Brexit dividend at last – labour shortages are a feature, not a bug

Ah, diddums. Employers are yelling the house down that they are having labour shortages in, ahem, the lower end of the skills range. That’s your fruit pickers, kitchen porters and the like.

Now I am not a fan of Brexit. It is a pain in the arse – if one could travel to Europe it’s difficult to say if I could drive there, what sort of IDP I would need etc etc. I’ve stopped using places like Thomann and any EU suppliers, because you can’t say what you will pay. Curiously enough the Chinese can still deliver ebay components into the country, but you can’t reliably order from the EU. So if you want to buy things in Global Britain, buy it from anywhere but the EU it seems. UK Component distributors are bellyaching about supply shortages.

cpc

Brexit is delivering

Back to the Brexit dividend. I would say these low-end skills shortages are a sign of Brexit working, in delivering what many people voted for. If you look at Lord Ashcrofts reason for leave  a third wanted more control of immigration. The sentiment is stronger in the 2018 ESRC report, which also notes Remainers have a less accurate sense of what drives Leave than vice versa. The immigration issue is split in some unknown element from people who dislike immigrants and people disliking immigration separate from disliking immigrants, and the latter usually boils down to economic fears of spreading a pie that’s too small (jobs, schools, NHS, housing) more thinly. Although we have seen an increase in racist talk and events since the Brexit vote it’s nowhere near as much as feared at the time, perhaps favouring the economic over the racist. The West in general and perhaps Britain in particular is in a secular economic decline, against that background such concerns will rise in importance.

It’s just not true that Brits won’t do those jobs

I an old enough to remember a time when Brits did these jobs. I was one of them – a kitchen porter in the City of London in the university holidays. KPs are one of the labour shortages enumerated. Scaling for inflation I was working for less than today’s minimum wage. That’s not as bad as it sounds, because the rest of life, in particular rent/housing was cheaper in real terms in the 1980s than now. For some reason inflation figures do not usually reflect the cost of housing, though it’s very often the dominant part of a young person’s outgoings.

Fruit picking wasn’t always done by EU immigrants, although itinerant labour has historically been associated with that, so it’s not totally a freedom of movement thing. Back in the day (before Thatcher, roughly), Kent strawberry farms were big on PYO (pick your own) presumably because of the cost of labour meant packing all this stuff into plastic punnets wasn’t cost-effective.

Sure, people’s kids presumably scoffed half the weight paid for before it got weighed, but that was probably allowed for. In Suffolk, as I started in the late 1980s, I used to walk past the CITB training facility on the way to the pub – that’s the construction industry training board, where they used to teach local apprentices how to lay bricks and all the other good stuff that goes into construction. These same companies that are bellyaching now used to accept that they had to train their raw recruits.

So to be honest, I have little sympathy for these employers, particularly employers at the bottom end, yes, hospitality, I’m looking at you. Of course the rest of us will have to pay a bit more for our lobster. With a bit of luck the bottom end dirty chicken shops selling factory farmed fried chicken will go to the wall and there will be fewer Mickey Ds, and yes, Waitrose fruit and veg is going to be dearer for Guardianista metrosexuals, presumably Lidl and Aldi will find a different way.

Beach cafe
I will get to pay a little bit more for this beach view and the accompanying fish and chips/lobster. London metropolitan types will get to pay a little more for eating out. It’s not the worst thing in the world that could happen…

People at the bottom end have been treated like shit for a long time due to a semi-infinite pool of young cheap labour that could be drawn on to push wages down. The official pack drill from erudite sources such as the Bank of England is basically move along now, nothing to see here.

There seems to be a broad consensus among academics that the share of immigrants in the workforce has little or no effect on native wages.

Hmm, so the usual laws of economics and supply and demand are suspended in this specific case? Let’s take another look

“If you look at the evidence of why we have seen wages going down, there is actually very little evidence that that is being caused by migration, aside from in construction.”

Labour MP Anneliese Dodds, 24 May 2018

And they wonder why Labour lost the red wall, FFS. Before somebody charges the Ermine with being Nigel Farage and claiming their £5, it is perfectly coherent that perhaps immigration is great for the UK economy as a whole, after all you get more shit done, perhaps for less. But at the same time a bit shit for some sectors of the population. I believe the art of managing who is in the end of the boat going up and who is where it’s going down is called politics, so it behooves a politician to not explicitly deny the reality of folk they want support from. Our present PM is a lesson in how to do that indirectly without copping flak for your BS 😉 So it does appear that you can come unstuck generalising the ‘it’s the economy, stupid‘ Clintonism too far.

Because  – life experience the economy for those on the margins. Guess what – the poor tend to be the lower skilled, and jobs for the lower skilled are being stripped out of the economy and either automated or sent to lower-wage countries in the process of globalisation. For some of them, Brexit was a massive vote against globalisation, in a sort of stop the world, I want to get off way, by people who were shat on by it. Maybe they were allied with old gits dreaming of Imperial glory days and not needing a job, along with a fair few other reasons for disaffection, some of which are considered less than pretty. In a rare retrenchment, perhaps the unskilled will become a bit more/better employed, until clever people work out how to automate their jobs or eliminate them.

But if you want to avoid pushbacks like Brexit then you have to ease the pain of the people who get crushed by the policy and spread the win – Universal Basic Income, go steady on the whole Protestant Work Ethic, there’s nothing inherently beautiful about getting meaning from work, and just STFU about work is the route out of poverty – it hasn’t been since the 1970s. Particularly at the bottom end of the ability range. And before you start going on about education being an answer to that, you need to find something to put in the water supply to raise the ability range, because not everybody has skills that are valued in the marketplace. Or the inclination to develop suchlike. Not everyone has skills at all.

I am not sure there will be graduate jobs for the third of a million university applicants this year, though bless their young hearts if nursing and medicine are the rising star subjects, perhaps I am just being a cynical git…

And you may have to pay a bit more for your food, and hopefully bottom end fast food will be run out of town. Still, look on the bright side. Australian beef with free growth hormones will be cheaper. I guess the wine should be cheaper, though I’m not personally a great fan of Australian wine.

The return of the Great Barrington Declaration

Looks like Britain is adopting a modified from of the Great Barrington Declaration as far as dealing with Covid, starting with a Wembley super-spreader event to get it going.

We know that all populations will eventually reach herd immunity – i.e. the point at which the rate of new infections is stable – and that this can be assisted by (but is not dependent upon) a vaccine. Our goal should therefore be to minimize mortality and social harm until we reach herd immunity.

The most compassionate approach that balances the risks and benefits of reaching herd immunity, is to allow those who are at minimal risk of death to live their lives normally to build up immunity to the virus through natural infection, while better protecting those who are at highest risk.

The GBD

I guess that’s one way of battle testing the irresistible force of contagion against the immovable object of vaccination, and the best of British luck to us all, eh. I do think if we are going to go the whole ceremonial magic approach of the GBD, which is basically the state of things will be what we declare, then we need to go the full Monty and do something about that NHS app. Ceremonial magic only works as a method of changing consciousness according to will if enough of the participants get with the program. That app’s gotta go.

There’s a small company supplying the project the Ermine is occasionally working on and they have been absolutely pole-axed by the self-isolation requirements. It’s not that there’s a pyramid of dead bodies piling high in the machine shop stinking the joint out. It’s that they haven’t got enough boots on the ground because of self-isolation, and they are running about trying to shovel jobs out as best they can, so they are sending out production jobs before the prototypes and occasionally measuring things from the wrong reference plane, presumably because the old boy who does that is self-isolating and the poor devil press-ganged into filling his shoes doesn’t have the domain knowledge.

Hospitality is spitting bricks on this subject, for once not on the vexed question of Brexit, but in a situation designed to serve lots of the general public, you will easily have waiters close to carriers, who then get close to kitchen staff, and all of a sudden you lose an entire shift of wait staff and back of house.

Magic only works in the places it will work if you believe in it, so if we are going to eschew epidemiology for English exceptionalism and the Great Barrington Declaration, or at the very least state that vaccination is going to save us, then you gotta believe in vaccination, and act that way – give all the vaccinated a free pass on the self-isolation thing and get those suckers back to work, pronto. All the time crossing one’s fingers and hoping that the Chirac doctrine that

“If you look at world history, ever since men began waging war, you will see that there’s a permanent race between sword and shield. The sword always wins.

doesn’t hold in this case. The shield has held in other germ fights – polio, TB, smallpox. But at the moment this is more magic than science IMO. It reminds me of another piece of magical thinking that didn’t quite go according to plan –  George Bush’s  Mission Accomplished speech

Dubya tells the world Mission accomplished. Eight Eighteen years later the United States Army switched the lights off in Bagram and beat it in the middle of the night

We shall see.

On the subject of magical thinking to assist the economy, Grant Shapps has decided that, in a similar vein, we don’t really giveashit about road safety – fresh in from the Twitter

We’re aware of a shortage of HGV drivers, so I’m announcing a temp extension of drivers’ hours rules from Mon 12 July, giving flexibility to drivers & operators to make slightly longer journeys.

“We’ve ramped up the number of driving tests available & will consider other measures.”

What the hell is it with man-children and Twitter? Grant Shapps’ Twitter feed really is an absolute delight of magical thinking and a blessed unfamiliarity with elementary logic and the scientific method. Sustainable aviation, for crying out loud. In a theoretical and intellectual way, sure it’s possible. It’s just that a 747 jetliner would take 1.5 hours of the output of Sizewell nuclear power station at full tilt, so something tells me this won’t scale – you get 18 daily long-haul aircraft movements per Sizewell… Heathrow is gonna need a hell of a lot of nuclear power stations for sustainable aviation1, and fuelling your 747s with biofuel stealing land for food in a world where that appears in short supply is just plain…wrong IMO. You’re gonna have to fly less or burn fossil fuels. Simples.

