Category Archives: Economy

FAKE NEWS’ New Frontier: Against Any Efficient Reallocation Of Resources

Argument, Classical Liberalism, COVID-19, Democrats, Economy, Government, Natural Law, Propaganda, The State

The deeply silly Washington post has one of its anti-Trump “scoops”: ICE special response teams were freed up to respond to the June riots, ongoing. OMG! You wouldn’t want to optimize the people’s resources to save their resources, now would you?

Immigration and Customs Enforcement (ICE) used a flight charter service reserved for the transportation of detainees to move tactical teams to Washington, D.C., to help quell protests on June 2 in the capital, according to a report by The Washington Post.
To justify the flights, ICE transported immigration detainees from facilities in Arizona and Florida to its Farmville, Va., immigration jail, a current and former official told the publication.

Skim and consider the natural law: Is it not naturally licit for personnel who serve the people to be moved around so that they may better serve the people in another, more-urgent capacity?

At issue here are state rules: Why do state rules prohibit efficient allocation of resources? Because that’s the very definition of the state: Perversely inefficient allocation of scarce resources.

As to COVID: I, too, am concerned with COVID-19 spread, but COVID-prevention protocols have nothing to do with freeing up Immigration and Customs Enforcement to deal with riots. These are two separate issues, conveniently conflated here.

NEW COLUMN/YouTube: From Soweto-In-Seattle To Other Sh-thole Places:

China, COVID-19, Economy, Globalism, Ilana Mercer, Ilana On Radio & TV, Nationhood

On July 2, 2020, I joined my favorite broadcaster, “Col. Mike” of the John Fredericks Show, syndicated out of Virginia, for a wide-ranging discussion about the issues of the day—from the Soweto-style shantytowns that had sprung-up in Seattle, to China and the Covid quagmire, to America’s immigration-visa labyrinth, and more.

In his interview style, the Colonel, so dubbed in deference to his military rank, will remind older listeners of the legendary George Putnam (by whom I was honored to be interviewed years back).

To wit, when this columnist ventured that the Seattle police had no business deserting their headquarters and posts; that their first duty was to uphold the negative rights of the citizens of Seattle, not to obey the politicized commands of Police Chief Carmen Best and Mayor Jenny Durkan—Col. Mike, who knows a thing or two about a chain-of-command, roared:

“They should all be fired.”

Businesses looted and boarded-up are currently suing the City of Seattle. This farce was explored during the interview—for who do think will pay for their legal remedy? You, the taxpayer! Taxpayers are subsidizing the degeneracy of politicians like Mayor Jenny, who should be collared and cuffed for abnegating her constitutional duty to uphold the property rights of her constituents.

Spotlighted was the manner in which high-tech was changing the city, draining it of its character and of the many quirky characters that made Seattle what it was.

Discussed, too, was the outsourcing of American lives to China (and India), a matter this column has been covering since the early 2000s. By “lives” we mean the very stuff of life. Not mere jobs; but careers, not just some products, but entire production lines; not one or two manufacturing plants, but the means of production.

More crucially, China didn’t force the traitors of the American economy to shift crucial production lines to its country and strand Americans without surgical and N-95 masks and medication; homegrown turncoats did. Giants of industry and technology, aided by the philosophical pygmies in government: They made these decisions, all by their lonesome.

COVID saw many a Chinese multinational galvanize to ship supplies to the Mother Ship: back home. Ostensibly international, Chinese companies operating in Australia, for example, began vacuuming up tons of medical materials in the host country and beyond, between January 24 and February 29, in order to send back to China.

Indeed, home is where you ship your masks to.

And much more.

The spouse alleges that I blurted out that the sight of policemen and guardsmen across the U.S. kneeling before their black tormentors conjured scenes from the film “Deliverance.” Denied!

If nothing else, you’ll enjoy the debonair Colonel:

https://youtu.be/7Jys1zFJmrU

COVID-19 Has Left Some Corporations With Lots Of … CASH

Business, COVID-19, Economy, Labor

Short term mañana thinking is endemic in business, too.

Were companies prepared for these “black swans,” these “highly improbable events” like corona virus? It turns out, as The Economist observes, that,

It might be possible, in principle, to self-insure against a disastrous drop in overall demand by sacrificing margins in order to build up buffers and to keep open strategic options the company will probably never willingly choose to use. But good luck convincing investors of that approach. Strategies which pay off handsomely in the event of even the worst case are terribly expensive.

