Blogroll

I read blogs, as well as write one. The 'blogroll' on this site reproduces some posts from some of the people I enjoy reading.

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Forgiveness is Never Apolitical

Blog & Mablog - Sat, 13/01/2018 - 02:00

“When a people sin in three dimensions, and they demand that the throne be established on unrighteousness, and they frame iniquity with a law, and they say that a woman can have her child dismembered in the womb as her constitutional right, does the Church, which its message of deliverance from sin and death, have anything to say about all this sin and death?” (Empires of Dirt, p. 119).

The post Forgiveness is Never Apolitical appeared first on Blog & Mablog.

Categories: People I don't know

I Will Be Brief If I Can

Blog & Mablog - Fri, 12/01/2018 - 21:37

So brief.

So the president allegedly called certain other countries a name that I will not repeat here, but it was rude, crude, and unattractive. In response, I tweeted this:

“In response to the president’s alleged rude comment about certain countries, I call upon Christian leaders everywhere to refrain from giving any theocratic admonitions.”

What did I mean by this?

Let assume for the sake of the discussion that president did say it. Let us also assume that Christians everywhere agree that this would not qualify as the discourse of a Christian gentlemen. What I want to know is why those Christians who are hostile to “theocracy” are upset when a civil leader does not talk like a Christian gentlemen.

Wait. Is he supposed to conform to Christian standards, or is he allowed to not conform to Christian standards? Do we want a upstanding Christian who applies his faith to everything? Or an uncouth pagan? The one thing that we can’t demand, despite the current and quite valiant attempts, is do both.

Either Christians, as Christians, have something to say about the moral behavior of civil leaders or we do not. If we do not, then the only consistent thing to do when situations like this arise would be to shut up.

If we do have something to say, then we will either say it with an open Bible in our hands, making us theocrats, or we will say it as indignant members of just another constituency. We will speak to him on the same terms—and with the same authority incidentally—as the NRA, or Big Tobacco, or the AFL-CIO. We will be just one more pressure group, something like Church Ladies United (CLU). If there are other options, I would be glad to hear of them.

So when you banish “theocratic” standards out the front door, some of us will run around to the back door in order to see you try to smuggle them all back in ten minutes later. And when you do, we won’t say much, or even try to stop you. I’ll just smile and wave.

 

 

The post I Will Be Brief If I Can appeared first on Blog & Mablog.

Categories: People I don't know

Michael Boldin: How Decentralization Could Work

Mises Institute - Fri, 12/01/2018 - 20:45
By: Michael Boldin, Jeff Deist
Michael Boldin on Mises Weekends

Michael Boldin from the Tenth Amendment Center joins Jeff Deist to discuss the philosophical, electoral, and logistic realities standing in the way of creating a more politically decentralized America. Beyond thorny questions about federal land, federal entitlements, and "national defense," there are a million small ways to move power away from Washington. Both conservatives and progressives claim to want just that—so what holds us back? Michael, a onetime progressive, has the strategic and practical answers for liberty-minded people.



Categories: Current Affairs

What Has QE Wrought?

Mises Institute - Fri, 12/01/2018 - 20:00
By: Ron Paul
bubbles_1.PNG

[Editor's Note: Watch Ron Paul deliver this Special Report here.​]

The Great Recession began in 2007. It didn’t take long for the money managers to recognize its severity, and that a little tinkering with interest rates would not suffice in dealing with the economic downturn. In Dec. 2008, the first of four Quantitative Easing programs began which did not end until Dec. 18, 2013. Some very serious consequences of this policy of unprecedented credit creation have set the stage for a major monetary reform of the fiat dollar system. The dollar’s status as the reserve currency of the world will continue to be undermined. This is not a minor matter. As our financial system unravels, the seriousness of it will become evident to all, as the need to pay for our extravagance becomes obvious. This will make the country much poorer, though the elite class that manages such affairs will suffer the least.

By the time the QE’s ended, the Central banks of the world had increased their balance sheet by $8.3 trillion, with only $2.1 trillion worth of GDP growth to show for it. This left $6.2 trillion of excess liquidity in the banking system that did not go where the economic planners had hoped. Central banks now own $9.7 trillion of negative interest yielding bonds. The financial system has been left with a bubble mania, financed by artificial credit and unsustainable debt. The national debt in 2007 was $8.9 trillion; today it’s $20.5 trillion. Rising interest rates will come and that will be deadly for the economy and the Federal budget.

This inflationary policy is generated by the belief that there is no benefit in allowing the needed economic correction to the problems generated by the Fed to occur. The correction is what the market requires, not the resumption and acceleration of the dangerous inflationary policy that caused the bubble economy. It’s like giving a case of beer to an alcoholic to calm his nerves as he attempts to stop drinking. It should not surprise anyone that perpetuating a problem won’t solve the problem.

The obsession with a QE monetary policy has created a bubble economy of enormous size which one day will burst. The warning signs are everywhere, yet ignored. Political demands control policy; not common sense or sound economics. All major decisions are bipartisan and guarantee a continuation of current spending, taxing, inflationism, welfarism, and warfarism until the giant bubble bursts.

All recessions since the Great Depression were essentially caused by the Fed’s mismanagement of monetary policy and subsequently resolved by it with renewed vigor in monetary mischief by rigging interest rates and the money supply. This off and on process temporarily aided the economy, but structural defects multiplied. Debt accumulation, mal-investments, unfunded liabilities, welfare benefits, militarism, constant wars, uncontrolled government growth, and systematic attacks on our liberties, have continued unabated.

The people sense that a major crisis is fast approaching. Today’s Super Bubble economy, promulgated by the QE’s, must resolve itself. A continued program of spending and inflation, while financing even bigger government, will only exacerbate the social chaos that has already started. That is to be expected in a bankrupt nation. And the US is bankrupt! Eventually our dollar and credit will weaken, prohibiting us from living off others or our future generations.

Social conflict will add to the financial difficulties caused by the QE dangerous experiment. Trillions of new dollars created in the last decade is unprecedented and the full consequence of this policy is yet to be discounted. My concern is that it will be much more serious than most expect and few will be prepared to offer a solution -- other than to demand more government even if it’s at the expense of liberty, peace, and prosperity.

Prosperity, built on debt, inflation, and false government promises, is illusionary and can disappear quickly. It will be necessary that the people learn, or relearn, that debt is not wealth, paper is not money, free stuff is not justice, war is not peace, and government coercion is not liberty. Signs of social chaos are readily apparent and are a predictable consequence of the economic distortions created by the excesses of the QE bubble.