Right, capt'n, where do I plug this sucker in? Photo Dave Croker, Geograph

Dr Strangelove would like to fly sustainably. You know the pack drill, too cheap to meter…

Grant Shapps seems to have a very tenuous grasp of epistemology in general. Apparently there is no sign people are deleting the NHS app to avoid being commanded to self-isolate. Grant me old mucker, absence of evidence is not evidence of absence. It’s the oldest trick in the book – don’t ask questions to which you don’t want to hear the possible answers. Pity David Cameron didn’t jump to that re Brexit, but  presumably Grant had his fingers in his ears and closed his eyes when the pretty young thing on t’telly said she was icing the app for just that reason. Curmudgeonly Ermines never installed the app, but that’s because I don’t carry a tracking device plugged into the hive mind around with me.

And avoid having big trucks behind you on the motorway at the end of the day, poor devils….

Now I’m not inherently against ceremonial magic and magical thinking. It’s not a bad way to change consciousness in accordance with will on a smallish scale. But use the right tool for the job. It’s a rum way to run something on the scale of a country. I guess we will find out about the wisdom of the Great Barrington Declaration in a couple of months. It is closer to fiat lux! than e=mc²


  1. There is a reasonable debate to be had as to whether nuclear power counts as low-carbon, given the amount of concrete you have to pour to keep the Bad Shit in, and there’s also a good argument to be made that it is a fossil fuel, albeit a low-carbon fossil fuel, particularly if the idea of sending nuclear waste by train to fast breeder reactors doesn’t give you a warm and fuzzy feeling inside. Considering something sustainable where you have to post keep-out warnings for tens of thousands of years is also stretching the definition of sustainable for some people. But I just don’t want to try to imagine the amount of wind power or solar to keep leisure flying at current levels. We will have more pressing uses for it, anyway 

Sovereignty delivered early on the longest night of the year

Sovereignty, such a many-splendoured thing. The right to do what you bloody well like regardless of Johnny Foreigner. Taken all the way you get to Juche in North Korea, but it is what a small margin of our fellow Brits wanted in that Brexit vote.

Its core idea is that North Korea Britain is a country that must remain separate and distinct from the world, dependent solely on its own strength and the guidance of a near-godlike leader.

The opportunity to make our own laws, and to eat our own fish, even if in fact we don’t really like most of it so we flog it to people who do. I am old enough to know what Britain was like before we kowtowed to the EUSSR, back in ’73. As a child there was a fix1 for fish we didn’t like, we called it Rock Eel/Salmon in fish and chip shops, and it’s what poor people had. Used to be catfish back in the day, nowadays it’s random shark, even stuff on the IUCD red list of endangered species, because, well, capitalism is rapacious like that. Expect rock eel to come back to a chip shop near you, along with warm beer and the sound of willow on a balmy summer’s day. Oh, that’s the wet dreams of the aristocracy who funded Brexit. More from them later on.

The initial juche Brexit ideal of “self-reliance” centred on three elements: ideological autonomy, economic self-sufficiency, and military independence.

There always was a fractious relationship ‘twixt les rosbifs and the French back in the day, and it’s returning to form. Agence France Presse have syndicated that les rosbifs can keep their damn ros bif out of the EU, indeed they can keep their biohazard sarnies in Blighty. I don’t find that such a terrible thing, it’s how things used to be2.

It’s not unheard of – you need to eat your ham sandwiches and indeed anything organically live before you touch down in JFK3 coming from Blighty, because else it’ll cost you no end of hurt. The French need the rosbifs’ money to make the otherwise twisted wasteland of some of their northern districts work, but they also need something to push back against. As do we.

Wonders will never cease, eh? Brexit comes early on the longest night. Continue reading “Sovereignty delivered early on the longest night of the year”

This won’t be over by Christmas in Brexitland

Ah, bless. Remember July, when we were all camping and heating up the barbie and it was all going to be over by Christmas?

Hostage to fortune, mate, and you lot can’t plan your way out of a paper bag, it’s been firefighting all the way. Do or do not, do not try.The usual wingnuts from the torygraph and unHerd are fulminating, they may as well hold their breath.

We have long argued that the country needs to live with this virus. […]

The alternative is to protect the vulnerable while letting normal life continue for most people. Older people who do not wish to be locked away can make their own choices knowing the risks.

Don’t sweat it, guys, it’s what’s going to happen anyway. After Cominic Dummings’ little escapade because he is such a sociopathic Billy No Mates he couldn’t find anyone to do his childcare in London, you can’t tell any bugger what to do.  We’ll be battle testing herd immunity by default. We got there in the end, 40 years after I played this track at university.

Weed out the weaklings…

And WTF is it with all the over-acting emphasis Bozza? Don’t they have decent drama school and elocution in Eton? Less of the lunging into the damn camera, and perhaps engage brain before opening trap? Nah, it’ll never catch on, and anyway, we’ve had enough of experts. Funny how Boz is so uniquely unsuited to wrangling something with the potential to kill people. I’m not convinced that it’s the end of the beginning yet. Boz really did need to pay attention at drama school. This, dear boy, is how you deliver that sort of news:

BoJo’s emphasis is all wrong and his cadence sucks, he’s trying too hard. If you want to know who to take people with you, listen to Donald Trump – he gets that right. He can talk absolute bullshit but make it sound right.

Socrates called out the problem of the unwilling leader being better qualified than those who really, really want the job, though he didn’t crack the implementation problem. Bozza is proof positive, he’s a good-time guy who wanted to get Brexit done, not fight bugs. Be careful what you wish for…

Capitalism gears up to ream the poor at Christmas

Anyway, it was clearly bollocks that it’ll be over by Christmas. What’s more, capitalism red in tooth and claw is tooling up to ream the poor, and the recently unemployed anyone else.

Beware the plastic

The Bank of England fondly believed that shitting on savers would give borrowers a break.While they did shit on savers they gifted ‘investors1‘ a doozy, which is how after a near death experience in Spring your equity portfolio is worth more, though about 10% of the UK economy has been burned.

Dunno what the heck they are smoking in Threadneedle Street, but it is strong. For starters lending money to people who have just lost their jobs is a risky biz in the first place, it’s about return of capital as well as the return on capital. Personally I’d also charge people more around Christmas anyway, because parents who are unable to tell their kids that Christmas is cancelled this year are unlikely to have the fortitude to do what it takes to pay this borrowing back under adverse conditions. Ten years ago in the midst of the GFC I suggested Charlotte tell her precious ankle-biter that Christmas is off, and the problem remains the same. Different perps, different kids, but Christmas is an elective spend, and it’s likely to be a tough time this year. Elect not to spend, rent and power before pressies. Tragically, there will be many who won’t have the option of either. If you have no assets, there is an argument to hit the old CC hard and fast, knowing you will never pay it off, but the IVA/bankruptcy option does rob you of some options in future. Given this hit is hopefully a one-off, then it’s a hard call. Going IVA/bankrupt may make it harder to rent a place or get some jobs…

Same old shit, different decade

Maybe we should have a guest appearance from Shona Sibary, she of the too many kids and the unawareness2 that you’re actually supposed to pay off a mortgage, plus if you use a string of fixes to borrow more than you can afford you make yourself a hostage to fortune in market crashes.

Lenders gonna lend, and you have to make money. They’re more Chuck Colson than FDR on this,

“If you’ve got them by the balls, their hearts and minds will follow”.

If the Bank of England was really that troubled about hard-working families getting a dreary Christmas then they could always lob money out of helicopters themselves, rather than getting credit card companies to do the dirty work for them. I guess Rishi might disapprove, but hey, whatever works, my friend.

As living proof of this incipient reaming of the newly unemployed, I received the following mealy-mouthed missive from a bank:

We want to help you manage your borrowing and ensure your overdraft limit is right for you. As you haven’t used your overdraft for a while, we’re planning to reduce this from £3,150 to £1,300 on 27 November 2020. Your new overdraft limit is still above the most you have used on your account in the last six months.

Well, thanks a bunch. I’ll have you know that I haven’t used my overdraft for the last fricking ten years, I can’t remember ever using it and it will have been cock-up anyway. However, you cynical punks are clearly expecting me to lose my job by Christmas and don’t want to be left holding the baby, eh? Well, you can f*ck right off and stick your overdraft where the sun don’t shine, busters.

Help me manage my borrowing? WTAF?

We’re in the chest-beating and mutual hollering abuse stage on Brexit

It was always going to get to this. Personally I’m of the view that too many Tories want a no-deal Brexit and there’s another four years to spin it as all t’other side’s fault. But perhaps all the chest-beating is just a phase we are going to have to go through.

In this crossfire, the Ermine needs to work out to preserve capital across the Brexit interregnum. I grouped together the bits from shorting earlier this year, reserves and I have enough for next year’s ISA before becoming a net decumulator.

I have ‘invested3‘ in SGLP, I will tolerate some cash in NS&I ILSCs, and some more in premium bonds. Now that does expose me a bit to Government cash grabs in the troubled fiscal future, as well as the lessening of the greatness of British Pounds to buy stuff, but the combined amount is less than the FSCS limit. Not that that pertains to NS&I anyway. I need to work out what I am going to hold the value of next year’s ISA contribution in. Gold via SGLP is one option, but I start getting seriously exposed to the gold price.

There’s still time before Brexit once October is gone, with it’s nasty tendency to downside violence in the markets, and perhaps if we know whether Trump will finish the job of Making America Great Again. Although my shares ISA is rammed, I could start to deploy the next year’s allowance into a trading account, and then bed and ISA the shares into the ISA after March. I am unlikely to be hammered for capital gains on £20k worth of say VWRL, although I suppose it depends on how well Bojo and his mates respond to the FXmarket singing ‘how low can you go’ about the GBP in the background.

