provide a corps of four divisions in Germany in the event of general war, supported by mobilisation units from the UK which would provide further divisions to augment BAOR and conduct home defence roles.

The end of the Cold War saw the first deployment of a divisional-sized force, with an armoured division sent to the Gulf in 1990 for Operation Desert Storm. This happened just as the Options for Change review cut BAOR and reduced the army to approximately 120,000. Further deployments to Bosnia and Kosovo in the 1990s followed by the deployment of an armoured division to Iraq in 2003. Operations in Iraq and Afghanistan from 2003-2014 saw the army struggle to sustain itself on two fronts without heavy support from the RN and RAF providing extra manpower and resources.

The 2010 SDSR initially preserved the army at just under 100,000 personnel, although later reviews cut this down to 82,000 regulars supported by a target of approximately 30,000 reservists working in a far more integrated manner. Today the army is struggling to sustain itself at 82,000, with recent manpower figures showing a total of roughly 78,000 troops.

Sir Humphrey, “How Do You Solve a Problem Like a Deployable Division?”, Thin Pinstriped Line, 2017-08-06.

November 10, 2019

QotD: Dunning-Kruger Club

Filed under: Humour, Quotations — Tags: , , , — Nicholas @ 01:00

So, someone in a Facebook discussion brought up the usual “wOrKs fOr mE” nonsense to rationalize his love for an objectively awful pistol and when called on it, used every gun forum bubba trope you can think of to double down.

A friend mentioned that it was ignorant bro stuff like this that was causing him to seek out other hobbies, to which I ruefully commented that every hobby has its equivalent; guns and shooting aren’t unique.

And then someone else dropped the bomb:

    “[Name Redacted], if you don’t recognize this behavior in other hobbies, it’s because you’re the one doing it.”

Ouch.

But the First Rule of Dunning-Kruger Club is “You don’t know that you’re in Dunning-Kruger Club.”

Tamara “Tam Slick” Keel, “The First Rule of Dunning-Kruger Club…”, View from the porch, 2019-09-30.

November 9, 2019

QotD: British Cookery

Filed under: Britain, Food, Health, Quotations, WW2 — Tags: , , — Nicholas @ 01:00

When Voltaire made his often-quoted statement that the country of Britain has “a hundred religions and only one sauce”, he was saying something which was untrue and which is equally untrue today, but which might still be echoed in good faith by a foreign visitor who made only a brief stay and drew his impressions from hotels and restaurants. For the first thing to be noticed about British cookery is that it is best studied in private houses, and more particularly in the homes of the middle-class and working-class masses who have not become Europeanised in their tastes. Cheap restaurants in Britain are almost invariably bad, while in expensive restaurants the cookery is almost always French, or imitation French. In the kind of food eaten, and even in the hours at which meals are taken and the names by which they are called, there is a definite cultural division between the upper-class minority and the big mass who have preserved the habits of their ancestors.

Generalising further, one may say that the characteristic British diet is a simple, rather heavy, perhaps slightly barbarous diet, drawing much of its virtue from the excellence of the local materials, and with its main emphasis on sugar and animal fats. It is the diet of a wet northern country where butter is plentiful and vegetable oils are scarce, where hot drinks are acceptable at most hours of the day, and where all the spices and some of the stronger-tasting herbs are exotic products. Garlic, for instance, is unknown in British cookery proper: on the other hand mint, which is completely neglected in some European countries, figures largely. In general, British people prefer sweet things to spicy things, and they combine sugar with meat in a way that is seldom seen elsewhere.

Finally, it must be remembered that in talking about “British cookery” one is referring to the characteristic native diet of the British Isles and not necessarily to the food that the average British citizen eats at this moment. Quite apart from the economic difference between the various blocks of the population, there is the stringent food rationing which has now been in operation for six years. In talking of British cookery, therefore, one is talking of the past or the future – of dishes that the British people now see somewhat rarely, but which they would gladly eat if they had the chance, and which they did eat fairly frequently up to 1939.

George Orwell, “British Cookery”, 1946. (Originally commissioned by the British Council, but refused by them and later published in abbreviated form.)

November 8, 2019

QotD: Exports are costs; imports are benefits

Filed under: Economics, Quotations — Tags: — Nicholas @ 01:00

You write that “exports are at least as much a benefit to us as our imports are.”

With respect, you’re mistaken. To see why, look at the matter at the level of your household. What you export from your household is your labor; what you import are the goods and services that you purchase with your income. Suppose that you were given the option of continuing to do one or the other of these activities but not both. That is suppose that you could either (a) continue to export (that is, continue to work) but no longer import (that is, no longer bring into your household any goods and services) or (b) continue to import into your household goods and services for your consumption but no longer work. Which option – (a) or (b) – would you choose?