Inequitable wealth distribution becomes a problem in an economy regulated by Federal Reserve mismanagement. The wealthy do get wealthier and the poor do get poorer when a currency is debased, with the middle class suffering the most. The ability of the special interests to influence legislation to benefit from the distribution of newly created money, is legendary. Think: “military industrial complex,” “free welfare benefits,” “bank bailouts,” and early access to an inflated currency. All these items play a significant role in the accelerating disparity of wealth distribution between the top 10 percent and rest of the people. These problems will worsen and fuel social conflicts and anger.

The inequity, not being fully understood, causes those who feel cheated to become angry and to start thinking about the false promises of the Socialists. This, along with the large number of economic Marxists who have inundated our government-run colleges, presents a problem that feeds into the anger. It doesn’t take a lot of searching to witness the anger in action on the campuses, as expressed by both students and faculties.

This conflict encourages envy and greed to flourish and justified with a sense of moral indignation. The greater the chaos, the easier it is for the Marxists to join in the fray and promote hate and destruction of cultural and traditional norms. It’s essential that the economic distortions, that arrived with the QE’s, as part of Keynesian economic planning, will need corrected to restore long- term economic growth. The full cost of decades of deficit spending must be paid for one way or another.

The problem of economic ignorance and misplaced good intentions will need to be addressed in order to steer a course that rejects the notion that unlimited government spending can be financed by the dangerous QE type of monetary inflation. This, sadly, will not be considered until the super bubble bursts and it becomes evident that the correction that has been avoided so far has become a necessity.

It is my opinion that the QE bubble is bigger than the Housing Bubble and the Dot Com Bubble combined. It is no easy task to correct for all the mal-investments and excessive debt and provide for all the unfunded liabilities. In the process of paying the piper, the country is destined to become much poorer, especially since a miraculous increase in productivity is unlikely in spite of the hoped-for benefits from the recently passed tax law. Economic, psychological and political pressure will prevent the changes in policy needed to deal with the huge complicated mess that the QE’s have generated. What we are experiencing is the climactic end of gigantic experiment with a fiat currency inflation, the size of which was never tried before.

The Fed has followed a deliberate policy of monetary debasement from the time it was sanctioned in 1913. Though there was a steady erosion of the dollar’s value throughout the 20th Century, a link to gold was maintained until the closing of the gold window by Nixon in 1971. A total fiat currency - the dollar - was unleashed on the world with this event, and the US became the biggest beneficiary by assuming the role of managing the world reserve currency. For decades this well served America’s interests since it was equivalent to the world permitting us to create as much “gold” as we wanted. The system was totally fraudulent since it was imaginary money and we owned the printing press. Why should anyone be surprised at the results of what excessive money creation has caused? Printing fiat currency and expanding the money supply has nothing to do with creating wealth. This process is more likely to destroy wealth than create it. The QE programs have undermined sound economic policy and will continue to do so as the consequences of the massive monetary expansion become more evident with the bursting of the bubble economy.

Instead of allowing the correction to run its course, the economic planners continue to pursue the goal of invigorating a failed experiment. Keynesianism created the monster crisis that we’re facing and yet the platitudes pushed by both political parties fail to address the subject of huge deficits and massive spending. This process can’t be stopped as long as the politicians and the special interests persistently and strongly oppose restricting the current role of our government. A compliant citizenry that fails to grasp the importance of liberty and instead accepts dependency on government as a substitute for self-reliance, guarantees that the bursting of the QE Bubble will generate a much more serious crisis than it need be.

What’s involved in the bubble? Plenty! Almost everything to some degree. It is difficult for an economy to operate smoothly without a sound currency to measure value when goods and services are transferred from one entity to another. A definable medium of exchange is crucial to facilitate the market. Ever since direct bartering was phased-out more than three thousand years ago, the choice of the marketplace for money has been something tangible. As the understanding of the nature of money developed, the items used for money were easily recognizable, devisable, long lasting, and definable. Early on, governments challenged the market choices, especially when gold and silver were chosen, and replaced them with a government monopoly control over the currency. The contest between the market’s desire for honest money and the government’s desire to solidify power by usurping the authority to debase the currency started early on and continues to this day.

Government’s monopoly over the creation of money is equivalent to counterfeiting and resulted from the fact that the people never liked to pay taxes for unnecessary wars and to provide benefits to the politicians and their friends. Though beneficial to the powerful few, the abuse and the inequitable distribution of wealth that resulted would inexorably stir anger and rebellion within the people, who demanded changes to the system.

It is true that nothing ever changes under the sun or with human nature. We today are approaching a political and economic crisis of enormous proportion as a consequence of this age-old phenomenon of abuse from a government financed by a modern-day monetary destruction of the economy with the QE’s dangerous experiment. It is more than a minor correction that is needed to deal with the huge excesses that today exists world-wide.

Many of the central planners in charge reassure us that the concern for a dangerous bubble existing is completely unfounded since the CPI is barely rising. Two points: 1) The CPI is rising faster than they will admit and 2) The CPI is not the tell-tale sign of a serious bubble forming. Many other bubbles and dislocations can exist as a consequence of creating trillions of dollars out of thin air. And there are quite a few:

  • The housing bubble is back along with subprime loans.
  • There’s an auto financing bubble encouraged by subprime loans for many customers.
  • The stock market is in a bubble waiting to be pricked.
  • The bond market is in a huge bubble as a result low or negative interest rates.
  • Wall Street has inflated expectations that America is quickly being “Made great again.”
  • Exaggerated trust exists in the dollar maintaining its reserve status for the foreseeable future.
  • The unwinding of the Fed’s balance sheet and a move toward market rates of interest is a long way off.
  • Deficit financing for the Military Industrial Complex will not be challenged before the QE bubble bursts.
  • Saving for a rainy day or to make a future purchase is not considered sound policy. Unlimited borrowing is.
  • Credit card debt is in a bubble.
  • Student loan debt is in a bubble.
  • Transfer payments to the dependent poor will never be cut. Instead, when the big bubble bursts these payments will skyrocket since the process will generate more poor.
  • The medical care spending bubble has created a huge mess with misallocation of resources, runaway cost, and poor care. Corporate medicine must end and be replaced by a free market.
  • Cultural Marxism’s influence on American college campuses is a dangerous “bubble.”
  • The dollar is in a bubble.
  • The unpayable pension systems: federal, state, county, city, involves trillions of dollars.


