Quote of the Day: Bank Regulation and Fraud, the China experience

Currently, China’s market order is relatively awful, but I believe everyone should also be full of hope. We Chinese throughout history have valued reputation. Looking back on history, many years ago we had contractual relationships. A piece of bamboo split in half, with each person having one end for comparison, was a contract. I previously mentioned Shanxi Remittance Firms. About two hundred years ago they issued what we today call a traveler’s check. They had branches in Saint Petersburg and Kobe. There were no central banks to examine and approve banks, anyone could start one, but there was no fraud. Why do we today have more and more controls, but fraud is also more common? This is an issue that deserves our consideration.

This quote is from Professor Zhang Weiying zhu in his book Shenme Gaibian Zhongguo (CITIC Press, 2012), page 177 (source Mao Money Mao Problems)

Some may see this as a post hoc argument. And it also seems an exaggeration to say there has been ‘no’ fraud, but perhaps, the fraud has been minimal.

Yet regardless of the moral justifications, every interventionism, which signifies as the use of organized or institutional violence, upsets the balance of nature to favor one party over another. Such political inequality provides motivation for repressed parties to resort to restoring the original balance through unorthodox or ‘illegitimated’ measures where fraud and corruption becomes part of the equation. This is the reason why informal or shadow economies exist and why political corruption thrives.

Generally, political controls encourage fraud, corruption and other (what media sees as) immoral acts.

Exposing The Fraud Behind Man Made Global Warming?

Computer hackers confer some benefit to the society after all.

Some recently hacked into the computers of climate research scientists and surreptitiously obtained a wealth of information: scientific evidences in support of anthropogenic (man caused) global warming were allegedly manufactured, if not tweaked to produce man made global warming!

This from the New York Times, ``Hundreds of private e-mail messages and documents hacked from a computer server at a British university are causing a stir among global warming skeptics, who say they show that climate scientists conspired to overstate the case for a human influence on climate change.[bold emphasis added]

``The e-mail messages, attributed to prominent American and British climate researchers, include discussions of scientific data and whether it should be released, exchanges about how best to combat the arguments of skeptics, and casual comments — in some cases derisive — about specific people known for their skeptical views. Drafts of scientific papers and a photo collage that portrays climate skeptics on an ice floe were also among the hacked data, some of which dates back 13 years."

According to Telegraph's James Delingpole, (blue bold highlights mine, black bold original)

``When you read some of those files – including 1079 emails and 72 documents – you realise just why the boffins at Hadley CRU might have preferred to keep them confidential. As Andrew Bolt puts it, this scandal could well be “the greatest in modern science”. These alleged emails – supposedly exchanged by some of the most prominent scientists pushing AGW theory – suggest:

Conspiracy, collusion in exaggerating warming data, possibly illegal destruction of embarrassing information, organised resistance to disclosure, manipulation of data, private admissions of flaws in their public claims and much more.

Mr. Delingpole's points to several issues...[bold highlights original]

``But if genuine, they suggest dubious practices such as:

Manipulation of evidence:

I’ve just completed Mike’s Nature trick of adding in the real temps to each series for the last 20 years (ie from 1981 onwards) amd from 1961 for Keith’s to hide the decline.

Private doubts about whether the world really is heating up:

The fact is that we can’t account for the lack of warming at the moment and it is a travesty that we can’t. The CERES data published in the August BAMS 09 supplement on 2008 shows there should be even more warming: but the data are surely wrong. Our observing system is inadequate.

Suppression of evidence:

Can you delete any emails you may have had with Keith re AR4?

Keith will do likewise. He’s not in at the moment – minor family crisis.

Can you also email Gene and get him to do the same? I don’t have his new email address.

We will be getting Caspar to do likewise.

Fantasies of violence against prominent Climate Sceptic scientists:

Next time I see Pat Michaels at a scientific meeting, I’ll be tempted to beat the crap out of him. Very tempted.

Attempts to disguise the inconvenient truth of the Medieval Warm Period (MWP):

……Phil and I have recently submitted a paper using about a dozen NH records that fit this category, and many of which are available nearly 2K back–I think that trying to adopt a timeframe of 2K, rather than the usual 1K, addresses a good earlier point that Peck made w/ regard to the memo, that it would be nice to try to “contain” the putative “MWP”, even if we don’t yet have a hemispheric mean reconstruction available that far back….

You can read the rest of the article here.

Bishop Hill has a collection of sensitive communications here.

This just goes to show how closet communists or socialists have been using the environment as cover or as camouflaged platform to advance their political agenda. It isn't the environment that truly matters but absolute societal (the political economy) control by would be dictators or tyrants. They'd like to bring us back to the hunter gatherer age!

To quote Professor George Reisman, ``the intellectuals have chosen to foist the doctrine of environmentalism on the world, as a last-ditch effort to destroy capitalism and save socialism."

It's a conspiracy, if not a bubble, that appears to be falling apart.