You would clearly choose option (b).* The reason is that you supply the fruits of your labor to others in order to increase your ability to consume. What you export from your household is a cost that you willingly incur in order to be able to import into your household the goods and services that you and your family consume. What is true at the level of the household is here true at the level of the national economy: the goods and services that Americans export to foreigners are the costs that we willingly incur in order to be able to import into our country the goods and services that we receive from foreigners in exchange. Exports are the means; imports are the end.

* If I’m mistaken and you’d choose option (a), please call me as I have several household repairs to be done and I’d be delighted to have you do the repairs for me for free.

Don Boudreaux, “Exports are Costs; Imports are Benefits”, Café Hayek, 2017-10-17.

November 7, 2019

QotD: Evolved sexual differences

Filed under: Health, Humour, Media, Quotations — Tags: , , , — Nicholas @ 01:00

Because male sexuality is all about the visuals, men’s magazines are filled with pictures of naked women with freakishly large breasts and women’s magazines are filled with pictures of beauty products and ass-cantilevering $2,000 stilettos. Men evolved to go for signs of reproductively hot prospects — an hourglass figure, youth, clear skin, symmetrical faces and bodies, and long shiny hair: all indicators that a woman is a healthy, fertile candidate to pass on a man’s genes.

Women co-evolved to try to make themselves look reproductively hot, though that’s not how we think of it. […] Because men are turned on by disembodied photos of boobs, butts, and coochies, they’re quick to pull down their pants, click their cameraphone, and text some woman they just met a close-up of their zipperwurst. Really bad idea.

Men who’ve done this should pick up a Harlequin romance, which is basically porn for women (from the ravishing by some hot gazillionaire to the final commitment-gasm).

See any photo spreads of male crotch shots tucked in there anywhere, boys?

This is not an error of omission. Women aren’t fantasizing about seeing your willy; they’re fantasizing that somebody in the royal family will pluck them out of suburbia and marry them in Westminster Abbey.

Amy Alkon, Good Manners for Nice People Who Sometimes Say F*ck, 2014.

November 6, 2019

QotD: “Fake news” is nothing new

Filed under: Books, History, Media, Politics, Quotations — Tags: , , , , , — Nicholas @ 01:00

… the basic ideas of “alternative facts” and “fake news” — our updated, revved-up forms of disinformation — were not foreign to Orwell. Working at the BBC as a news producer — a fancy term for war propagandist — he heard some of the Axis powers’ propaganda as well as that of his own side (even if he kept his own hands fairly clean). He justifiably feared that the very concept of objective truth was fading from the modern world. Winston Smith’s job at the Ministry of Truth is to rewrite or “rectify” history, so that it follows the current party line, whatever it may be at that moment.

Orwell himself saw all this happen when he read Catalan newspapers as well as British ones during the Spanish Civil War, several years before joining the BBC. Condemning press distortions, above all how several English newspapers reported the war, he wrote: “I saw great battles where there had been no fighting and complete silence where hundreds of men had been killed … I saw, in fact, history being written not in terms of what happened but what ought to have happened according to various ‘party lines.'” Given the gridlock in American politics, and the never-ending verbal warfare between news outlets on the Right such as Fox News and on the Left such as MSNBC, Orwell appears all too accurate in his “predictions.”

One of the features of the world of Oceania reflecting Orwell’s prescience is its official language, Newspeak, an argot resembling a kind of Morse code that satirizes advertising norms, political jargon, and government bureaucratese. The purpose of Newspeak is to limit thought, on the view that “you can’t think what you lack the words for.” Ultimately, this impoverished language seeks to narrow and control human thought. (Does Twitter represent a step in that direction?) Purged of all nuance and subtlety, denuded of variety, and reduced to a few hundred simple words, Newspeak ultimately promises to render all independent thought (or “thoughtcrime”) impossible. If it cannot be expressed in language, it cannot be thought. And anything can fill the vacuum, such as 2 + 2 = 5. That is the equation — a perfect example of “doublethink” — which O’Brien indoctrinates Winston to accept in Room 101 and which marks the final step of the latter’s brainwashing. As the Party defines it, “doublethink” consists in holding “two contradictory beliefs in one’s mind simultaneously, and accepting both of them.” In 2018, Trump’s lead lawyer, former New York mayor Rudy Giuliani, declared in a TV interview: “Truth isn’t truth.” A few months later, a talking head defended a critical news report on the grounds that, just because it is “not accurate doesn’t mean it’s not true.”

