Daniel Hannan Destroys The 3 Unquestionable Myths Of Our Crisis

Tyler Durden's picture

The past and present bailouts of each and every bank (and 'important' industry) will, one day, be seen as a generational offense is how MEP Daniel Hannan begins this thoroughly British demolition of the three critical myths surrounding the crisis, that despite market optics, we are still living through. From the idea that capitalism has failed (it has not in his view, it has been ravaged by political pandering), to the crisis being caused by lack of regulation, and that greed is the single-driver of the mess that we remain in; Hannan suggests in a brief but extremely eloquent debate that there is a world of difference between being pro business and pro market as he destroys any semblance of credibility that the political (and elite) class has echoing a young Ron Paul in his thoroughly libertarian free-market sensibilities.


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Popo's picture

Hannan is a good speaker, but frankly those points have all been made 1000 times over, here on Zerohedge and across the blogosphere.

Maybe it's important to don a tuxedo and reiterate the arguments to young Oxfordians who are pretending to be anti-establishment, but the philosphical and ethical shit-show that is the financial sector has been well-understood by most moderately aware people for some time.

Still, it's good to see the arguments "trickling down" to elite youth before they meet with McKinsey at career day next week.

Lore's picture

Most people are not "moderately aware," though they believe otherwise. Think about your last interaction with a socialist or one of the "Green" movement. They seem to be brainwashed and/or hardwired in a way that renders them simply and completely incapable of understanding MARKETS. Therein lies great danger, as these backward ideologues seek public office in order to implement their misguided pseudoeconomic and pseudoscientific RELIGION. 

I submit that succinct but lucid videos like this one need to be circulated and re-circulated if we are to pre-empt the terrible and predictable outcomes of bad actions taken by bad men.

Thanks to ZH for posting the vid. Thanks to the MEP for a good, short speech. Those who have ears to hear...!


Boris Alatovkrap's picture

Boris' last interaction with Socialist is include Boris' fist and socialist nose. Boris is consider to share video for next times.

GetZeeGold's picture



those points have all been made 1000 times over, here on Zerohedge and across the blogosphere.


We will run the engine at full speed until failure.....and hope we won't be identified as the leaders when it happen. Until then, we will openly mock those who criticize us.

Spastica Rex's picture

Bravo. I got down on my knees and said a prayer to The Invisible Hand after reading your post. Bless you.

All Risk No Reward's picture

Hannan is still pretending the criminals (who financed his campaign, BTW) haven't stormed the walls and captured the country.

Also, the "free market" is not enough.  It will lead to some group getting big and powerful enough to destroy the free market.

Communism is a fairlytale - the criminals get ahold of the government and, BAM!, you have an instant dictatorship with communist propaganda.

The key is an educated populace scared to death of anything big.  So scared they will pay more and allow for more inconvenience in order to buy local and buy small.

Oh-ho-ho!  That message is not part of Hannan's financier's agenda, now is it?

Can't have the sheeple understand what their TRUE VOTE is - the way they spend their cash.

Silver Bug's picture

To those awake, they are a serious offense, here and now!


Keep Calm and Slave On, must see.

buckethead's picture

I realize it's unlikely, but I'd like to know why someone junked with no rebuttal.

Could it be that you did not watch the Cornell West portion?

He stated many of the same principles as Hannan, blasted Obama, and not once delivered any socialist bile for which he is known.

So what's the beef? ...Echo Chamber Junks.

h0oS's picture

Good to see ethics being cited rather than the usual economic arguments, which I hope we all fully understand by now.

GetZeeGold's picture



 We will not be crucified on a cross of ethics sir.


Luckily we don't have to thanks to the printer.

bank guy in Brussels's picture

Quite hilarious, David Cameron's actual spoken speech about leaving the EU, per John Ward's The Slog:

« ... Hundreds of thousands of British people now take for granted their right to work, live or retire in any other EU country given that life in the UK is so hopelessly sh*t. So we need to weigh up very carefully the consequences of no longer being inside the EU ...

The fact is that if you join an organisation like the European Union, there are rules….even though the general French approach is to ignore them, the general Italian approach is to misreport them, and the Brussels approach is to change them according to the prevailing wind ...