The unpayable debt bubble can only be held together by accelerating inflation and the liquidation of debt by currency debasement. This is a very dangerous economic and political solution that seems inevitable. The problem describes what happens to a bankrupt country refusing to live within its means. Instead of being reassured that things are going well because Wall Street is booming, it should be a warning sign that danger lies ahead and reveals the growing imbalance between rich and poor.

The bubble mentality of neocon war-mongering needs to end. The sooner the better. Sadly, it will only end after the dollar-driven bubble economy collapses. The foreign policy of militant interventionism needs to be extinguished. It’s a major source of debt and lost credibility for us, both of which undermines dollar hegemony. The bursting of the dollar bubble will not be a minor event. The adjustments required to restore economic prosperity and preserve liberty will be a major challenge to all freedom loving Americans.

The excesses of an economy based on debt, inflation, central planning, constant war, the military industrial complex, and crony capitalism, all contribute to a growing disparity of wealth between rich and poor. This type of command system is self-limited but eventually always fails. Though it takes a lot to kill a once robust economy, our political leaders have managed to set the stage for a major crisis, brought on by QE’s attempt to rescue it from the coming bankruptcy.

The problems we face today did not appear overnight. It took many decades to create the conditions of bankruptcy and the beginning of the end for the dollar as the world’s reserve currency. There have been many warning signs, dating all the way back to the origination of the Federal Reserve in 1913, and with the subsequent growth of central banking world-wide. The Bretton Woods Agreement in 1944 established the dollar as the reserve currency of the world with a watered-down version of the gold standard, and was destined to fail as it did in 1971. Noted free market economist, Henry Hazlitt, at the time of its inception, predicted that it would fail due to inflationary policies that the Fed would not be able to resist.

Throughout the 20th Century, the Fed created many recessions and depressions that were papered over with accelerating inflation and government deficit spending. It worked to some degree on the short run, but postponed the required payment for another day. Unfortunately that day has arrived, and the flawed policy of delaying the payment needed to keep the economy churning, is no longer working.

The replacement of the Bretton Woods arrangement with the fiat dollar standard in 1971 continued to benefit the US by it maintaining control over the world reserve currency. This arrangement permitted us to “export” our inflated dollars and buy cheap imported goods from overseas. This led to a structural imbalance in foreign trade with a hefty short-term benefit to us at the expense of a huge foreign debt. When the magnitude of this problem hit in 2007, the QE program of massive credit creation was initiated, which only compounded the problems already generated by zero and negative interest rates, along with astronomical budgetary deficits. More drugs for the addicted never solves their problem.

The search is now on for a solution to our financial time bomb, a foreign policy presenting great danger to the world, and the systematic attack on our liberties here at home. We’re beyond the point where more lies and deception will calm the anger. The wealth available for bribing the masses is quickly dwindling as the demands and expectations grow. The dollar is destined to go down in value, as it has been doing since 1971. We are getting weaker and poorer and other world governments are getting stronger and richer. The dollar this past year lost more than 10 percent.

There’s a lot of built-up resentment toward America for the privileged financial position that it has enjoyed for decades, while it flaunted its “exceptionalism,” backed by a militant foreign policy. This arrangement is ending and the process will not go smoothly. Though the consequences of QE are all around us, there’s little else the planners will consider. A repeat of this failed effort will be tried again-with worse results. Cutting spending, reining in the Fed, and strictly limiting the role of government, can only be achieved in the distant future after the current crony-capitalism and welfare state self-destructs. Preparing for that day is the job for all who desire to live in a free society. If current authoritarian policies are left unchecked, our economic conditions will deteriorate and true freedom will only be a memory.

There’s a growing number of people becoming aware of the significance of the Fed’s disastrous monetary policy and the utter silliness of QE. Since few people expect the privileged class to promote sound money, many outside of government are seeking a system of money that protects wealth rather than destroys it.

Historically, money originated in the marketplace as a tangible asset. The choice for thousands of years has been the precious metals, especially gold. Governments, notoriously, have taken over monopoly control of the monetary systems and used them to benefit the government over the people. Because of the abuse of the currency over the centuries, a return to gold was frequently needed to restore order and confidence in the money. For this reason, I have been a champion of competing currencies to allow the people to make the choice about the monetary unit, as long as no fraud was involved. A government-designed currency should also be free of fraud. This means no fiat currency and no legal tender laws. A tangible currency developed in the market, such as gold or silver, should not be subject to sales or capital gains taxes.

The race is now on to find an alternative to our current dollar system in order to escape from the Federal Reserve run banking system. Crypto-currencies have been offered as an alternative with much vigor. By Jan. 3, 2018 their total capitalization was more than $700 billion with 97 percent of that achieved in less than a year. It has been declared a “mania” by many. This type of price appreciation would not have occurred without the funds the QE’s generated by the Federal Reserve. The money managers have been in a quandary for the past 10 years because the inflated money supply and the very low interest rates did not generate the economic growth they wished for. Now it’s going into numerous bubbles like stocks, bonds, housing, student debt, and crypto-currencies. My view is that the entire economy is a huge bubble with sovereign debt being the most dangerous.

Though currently, there is a lackadaisical interest in gold compared to crypto-currencies, I believe gold is in the early stage of the third major bull market since 1971, which started two years ago when gold was $1050/oz. If history is of any benefit, gold will be used in the coming monetary reform, whether it’s accomplished by the government or the market. But if the choice of a monetary unit turns out not related to something tangible, it will prove to be a first in history. Just because our current money is now a total fiat dollar, it can’t be used to justify a market developed fiat currency. We must remember that the dollar was originally defined as a weight of silver or gold. The destructive nature of the monetary event of Aug. 15, 1971 was a consequence of our government refusing to maintain the dollar’s relationship to something tangible, thus making it a fiat currency. This explains why we’re in such a mess. A fiat currency developed in the market, won’t solve the current financial crisis the world faces.

A sound currency must have a fixed definition of a tangible item. Its value must be determined by free market pricing in exchange for goods and services. Bi-metallism, by fixing an ounce of gold to a certain number of ounces of silver was unworkable. Fixing the definition of the monetary unit is similar to fixing the exact length of a “yard or meter.” The “yard” can be used to measure any item you want and it’s crucial in all construction. Likewise, a currency with a fixed definition of a tangible item will facilitate all market transactions. A fiat currency without a precise definition by its very nature will fluctuate wildly and interfere with all economic calculations. This is why all fiat currencies are destructive and end badly. The dollar since 1971 has been a fiat currency and the mischief it has caused has been especially harmful and broad since it has served as the world reserve currency. The importance of this is evident when the US government is willing to exert military force against those who threaten to abandon the dollar in world trade.