It testifies both to the brilliance of Orwell’s vision and to the bane of our times that Nineteen Eighty-Four retains so much relevance.

John Rodden and John Rossi, “George Orwell Warned Us, But Was Anyone Listening?”, The American Conservative, 2019-10-02.

November 5, 2019

QotD: Die Lösung (The Solution)

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

German theatre director, dramatist, poet and theorist Bertolt Brecht in 1954.
Via Wikimedia Commons.


Nach dem Aufstand des 17. Juni
Ließ der Sekretär des Schriftstellerverbands
In der Stalinallee Flugblätter verteilen
Auf denen zu lesen war, daß das Volk
Das Vertrauen der Regierung verscherzt habe
Und es nur durch verdoppelte Arbeit
zurückerobern könne. Wäre es da
Nicht doch einfacher, die Regierung
Löste das Volk auf und
Wählte ein anderes?

After the uprising of June 17th
The Secretary of the Authors’ Union
Had leaflets distributed in the Stalinallee
Which said that the people
Had forfeited the government’s confidence
And could only win it back
By redoubled labour. Wouldn’t it
Be simpler in that case if the government
Dissolved the people and
Elected another?

Bertolt Brecht, 1953.

November 4, 2019

QotD: Ludwig von Mises explains the fall of the western Roman empire

Filed under: Economics, Europe, History, Quotations — Tags: , , , — Nicholas @ 01:00

Knowledge of the effects of government interference with market prices makes us comprehend the economic causes of a momentous historical event, the decline of ancient civilization.

[…]

The Roman Empire in the second century, the age of the Antonines, the “good” emperors, had reached a high stage of the social division of labour and of interregional commerce. Several metropolitan centres, a considerable number of middle-sized towns, and many small towns were the seats of a refined civilisation […]. There was an extensive trade between the various regions of the vast empire. Not only in the processing industries, but also in agriculture there was a tendency toward further specialization. The various parts of the empire were no longer economically self-sufficient. They were interdependent.

What brought about the decline of the empire and the decay of its civilization was the disintegration of this economic interconnectedness, not the barbarian invasions. The alien aggressors merely took advantage of an opportunity which the internal weakness of the empire offered to them. From a military point of view the tribes which invaded the empire in the fourth and fifth centuries were not more formidable than the armies which the legions had easily defeated in earlier times. But the empire had changed. Its economic and social structure was already medieval […]

[I]n the political troubles of the third and fourth centuries the emperors resorted to currency debasement. With the system of maximum prices the practice of debasement completely paralysed both the production and the marketing of the vital foodstuffs and disintegrated society’s economic organisation. The more eagerness the authorities displayed in enforcing the maximum prices, the more desperate became the conditions of the urban masses dependent on the purchase of food. Commerce in grain and other necessities vanished altogether. To avoid starving, people deserted the cities, settled on the countryside, and tried to grow grain, oil, wine, and other necessities for themselves.

Ludwig von Mises, Human Action, 1949.

November 3, 2019

QotD: The theocratic Anabaptist State of Münster

Filed under: Europe, Germany, History, Quotations, Religion — Tags: , , , , — Nicholas @ 01:00

A crucial part of the Anabaptist reign of terror was their decision, again prefiguring that of the Khmer Rouge regime in Cambodia, to abolish all private ownership of money. With no money to purchase any good, the population became slavishly dependent on handouts or rations from the power elite. Accordingly, Matthys, Rothmann, and the rest launched a propaganda campaign that it was un-Christian to own money privately; and that all money should be held “in common,” which in practice meant that all money whatsoever must be handed over to Matthys and his ruling clique…

After two months of unremitting propaganda, combined with threats and terror against those who disobeyed, the private ownership of money was effectively abolished in Münster. The government seized all the money and used it to buy goods or hire workers from the outside world. Wages were doled out in kind by the only employer: the theocratic Anabaptist State.

Food was confiscated from private homes, and rationed according to the will of government deacons. Also, to accommodate the host of immigrants, all private homes were effectively communized, with everyone permitted to quarter themselves everywhere; it was now illegal to close, let alone lock, one’s doors. Compulsory communal dining halls were established, where people ate together to the readings from the Old Testament.

The compulsory communism and reign of terror was carried out in the name of community and Christian “love.” This communization was considered the first giant step toward egalitarian communism, where, as Rothmann put it, “all things were to be in common, there was to be no private property and nobody was to do any more work, but simply trust in God.” Somehow, the workless part never seemed to arrive.