Let me finish today by saying this. I have no illusions about the scale of the task ahead, because the vision I have outlined will be impossible to achieve: there is no way our partners will co-operate, the British people have set themselves on a path to inevitable exit, and it’s all tits-up. »

More from this rather brilliant 'transcribing' of David Cameron's remarks:

« ... After the Berlin Wall came down, I visited that city, and I will never forget how the abandoned checkpoints gave me a sense of excitement about spending quality time with randy Osti women while scoring some cheap coke. And although we must never take cocaine for granted, the first purpose of the European Union is not to help me sniff cheap lines, but to secure prosperity for we in the elite, in what is going to be a race for the wealth and jobs of the few at the expense of the many ...

We have helped to write European history, and Europe has helped us to write off ours by subjecting us to membership fees of £130bn per annum ...

Let there be no doubt that we are open for business: especially funny business ...

I speak as the British Prime Minister with a positive vision for the future of the European Union. A future in which Britain wants, and should want, to play a committed and active part in screwing every last citizen into the ground ...

First, the fiscal problems in the Eurozone are doing my f**king head in ... I can’t be arsed with it any more, ... I want the European Union to be a relationship between Britain and the EU that keeps us Establishment Johnnies in the pink, behind closed doors, and well pensioned ...

That is why I am here today: to acknowledge the nature of the challenges we face, to identify and analyse them….. and then run as far as possible away from them ...  yet more of this bollocks is going to cost me my job, so that is why we need fundamental, far-reaching change ...

In Britain quite a few awake people have spotted what an undemocratic, illiberal crock the EU is. In fact, disillusionment with the EU here is at an all time high ...

And if I have my way, we won’t leave the EU either, because it is the only chance we have of continuing to wank about without people like me having to genuinely do something ... »

(Above was Satire of course ... but with some 'truthiness' from the pungent Mr Ward)


Yen Cross's picture

I have to admit. You are "reciting" well . +1( recitation)? 

  Let's move on, and discuss the Sunday open. (I'm short)  Month end flows in cable and Asia might make things dice'Y next week.

  I'll discuss the crosses when Asia fills the gap.

  I found my patron/

knukles's picture

Well of course, for you see that 130B quid remains another one of the unaccounted for transfers of wealth flowing ultimately through the banking system so brilliantly purchased by the Leading Wankers, thereby ensuring the magnificence of the Swiss/Cayman/Isle of Man whateverthefuck humongoloid personal accounts of the pecker-heads.

No shit.


As one of my closest friends ever (whom you have all heard me quote, God rest his soul, the ex MgySgt and prosecuting attorney) "follow the money."

Yen Cross's picture

 I know this Chap. England/+ her Islets, are  in bad shape.

knukles's picture

Aside from the City, apparently so.
Wouldn't hurt the Brits one iota to divorce themselves from the EU.  Keep the 130B quid and those within the EU want British goods will still buy them.  They were smart not entering the Euro, but should have remained aloof and at arm's length within the original EFTA arrangements...  (I've forgotten the name under which several countries have maintained said relationship, but its worked fine.)

When I was over there during the establishment of the EFTA, was a wonderful idea.  But as soon as the infrastructure of the EU became apparent... no way, Jose...

ramacers's picture

wonder if larry kudlow of the "pretend" network will catch this?

Pareto's picture

oh, he will have caught it, but, he will never publicly agree with it.  His, "where we still believe that free market capitalism is still the best path to propserity", mantra is really the only part of his show that is worth anything.  Because he spends the next hour with pseudo economists, politicians and others from the Chursh of moral hazard arguing the exact opposite.  I stopped listening to this guy a long time ago when he disenfranchised the libertarian arm of the republican party.  He likes to think he talks a good game, the right game, but, when pressed he will tell you the bailouts were absolutely necessary in restoring confidence in the free market.  But, this is a contradiction because the bailout, by definition, is a non-market coercive intervention.

I suppose we will never really know what would have happened post Lehman had their NOT been a bailout.  But, I do know this.  My life wouldn't have changed, my friends, colleagues, etc.  We would have figured shit out, if the financial world really would have caved.  The notion that all of humanity depends on a handful of bankers is retarded and fear mongering.  Life would have went on, and we would have been better off for it.


Now everybody has their hand out, and IMO, this is infinitely more damaging, dehumanizing, and demoralizing.

knukles's picture

Bloody Brilliant


From Natural Laws, flow the freedoms of men.

csmith's picture

Why is he speaking to a bunch of 16-year-olds?
Lotta bloody good that will do...

oldschool's picture

I'm not 16, and I saw it.  Everyone can and should see it (including the 16 year olds).  I'll be doing my part to circulate it. Thanks to ZH for doing theirs.

