SomeMusings.com

I like Keith Olbermann. I love his delivery and find him to be most excellent on civil liberties and deflating the threats of terrorism that have the majority of this country running around like a headless Chicken Little in the middle of a PCP-induced, schizophrenic breakdown.

I may disagree with Olbermann about a lot of things, but we both agree that the republicans suck. It is an excellent illustration of that age-old internet adage:”The enemy of my enemy is good for some lulz.”

That being said, I was rather disappointed in him when I dugg my way to his recent rant on oil speculators.

For those not in the know, speculation is one of the ways that the free market deals with scarce goods.

Imagine that you are a wheat farmer. During a period of relatively low demand, speculators would buy excess wheat to drive up the price if they had reason to believe that the price would rise in the future. Likewise, they would sell that wheat during a period of relatively high demand, thus lowering the price if they had reason to believe that the price would fall in the future. This has an effect, through the wisdom of crowds, of smoothing out the price level over the long term. This would be good for the farmer (he’d know how much money he can expect), the consumer (he’d know how much money to set aside for wheat), and the speculator (he’d make a profit if he is right).

Recently, both wings of America’s dysfunctional political chicken have been in a hissy fit over the idea of oil speculators making a profit on the rising cost of crude. The digg page was one giant feedback loop of hatred towards the free market. I quickly penned a comment, but it was buried and ignored without even an attempt at integration, discussion, or even debate. For the record, here’s an economist that agrees with me.

What really bugs me about this slander is that Olbermann and the majority of digg are all environmentalists. They’re not just environmentalists in the sense that they enjoy the outdoors and want to protect the environment — any responsible human being wants the world to look nice. They’re environmentalists in the sense that they want to use the coercive power of the state to force everyone to make greener, “better” decisions. They’re the kind of environmentalists that support adopting the Kyoto treaty, outlawing new oil production, and call themselves “environmentalists.”

But, remember, speculation is one of the ways that the free market conserves resources that will be more scarce in the future! It raises the price now, thus encouraging more efficient usage in the present. All of this happens automatically, voluntarily, and to the benefit of everyone involved in the transaction.

And Olbermann want to use the coercive power of the state to force the speculators to stop speculating because he doesn’t like the increased cost of gasoline.

Or, in less words, they are for protecting the environment when doing so hurts others, but against protecting the environment when doing so hurts themselves.

Also, you can’t help but point to the gun in the room. Disobey a government mandate, and they will make you pay a fine. Don’t pay a fine, and they will come to your house and arrest you. Resist arrest, and they will shoot you. You can’t ignore the gun in the room.

Or, in less words, they are for violence that hurts others, and for violence that protects themselves.

At least those bigots are consistent with their praise of violence.

Anyone that is in favor of regulating businesses to protect the environment and is also against oil speculators has either

1. never fully considered the inherent contradiction
2. masquerades whims and self-interest under the guise of moral laws and then applies these moral laws to the entire world under in a despicable display of bigotry.

Or, in less words, environmentalists are either stupid or evil.

But, what can I say, Keith?

You’re good for some lulz.