There aren’t any good options here. Just less bad ones…

 


  1. That’s you and me trying to make sense of what will hold value into the storm. assuming you have capital. God knows, but I suspect valuations are not representative of value. This too will pass. That’s better for you if you have 30 years of investment horizon rather than two, but hey ho, I have had a good run since the GFC. If I buy VWRL, I am not under the impression I an ‘investing’ in productive assets at good value these days. More I am disinvesting in great British pounds. It’s a race to the bottom. 
  2. Some of it is she’s having a larf and needs column-inches, her story about running away from Devon and how to fix the First World problem of puppies turning into dogs were designed to get a rise, along with the power of phenergan elixir to quieten your rugrats on flights ;) 
  3. Ah, the i-word again. Nobody invests in gold – it’s noted for not adding value, unlike farms and companies. It’s a pure fear play, trying to hold value against a storm. 

holidays in the sun are not a human right, people

Funny old game, really. One of the really big issues in the UK causing much bellyaching is the recently imposed quarantine requirements for returning from Spain, along with the usual gormless whinging about will I get paid. Err – no. Like when volcanic ash stopped flights a while back, you don’t get paid for the extra time you took to get back home, nor the extra hotel and transport bills. Unless you had decent travel insurance, and even then it was the insurer’s job, not your employer’s.

Earth to Great British Public – your holiday is not a human right. There’s no fairness fairy. There’s a global pandemic on. If you decide to take the risk of going for your two weeks in the sun, you also get to suck up the added risk of getting stuck out there and the concomitant costs (if they lockdown) and/or the risk of ending up with a domestic holiday bolted on (if we quaratine your destination).

Your right to two weeks in the sun doesn’t trump the public health. In the same way as we have other limitations on yer yuman rights to do what the bloody hell you like and have others eat the consequences. You can’t drive your Maserati at 100mph down an urban street, though I’m sure as hell it’d be great fun.

Greetings, sky unscarred by Ryanair, BA and Easyjet Remember them not so long ago? The risk of a quarantined destination is not your greatest tail risk, sunseekers

The Ermine is not overflowing with the milk of human kindness on the subject, because it is pretty obvious to anybody with a brain cell rattling about in their cranium that unexpected delays are a much higher risk this year. Earlier we have had the evidence of a country-wide shutdown and serious impairment to international travel, enough to clear our skies of contrails and shut down the endless rumble of jet noise so you get to hear the birdsong better.

It’s clear that humanity hasn’t really got ahead of coronavirus and hasn’t really solved the issue of the highly communicable nature of the disease plus its long incubation period making the whole thing really tough to manage from a public health standpoint.

So you’re taking several elevated risks on going on a cheap flight to somewhere sunny. I don’t know if you can insure against the potential loss of earnings, though to be honest why not self-insure? Save two weeks of earnings before you go on holiday, then if they do quarantine your destination you get a couple extra weeks to catch up with some DIY on unpaid leave.

If they don’t, well, stick the money towards next year’s holiday and celebrate your good fortune. Not only were you able to afford a holiday, but you saved the money, and if you think your employer should have paid for the risk then you actually still have a job, which is a stroke of great luck compared to an awful lot of Britons come August; one in ten will lose their job by the end of the year. Faced with this level of hazard, ending up with the loss of two weeks earnings pales into insignificance – if you would find that devastating then you can’t afford to go on holiday even if you currently do have a job. You’re not meant to say it, but if I were an employer struggling to keep afloat then if somebody had the brass neck to ask me to fund the tail risks of their ten days in the sun then they will go higher up in the queue when push comes to shove.

A holiday is for your benefit and enjoyment. Why the hell should your employer pay you if you aren’t back at work as originally planned. particularly as business conditions are tough this year?

Damn well prepare for foreseeable risks yourself, insure against them yourself, or just don’t take the risk in the first place. What the heck is so hard about that?

Back home, staycations seems to be making us into chavs all round

The Hawk Stone, Oxfordshire
The Hawk Stone, Oxfordshire

Last month I took a gander at this standing stone in Oxfordshire, and I was surprised at the amount of trash in laybys. Since there’s a theme of whining whingeing here, I will join in; this seems to be a wider problem that we’ve all become a lot more slobtastic.

The Ermine has a campervan, but I can honestly say that I am not the problem these guys are talking about. I have never shat in the great British outdoors in my entire life. I don’t dump camping gear in the outdoors, for two reasons – one is I don’t buy rubbish in the first place, and try and service it properly. But if it does break up, then I throw it away in … a bin? One of the great things about the supermarket plastic bag was you could use it to collect your sundry trash if rough camping and then ditch it in a litter bin. These days you have to buy a roll of swing bin liners, but I haven’t got through my first roll yet. Don’t be a slob. Fair enough, I don’t do tent camping and don’t hike to campsites so maybe this is easier for me, but what the hell is up with us now?

Continue reading “holidays in the sun are not a human right, people”

Priapic solstice perambulations in pursuit of weed

I know what you’re thinking, but we are country mice, so we are after seaweed, not yer metropolitan weed.

Seaweed drying on the washing line

Mrs Ermine had bought a snorkel, and was going to search the deep for seaweed. You can fry it and it makes pretty good crisps, as well as drying it and pulverising it in a food processor. She’s of the opinion that it’s good for you, well, as far as anything fried is ever good for anybody 😉

The snorkel was totally superfluous to requirements, because when the sea sounds like this

and looks like this

what you need is a RIB and an outboard motor. However, what the sea also does is uproot the seaweed from the sea floor and dumps it on the beach, which seems a much better win than getting wet to do this. Why keep a dog if you have to bark yourself…

I always look a bit askance at things from the sea, not only do fish f*ck in it, but you get diesel oil, heavy metals and tons of sewage, bunker fuel etc. It’s basically the dustbin of the world. Hopefully the seaweed filters this out, in the same way as your spuds filter out the muck they spray on the fields. It tasted fine. There were fewer people about this time than last time, and they seemed to be having fun.

These things were a git to get off the ground…
but looked like fun once you had done

We went back and had a coffee stop in the viewpoint of the Cerne Abbas Giant in honour of the summer solstice just gone past. He seems to have been newly cleared and was in gleaming priapic splendour

Cerne Abbas Giant

Normally we’d stop off at the little tea shop in the High Street, but as that sort of thing isn’t open yet it was coffee from Thermos flasks in the full view of His Horniness. It’s one of the delights of England that you get mad things like this plastered on the hillside for hundreds of years, outlasting Cerne Abbey.

The seaweed shrinks massively as it dries out

You don’t get left with much – it has been chopped up

and it has a deep and existential affinity to water. To the extent that if you dry it in the day and leave it on the plate overnight it sucks some water straight out of the air!

The trick seems to be to get it inside an airtight jar ASAP, which turns Nikon’s glass into a funky lomography lens

It’s odd stuff – varying in colour

Seems there is a tradition of eating seaweed that I was unaware of. The Danes call it sea vegetable not weed and it is industrially extracted in Scotland. The seaweed crisps are divine, sort of natural and far less bad for you than anything made of spuds, but their inherent nature of wanting to suck the water out of anything is preserved. They give you a stonking thirst, so do not consume anywhere which has a proximity to beer… The salt is probably bad for you whatever the Danes say.

No fighting please, we’re British?

This was written early in the week. There’s no need for hot-headed argy-bargy. Some London lads went to Bournemouth and ended up in a knife fight and a few people left their shit in a box. Just…go for a dump before you leave the house?

One of the advantages of being an island is that Britain has a hell of a lot of coastline, you don’t all have to head out to where everyone else goes…

It’s a dirty job, Dom, but somebody’s gotta do it

This is a purely UK domestic rant about a special adviser to the Prime Minister who took it upon himself to drive halfway up the country in a car with not one but most likely two active carriers of coronavirus, and once he felt better, drive 30 miles to a local beauty spot with his wife and kids in the car to test if he could see OK to drive back to London 😉  The dog once ate my homework too, Dom.

For the record I’m actually grateful to Dom for apparently jumping to the fact that lockdown needed to happen, even if it turned out that in his view it only applied to the little people. His supposed boss was dithering, still in thrall to an Englishman’s right to go down the pub so they could potentially die like a dog in a ditch.

However, there’s taking the piss and there’s taking the piss, and charging up the M1 for a couple of hundred miles with two active carriers of the pestilence to visit his second home aged parents’ farm is taking the piss on a new level. So I shared this sentiment with my MP, James Heappey, who has never voted against the boss, because he’s a fellow on the make. But he ought to get the feeling that some of his flock think that Dom took the piss to excess:

Dear James Heappey,

My mother is living in [redacted, let’s just say she is also one of James’ flock].

I have not seen her since February, which is to protect her and the other residents against Covid-19. Because:lockdown. Something that does not appear to apply to Dominic Cummings, a SPAD who appears to be above the law, according to the Prime Minister’s mendacious address on the telly1.

Can you kindly explain to me the reasons for the pusillanimous behaviour of the weak leader of your party in not sacking DC? Dominic Cummings not only decides that the lockdown rules didn’t apply to him, but that he was perfectly entitled to carry a notifiable disease 260 miles to a second home so he could have a more chilled experience, and then delivers a litany of self-serving entitled bullshit claiming he has done nothing wrong? I do not find his childcare a valid reason to break the law and expose another part of the country to carriers of the disease – he started out in London, the capital city of the UK where I am sure such services are to be had. Continue reading “It’s a dirty job, Dom, but somebody’s gotta do it”

What will we do with our world when this is over?

As my ageing mother said a couple of weeks ago, up until this you have not lived through any crisis. This is a woman who was not yet into double digits before the second world war ended.

You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.

Rahm Emanuel

Having switched off a fair part of the economy, it’s a fair chance to ask the question “If we started with a blank sheet of paper, I don’t know, say about May 1979, would we design to get to where we are now?”

if it was meself that was going to Letterfrack, faith, I wouldn’t start from here

apocryphal Irish joke

Let’s take a look at what we have got in the UK compared to what we had. Way back when a young Ermine entered university around that time, inflation was way up in the sky. By the time I graduated,  the economy went titsup in a big way, and it took six months to find a job. I plied my trade in a small company making electronic gizmos. Britain was a different place then.