Pure Evil's picture

I think you should go back and watch it again. There were plenty of adults in the audience. And it will do a lot of good to educate the 16 year olds with this type of reasoning. For they are the next generation. Would you rather have 16 year olds educated with this line of thought or the gobbledy gook that can currently be found in our public educational system?

koncaswatch's picture

He wasn't preaching to the choir; many of those adults hold opposing views.

knukles's picture

It's the Oxford Union which is widely considered the world's preeminent debating society.  Though there are some of us who might claim greater affection with the College of the Holy and Undivided Trinity aside the Bridge over the river Cam, claiming amongst the notables, Sir Issac Newton, which if interested in coin of the realm and English history makes for excellent reading.
But yet, I defer to Oxford in this singular instance.
Mistake the audience at your very own peril.


gould's fisker's picture

Absolutely right Knukles, i was about to post a link to the Union and caught your comment before i did so.  People just aren't used to seeing a speaker sustain a clear argument off the cuff for ten minutes anymore, and any audience who can be alive enough to follow such oration--as this one obviously did--is more serious than the vast majority of squawking and squawkers that goes on today, no matter their age.  "At your very own peril" indeed.

Cosimo de Medici's picture

Indeed.  Content aside, this is a wonderful example of the nearly extinct art of oratory.  It is, in this age of teleprompters, Twit-speak and paid speechwriters, a relic of a bygone time, but one we would be well-advised to retain, if only for its simple beauty.  It embodies the joy of a horse-drawn buggy ride on a country road, rather than a tedious commute on a highway paved with nondescript gray sedans.  I'm not sure many today can write as well and as cogently as Hannan speaks.  As for the audience, I'd rather face a Nolan Ryan fastball or a Lionel Messi free kick than go before that crowd unprepared.

Temporalist's picture

Thanks for the 3 of you for saying what I was thinking.  I want to go a step further and share the link to the:

Oxford Union Society Youtube Channel



The first part of the debate is viewable there as Cornell West calls President Obama a war criminal plus Julian Assange

Julian Assange | Sam Adams Awards | Oxford Union


Hobie's picture

A former Prime Minister of New Zealand, David Lange, made a famous anti-nuclear speech at the Oxford Union.

Well worth a watch: http://www.youtube.com/watch?v=OeHTziiFVx0


CPL's picture

Because we no longer have schools that teach so we must all do our part.

Raymond Reason's picture

Occupy Central Bank!  Much better. 

Jack Burton's picture

Buried in his argument is a good argument for why a healthy Middle Class is vital to any free market driven capitalist system. 

His argument blaming the central banks and politcians instead of the stock market makers of the city of London also seems on the surface correct. What he failed to mention is WHO controls the Central Bank and who bribes and controls the political class. It is the very Stock Brokers and Bankers of the city of London. Yes, the banks should have taken their losses and the bond holders gotten hair cuts and even some depositors should have lost money over and above the insured amounts. But they control the Central Bank and the Politicians. This FACT seems to escape an otherwise brilliant argument. I wonder how he would respond to that?

Raymond Reason's picture

I think he was implying that there should be no insurance on deposits, and no central bank.  Bankers of the city of London then become irrelevant. 

Pure Evil's picture

If there were no deposit insurance, banks would have to show due diligence in order to attract customers and shareholders. Even in a perfect world there is no way to insure everyone against some form of loss. Just as there is no way to insure people from loss due to ponzi scam artists like Madoff. No matter who you are you're gonna get taken at least once in your life.

Raymond Reason's picture

Well in a true free market system, there could be private deposit insurance, but it would go the way of flood insurance for Jersey shore homes.  No one would buy it, if it wasn't subsidized.  

FreeMktFisherMN's picture

You can't pretend there is no risk. Living on the coast carries that risk, as does living in the Tornado Alley midwest. A market for insurance would still develop, though. Same with preexisting medical conditions. In a true free market, medical costs would be going down with technology increases, and this whole insurance covering everything over consumption paradigm would not be the case. It would be a lot more affordable, and besides, firms have reputations to maintain in the community, and would probably do charitable things like take on people with preexisting conditions to have a better reputation. 