Given the wealth transfer initiated from small to big business, due to the structure of the state’s stimulus, it is no surprise to learn that gargantuan business has endured quite well:

… many companies are already sitting on stacks of cash. Few boast sofas as plumply padded as Apple, Microsoft, Amazon, Alphabet and Facebook, which have $270bn in net cash between them, enough to finance many countries’ covid-related fiscal stimulus. But the total cash holdings of the world’s 2,000 biggest listed non-financial corporations increased from $6.6trn in 2010 to $14.2trn today.

UPDATED (8/5/020): “The pandemic led to ‘one of the greatest wealth transfers in history’: The stock market is rising as big business rebounds from state-ordered stoppage of nonessential activity, while small businesses drop like flies.”

Home Is Where You Ship Your Masks To: Chinese Multinationals Ship Supplies To The Mother Ship

Business, China, Economy, Globalism, Nationalism, Nationhood, Trade

Liberals think you can easily compel a production line into existence (by using the Defense Production Act, for example). However, to get a production line going is difficult: it’s expensive and time consuming. You might have the design on paper, but you lack the hardware, the tools, the components, and material.

The Economist (4/11/2020):

… the manufacture of masks .. might look simple, but producers need sterile factories and sophisticated machinery to churn out melt-blown fabric. Upfront costs would be hard to justify if the virus were quickly snuffed out. So in January, the early phase of the outbreak, Chinese firms began by scouring the world for masks rather than by making more of their own. It took government action to change that. Officials offered subsidies to firms producing safety gear: promising not outsized gains but an avoidance of losses. China went from making 20m masks per day before the crisis—half the world’s output—to nearly 120m by the end of February.

The Chinese, unlike the American government, took care of business. True: WuFlu originated in China, in the city of Wuhan, in particular. So the Chinese knew in advance they had a bad one on their hands, well before our buffoons awoke to the reality of corona virus.

But it’s not like the US government ever puts its own first, urgently. The Chinese, however, look after their own. Ostensibly international, Chinese companies operating in Australia—Risland and the Greenland Group, in particular—began vacuuming up tons of medical materials, in the host country and beyond, between January 24 and February 29, in order to send back to the Mother Ship, China.

Via the Daily Mail:

China imported more than two billion masks and 25 million pieces of protective clothing from overseas before the coronavirus outbreak reached pandemic levels, it has been revealed.

On Thursday a Chinese government report emerged detailing its foreign trade for the first two months of the year, when the country was at the peak of its virus crisis.

As COVID-19 infections began to spread across the globe in January and February, China saw a ‘rapid growth in imports of commodities and key consumer goods’.

More than 2.46billion pieces of medical materials, including masks and protective equipment, were inspected by National Customs in China between January 24 and February 29, according to the report. …

It comes days after Chinese organisations operating in Australia were reported to have sent bulk medical supplies to China at the height of the crisis.

Chinese-owned property developer Risland Australia was reported to have flown 80 tonnes of medical supplies on a corporate jet to Wuhan in late February.

Video footage emerged showing boxes of surgical masks stacked up at Perth airport before being sent to Wuhan on February 8 – when there were 15 cases of coronavirus in Australia.

Another Chinese property company, Greenland Group, retasked its employees to purchase face masks, hand sanitisers, antibacterial wipes, thermometers, Panadol and other medical items in bulk for shipment to China.

Greenland bought up three million surgical masks, 500,000 pairs of gloves and bulk supplies of sanitiser and antibacterial wipes in Australia and other countries where the company operates.

The goods were hoarded at Greenland’s Sydney headquarters and were sent to China in January and February.

The upshot? The host country, Australia, suffered severe shortages:

… Video footage emerged showing boxes of surgical masks stacked up at Perth airport before being sent to Wuhan on February 8 – when there were 15 cases of coronavirus in Australia.

Another Chinese property company, Greenland Group, retasked its employees to purchase face masks, hand sanitisers, antibacterial wipes, thermometers, Panadol and other medical items in bulk for shipment to China.

Greenland bought up three million surgical masks, 500,000 pairs of gloves and bulk supplies of sanitiser and antibacterial wipes in Australia and other countries where the company operates.

The goods were hoarded at Greenland’s Sydney headquarters and were sent to China in January and February.

MORE.

*Image courtesy Daily Mail.