When we wanted castings for a piece of equipment, we were able to go a couple of miles down the road to meet up with the suppliers, they could point to the part of the design that would reduce the yield, tell us why and we got to change that. The people who wound the transformers for us were in walking distance.

In my next job, I travelled by train from SE London to Cannon Street Station. No city, other than perhaps Edinburgh presents a pretty face to the railway line, but I saw light engineering firms here and there from the railway line, amongst the council estates and blocks of flats. As the decades passed, billboards went up ‘you could be home by now’ as the factories were cleared to make way for estates of ‘executive’ homes. Funny how every bugger buying a new house wants to feel they are an executive, I’d imagine a real FTSE100 CEO wouldn’t be seen dead in one of those rabbit hutches.

I inherited this pump made in east London from my Dad, we still use it when making compost to get enough pressure from our water butts to run a sprayer.

They used to make pumps in London – yes, Romford is in London, not Essex

As the entertaining wingnut David Starkey related, today’s Britain is buggered if it can make shaped bits of plastic in any quantity, for that is largely what PPE is. Sic transit gloria for the erstwhile workshop of the world. I’m sure Mr Carter would have something to say about that, once he’s stopped spinning in his grave on his sintered bearings, still serviceable after six decades or more.

Starkey is surprisingly dirigiste for a wingnut. Perhaps he hates globalisation and its inhabitants of nowhere even more than furriners. Maybe here is a way to make a success of Brexit, with hyper-localisation, though I thought we had given industrial policy up with Thatcher in favour of Ricardian advantage and the invisible hand of market forces. Too much of a good thing can be wonderful and all that.

Maybe there is a turning point here. We could draw in our horns and make more stuff, indeed balance the economy, though I don’t think that we will have employment enough for the horny-handed New Tories of the North. But hopefully we could make shaped plastic quicker… We used to have big companies that made the raw materials, with grand sounding names like Imperial Chemical Industries.

Britain decided to maximize the amount of money we could make, by specialising in finance, and tossed an awful lot of the population’s dreams and expectations1 by the wayside. Now although I blame the borked state of the housing market squarely on Mrs T and her cursed Right to Buy sale of votes, clearly the world didn’t stay static over the intervening 40 years, so you can’t blame other pathologies of modern Britain on her. But it did set the direction of travel, a focus on the numbers and Ricardian advantage. Despite the bad rap she has for manufacturing, causal inspection of the share of GDP as manufacturing chart lower down shows that it was the Rt Hon Tony Blair who was in the wheelhouse when manufacturing got run out of town.

Our finest minds went into finance, and there’s some pretty damning critiques of the desperate lack of balance in the British economy from some of these. There’s the short form from ZXSpectrum on Monevator

The UK made a sort of Faustian bargain: low unemployment for high underemployment and low skill base. Taxpayers subsidize many corporates and SMEs, through low taxation and incentives, to provide rubbish jobs on low pay. These jobs should have been offshored to EM markets years ago. It’s unsustainable for UK workers to be paid 3-5x an EM worker for something where they offer no advantage. It’s also results in terrible productivity and low capex.

I’m clearly going to have to pay more tax after this crisis. I’d much prefer to pay people UBI so that they could stare at the ceiling, than see my tax used to subsidize Richard Branson, Mike Ashley or Phillip Green. Machine learning and AI is going to make many middle class people unemployed.

and the long form with knobs on from Tullet Prebon’s Tim Morgan

In the West, a small minority prospers, principally the CEOs of companies whose profits have surged, and bankers who gain from the expansion of the lending sector. On the other hand, the majority suffers, both because of declining wages and because of rising indebtedness.[…]

Our Tim ain’t feeling any more chipper about things now, here’s what he has to say about the much-vaunted V-shaped coronavirus recession that the markets are telling you do go buy into RIGHT NOW ‘cuz everything is up in the sky and going up. There’s an updated version of Tim’s growl H/T FI Warrior which makes the same sort of Limits To Growth angle. For the moment let’s set the LtG angle aside2. After all, I was still in short trousers when the Club of Rome said we were doomed in thirty years, and I am now within spitting distance of The Firm’s normal retirement age, after two decades of extra play.

However, it is clear that since 1980 we in Britain have designed a world of work that is a seriously shit experience for a lot of people after 40 years of TINA. In particular we shifted the UK economy to services, and created an awful lot of crap low-paid bottom end jobs, and a lot of middle-class bullshit jobs. The poor on zero-hours contracts can point to what the problem is with their service jobs. They aren’t reliable, and they aren’t enough to pay the rent, never mind a good life.

Many in the middle-class find their bullshit jobs eat their souls, though they pay OK. One of the problems of bullshit jobs is that they are like Universal Credit for the middle class without the DWP torture, they still lower productivity. Bullshit jobs produce services/goods that nobody wants or needs.

We have maximised money, but not meaning, and muddle along with misery for the many

It’s all very well to clap for our carers, but we will learn what our values are if we collectively stick our hands in our pockets and pay the poor bastards a living wage, and perhaps bring back bursaries so they don’t carry student debt. In general this crisis is highlighting that an awful lot of people who keep the wheels running for us are paid the minimum wage if they are lucky, and don’t have a minimum guaranteed hours if they are unlucky.

And, when we get to stand back a little bit from it all, we discover that an awful lot of better paid middle-class jobs are a bizarre combination of make-work and perverse incentives. F’rinstance, several years ago, we took a look at how some funding organisation was setting up a community project. The first rule of funding is that you have to fund the consultants who happen to be funded by the funders somehow, that advise you on how to use the funding, then how to get next year’s funding, how to fill in the innumerable forms to get the right ticks in the boxes so the funders feel good about the funding.

Personally, I’d pull the plug on the lot, including the National Lottery and all its good causes. There’s a lot to be said for the Hippocratic oath when it comes to fiddling with the lives of the poor. First do no harm. Betting on the horses or greyhounds in the 1960s was more honest than ‘it could be you’ but pretty definitely won’t be. I have some recollection that there was regulation of that but it appeared that the Tote established by Churchill was sold off3 to Betfred in 2008. Ain’t privatisation such a great thing, eh? I’m sure Betfred maximises the amount of money not ripped off from the punters and feeds it back to the sports. Not.

On a more collective level we end up with the deeply borked twisted mess that the DWP has become. They start with a buggered up premise from the get go, which is that work is the way out of poverty. No. It used to be, when the economy had a wide range of jobs for a wide range of talents, and we needed hod-carriers as well doctors. That was forty years ago, guys.

That’s just not true any more, because: globalisation. There are many people in the UK whose skills aren’t up to adding enough value, because it is cheaper to go to somewhere where the cost of living is cheaper and hire that function there – or build a factory to make it there and import the product.

Now there are lovely jobs and lousy jobs, and whaddya know, there are a lot more lousy jobs than lovely jobs. This was spotted 17 years ago, it’s not new. You can’t make a lovely life out of lousy jobs.

That is why they don’t make pumps in London any more – they make money in London, and making pumps is just too low value-add compared with making money.

That isn’t to say we make nothing in Britain any more – the added value of manufacturing has been sort of retained, even as the share of GDP has dropped like a stone

Share of GDP added by the manufacturing sector as percent of GDP
Added value of manufacturing, bn USD, probably slightly declining over time given 30 years of inflation probably make 500bn 2020’s US$ worth less than 300bn US$ in 1990

So what, many might say. After all, my Dad was notably hard of hearing by my age due to working in a glass bottling plant, and he was stone deaf by the time he cashed in his chips.

People may wax lyrical about the mining community spirits but it was still a pretty ghastly tough job. There’s not that much great about a lot of manufacturing jobs, because wrangling Stuff tends to be physical, noisy and hard work. The younger ermine thought I would have to leave the electronics industry due to getting asthma. That first company was probably not COSHH-compliant. The problem turned out to be that we would wash circuit boards in boiling Arklone with the instruction never fall to the floor in that room, because the vapour is heavier than air. I never had trouble with asthma4 since leaving that first job after a year, though soldering was still part of the electronics industry, and fume extraction was not a thing until a few more years. As a design engineer and then research engineer I didn’t do enough soldering for that to be an issue.

Many manufacturing jobs were bad for you, but an awful lot of modern service jobs are shit in a different way. At least many of the problems in manufacturing were soluble with PPE and automation, whereas many service jobs seem to gravitate towards low-end minimum wage zero hour contracts that you can’t live or die on. The micromanagement and metrics of some middle-class jobs lead to chronic stress and the associated strokes/heart attacks.

In Britain Thatcher inaugurated the practice of buying votes by raising house prices. This was achieved by destroying social housing, giving bungs to people who were too poor to buy a house. Credit was expanded massively with banks going into the home lending market. In 1989 a young Ermine as a single man stupidly bought a house on 3.5 times earnings. Apparently you can still do that oop North, but according to the ONS your average English first time buyer earns5 52k, saves one year’s earnings and spunks 237k on the house.

Over a couple of generations, that means a higher level of housing precarity, though house owners feel good about higher nominal values, and they increase inequality by favouring their own children with the loot when they die. Those not so blessed with ancestral wealth also take a hit from BTL landlords hoovering up starter homes, because homeowners are of the view that bricks and mortar = money tree. Present company excepted, that is…

One thing I have always thought would be a good way to eliminate a lot of what’s gone wrong with employment practices is to terminate all agencies and middlemen. If somebody pays you to pay someone else to do something then you are skimming, and should be run out of town. We did it to wholesalers of Stuff, let’s repeat the exercise to wholesalers of people. The Firm used to employ its cleaners directly. They saved money by outsourcing that, goodbye paid holiday and sick pay. Agency is a fancy name for gangmaster. Oddly enough digitalisation has greatly disintermediated buying and selling stuff, but has greatly intermediated employment with agencies and job-search platforms.