The FDIC by the way means depositors don't care, and thus banks can gamble and invent exotic derivatives and lever up, borrowing at zero from the Fed, and then get bailed out even if they lose on those bets. In a true free mkt they'd have to be trustworthy, and there would be more consumer reports like clearinghouses so people wouldn't have to waste a lot of time doing due diligence. Others would do it for them for a small fee. 

FreeMktFisherMN's picture

Basically all these social welfare and 'security' promises promulgated by .gov are about scaring people about caveat emptor. People don't get that they have to still pay for these bureaucrats to keep them 'safe,' not to mention of course how incompetent and evil they are and the moral hazards and distortions caused. And that it is done unvoluntarily by definition, as their salaries are paid with money taken at the point of a gun.

trav777's picture

oh yeah...the fucking free market SURE POLICED the fucking banks REALLY WELL prior to FDIC.

Banks failed ALL THE FUCKING TIME and ruined tons of people.  The goddamned market is not the silver bullet magic skittle shitting unicorn you retarded libertardians make it out to be.

odatruf's picture

Trav - I agree the market is not a silver bullet nor magic. Markets can impose discomfort and pain, and the results are quite ordinary and predictable. Which are the direct opposites of magic and fantasy solutions. To pretend otherwise is to engage in the make-believe and out right lying that I despise most about the political class. So there it is, markets will never be prefect.  However, its form of justice is more preferable to me, problems and all, than the system of cronyism and private gains / socialized losses.

css1971's picture

Yes they did.

But their failures didn't bring the entire world to the brink of collapse. They didn't bring down entire countries. Small failures, not big ones.

That's the point.

Bazza McKenzie's picture

Bit of news for you Trav.  At some point you are going to die.  This may be a shock but it is 100% guaranteed your body will fail.  Same as everyone else.

All living things and all they create eventually fails (read the ZH logo phrase).  Government cannot stop that.  In fact, since government magnifies mistakes it generally creates bigger, more costly failures.

Welcome to reality.

trav777's picture

jesus christ you ideologues are such fuckin retards.

You take ONE point and reduce it to absurdity.

Nevermind the strawman.  I never said government could STOP shit from failing, asshole.  You didn't even ASK me what I thought in terms of an ALTERNATIVE to you stupid faggots' "free market" which was a FREE FOR ALL libertardian wet dream.  You just assumed a straw position and then argued against it.

The system PRIOR to FDIC was not preferable to that AFTER FDIC.  however, idiots, this DOES NOT MEAN that the FDIC system is TO BLAME for the 2008 crash.  In fact, it had NOTHING to do with it.  Banks after GD1 were relegated to nearly UTILITY status, which is how it SHOULD BE, especially after the S&L failure wave.

YES, banks should be REGULATED because they fuck everything up if they are not.  The financial system crashed as a result of banks free to do what the fuck ever they wanted.  And, when they FAILED, the FDIC system was NOT to blame; individual deposits had FUCK ALL to do with the eleventy katrillion worth of CDO squareds rotting on balance sheets.

the prohibition against usury for 2000 years was bank regulation.  Banks have historically STOLEN from people and should be regulated heavily.  The 90s were an undoing of this and the banks RAPIDLY took us to total financial destruction JUST AS THEY DID in the 1920s, another unregulated era.

Trying to blame retail deposits for any of this is fucking absurd and all of you should simply shut the fuck up and go off and be quiet out of embarrassment for ever having implied such a thing.

the banks made the mess because they were ALLOWED TO, just as Chinese factories have polluted most of the fresh water in that country because they are ALLOWED TO.

The Free fucking market you fucking idiots worship has done NOTHING to protect people.  The only recourse people have is to gang up on the powerful through unions and government constructs.  The shit you stupid fuckin randians hate.

gould's fisker's picture

I think he'd respond that occupying the legislative halls where the policy was enacted and the central banks where it's carried out--the fed is independent but its independence rests on statute--is still the proper course.  Perhaps it is a vast conspiracy-but even then the policy makers have authorized it and the central bankers execute it.  But never write off exclusively to conspiracy what may be attributale to human ignorance, meglomania, and greed.

surf0766's picture

Cornell West................................... he hates capitalism

FreedomGuy's picture

He is also an idiot, one of the penultimate examples of leftist faux intellectulism.

Totentänzerlied's picture

"faux intellectulism" LOL, that's redundant!

trav777's picture

as are you because you don't have a fuckin clue what penultimate means...did you get this stupidity from fuckin Reggie Middleton?  retards