All paper or fiat money self-destructs and has limited lifespans. Gold currencies last until governments debase them into a fiat currency. The fiat dollar today, for many nefarious reasons, is constantly being destroyed by counterfeiters posing as politicians and central bankers. The day is fast approaching when the fiat dollar standard will need a major overhaul. The age of “Quantitative Easing” is ending.

Conclusions

The trillions of dollars created by the QE program have not restored soundness to the economy. QE did not address the problems caused by a central bank manipulating interest rates, determining the money supply, continuing to monetize government debt, pursuing central planning, and depending on a very unstable fiat currency. Only true monetary reform can address these problems.

The economic and political clout that a central bank has in managing a fiat currency system is enormous. Without the government’s ability to create money out of thin air, the cost of financing needless wars and the welfare state would be prohibitive. This arrangement guarantees excessive government and a systematic abuse of liberty. The people lose; the special interests always win.

We’re at the point where another QE inflationary binge will not tide us over in the next economic downturn. We’re fast approaching the time when true monetary reform will be required to deal with the “sin” of living beyond our means. If that is not done, expect a long period of economic chaos, inner city violence, and political warfare.

Sometimes I’m asked why do I have to be so pessimistic. Actually, many more see me as being optimistic. Optimism comes with a willingness to acknowledge the truth and deal with it in a positive manner with policies that make sense. Accepting bad ideas that purport to provide unlimited free benefits to everyone, is a deception that ends in disappointment. Instead of helping the poor, welfare serves the interest of the wealthy and the bureaucrats. Refusing to change policy will only extend the bad consequences that come from the Federal Reserve’s atrocious mismanagement of monetary policy.

In medicine a correct diagnosis of a serious illness can be very depressing, but knowing that treatment is available is uplifting. Remaining in denial of a problem’s severity is a dangerous option. Knowledge and truth lead to optimism. In politics and economics, the only decision to be made is to decide whether or not the goal of peace and prosperity can be best achieved by more intrusive government or by promoting personal liberty.

If peace and prosperity are the goal, and flawed policies are identified, an understanding of what needs to be done should be greeted with applause. Fortunately the answers are not complex, and when discovered most agree that they are based on common sense.

The philosophy of liberty is based on the moral principle of non-aggression being applied to all individuals and governments. If individuals can’t steal or cheat, neither should the government. If individuals can’t harm or kill, neither should the government.

Unfortunately, throughout history it’s been government that has committed the greatest crimes of aggression against humanity. A modest beginning for us would be to rein in government initiated violence by rejecting the Federal Reserve’s authority to finance wars of aggression overseas and the welfare state at home.

The political chaos, as reflected by the mess in Washington, is an expected consequence of the last 100 years of our drift away from a limited government philosophy. There is now a growing interest in the cause of liberty as it becomes evident that the current system is financially and morally bankrupt. The intellectual groundwork has been laid for a free society, and with the disintegration of the current system there is room for hope that truth “will out” and a better world for peace and prosperity will be available to us.

Reprinted with permission. 



Categories: Current Affairs

Beta: kernel-triggers package updated

CloudLinux - Fri, 12/01/2018 - 18:29

New kernel-triggers package is available for download from our updates-testing repository. This package is recommended mainly for Xen PV systems but does no harm to any other environment.

Changelog:

  • AL-2571: Added script to delete entries for kernels with Meltdown fix from GRUB config on Xen PV machines

To install the update, please run the following command:

yum clean all --enablerepo=cloudlinux-updates-testing && yum install kernel-triggers --enablerepo=cloudlinux-updates-testing
Categories: Technology

How to decouple Drupal in 2018

Drupal - Fri, 12/01/2018 - 18:19

This blog has been re-posted and edited with permission from Dries Buytaert's blog. Please leave your comments on the original post.

In this post, I'm providing some guidance on how and when to decouple Drupal.

Almost two years ago, I had written a blog post called "How should you decouple Drupal?". Many people have found the flowchart in that post to be useful in their decision-making on how to approach their Drupal architectures. Since that point, Drupal, its community, and the surrounding market have evolved, and the original flowchart needs a big update.

Drupal's API-first initiative has introduced new capabilities, and we've seen the advent of the Waterwheel ecosystem and API-first distributions like Reservoir, Headless Lightning, and Contenta. More developers both inside and outside the Drupal community are experimenting with Node.js and adopting fully decoupled architectures.

Let's start with the new flowchart in full:

How to Decouple Drupal in 2018 | Flowchart in Full

All the ways to decouple Drupal

The traditional approach to Drupal architecture, also referred to as coupled Drupal, is a monolithic implementation where Drupal maintains control over all front-end and back-end concerns. This is Drupal as we've known it — ideal for traditional websites. If you're a content creator, keeping Drupal in its coupled form is the optimal approach, especially if you want to achieve a fast time to market without as much reliance on front-end developers. But traditional Drupal 8 also remains a great approach for developers who love Drupal 8 and want it to own the entire stack.

A second approach, progressively decoupled Drupal, offers an approach that strikes a balance between editorial needs like layout management and developer desires to use more JavaScript, by interpolating a JavaScript framework into the Drupal front end. Progressive decoupling is in fact a spectrum, whether it is Drupal only rendering the page's shell and populating initial data — or JavaScript only controlling explicitly delineated sections of the page. Progressively decoupled Drupal hasn't taken the world by storm, likely because it's a mixture of both JavaScript and PHP and doesn't take advantage of server-side rendering via Node.js. Nonetheless, it's an attractive approach because it makes more compromises and offers features important to both editors and developers.

Last but not least, fully decoupled Drupal has gained more attention in recent years as the growth of JavaScript continues with no signs of slowing down. This involves a complete separation of concerns between the structure of your content and its presentation. In short, it's like treating your web experience as just another application that needs to be served content. Even though it results in a loss of some out-of-the-box CMS functionality such as in-place editing or content preview, it's been popular because of the freedom and control it offers front-end developers.

What do you intend to build?

How to Decouple Drupal in 2018 | What do you intend to build?

The most important question to ask is what you are trying to build.

  1. If your plan is to create a single standalone website or web application, decoupling Drupal may or may not be the right choice based on the must-have features your developers and editors are asking for.
  2. If your plan is to create multiple experiences (including web, native mobile, IoT, etc.), you can use Drupal to provide web service APIs that serve content to other experiences, either as (a) a content repository with no public-facing component or (b) a traditional website that is also a content repository at the same time.