What could we do better?

We will have less Stuff. Probably fewer Services. It’s not all bad – you might get to see your kids more. Here are some things I would like to happen. I’m sticking with the UK here, we seem to want the world to get a larger place what with Brexit etc and I am nowhere near clever enough to fix anything wider, but I could probably match the current shower in charge of the UK in basic competence. Ain’tcha glad I’m not in charge. huh?

1) Destroy the low-cost leisure airline industry. Burn it, and encase the memory that it ever happened in glass and concrete, and bury it so deep nobody will ever find it for five thousand years.

Easyjet will resume domestic flights in mid June. There is absolutely no need for domestic flights in the UK ever. Britain is not that big – we aren’t Australia or the United States. I want to see EasyJet, Ryanair, the lot of them destroyed and the ground that low-cost airlines grew in salted and burned. If you have grandchildren, you don’t need low-cost airlines. Because: their world when they are your age.  Let’s quietly ignore the possibility that air travel got Europe into serious shit in March according to the ECDC. The original mistake wasn’t malicious – people weren’t to know then. However, after what happened, if you postulate air bridges – well, it pretty much sums up air travel all round. No externality is important enough to constrain the God Given right to cheap air travel. This is not about people starving like the Berlin Airlift, it’s about the right to fight for towels on a packed beach.

Zooming out, you will never electrify air travel. Sure, you might be able to do it technically in a couple of decades, but you have to plug the entire output of Sizewell B power station into a future electric 747 for an hour to achieve one long-haul flight. Even if you don’t give a shit about climate change or know for a fact it’s all a Deep State cabal, just how much nuclear waste to you want those grandchildren to have to deal with to keep up your flying habit? People used to have one annual family holiday to foreign parts. If we could make work less hateful, perhaps we might not need to run away from it so often. As for commuting by air…

Right, capt'n, where do I plug this sucker in? Photo Dave Croker, Geograph
Right, capt’n, where do I plug this sucker in? Photo Dave Croker, Geograph

I really hate the low cost airline industry. It fucks up our skies which is patently obvious now, it generates needless unholy rumble through most of the day and encroaching onto the nights, it ruins your kids’ future worlds,  it facilitates stag party twattishness, it makes places like Barcelona nd Amsterdam crap. It’s just gone too far. If coronavirus can kill it that is all to the good IMO. Less is more. It’s a proxy for the pathologies inherent in late stage capitalism. It just doesn’t know when to bloody well stop. More is not always better.

2) A four day week isn’t a bad idea, along the lines of making work less hateful

3) Do something about crap jobs. Automate the ones that aren’t worth doing, pay the ones that are worth doing a living wage.

4) String up anybody who even thinks “work is the way out of poverty”  – it hasn’t been for 40 years and it never will be. Talent that matches well paid work opportunities and luck are the route out of poverty, and neither are something you have overwhelming influence over. You can play a good hand well, but you can’t do anything with a weak hand, the opportunities just aren’t there. We have specialised too much.

5) Fix Universal Credit. Turn it into a universal basic income, or for all I care universal basic services. Or at least be honest and say we believe some people’s lives are worthless, we aren’t going to get involved, we don’t give a shit, and basically, kill ’em all. If we can pay Endemol to round up Iain Duncan Smith and have him live a month on UC that should be good for a laugh, too.

6) Destroy bullshit jobs. A Universal Income/Services would save the waste of human potential. And the trees. And reduce the pressure on the transport system.

6) Think about how we feel about poverty. If we collectively are chilled about it, there are enough dystopian way pointers on how to deal with it. If we aren’t, then finding some way of learning to live within our means will mean rationing of some things. Probably including air travel,  and probably including other popular lifestyle choices.

7) Reinstate previous generations’ controls on ownership and share of media6. There was an awful lot wrong with the media in the UK before Mrs T gave it to Murdoch, but I would suggest that while the cure eliminated the disease, the pathology metastasized into something worse. There was at least plurality in the previous disease.

Ain’tcha really glad I’m not in charge? Before I take too much heat for the air travel, note many people would have more time in an Ermine world, you can get to your Alpine skiing second, third, fourth holiday by Eurostar. I’m only coming for your second and up air travel holidays. We’ve probably got enough world for the air travel of the 1990s. But not the amount in 2020 BCV.

How about that Limits to Growth stuff?

It is possible that this second global financial crisis of the new Millennium is the result of systemic overreach as described by the Club of Rome. Let’s not beat about the bush here- the prognosis for FIRE is dire in this case. If you aren’t there you’re not getting there, and if you are there you may not stay there, and yes, that’s me too. The problem is an overhang of debt accumulated, this covered up the fact that global production hasn’t kept up with global population, and some of the limiting inputs to production are becoming exhausted. These are claims on future resources that will not be honoured because they just aren’t possible.

That narrative makes a lot of sense, but there are other stories playing out. For starters old men have been saying the world is going titsup ever since Roman times and probably before.

an alternative – Spenglerian decline

Secondly there is a power shift in play – the ascendancy of China and the East in general, which is a longer example of the cycles of the Imperial decline of the West. These were the European empires of Victorian times, of which the best know example was of course the British Empire, but I would also say that the American Empire is also into decline, the Project for a New American Century looks like a Spenglerian dream gone wrong.

Old men dreaming of past Imperial glories, back in the last century. Diddums. Now where have we heard that recently?

Trump and Brexit both express nostalgia for past exceptionalism, but this is not just a pathology of the Anglosphere, it’s writ across the Western world IMO.

Spengler’s – The Decline of the West was written a hundred years ago, and the narrative runs true to form, and it predates the Club of Rome by fifty years. Like Asimov in Foundation, Spengler did not predict a catastrophic fall, but a protracted decline. That’s pretty much what this looks like to me. Maybe the Chinese will fix air travel with small fusion nuclear reactors that won’t spew foul shit everywhere in the event of a crash. Maybe we will have five thousand years of darkness until the new Imperium rises. Hopefully humanity will have learned a thing or two across the interregnum.

We could make a better world, and for all I know this may be the impulse that makes us ask some tough questions about would we want to end up here if we started along the track that got us here. We could start with the question anybody contemplating FIRE asks themselves.

Is our current level and form of consumption the optimal way to live, or is there a better way to optimise our experience?

But I fear we will let the crisis go to waste. The desperate urge to get air travel going again is symbolic of the driving impulse for a snap back to how things were before. There’s all sorts of special interest pleading to get back to the status quo.

A lot of that is understandable – this has been a sudden stop for an awful lot of economic activity. But it isn’t unheard of for us to say ‘we want to see less of this sort of economic activity in future’, usually because it has undesirable outcomes, usually externalities, costs paid for by other people who often don’t get a say or a share of the economic advantages.

It won’t happen. The drive towards a snap back is strong, and the countervailing forces are weak and disorganised. Macchiavelli was right

“there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things. Because the innovator has for enemies all those who have done well under the old conditions, and lukewarm defenders in those who may do well under the new. This coolness arises partly from fear of the opponents, who have the laws on their side, and partly from the incredulity of men, who do not readily believe in new things until they have had a long experience of them.”


  1. The dreams include raising children, having jobs that you could plan a life on, being able to buy a house. The reason their dreams were tossed by the wayside is because they don’t have the aptitudes for high finance. That’s the problem with doing one thing overwhelmingly well, you tend to suck at other things. Specialisation is for insects 
  2. If you want to see how Limits to Growth is going now, take a look at the thirty years on update. It ain’t looking good. 
  3. Blair’s government should be charged with the original idea and doing all the groundwork for this, even though the next government actually pulled the trigger. New Labour was no friend of the statistically illiterate working classes, since t’was they who inaugurated the National Lottery to happen. 
  4. Curiously enough the OSHA doesn’t cite getting asthma as a side effect of CFCs, they reckon it causes you heart problems. You can get away with anything in your 20’s, eh 😉 OTOH the datasheet seems to say respiratory problems were possible. 
  5. I can’t work out if earns means individually or collectively, best not have kids in that house if collectively given what young children do for the household income, eh? 
  6. Goldsmith’s College have a longer form report on UK media shares/ownership  

I’ve got a sneaking admiration for Donald Trump

Go big or go home…and The Donald’s going big in opening up America, standing down the coronavirus taskforce in the next few weeks. It’s probably fair to say there’s not an awful lot of love lost ‘twixt the Gray Lady and The Donald. New York is full of, well, t’other side, and it’s just not Donald’s tribe, though it has been his old stamping ground for ages.

Trump administration officials are telling members and staff of the coronavirus task force that the White House plans to wind down the operation in coming weeks

NYT

It’s not unknown for a POTUS to claim a premature victory. We’ve seen this movie before

How did that work out for ya, Dubya?

but there’s a big difference. I felt that Dubya was a bit out of his depth. He probably believed his own hype. It’s all that inbreeding in the presidential families of America. Trump is an outsider. Sure, his dad was steenking rich, we’re not talking the poor kid from the wrong side of the tracks making it to POTUS version of the American Dream.

I’m of the view that Trump is one of a kind – a masterful dog-whistler. Not everybody is responsive to his particular schtick, and it brings an awful lot of people out in hives. But those to whom he does speak, he speaks directly, and they feel he speaks for them. And sure as hell nobody else has been speaking for them since the American Dream started to go down the toilet pretty much since Reagan took office.

The Mule’s childhood was one of alienation and torment. This motivated him to use his powers to get revenge on the Galaxy

He reminds me of the Mule in Asimov’s Foundation Trilogy, someone who almost directly controls people’s minds by making what he says resonate with their lived experience. After years where nobody sounds like they are listening to you that is magnetic – because all humans want to belong and for their pain to be witnessed. The Ermine has recently fired up the TV and paid the goons of TV licensing. I heard Trump on the TV news, and unlike hearing it through my PC on the Web, I heard him on my hi-fi.

