Speculation, Human Action and Financial Markets


Speculation, Human Action and Financial Markets

By Duncan Whitmore

Within the past two weeks, retail investors congregating on the social media site Reddit bid up the stock of ailing company GameStop at the expense of large Wall Street hedge funds, all of whom had significant financial stakes reliant upon the price of the stock falling rather than rising. Several of these hedge funds were thrown into serious financial difficulty as a result of the price rocketing from around $20 a share to a high of nearly $400 in the space of only a few weeks. At the time of writing, the day traders have apparently turned their attention to the manipulated silver market, which is also starting to see significant gains. Fed up with a rigged casino market in which all of the spoils go to large Wall Street banks and financial firms, the amateurs appeared to have beaten the latter at their own game – at least, that is, in terms of having forced them to reveal the corrupt nature of the system if not in monetary profit.

This latest round in the battle of the populists vs the elitists is part of the ongoing collapse and rejection of inflationary state corporatism (the Western form of socialism that was birthed by World War One) and political globalism. Every blow that is dealt to this odious, oligarchic system – such as by Brexit and Trump – is one to be welcomed. However, whereas outright socialism (such as that practised in the former Soviet Union) entails direct state ownership over the means of production, the corporatist system operates through capitalistic facades such as nominally private businesses, free trade and exchange, stock markets, and so on. As a result, the socialised elements of our economic system have, for too long, been able to get away with offloading the blame for the problems they cause onto “capitalism” or “too much freedom” instead of the root cause which is state privilege and state interference with genuine private property rights. Indeed, that was exactly what happened after the housing market crash in 2008, with the whole fiasco being blamed on “greedy”, private bankers instead of the state induced, inflationary financial system. The long run result of our failure to identify the state as the true source of the problems has been that state failure has been rewarded with state growth.

Unfortunately, therefore, it is not enough for libertarians to simply cheer on the demise of the current, rotten system. In addition, we have to ensure that the proper enemy is identified and outed as state force and fraud, not the capitalistic institutions through which they operate. We must keep an eye not only on the current crop of elites, but also the circling vultures of popular, hard left politicians such as Bernie Sanders, Elizabeth Warren and Alexandria Ocasio-Cortez, who will be poised to blame everything indiscriminately on “capitalism” before advocating for total economic socialism as the answer.1 It would be a complete disaster if we were to allow one form of tyranny to be succeeded by another. Indeed, even the so-called “Great Reset” – which, far from being any kind of “revolution” or “renewal”, is actually a repackaging and rebranding of the present system in a far more potent form – is being sold as a reset of capitalism, the latter of which has supposedly failed us. Continue reading

Nearly bed-time, but I see that the Stalinist DEFRA anti-traders have struck again.


David Davis

They have struck here. What a bloody saddo shower of nerdy (no, not nerdy, just evil and wicked) these “people” are. How can we share a planet with these buggers? They do not see the world, and existence, through our prism.

I’d really, really, really, sometime before I die, like to know something. It’s this:-

What under Heaven is it, that causes otherwise outwardly human beings to (a) want a job like a “DEFRA inspector”, (b) actively go out and get that job (for it does not come to you, you have to want it and ask for it, like any other job) and (c) then go about joyfully “delivering consumer confidence” by threatening a retailer with bankruptcy or a criminal record?

Are there actually real, living, breathing human beings on this planet, nay, in this nation (worse) who are actively anti-Libertarian? And who actively torment others, using the force of “law” with the “it’s not our problme, it’s yours, matey” line?

Perhaps I really am autistic. Because I can’t understand why anybody would _want_ to behave, and would _wilfully_ (and in public) behave like these people?

OK, so a EU-directive says something? Disobey the f*****g thing, like everybody else. It’s what it’s for. The EU has corrupted the very idea of “law” so let’s just go with the flow and get on with our lives, get out more, and sell the kiwis whatever. Who cares, for f***’s sake?

Why not either let him give them away, if it’s so crucial (then all the “consumers” have lost is nothing at all) or sell them to poor people for less?

 

Subj: [eurorealist] Fw: EU rules ban sale of ‘too small’ kiwis 
Date: 30/06/2008 14:03:34 GMT Daylight Time
From: peter@pwwatson.co.uk
Reply-to: eurorealist@yahoogroups.com
To: EUroRealist@yahoogroups.com
Sent from the Internet (Details)

—– Original Message —–
From: “Bill & Ann Woodhouse” <office@tidemaster.co.uk>
To: “Ann Woodhouse” <office@tidemaster.co.uk>
Sent: Monday, June 30, 2008 12:50 PM
Subject: EU rules ban sale of ‘too small’ kiwis

> If you tried to dream up anything so silly to denigrate our new
> government in Brussels, no one would believe you but complain you were
> instigating another Euro-myth. B&A
>
> http://www.telegraph.co.uk/news/2199214/EU-rules-ban-sale-of-‘too-
> small’-kiwis.html
> EU rules ban sale of ‘too small’ kiwis By Richard Savill 26/06/2008
>
> A wholesaler has been banned from selling a consignment of kiwi fruits
> because EU laws deemed them too small.
>
> Tim Down, a market trader for 25 years, said he was not permitted even
> to give away the 5,000 Chilean fruits, each of which is about the size
> of a small hen’s egg and weighs about 60g.
>
> Mr Down said his family run firm would lose several hundred pounds in
> sales because of the ban.
>
> “It is bureaucratic nonsense, they are perfectly fit to eat,” Mr Down
> said at his stall at the Wholesale Fruit Centre in Bristol.
>
> Inspectors from the Rural Payments Agency, an executive agency of the
> Department for Environment, Food and Rural Affairs (Defra), made a
> random check on his stall, and found a number of his kiwis weighed 58g,
> four grams below the required minimum of 62g.
>
> Mr Down said that 4g in weight was the equivalent of about one
> millimeter in diameter.
>
> He said: “They (the inspectors) went through a lot of my stock using
> their own little scales.
>
> “These regulations are enforced in the United Kingdom with a higher
> level of rigour than is applied in mainland Europe. There is not a
> level playing field.
>
> “This fruit will now go to waste at a time when we are all feeling the
> pinch from rising prices.” He said there would also be the
> environmental cost of taking the fruits to a landfill site.
>
> Mr Down said he was not permitted by law to give away the kiwis to a
> school or hostel and faced a fine of several thousand pounds if he did.
>
> Barry Stedman, head of the Rural Payments Agency’s inspectorate, said
> the consignment had failed to meet the minimum standards for saleable
> produce, in contravention of EU grading rules.
>
> “The inspector’s decision is consistent with RPA’s commitment to
> protect consumers, who must feel confident that the produce they are
> buying is of the right quality,” he said.
>
> “RPA’s role is to work with traders to provide advice and assistance
> to ensure that this happens and to help traders carry out their
> business within the law.”
>
> The agency said Mr Down has been given a number of options, including
> sending the fruit back to the importer.
>
> The European Commission said recently that it wanted to relax the
> regulations which prevented misshapen or underweight fruit and
> vegetables being sold.
>
> The rules have previously banished curved cucumbers, straight bananas
> and skinny carrots.
>
> “The inspectors visit us on a random basis, probably two to three
> times monthly and select items at random that they wish to inspect,”
> said Mr Down.
>
> “The latest inspection took place subsequent to the announcement by
> the EC that the regulations are being modified.
>
> “We have had many items rejected over the years, but this, for a
> variety of reasons, is one of the most nonsensical.”
>

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