Ultimately, your needs will determine the usefulness of decoupled Drupal for your use case. There is no technical reason to decouple if you're building a standalone website that needs editorial capabilities, but that doesn't mean people don't prefer to decouple because of their preference for JavaScript over PHP. Nonetheless, you need to pay close attention to the needs of your editors and ensure you aren't removing crucial features by using a decoupled approach. By the same token, you can't avoid decoupling Drupal if you're using it as a content repository for IoT or native applications. The next part of the flowchart will help you weigh those trade-offs.

Today, Drupal makes it much easier to build applications consuming decoupled Drupal. Even if you're using Drupal as a content repository to serve content to other applications, well-understood specifications like JSON API, GraphQL, OpenAPI, and CouchDB significantly lower its learning curve and open the door to tooling ecosystems provided by the communities who wrote those standards. In addition, there are now API-first distributions optimized to serve as content repositories and SDKs like Waterwheel.js that help developers "speak" Drupal.

Are there things you can't live without?

How to Decouple Drupal in 2018 | What can't you live without?

Perhaps most critical to any decision to decouple Drupal is the must-have feature set desired for both editors and developers. In order to determine whether you should use a decoupled Drupal, it's important to isolate which features are most valuable for your editors and developers. Unfortunately, there is are no black-and-white answers here; every project will have to weigh the different pros and cons.

For example, many marketing teams choose a CMS because they want to create landing pages, and a CMS gives them the ability to lay out content on a page, quickly reorganize a page and more. The ability to do all this without the aid of a developer can make or break a CMS in marketers' eyes. Similarly, many digital marketers value the option to edit content in the context of its preview and to do so across various workflow states. These kind of features typically get lost in a fully decoupled setting where Drupal does not exert control over the front end.

On the other hand, the need for control over the visual presentation of content can hinder developers who want to craft nuanced interactions or build user experiences in a particular way. Moreover, developer teams often want to use the latest and greatest technologies, and JavaScript is no exception. Nowadays, more JavaScript developers are including modern techniques, like server-side rendering and ES6 transpilation, in their toolboxes, and this is something decision-makers should take into account as well.

How you reconcile this tension between developers' needs and editors' requirements will dictate which approach you choose. For teams that have an entirely editorial focus and lack developer resources — or whose needs are focused on the ability to edit, place, and preview content in context — decoupling Drupal will remove all of the critical linkages within Drupal that allow editors to make such visual changes. But for teams with developers itching to have more flexibility and who don't need to cater to editors or marketers, fully decoupled Drupal can be freeing and allow developers to explore new paradigms in the industry — with the caveat that many of those features that editors value are now unavailable.

What will the future hold?

In the future, and in light of the rapid evolution of decoupled Drupal, my hope is that Drupal keeps shrinking the gap between developers and editors. After all, this was the original goal of the CMS in the first place: to help content authors write and assemble their own websites. Drupal's history has always been a balancing act between editorial needs and developers' needs, even as the number of experiences driven by Drupal grows.

I believe the next big hurdle is how to begin enabling marketers to administer all of the other channels appearing now and in the future with as much ease as they manage websites in Drupal today. In an ideal future, a content creator can build a content model once, preview content on every channel, and use familiar tools to edit and place content, regardless of whether the channel in question is mobile, chatbots, digital signs, or even augmented reality.

Today, developers are beginning to use Drupal not just as a content repository for their various applications but also as a means to create custom editorial interfaces. It's my hope that we'll see more experimentation around conceiving new editorial interfaces that help give content creators the control they need over a growing number of channels. At that point, I'm sure we'll need another new flowchart.

Conclusion

Thankfully, Drupal is in the right place at the right time. We've anticipated the new world of decoupled CMS architectures with web services in Drupal 8 and older contributed modules. More recently, API-first distributions, SDKs, and even reference applications in Ember and React are giving developers who have never heard of Drupal the tools to interact with it in unprecedented ways.

Unlike many other content management systems, old and new, Drupal provides a spectrum of architectural possibilities tuned to the diverse needs of different organizations. This flexibility between fully decoupling Drupal, progressively decoupling it, and traditional Drupal — in addition to each solution's proven robustness in the wild — gives teams the ability to make an educated decision about the best approach for them. This optionality sets Drupal apart from new headless content management systems and most SaaS platforms, and it also shows Drupal's maturity as a decoupled CMS over WordPress. In other words, it doesn't matter what the team looks like or what the project's requirements are; Drupal has the answer.

Special thanks to Preston So for contributions to this blog post and to Alex Bronstein, Angie Byron, Gabe Sullice, Samuel Mortenson, Ted Bowman and Wim Leers for their feedback during the writing process.

Categories: Technology

Reseller Limits: From Beta to Stable

CloudLinux - Fri, 12/01/2018 - 18:10

Reseller Limits production release is targeted for the 15th of January. First beta was introduced four months ago and so far we had a very positive feedback on it. Thanks to all who have installed Reseller Limits on their servers and have helped us to Beta test this new feature! We are excited to move it to production!

Please take a moment to find out more on how to operate Reseller Limits in our documentation article. We also recommend watching the CloudLinux Academy webinar where our CEO and Founder Igor Seletskiy reviews the Reseller Limits functionality.

If you've missed the previous Beta releases of the feature and its advantages, please follow the links to check information on Beta 1, Beta 2, Beta 3, Beta 4, Beta 5, and Beta 6 releases.

Categories: Technology

Beta: CloudLinux 7 and CloudLinux 6 Hybrid kernel updated

CloudLinux - Fri, 12/01/2018 - 17:56

CloudLinux 7 and CloudLinux 6 Hybrid Beta kernel version 3.10.0-714.10.2.lve1.5.9 with Resellers Limits is available for download from our updates-testing repository.

Changelog since kernel-3.10.0-714.10.2.lve1.5.8:

  • KMODLVE-148: IO usage calculation fixes.

To install new kernel, please run the following command:

CloudLinux 7

yum clean all --enablerepo=cloudlinux-updates-testing && yum install kernel-3.10.0-714.10.2.lve1.5.9.el7 --enablerepo=cloudlinux-updates-testing

CloudLinux 6 Hybrid

yum clean all --enablerepo=cloudlinux-updates-testing,cloudlinux-hybrid-testing && yum install kernel-3.10.0-714.10.2.lve1.5.9.el6h --enablerepo=cloudlinux-updates-testing,cloudlinux-hybrid-testing
Categories: Technology

Did Hayek Really Say that Free Markets Make Consumers Better Informed?