The Donald needs to be re-elected

And while he doesn’t speak to me and I know he’s a lying sack of shit, I could hear the magnetism in the way he used his voice and understand the appeal. But the Donald comes with problems. Presumably he had attachment issues as a child, anyway he has a deep seated need to think that he is favoured, and it is really, really important to him to win the election.

Over in London they think coronavirus probably has a low mortality rate and the economy is suffering. Citing various posts from the intellectual right-wing website Unherd, some make a cogent case that Covid-19 isn’t such a big deal for most people. To their credit, Unherd supported their assertion with interviews with experts of similar views  – Hendrik Streek, and Johan Giesecke, and these make a lot of sense. it’s only when you look at Unherd’s content more widely that the focus of their particular lens shows clearly.

Their lens may be more accurate in some areas. I find a lot of resonance in Unherd’s interpretation that a lot of the problems in recent decades stem from a general anomie where by measuring everything in money we may have stripped our world of meaning and knowing what we stand for. I am not clever enough, nor privy to the information that shows whether the truth about coronavirus is closer to the Johan Giesecke end of the spectrum or Neil Ferguson’s. I am less convinced by Giesecke’s, not because I have a way of evaluating it, but from the people that are pushing it, who seem driven by the economics. But the low mortality rate we are all overreacting because what does it matter if this is infectious as hell if it doesn’t kill that many people is popular in London, and it is internally consistent. These are clever people making the case. Human societies do not put life first above all else everywhere – cars, pollution and many other things are examples of drawing a balance where some deaths are part of the price of achieving a greater good.

Mandy Rice-Davies might proffer that Londoners would say that. Londoners are young so at lower risk, on average. It’s unlikely to be a lot of fun being holed up in London micro-flats in a mini-heatwave.  Some are currently not doing a job that brings in squillions. Feeling more squillions disappearing down the plughole due to the shuttered economy must be stressful.

It’s less bad for a retiree in the sticks, where in a bike ride of several miles I encountered four cars once I got out of the town. I saw this

the white handkerchief is a Little Egret

avoided a serious gang fight

Why this field hasn’t degenerated into a swan war of all against all beats me

and wondered how this knot was done

Knotted Willow

While there’s some rumbling going on among the more swivel-eyed Tory contingent about opening up the economy – step forward Iain Duncan-Smith channeling FDR in the Torygraph

After six weeks of lockdown, we mustn’t lose sight of how vital a functioning economy is to our health and wellbeing. Perhaps we should remember President Roosevelt’s wise words in a time of crisis: “The only thing we have to fear is fear itself.”

Iain “I’m all right Jack” Duncan-Smith, who is of the blessed opinion that poor people have a previous monthly salary paid in arrears that they can draw on before they get Universal Credit, writing in the Torygraph 5 May 2020

the trouble is that they are all chickenhawks. What the world needs to straighten out the difference between these courses of action is someone sure of their convictions and with balls of steel and pure conviction. Enter our man of the moment, Donald Trump.

Here’s a guy who knows what he wants, and knows how he’s going to get it. There are two competing ends of the theory spectrum about coronavirus, and sadly we have insufficient data to make a clear call which is right.

One, the London/Unherd view is that it’s not a biggie, most of us have already had it, closing the economy kills people too y’know. The other is that this is so infectious it will let rip as soon as its given a chance, mortality is not low enough that it won’t kill many. The UK already seems to have the highest European death toll, which points me in the latter direction, but whatever.

What we need is strong leadership, somebody who goes with his gut to cleave the Gordian knot in the face of uncertainty. Now strong leadership tends to have rather undesirable consequences of people marching in shiny jackboots and smashing windows in the night, so what we need is strong leadership somewhere else. And in the US of A they’ve got it. They voted for it once, and they’re gonna vote for it again.

Donald’s really keen on getting re-elected. He’s already flung so much Federal Reserve money at the stock market that it no longer reflects reality, even Warren Buffett can’t see where he’s going, the screen is covered with so much money.

But that’s not enough. Donald needs boots on the ground. He’s not going to let a little thing like a global pandemic get in his his way of being re-elected. Not only is he going to ReOpen America, he’s going to damn well Make America Great Again. And for that he needs Americans back at work. lickety-split.  No, not that interpretation of the phrase, though I guess this is Trump…

Now obviously there’s a chance that people might die if the low mortality  view is less congruent with reality than the higher mortality view. But that’s not important to Donald. Strong leaders decide, others take the consequences. Trump 2020 is what matters, so the great engine of American exceptionalism needs to get fired up. As Warren Buffett said,

never bet against America.

Warren’s ADF indicator may be titsup because of the Fed’s wall of money, but Donald Trump knows exactly where he’s going, what he wants and how he’s going to get it. And he’s going to put the pedal to the metal. Real Men accept collateral damage.

Warren scratches head. Which way is up on this damn thing? Trump leans over, smashes glass, sets the needle. That way is up, buddy.

Cheese-eating surrender monkeys and the rest of the world can stick it, lily-livered quislings that they are. But they can hitch a ride on the Trump.

VUSA is your friend. Or pretty much any S&P500 fund or ETF. Never bet against America, because Donald will MAGA. I’m tempted. I am light America. I loathe everything Trump stands for. But perhaps our Londoners are right, and coronavirus isn’t all that. A punt may at least make me feel better when Donald wins again in November. Like Asimov’s Mule, he doesn’t need to make everybody like him – all he needs to do is keep the people who do like him doing his bidding.

Sonos to Earthlings: All Your Base Belong to Us. We’re with Trump on the environment, BTW

I’m going to have a grumpy old man rant here, but consumerism is getting evil. Any Sonos buyer renter should be made to play Life For Rent as the first confirmation their expensive new kit works, and to remind them they have a lease on it for about five years. Because despite what you may think, you don’t buy Sonos gear. You rent it for a one off purchase cost, and get an indeterminate term of usage. They get to switch your kit off at a time of their choosing.

if my life is for rent

Sonos is an egregious example of what’s been going wrong with consumerism for a while. Disguising a rental model as a capital purchase. Se also : PCP car ‘purchase’. My Dad was right, back in the day. If you can’t pay cash for your car, look for a cheaper one, it’s a wasting asset. However, Sonos is a deliberately wasting asset.

Back in the day, you got to buy your toaster, you plug the beggar in and welcome to several decades of toast. Now if you decided to get the burnt toast out with a butterknife after a particularly excessive night on the sauce like yours truly did as a student, then all bets are off.  1 Muppetry aside, you could anticipate decades of service.

Heck, you used to be able to change the element in a kettle. Audio gear tends to last a long time, once you are out of your twenties, where either you spend enough money to be able to turn the wick up without overloading the amp thereby trashing the tweeters, or your straitened living circumstances mean you turn it down. Small children and pets are a hazard to speakers, but then they are a hazard to lots of things.

The Ermine hifi has a Naim 250 that wasn’t new when I bought it, back in the early 1990s. My speakers date from then. I owned am AR SP8 preamplifier for over 30 years which was also secondhand when I bought it in 1984, but I sold it a couple of years ago because I moved to streaming my CDs from a NAS box, changing it for Naim streaming gizmo/tuner/analogue preamp.

I can see where Sonus scores – the Naim app has a foul user interface. But at least the back end uses open standards, and I have used an alternative Upnp browser. Mrs Ermine grouses about the control interface each time she tries to use it, But since she is prepared to stream crap from YouTube via bluetooth into the system which is does well, then she is happy because she can understand Youtube and it’s free. As long as I don’t have to listen to it its fine. I can’t stand listening to music in her mode, which is to play three quarters of a track and then jump to something else. But each to their own. I am sure this would be easier with Sonos.

Sonos is the antithesis of that sort of system. It is the Apple of the audio world – you plug it in and it Just Works. You pay for that with a locked in walled garden sort of system with the service life of a mayfly, not because it’s unreliable, but because of software designed to be obsolescent as they please. So you also pay for it with highly unethical business practices, which they borrowed from Apple, which is designed in planned obsolescence. Just that Sonos took it it a new level.

Two of the components of my 1980s/1990s system were secondhand. One served me for 34 years before I sold it and it’s presumably serving someone else. The other secondhand component is still in service. I had it refurbished once and repaired2 by Naim once, but for a piece of gear which has been serving me for getting on for thirty years it ain’t bad. It also had the decency not to take out my speakers when it failed, which is good in a power amplifier.

Sonos – and nothing I have is truly mine…

The Ermine doesn’t do Cloud. I loathe Cloud with a vengeance, because I have been suckered by it too many times. If it needs Cloud inherently, like a web server, that’s fine.

Sonos are taking this to a new level, however, and that’s because they have remote control of your gear in your home. I hate Cloud and Software as a Service3 and shit like that because if it needs Cloud so they can milk you again and again. No. Foul ‘ole Ron was right4. Buggrit, buggrem, spying on me with Rays.

I don’t have a mobile subscription. I don’t use Netflix, or Spotify, or any of that sort of thing. My CDs are ripped to the NAS and if I unplug the ADSL feed I can still play music. I don’t want service providers in my life unless there’s a good reason. Yes to electricity and gas and broadband. No to Alexa, Ring networked doorbells, Hive central heating controllers. And evil bastards like Sonus who use Cloud to brick your older equipment by remote control. Presumably you need a connection to them, else you could blackhole whatever Sonus gear phones home to. If you’ve got them by the balls, their hearts and minds will follow as that fellow in the Nixon admin said. And you pay for that?

Sonos is hardware as a service. They want you to upgrade all the time. You aren’t going to be using your Sonos gear in 30 years. You’ll be lucky if you are using it in five. The piss-taking bastards say if you have an old component in your system then you can’t even upgrade newer ones. That’s just nasty. Oh sure, you can get a 30% discount if you set your old component to recycle mode, which bricks it.