[…]

Totalitarianism in Münster was now complete. Death was now the punishment for virtually every independent act. Capital punishment was decreed for the high crimes of murder, theft, lying, avarice, and quarrelling. Death was also decreed for every conceivable kind of insubordination: the young against the parents, wives against their husbands, and, of course, anyone at all against the chosen representative of God on earth, the government of Münster. Bernt Knipperdollinck was appointed high executioner to enforce the decrees.

The only aspect of life previously left untouched was sex, and this deficiency was now made up. The only sexual relation now permitted by the Bockelson regime was marriage between two Anabaptists. Sex in any other form, including marriage with one of the “godless,” was a capital crime.

But soon Bockelson went beyond this rather old-fashioned credo, and decided to enforce compulsory polygamy in Münster. Since many of the expellees had left their wives and daughters behind, Münster now had three times as many marriageable women as men, so that polygamy had become technically feasible. Bockelson convinced the other, rather startled preachers by citing polygamy among the patriarchs of Israel, reinforcing this method of persuasion by threatening any dissenters with death.

Compulsory polygamy was a bit much for many of the Münsterites, who launched a rebellion in protest. The rebellion, however, was quickly crushed and most of the rebels put to death […]

The rest of the male population also began to take enthusiastically to the new decree. Many of the women reacted differently, however, and so the Elders passed a law ordering compulsory marriage for every woman under (and presumably also over) a certain age, which usually meant becoming a compulsory third or fourth wife.

Since marriage among the godless was not only invalid but also illegal, the wives of the expellees became fair game, and they were forced to “marry” good Anabaptists. Refusal of the women to comply with the new law was punishable, of course, with death, and a number of women were actually executed as a result.

Murray N. Rothbard, “Karl Marx as Religious Eschatologist”, Mises Institute, 2009-10-09.

November 2, 2019

QotD: Business writing

Filed under: Business, Humour, Quotations — Tags: , , — Nicholas @ 01:00

For a long time — well, it seemed like a long time — seven or eight years, I taught effective writing seminars to business people. I was young, and I looked even younger. But I had to get up in front of engineers, chemists, lawyers, sometimes accountants, people who were accomplished in their fields but were not necessarily good at writing, and I was supposed to talk to them about how to write reports and letters and memos. And they challenged me because I looked like I was 10 years old, and they expected to be bored also.

[…]

OK, the most consistent mistake … not mistake, but inefficiency of business writing — and it was very consistent — is the absolute refusal on the part of the writer to tell you right away what message he or she is trying to deliver. I used to say to them, “The most important thing you have to say should be in the first sentence.” And “Oh, no, you can’t. I’m an engineer. We did a 10-year study, this is way too complicated.”

And inevitably, they were wrong. Inevitably, if they really thought about it, they were able to, in one sentence, summarize why it was really important. But they refused to do that because the way they found out was by spending 10 years of study and all this data and everything, and that’s the way they wanted everyone to look at what they did. They wanted their supervisors to go plowing through all they had done to come to this brilliant conclusion that they had come to.

    COWEN: Through their history, through their thought patterns.

Drag everybody through it. And it was the one thing the newspaper people were taught to do that made more sense. You don’t have your reader’s attention very long, so get to the point. I found it was very difficult to get even really smart businesspeople to get to the point. Sometimes it was because they really couldn’t tell you what the point was.

What I wanted to say, but rarely felt comfortable saying, was, “If you don’t know what the point is, then you can’t really write this report.” But it was always too complicated for a layperson like me to understand. That was the way they did it. I was being hired by their bosses to tell them, “No, we want you to write clearly, and we want you to get to the point.”

    COWEN: And why were they, at this meta level, resistant to your message?

Because nobody else was doing it. When I would start the class, I’d have 32 people in the class typically, and when they would turn in all their samples of writing, every one of them wrote the same way. They all wrote business-ese writing. This is my parody of it, but it was, “Enclosed please find the enclosed enclosure.” That kind of formal, nonsensical, meaningless flow of words. Somewhere in there would be something important, something significant, or maybe not.

Dave Barry, interviewed by Tyler Cowan in “Dave Barry on Humor, Writing, and Life as a Florida Man”, Medium, 2017-08-16.

November 1, 2019

QotD: The much-ballyhoo’d open office benefits are a lie

Filed under: Bureaucracy, Business, Quotations, USA — Tags: , , , — Nicholas @ 01:00

As urban rents crept up and the economy reached full employment over the last decade, American offices got more and more stuffed. On average, workers now get about 194 square feet of office space per person, down about 8 percent since 2009, according to a report by the real estate firm Cushman & Wakefield. WeWork has been accelerating the trend. At its newest offices, the company can more than double the density of most other offices, giving each worker less than 50 square feet of space.