Mises Institute - Fri, 12/01/2018 - 17:00
By: George Pickering
sale_0.PNG

It’s interesting how often the most memorable and thought-provoking parts of a given discussion are to be found in the tangents away from it.

Yesterday I was in a seminar on the history of economic thought in which we were supposed to be discussing Thorstein Veblen and the American Institutionalists, but toward the end of the session we got side-tracked into a discussion of the modern economy’s use of big data and the way companies gather information to provide targeted advertising. The lecturer somehow tied this into Hayek’s famous explanation of how a free price system efficiently conveys information to economic actors, dispersed and local information which could not possibly all be known to an economic central planner, and hence allows for those resources to be economized in a way that more rationally reflects their supply and demand.

Our lecturer, however, seemed to misunderstand the nature of Hayek’s argument and the sort of information to which he was referring. The lecturer sarcastically remarked something to the effect of “Do you think consumers are really well informed about the products they consume, thanks to the free market?” Surely, he seemed to be implying, the fact that most real-world consumers don’t have a full and deep intellectual understanding of every product they consume and where they come from – especially compared to the nefarious producers of those products – proves that Hayek was wrong. Thank goodness our modern understanding of asymmetrical information has superseded Hayek’s naive fantasy of consumers who are automatically kept fully informed by the magic of the market!

This is not only a misinterpretation of Hayek’s conclusions, but a misinterpretation which highlights an incorrect way of even approaching Hayek’s argument to begin with. Therefore I feel it might be worthwhile to briefly clarify what kind of information Hayek was actually talking about, in case anyone else reading this may have fallen prey to the same misunderstanding.

It is certainly true to say that consumers in a relatively free market tend to lack some information about the products they consume. Standing before the bread aisle in a supermarket, most consumers would not be able to tell you off the top of their heads the differences between the different brands of loaves, their ingredients, the companies which made them, and so forth. The same would be true for this sort of information for almost any other product and any other consumer; none of us are omniscient, and Hayek never claimed that a free price system would make us so.

However, this is not the sort of information Hayek was claiming the price system transmits. What the price system does, according to Hayek, is convey the relevant information about the supply and demand for different goods on the market, in a way that allows people to economize those goods as if they did have a conscious, intellectual understanding of those factors, even if they don’t.

To use Hayek’s own famous example, suppose that a major tin mine collapses, making the supply of tin in a given economy even more restricted than it had been before. This information will be reflected by a rise in the price of tin, and this price change will in turn affect the distribution of tin between the different producers who require it. For the producers whose tin-based products are more highly valued by consumers, those consumers will consequently be willing to pay enough for those products that the producers will still be able to sell them at a profit, despite the increased price of the tin the producer needs to buy. For other companies which make tin-based products less highly valued by consumers, those consumers will consequently be less likely to continue buying those products at the increased price, leading those companies to restrict their production of those less highly valued products, hence freeing up tin to be used by the producers of more highly valued products. In this way, the price system has conveyed ‘information’ (the fact that the tin mine has collapsed) to all relevant parties, forcing producers to economise the increasingly scarce tin in a way that sees it being channeled toward the production of the goods most highly valued by consumers.

The critic of Hayek’s theory might object that the price system hasn’t really made anyone more informed about anything, as the above-mentioned consumers and producers wouldn’t necessarily even have to know why the price of tin had risen. But that’s the whole point and the whole beauty of the system! (Indeed, in Hayek’s original argument this was what led him to the conclusion that free markets and free prices would always lead to a more preferable (from the perspective of consumers) distribution of resources than a central planner ever could, as a central planner would have to consciously know such information in order to distribute resources appropriately, whereas economic actors in a free price system are automatically encouraged to do so even without having to consciously grasp why.)

I suppose therefore it is possible, in a certain sense, to criticize Hayek’s preferred system because it does allow consumers to get by despite potentially being ignorant of certain information about the products they consume. An opponent of Adam Smith could likewise lament that, thanks to Smith’s beloved division of labour, many people today are ignorant of how to make bread, a skill which would have been indispensable for survival in previous times. However, rather than sneering at this as evidence of how the division of labour creates consumers who are too stupid to even bake bread, the correct response is to celebrate the fact that many people are now able to enjoy the delicious boon of bread as much as if they did know how to bake it, even if they don’t.

Just as with Smith’s division of labor, so too with Hayek’s division of knowledge. Far from deriding Hayek’s preferred system of free prices because not every consumer under it is perfectly informed about every product they consume, the system should be celebrated for allowing scarce resources to be distributed as if everyone knew all the information concerning their supply and demand, even if they don’t.



Categories: Current Affairs

As of Course, It Sometimes Does

Blog & Mablog - Fri, 12/01/2018 - 16:23

The post As of Course, It Sometimes Does appeared first on Blog & Mablog.

Categories: People I don't know

Welcome Salt Lake City and Get Ready for a Massive Expansion

CloudFlare - Fri, 12/01/2018 - 16:13
Welcome Salt Lake City and Get Ready for a Massive Expansion

Welcome Salt Lake City and Get Ready for a Massive Expansion

We just turned up Salt Lake City, Utah — Cloudflare's 120th data center. Salt Lake holds a special place in Cloudflare's history. I grew up in the region and still have family there. Back in 2004, Lee Holloway and I lived just up into the mountains in Park City when we built Project Honey Pot, the open source project that inspired the original idea for Cloudflare.

Welcome Salt Lake City and Get Ready for a Massive Expansion

Salt Lake also holds a special place in the history of the Internet. The University of Utah, based there, was one of the original four Arpanet locations (along with UCLA, UC Santa Barbara, and the Stanford Research Institute). The school also educated the founders of great technology companies like Silicon Graphics, Adobe, Atari, Netscape, and Pixar. Many were graduates of the computer graphics department lead by Professors Ivan Sutherland and David Evans.

Welcome Salt Lake City and Get Ready for a Massive Expansion

In 1980, when I was seven years old, my grandmother, who lived a few blocks from the University, gave me an Apple II+ for Christmas. I took to it like a duck to water. My mom enrolled in a continuing education computer course at the University of Utah teaching BASIC programming. I went with her to the classes. Unbeknownst to the professor, I was the one completing the assignments.

Cloudflare, the Internet, and I owe a lot to Salt Lake City so it was high time we turned up a location there.