Nobody recycles electronics. We send it to some Godforsaken part of the world for people to strip out the precious metals at massive cost to their health. At least if you ebay the sucker, then someone else gets to use it. My 30 year old preamplifier is still in service somewhere. WTF is wrong with Sonos? Nearly all of the challenges in audio engineering have been solved. You will need to change the head unit which gets your compressed cloud music as things change. The network bit and the distributed speakers and associated clobber presumably all run uncompressed audio. That’s not going to change for the next 30 years. Some of this Sonos crap you build into your house, for God’s sake. Do you really want to remodel your house because Sonos says so?

Sonos. Just say No

Because all it takes for evil to triumph is for good men to stand aside. For that sake of your grandchildren. To stand against the needless waste. And to cut greedy bastards and shady business practices off at the knees.

I’d generalise this wider. I don’t tolerate Apple anything. Not because it doesn’t work, or doesn’t look lovely. Again, a controlled walled garden ecosystem makes for a far better user interface. It’s just that you get to pay a thousand pounds for your bloody phone or computer every five years, because the cheeky buggers orphan old equipment, just because they can. That’s when they aren’t slowing them down ‘to be easier on the elderly battery’. Here’s a radical idea, Apple – hows about making the damn battery replaceable, you know, like it’s been done for all the decades since battery-power shit was invented, until you decided to fetishise ‘thinness’ as an excuse to glue you consumer gizmos shut so not bastard can fix them. Evil bastards. And then you weep crocodile tears about how you really care about the environment and talk rubbish like this

downloaded from https://www.apple.com/uk/environment/ 23 Jan 2020, doesn’t square with my experience, in particular about updating older devices.

So WTF have you orphaned my damn Ipod Touch and glued the battery inside? Last as long as humanly possible, FFS…

And as for Sonos, the service life of audio gear should be measured in decades, not years. And nothing on earth at all should be intentionally made obsolete by remote control, you evil bunch of punks.


  1. The hot tip here is to unplug the thing first. I had assumed the switch was in the live side but it was on the neutral side despite this being a Class 1 device. Still, at least I got that slice of toast out, after the flash as the element vaporised. And we had a gas grill that you lit with a match. so we were still good for toast. And fish fingers. What on earth could go wrong, eh? 
  2. Turns out I could have fixed this myself. Symptom was it blew 10A mains fuses. I popped the lid and didn’t spot any charred components or magic smoke escaping, so I assumed the power transformer had a shorted turn, and these are a custom component I couldn’t buy. Turns out one of the discrete bridge rectifier diodes had failed short. My hasty assumption cost me a couple hundred quid, which served me right for jumping to conclusions ;) 
  3. Adobe Creative Cloud, we’re looking at you. Evil courses through Adobe’s corporate veins 
  4. Terry Pratchett, Discworld ISTR 

passive investors, are you destroying your children’s world?

Most of the brouhaha about the rise of passive investing comes from the intuitive feeling that passive investors are only along for the ride, they don’t know or care ‘owt for what the companies they hold passively are up to.  Insofar as they are not engaged shareholders, they don’t guide the companies they own collectively, and the burden of shareholder feedback falls upon a smaller band of active investors.

Most of the argument about this in the FI sphere is a concern on corporate governance and returns, and there are various forms of rebuttal. The dumb passive billions are like the carriages on a train following the remaining active engines, but they switch to a different locomotive depending on the outcome, the fickle bastards. So it comes out alright in the end, is the received wisdom – the passive crew are amplifiers to the results of the active guys, rather than sponsors of their yachts. So the dumb money is safe1, because it follows the smart money.

The Anglo-Saxon business model eats the future, quoth the British Academy

who make the case in an extensive report that the narrow definition of the aims of the corporation in the English-speaking Western world makes companies focus on making money to the exclusion of all else. They are required by law to make as much money as you can for your shareholders. There is an implied “by legal means”, but globalisation means that there is a race to the bottom because what’s legal there isn’t necessarily what’s legal here. That this has been damaging to Western working populations can be seen by the changes in the workplace, particularly since the global financial crash – disaffected Western aspirations voted for Trump, and Brexit.

One of the problems of globalisation is that it has massively reduced the leverage of government regulation. The UK government could regulate to reduce practices that harm the environment, but the activity so discouraged will then migrate to a jurisdiction that doesn’t have such scruples.

On the other side, as buyers we qualify our investments by the desired rate of return. This is marginal enough as it is – the common assumption is a 4-5% real return on investment integrated over decades. The corollary of that is that you need a capital of 20-25 times your desired annual income. Shift that down to 2 to 3% and that starts to become 50 times your desired income; doing that in a 30 year working life starts to look really tough.

A quick spin through the top components of a whole world index fund

Do big firms eat the future? A glance at the undesirable practices of the biggest components of a well-regarded recommendation of world index fund VWRL isn’t happy reading for those with a social conscience:

Apple Inc: Failure to adhere to Chinese labour laws. I’d charge ’em with price-fixing, planned obsolescence, anticompetitive practices, non-replaceable batteries2 and refusal to engage with third-party or DIY repairs. Pictures of workers and pollution here

MSFT: I couldn’t dig up that much dirt. Yesterday’s men, they tried to rule the world and failed, though they were done for antitrust offences ISTR. Bill’s still rich as Croesus

AMZN: So bad Wikipedia has a page dedicated to AMZN criticism. Closer to home they treat people like shit in distribution centres. I think their riposte boils down to ‘treating people like shit is part of our business’ and while it’s true that I left work because I was treated like shit at a critical juncture, it’s notable that for the vast majority of my working life treating people like shit wasn’t a widespread part of my work experience or that of people I know.

FB: Suborning the political process, getting rich on fake news, making sociopaths of us all, aiding and abetting Dominic Cummings, refusing to stop meddling in elections by showing different things to different people. Selling personal data to the highest bidder, lying about it until caught. The problem was manifest from the get-go as the youthful Zuck described his punters as dumb f**s. Evil courses through the company’s veins. If I were God for a day social media is a class of product/service I’d uninvent and rewire human brains so it could never be dreamed up again. Yes, it’s nice that Grandma in York can keep in touch with the grandkids Down Under but the collateral damage in terms of human misery is appalling IMO

JPM: I couldn’t come up with any dirt but they paid a $13bn fine for something to do with the GFC. Presumably they have enough money to pay decent lawyers to get them off the hook, so it must’ve been bad.

Two lots of Alphabet, Google’s holding/parent company: How’s that ‘Don’t be evil’ thing going down with y’all? Oh and this

on Youtube, owned by Google. It’s either irony, hubris or advertising, and I am not clever enough to determine which. Orwell called it forty or fifty years too early with “if you want a picture of the future, imagine a boot stamping on a human face – for ever.” Usual charges against Big Data, suborning the common weal, all that stuff. I’m kinda tickled that the Google search of what’s wrong with Google assumes you have technical problems, rather than searching for the central heart of darkness. Chapeau for the subtle control of framing, guys. What’s wrong with Google? Nothing to see here, move along now.

JNJ: I couldn’t dig up that much dirt.

VISA: I couldn’t dig up that much dirt.

NESTLE: Baby Milk Action. ’nuff said, although the £25 Kit-Kat should get an honourable mention just for taking the piss, I can’t make the case that it’s evil.

It may help me retire early, but I’m not sure I can actually feel good about owning VWRL. Perhaps I can tell myself that’s only 12% of the market cap (and mainly American) and that the levels of evil were dropping as I went down the list to the smaller fry, but to be honest I’m not sure I want to know what the rest of them get up to after this exercise!

On the other hand if you try and stick to being ethical you get slaughtered in the markets. Sin pays. You can read countervailing arguments, but it’s people talking their book. It is interesting to observe that ethical investment screening locks you out of nearly two-thirds of the UK’s largest firms. This suggests ethical passive investing just isn’t possible in the UK market. Passive investing only works if it is representative of the market by capitalisation, and a third just isn’t representative. Turn the telescope round and the British Academy chaps have some point – two thirds of the top British firms are harming the public good somewhere.

Maybe nobody will be able to retire in future if this is cleaned up, the rate of return will be so dreadful you just aren’t going to live long enough to save enough to get out of the rat race. Historically, capital accumulated very slowly across a human life, to the extent that dynastic and ancestral capital ruled society. You still see the background radiation of this in that 25000 landowners own half the UK. and the largest share of a third is the aristocracy, where the land has remained in the same families since William the Conk declared himself owner of all of it after 1066 3.

The problem is that money is power, and power corrupts. Most of these firms get an edge through scale. With the exception of FB, they all provide a useful or valued service, they just happen to cut corners in parts of their operation, and globalisation weakens limits on their ability to cut those corners in dark places. We’ve seen some of this movie before – the robber barons of the Gilded Age, and a lot of the pollution and abusive work practices echo what happened4 in the industrialising West in the last century or two. Tim Worstall would probably say that sort of exploitation is a price worth paying. It worked in the West and it’ll work for the global poor.

Globalisation was good for humanity in general, but not for most people in the West

In the article the crisis of capitalism Milanovic argues that

The western malaise is the product of uneven distribution of the gains from globalisation. When globalisation began in the 1980s, it was politically “sold” in the west – especially as it came together with “the end of history” – on the premise that it would disproportionately benefit richer countries. The outcome was the opposite. Asia in particular was a beneficiary, especially the most populous countries: China, India, Vietnam and Indonesia. In Europe, as in the US, it benefitted the 1%. It is the gap between the expectations entertained by the middle classes and the low growth in their incomes that has fuelled dissatisfaction with globalisation and, by association, with capitalism.

