Advertising and Big Data: A Government Scourge
Advertising and big data act as two elements with the capacity to end corporate dominance if the necessary steps can be taken. They act as the quasi-independent creations of the government scourge of mass production, born of the system of the factory, emplaced in the wider social factory of commercial neoliberalism that surrounds the modern world. The fundamental need to push products into the hands of more consumers necessitates the creation of allure, of spectacle. An iPhone would be generic without its characteristic apple. Yet such constructs have a fatalistic quality, that being the genericism inherent that leads to lower quality, higher production and more genericism. Continue reading
Chris R. Tame (1949-2006) was for many years the face of British libertarianism. Tame discovered Ayn Rand’s work when he was seventeen and quickly became a libertarian. Having been involved with established organisations such as the Society for Individual Freedom and the Institute for Economic Affairs, and dismayed by the lack of an explicitly libertarian organisation in the UK, he and a few others broke away to found what was later to become the Libertarian Alliance, of which he was the first director. His activism also involved a highly successful period as director of the smokers’ rights organisation, FOREST. He died of bone cancer on 20th March 2006.
Great interview with the financial derivatives expert and Austrian economist Andy Duncan about the destruction of money and its effect on the world, with a discussion on the role of capitalism, labor, markets, and the value of capital on the destruction of money.
Andy thoroughly describes and explains the cycle of money in markets, and how the government influences these flows. He talks about the history of money and the effects of the gold standard, as well as possible outcomes to the excessive government spending we see today.
Note by Sean Gabb Richard says: “The way we are governed has undergone a revolution – an invisible revolution.” This is a depressingly true observation. Getting us out of the current mess we are in will take more than a rearrangement of the bottoms on seats in Parliament. We need to consider something like a (non-violent) revolution, in which we shall spend many years under regulatory siege by the rest of the world. I suspect Richard is not that unhappy with much of the regulation we now suffer. His main wish is that we should leave the EU and move one step up the chain of authority, so we can have more direct influence. What we can learn from him, I suggest, is the enormity of what needs to be done to make this country free again, and how little intellectual preparation the well-funded policy institutes have made for this. SIG Continue reading
We are told that we are in the recovery phase, but massive fiscal deficits remain the order of the day in the UK in particular; there has been a large run-up in public debt; the banking sector remains largely unreformed and in the case of RBS still in difficulties. It remains unclear whether we are really only half-way through the crisis.
I found this Moneyweek interview with Bill Bonner fascinating. He argues the real crisis is still ahead of us and seems to be saying a deflationary crunch–a credit crunch worse than in 2008–will be followed by hyperinflation (probably as part of the policy panic response to the deflationary crunch). I think it is worth discussion. He believes real money, probably gold, and not issued by a central bank, will emerge from the ruins.