As a socially anxious introvert with a lot of bespoke workplace rituals (I can’t write without aromatherapy), I used to think I was simply a weirdo for finding modern offices insufferable. I’ve been working from my cozy home office for more than a decade, and now, when I go to the Times‘ headquarters in New York — where, for financial reasons, desks were recently converted from cubicles into open office benches — I cannot for the life of me get anything done.

But after chatting with colleagues, I realized it’s not just me, and not just the Times: Modern offices aren’t designed for deep work. […]

The scourge of open offices is not a new subject for ranting. Open offices were sold to workers as a boon to collaboration — liberated from barriers, stuffed in like sardines, people would chat more and, supposedly, come up with lots of brilliant new ideas. Yet study after study has shown open offices to foster seclusion more than innovation; in order to combat noise, the loss of privacy and the sense of being watched, people in an open office put on headphones, talk less, and feel terrible.

Farhad Manjoo, “Open Offices Are a Capitalist Dead End”, New York Times, 2019-09-25.

October 31, 2019

QotD: Insincerity

Filed under: Humour, Quotations — Tags: , , — Nicholas @ 01:00

I am pleased to report that this year’s [Halloween] tot army had more thank-yous per grabby hand than ever before. If gratitude was not forthcoming, the parent uttered the classic phrase “what do you say,” which produced the desired “thank you.” Insincere? Of course. Fine with me. Insincerity is the oil that lubricates polite society. Unless you prefer that the cashier shouts “just take your burger and DIE, I’ve had a NINE-HOUR SHIFT and my KID IS SICK” instead of nodding politely. I’m a big fan of insincerity. And I mean that from the bottom of my heart.

James Lileks, Star Tribune, 2004-11-01.

October 30, 2019

QotD: Trotskyism

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


[The word “Trotskyist”] is used so loosely as to include Anarchists, democratic Socialists and even Liberals. I use it here to mean a doctrinaire Marxist whose main motive is hostility to the Stalin regime. Trotskyism can be better studied in obscure pamphlets or in papers like the Socialist Appeal than in the works of Trotsky himself, who was by no means a man of one idea. Although in some places, for instance in the United States, Trotskyism is able to attract a fairly large number of adherents and develop into an organised movement with a petty fuehrer of its own, its inspiration is essentially negative. The Trotskyist is against Stalin just as the Communist is for him, and, like the majority of Communists, he wants not so much to alter the external world as to feel that the battle for prestige is going in his own favour. In each case there is the same obsessive fixation on a single subject, the same inability to form a genuinely rational opinion based on probabilities. The fact that Trotskyists are everywhere a persecuted minority, and that the accusation usually made against them, i.e. of collaborating with the Fascists, is obviously false, creates an impression that Trotskyism is intellectually and morally superior to Communism; but it is doubtful whether there is much difference. The most typical Trotskyists, in any case, are ex-Communists, and no one arrives at Trotskyism except via one of the left-wing movements. No Communist, unless tethered to his party by years of habit, is secure against a sudden lapse into Trotskyism. The opposite process does not seem to happen equally often, though there is no clear reason why it should not.

George Orwell, “Notes on Nationalism”, Polemic, 1945-05.

October 29, 2019

QotD: The financial crisis of 33AD

Filed under: Economics, Europe, History, Law, Quotations — Tags: , , , — Nicholas @ 01:00

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 28, 2019

QotD: Latin versus English

Filed under: Britain, Greece, History, Quotations — Tags: , , , — Nicholas @ 01:00

In a sensible language like English important words are connected and related to one another by other little words. The Romans in that stern antiquity considered such a method weak and unworthy. Nothing would satisfy them but that the structure of every word should be reacted on by its neighbours in accordance with elaborate rules to meet the different conditions in which it might be used. There is no doubt that this method both sounds and looks more impressive than our own. The sentence fits together like a piece of polished machinery. Every phrase can be tensely charged with meaning. It must have been very laborious, even if you were brought up to it; but no doubt it gave the Romans, and the Greeks too, a fine and easy way of establishing their posthumous fame. They were the first comers in the fields of thought and literature. When they arrived at fairly obvious reflections upon life and love, upon war, fate or manners, they coined them into the slogans or epigrams for which their language was so well adapted, and thus preserved the patent rights for all time. Hence their reputation.

Winston Churchill, My Early Life, 1930.

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