Harvard isn’t noted for being a hotbed of Marxist anti-globalisation thinking, but their Dani Rodrik made a similar case in 1997 in his book Has Globalisation Gone Too Far5, observing that lower-skilled wages have fallen in real terms in the US and then Europe since the 1970s. This fall predated my entry into the workplace. I did not observe this at first, because my experience of the workplace was different from my father’s6. He was a maintenance fitter, I worked in industrial research. The suckout took thirty years to reach me, but reach me it did – I retired eight years earlier than normal retirement age for The Firm to escape this deterioration in the workplace.

It’s quite chastening to see that the pathologies dragging us down now were foretold in 1997, exactly as I reached the halfway mark of my shortened working life. Of course, the problem with working out which portents of doom to heed is that  there are so many of them, most of the things that could go wrong don’t go wrong. The bear case always sounds smarter. It’s still eerie to see that over twenty years ago a forecast of the troubles we  face now was written:

Globalization is exposing social fissures between those with the education, skills, and mobility to flourish in an unfettered world market―the apparent “winners”―and those without. These apparent “losers” are increasingly anxious about their standards of living and their precarious place in an integrated world economy. The result is severe tension between the market and broad sectors of society, with governments caught in the middle. Compounding the very real problems that need to be addressed by all involved, the knee-jerk rhetoric of both sides threatens to crowd out rational debate.

The standard answer to that from Calvinist work-is-good-for-you believers is adapt to creative destruction, get on your bike, or die, suckas. Bollocks to that – life is about more than work, I don’t want to hustle for the rest of my days, because I loathe hustle and self-promotion. Had I been born ten years later, that escape route wouldn’t have been an option open to me.

There’s no good reason to put up with a deteriorating workplace if you can buy manumission from The Man. Arguably the stagnation in living standards since I left work meant I haven’t gotten relatively poorer as a result of rising wages in the time I have been out of the workforce. Observation shows that in the West, and in Britain in particular, work is getting more shit for most people. Rodrik was right.

There’s a case to be made that Brexit was partly a rejection of globalisation, the line that if I am going down, you lot are going down with me. Time will show if they get what they wished for. Let’s hope they like it, eh? They’re not going to get a do-over.

Globalisation is much more popular in Asia than in the West, according to Milanovic

But the dissatisfaction with globalised capitalism is not universal: a YouGov survey showed a very high degree of support for globalisation in Asia, with the lowest support in the US and France.

It stands to reason – it has been a win, particularly for the Asian middle class.

Who has gained from globalisation, 1998 to 2008. Tea-leafed from Milanovich’s report in the Harvard Business Review, “Why the Global 1% and the Asian Middle Class Have Gained the Most from Globalization”

Right-wing nut-jobs like the Adam Smith Institute’s Tim Worstall makes a cogent case that globalisation has been a good thing for humanity in the round. He is probably right in that nobody has experienced an absolute terms retrenchment7, but if I had followed my Dad into a blue collar job and Tim showed up in a bar telling me “chin up old boy, your end of the boat had to go down for the greater good, but though you can’t buy a house your telly’s sharper and your phone isn’t screwed to the wall like your Dad’s” then he might end up with a robust and physical riposte, because I don’t particularly care about humanity if I am feeling shat on. He’s also got an answer to the tosspot8 David Attenborough yammering on about environmental issues and that there is no problem that exists in the world to which the right answer is ‘more human beings’, basically don’tcha worry your little head about that, capitalism will fix that too.

Even on a white-collar income, Dani Rodrik’s declining trajectory is shown in my life. I discharged my mortgage ten years later in life than my Dad did, on his single household income. The arrow of time still points in the same direction, the retrenchment in home ownership9 in more recent generations. Worstall would say so what, Millennials will live longer than previous generations, and they have far more choice in what to spend their incomes on. If he makes the case in some hipster east London bar through a mouthful of smashed avocado on toast, he may be met with some pushback in the form of “as long as those things we can afford don’t include buying a house or having children, yes”.

Is your passive FI/RE dream eating your children’s future?

The British Academy lays out the charge on page 27, Corporate Financing that the arm’s-length passive ownership is not only detrimental to the common weal, but it amplifies the actions of bad actors

Traditionally, corporate financing has been concerned with the interests of investors alone. Stock market listed companies in the UK and US are dominated by dispersed passive shareholders who do not provide the active engagement with companies that is associated with larger share blocks in other countries around the world.

In particular, universal shareholders who hold the global portfolio of shares through index funds have risen to the fore. To the extent that there are engaged investors, they take the form of short-term hedge fund activists who hold blocks of shares in companies for an average of between two to four years.

What is for the most part missing in the UK and US are long-term, engaged holders of blocks of shares who act as true owners of corporate purposes . Since one cannot have a relationship with the anonymous, the absence of identifiable holders of blocks of shares undermines the provision of long-term relationship forms of equity finance. The result is not only insufficient governance and stewardship by investors but also a deficiency of committed owners of corporate purposes.

I am not clever enough to see if they are right, but at least some of that seems to have a grain of truth to it. This bell has been tolling for some time – 8 years ago I watched the programme Finished at Fifty that showed a stark contrast between the lifestyles of a Chinese middle class aspirant in an economy with rising prospects and a fifty-year old Brit who had already been offed from one job, carried too much mortgage for his stage of life, lived high on the hog and wasn’t looking at the road ahead. Some of the anger I had in that post is because I saw myself in him, and I was half-way through extricating myself from that sort of folly. We hate seeing in others the dim reflection of our Shadow, and that was why watching this berk do what I had done two years before got on my tits so much…

The stench of decline in the West has grown worse since that programme, in the English-speaking world it’s names are Trump and Brexit, and they harken back to making America Great Again and its Mini-Me Brexit Putting the Great back into Great Britain Again over here.

Putting the Great back into Britain

It just ain’t gonna happen, guys. Sic transit gloria mundi. Well, it’s going to happen for the better off, but although I am over halfway up the UK wealth scale10  I am nowhere near safe from that firestorm, and I don’t even have the right to live elsewhere any more11 any more because of these nostalgic dreamers of Imperial glories past selling their jingoistic story.

Jacob Rees-Mogg will do all right out of it

Jakes will do all right out of it. Of course he’s not influencing Somerset Capital Management‘s investment decisions since he’s an MP. So that’s all tickety-boo and above board then. But the engine of globalisation is driven by our money as well as his. Perhaps I am closer to Tim Worstall than I like to think. It’s not a good feeling.


  1. I am sure one day there will be someone with enough cash to be able to flush this dumb money by pumping and dumping enough stocks along the index rebalancing cycle, but it hasn’t happened so far that we know of. 
  2. The battery works on a chemical process and has a finite number of cycles before it loses capacity. Once upon a time you could change the rechargeable battery in a mobile phone just like in any other electronic doo-hickey. Apple led the way by glueing the damn thing inside the case, so you get to throw the whole thing in the trash when the battery is knackered. 
  3. The Domesday Book of 1086 is the first and last comprehensive record of land ownership in England. Unlike any other self-respecting European country the cadastral records of the modern Land Registry don’t cover 14% of the country because the aristocracy don’t want you to know how rich they are. Land is their preferred method of preserving capital across the generations. Estates aren’t sold when inherited, so they can do this on the Q.T. 
  4. for instance the Dhaka garment factory fire of 2012 has echoes of the Triangle Shirtwaist disaster in NYC a hundred years earlier 
  5. Yeah, that’s an Amazon link. I am part of the problem, as I’m sure are most of you. Don’t like His Jeffness? Google it…oh never mind 
  6. My Dad retired just after his 65th birthday, having worked at that company for 23 years, but he started work at 14, so he worked for 50 years in total. 
  7. I find this hard to square with the increasing signs of overt poverty in the UK, the increased amount of visible homelessness, the food banks that Iain Duncan-Smith regarded as just the third sector picking up the slack rather than the direct result of his vile disdain for the lower orders not being able to ride out the five-week delay built into Universal Credit welfare reforms pour encourager les autres. But let’s not pick the fight with Sir Tim Worstall, eh? 
  8. If you’re about to pound the keyboard giving me what for about the dastardly disrepect shown to Sir David, may I respectfully suggest to you that your irony detector has failed in service. 
  9. You can make the case that home-ownership isn’t as well suited to modern insecure working patterns. The trouble is that the rental market is too skewed to favour landlords in Britain, with virtually no security of tenure what with the section 21 eviction at short notice without reason, though there are moves afoot to change this. That won’t take things anywhere near the sort of security of tenure German renters have, for instance. 
  10. the median UK household wealth is about £260k according to the ONS 
  11. I suppose I could buy Maltese citizenship but Brexit has shown just how frail supranational entitlements of residency really are. You gotta admire Maltese chutzpah, when the EU gave them a bollocking for selling citizenship they simply raised the price (to more than I can probably afford) and said that that was all right then. Malta’s got other serious problems – it is far too close to obvious geopolitical hazards, the government seems to have issues with journalists who find out too much. Before Brits point fingers at those Maltese fly-by-nights note that the UK government sells citizenship on a sliding scale of £2,000,000 to £10,000,000. Interested? Apply right here on gov.uk. The extra £8M readies buys you three years off the settlement delay, and you can fast-track the application for 500 nuts (on top of the £1600 fee).  We don’t give you all that US bollocks about moral turpitude. Acts of baseness, vileness, or depravity in the private and social duties which a man owes to his fellowmen are absolutely fine with us. As long as you do your crime and skip the country where you perpetrated it within 12 months, or your criminality is more than 10 years ago we’ll whistle a dancing tune and welcome you and your money with open arms. What’s more, unlike those money-grabbing Maltese the money is still yours, all we ask is you lob it in a UK bank and convert it to sterling. Ta muchly. Obviously if you wanted to get EU citizenship you are SOL, but £2mill ought to get you a suitable gated pad with a concierge, so you don’t need to fear the revolting proletariat in the years to come. Toodle pip old boy and the best of British luck in sharing your ill-gotten gains with us investing sagely.