Our Big Network Expansion In 2018

Salt Lake is just the beginning for 2018. We have big plans. By the end of the year, we're forecasting that we'll have facilities in 200 cities and 100 countries worldwide. Twelve months from now we expect that 95% of the world's population will live in a country with a Cloudflare data center.

Welcome Salt Lake City and Get Ready for a Massive Expansion

We've front loaded this expansion in the first quarter of this year. We currently have equipment on the ground in 30 new cities. Our SRE team is working to get them all turned up over the course of the next three months. To give you some sense of the pace, that's almost twice as many cities as we turned up in all of 2017. Stay tuned for a lot more blog posts about new cities over the months ahead.

Happy New Year!

Categories: Technology

Friday Quiz: Boaz

The Good Book Company - Fri, 12/01/2018 - 15:33
Categories: Christian Resources

Beta: MySQL Governor updated

CloudLinux - Fri, 12/01/2018 - 15:09

The new updated MySQL Governor version 1.2-30 is available for download from our updates-testing repository.

Changelog:

governor-mysql 1.2-30

  • added missed hook installation on update from version 1.1 to 1.2 (affected cPanel only).

To update run:

$ yum update governor-mysql --enablerepo=cloudlinux-updates-testing $ service db_governor restart

To install run:

$ yum install governor-mysql --enablerepo=cloudlinux-updates-testing $ /usr/share/lve/dbgovernor/mysqlgovernor.py --install
Categories: Technology

Thanks, Government — Nearly Half of Puerto Rico Is Still without Power

Mises Institute - Fri, 12/01/2018 - 15:00
By: Ryan McMaken
puertorico.PNG

In the wake of Hurricane Maria, most of Puerto Rico lost electricity. Since electronic transactions were not longer possible under these conditions, the Federal Reserve was forced to fly a planeload of cash to the island to avoid a total breakdown of the economy there. 

But even then, we were assured that the loss of power was a momentary blip. Everything would be back to normal soon. 

But as of December 29 (more than three months after the hurricane hit) only 55% percent of power-company customers actually have power again.

The good news is that the "Army Corps of Engineers has projected that power will be restored for most people by March, but those in very remote areas might have to wait until May because of the difficulty in moving supplies."

So, in some parts of the United States, when disaster strikes, one has to wait only a mere six months to have power restored. 

This is partly due, not surprisingly, to the fact that electricity services function under the weight of a government-granted monopoly given to the local power company. It's not as if a competitor can come in and start working with local residents to rebuild the infrastructure. That, of course, is illegal. Besides, it's likely that non-monopolistic electric companies would only be willing to do that at high prices. But that would be verboten also, because it would be labeled "gouging." 

Needless to say, under these conditions, the standard of living for many Puerto Ricans is plummeting, and now many on the island fear a surge in crime

Thirty-two people have been slain in Puerto Rico in the first 11 days of the year, double the number killed over the same period in 2017. If the surge proves to be more than just a temporary blip, January could be the most homicidal month on the island in at least two years, adding a dangerous new element to the island’s recovery from Hurricane Maria, its worst disaster in decades.

While the number of homicides did not immediately spike in the weeks after the hurricane struck on Sept. 20, police and independent experts say many killings appear at least partly related to its aftereffects.

The storm has plunged much of the island into darkness, increased economic hardship and contributed to a sickout by police, all fueling lawlessness. What’s more, officials say a turf war has broken out among drug gangs looking to grab territory after the storm’s disruption.

Help Is Not on the Way

For many years, Americans became accustomed to the idea that in the wake of any disaster, help would soon come flooding in. Power would be quickly restored and re-building efforts would begin in force. 

Over the past decade, however, that narrative has become less and less convincing. 

After Hurricane Katrina in 2005, for example, the Federal Emergency Management Agency (FEMA) is now widely regarded as an agency made the situation worse in the storm-affected area —especially in New Orleans. 

Moreover, the worst part of the disaster did not come directly from the storm. It came from the failure of levees built by the Army Core of Engineers.

It was a disaster made far worse by the incompetence of government "experts." Yet again, faith in the ingenuity and reliability of federal bureaucrats was rewarded with death and destruction. 

After years of decline, it took a decade for the New Orleans population to recover in many areas. In other areas, population has still not recovered, and as is so often the case with natural disasters, lower-income populations have been impacted the most. 

Source.

Now, more than a decade later, there are still new lessons to learn about the folly of waiting for government help in the wake of disasters. 

Puerto Rico's fate provides a couple of grim reminders.

First of all, the lack of power in Puerto Rico reminds us that it's important to always keep extra physical cash in case of emergencies. Economists and politicians who work in shiny skyscrapers in wealthy cities are often quite comfortable concluding that physical cash is no longer necessary. After all, just look at all the wonderful technology that surrounds us! Need to buy something? Just use your iPhone.

Of course, all the wonderful solutions to our problems only work when there is power running to cell towers, and when there's power to charge phones. This should not be assumed even in urban areas, as Puerto Rico has shown us, and this assumption gets even worse as we move into more rural areas. Moreover, without physical cash, the informal economy — which is especially essential in times of disaster — comes to a screeching halt. 

And secondly, governments will continue to place obstacles in the way of the private-sector people who are inclined to help. 

Back in October, as Puerto Rico began recovery efforts in earnest, some in Washington began to discuss repealing the Jones Act. The Jones Act greatly limits shipping to Puerto Rico (and other domestic ports) by mandating that " all maritime transport between domestic ports to be flagged, built, and manned by the United States." 

The Act grants a monopoly to the United States Merchant Marine, and locks out more efficient shipping organizations. 

Naturally, the effect of this has been to greatly increase the price of shipping to Puerto Rico. 

Last fall, some policymakers — the Trump Administration included — were forced to admit that the Act was stifling the recovery effort. Yet shockingly, many months after the disaster, the Jones Act is still in force. 

In the continental United States, of course, recovery efforts are helped immensely by private organizations shipping goods directly to the affected areas — usually by roads. Just imagine, though, that if one wanted to ship clean water to Houston, one needed to do it only through special federally-approved shipping organizations, and only after filling out reams of paperwork.

While it's true that it's impossible to hop in a car and drive to Puerto Rico, the island isn't exactly in the middle of the Pacific, either. A great many American organizations are capable of shipping goods to Puerto Rico all by themselves. But they are barred by federal law.

And, of course, as far as foreigners are concerned, there is no free trade with Puerto Rico, so everything must go through federal bureaucrats to be imported into Puerto Rico. The Island can't unilaterally declare itself to be a free-trade zone. 

So, here we are months later, and the United States government continues to squeeze trade and shipping with Puerto Rico while also claiming to be concerned about "helping" the Island nation recover. Maybe more Puerto Ricans will be able to read about it once the other half of the island finally gets electricity again. 



Categories: Current Affairs

The confusion of talking about sex-selection

Christian Concern - Fri, 12/01/2018 - 14:57
A model and former Miss Great Britain has defended her decision to select the sex of her next baby on BBC Radio 5 Live.

A model and former Miss Great Britain has defended her decision to select the sex of her next baby on BBC Radio 5 Live.

 

read more

Beta: Alt-PHP updated

CloudLinux - Fri, 12/01/2018 - 14:39

New updated Alt-PHP packages are now available for download from our updates-testing repository.

Changelog:

alt-php44-4.4.9-76

alt-php51-5.1.6-87

alt-php52-5.2.17-114

alt-php53-5.3.29-71

alt-php54-5.4.45-51

alt-php55-5.5.38-33

alt-php56-5.6.33-3

alt-php70-7.0.27-3

alt-php71-7.1.13-3

alt-php72-7.2.1-3

  • ALTPHP-424: add timestamps to LSPHP log messages;
  • ALTPHP-415: fix cURL issue after enabling MariaDB102 fix (segfault).

alt-php70-pecl-ext-1-28

alt-php71-pecl-ext-1-16

alt-php72-pecl-ext-1-10

  • extension memcached updated to 3.0.4;
  • extension vips 1.0.8 added.

alt-php53-brotli-0.5.0-1

alt-php54-brotli-0.5.0-1

alt-php55-brotli-0.5.0-1

alt-php56-brotli-0.5.0-1

alt-php70-brotli-0.5.0-1

alt-php71-brotli-0.5.0-1

alt-php72-brotli-0.5.0-1

  • init build for CloudLinux.

Install command:

yum groupinstall alt-php --enablerepo=cloudlinux-updates-testing
Categories: Technology

Beta: criu-lve updated

CloudLinux - Fri, 12/01/2018 - 14:26

New updated criu-lve version 3.7-1 for CloudLinux 7 is available for download from our updates-testing repository.

Changelog:

criu-lve 3.7-1

  • MODLS-489: made CRIU workable with a new Kernel;
  • updated to CRIU version 3.7.

To install run the command:

# yum clean all --enablerepo=cloudlinux-updates-testing # yum install criu-lve --enablerepo=cloudlinux-updates-testing

Start criu service:

# systemctl enable criu # systemctl start criu

To update run the command:

# yum clean all --enablerepo=cloudlinux-updates-testing # yum update criu-lve --enablerepo=cloudlinux-updates-testing

Restart criu service:

# systemctl restart criu # systemctl daemon-reload
Categories: Technology

Losing Control

Peter Leithart - Fri, 12/01/2018 - 14:00
In The Breaking of Nations, Robert Cooper observes that “the spread of the technology of mass destruction represents a potentially massive redistribution of power away from the advanced industrial (and democratic) states towards smaller states that may be less stable and have less of a stake in an orderly world” (viii-ix). More frighteningly, “it may […]
Categories: People I don't know

Socrates or Swine

Peter Leithart - Fri, 12/01/2018 - 14:00
Our entertainment-drenched culture is a reflection of the colonizing power of liberalism. Liberalism is a drive for unlimited freedom, and any inequality or hierarchy stands in the way. Even the distinction between superior and inferior ways of life is anti-liberal. As Ryszard Legutko puts it (Demon in Democracy), liberalism demands a “minimalist anthropology,” one that […]
Categories: People I don't know

Rent control increases rents

Adam Smith Institute - Fri, 12/01/2018 - 12:42

It is a curious truth that when economists agree (a rare occurrence), politicians usually disagree.  Free trade is the obvious one (as Paul Krugman says, “If there were an Economist's Creed, it would surely contain the affirmations 'I understand the Principle of Comparative Advantage' and 'I advocate Free Trade”). Another candidate for the Economist’s Creed would surely be “I understand that rent control reduces the supply and quality of affordable housing”. When IGM polled 41 leading economists just one thought that rent control policies in San Francisco and New York had positive effects. Yet despite, the near-unanimous opposition to rent control from economists, politicians persist in proposing rent control policies. Take Jeremy Corbyn, in his party conference speech he announced that if elected he would give cities the power to cap rents to tackle the housing affordability crisis.

A new NBER Working Paper looks at the effect of rent control policies in San Francisco. In 1994 San Francisco expanded rent control to small multifamily housing units built before 1980. The 1980 cut-off was designed to prevent rent control from deterring new construction, a common objection to rent control. But, it also created a natural experiment. Researchers could compare the ‘treated’ group with a control group who lived in small housing units built after 1980.

Who benefited and who was hurt? Unsurprisingly, long-term residents living in rent controlled property came out better-off. They were about 10-20% less likely to move than the control group.

And who was hurt? Pretty much everyone else. Households living in pre-1980 housing for just a few years found that landlords would actively try to remove them. Landlords incentivised to reset the property to market rates could remove tenants in a few ways. They could move-in themselves, announce a plan to remove the property from the rental market, or they could bribe the tenant to move. The result was that rent-controlled buildings were much more likely to be converted into condos. This lead to a 15% fall in the number of people living in the pre-1980s units compared to the control.

But the real harms came to residents outside of rent-controlled property (including migrants to SF). The landlord’s response led to a significant fall (6%) in the supply of rental properties. The researchers estimate that this caused a 5.1% city-wide rise in rents. Not only did this hurt existing SF residents who didn’t live in rent-controlled properties but it also hit those who moved to SF in search of better jobs. Rather weirdly, the authors estimate that the benefits to existing residents of rent controlled properties ($2.9bn) are almost exactly equal to costs to those not living in rent controlled properties ($2.9bn).

But there’s reason to think that this underestimates the problem. Studies looking at the impact of restrictive planning policies indicate that they don’t just harm residents by forcing them to shell out more for rent, but they also trap people in lower paying jobs in one place when they would be better off if they moved to another. This lowers productivity and GDP, and also means that existing residents do not benefit from the spill-overs of growth.

The evidence is clear. Rent control doesn’t work. The young voters courted by Corbyn’s proposal to cap rents should be wary. Price caps protect incumbents at the expense of future renters. So unless you’re ready to settle down where you currently live, you should expect to pay more if rents are capped.

Categories: Current Affairs

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