Category Archives: hyperinflation

The abominable McDonnell

Dalrymple notes that the historical figures that John McDonnell, Jeremy Corbyn’s second-in-command, most admires are Marx, Lenin, and Trotsky. McDonnell wishes the nationalisation of land, railways and public utilities,

which can be done only through rates of taxation so high that they would amount to the nationalisation of everything—with a resultant economic collapse—or by outright confiscation, destroying any faith in the rule of law for generations. It could also be done by agreeing on a price of sale and then inflating the currency afterwards, so that billions will not buy you an egg.

Dalrymple states that an economic disaster, far from deterring such a government,

would be of enormous advantage to it,

its purpose being

the exercise of control in the name of irreversible social and political change.

McDonnell’s nationalised industries

will be owned and run by the workers, just as they were supposed to be owned and run after the Russian Revolution. The state will wither away, as in Marxist theory (though not in Soviet practice), once all power has been handed to him.

The Labour Party

will not be just another political party in a competitive, pluralistic polity. It will be modelled on vanguardist movements from the glorious history of the 20th century.

McDonnell, says Dalrymple,

makes clear his commitment to and desire for socialist monomania.

The arrival in power of men such as Corbyn and McDonnell will, Dalrymple points out,

produce an immediate crisis, which they will blame on capitalism, the world economic system, the Rothschilds, and so forth. They will use the crisis to justify further drastic measures.

There will be

wholesale, de facto confiscation of houses. It is but a short step to communal flats or the nationalisation of bathrooms. Other charming proposals include the erection of tower blocks of public housing flats in old villages and leafy suburbs, à la Ceaușescu. If everyone cannot enjoy beauty, why should anyone?

White farmers turned Rhodesia into the breadbasket of the region

Living in Rhodesia in ’76, Dalrymple read up on the question of land distribution. He

came to the utopian (and false) conclusion that a reform in which white-owned commercial farmland was redistributed to African peasants could serve the cause of justice without reducing production.

The whites, he writes,

were 5% of the population and owned half the land (the better half too). The commercial farmers among them were a small minority of a small minority. There was no doubt that at the historic root of their ownership (not very far back in time, either) was the ruthless use of force and fraud. There was also no doubt that they had turned Rhodesia into the breadbasket of the whole region.

Land expropriation, when it came,

neither served justice nor preserved production. It was not the peasants who benefited from it, but the régime’s cronies.

Production fell 90%

and turned a country that had long been a magnet for immigration into one of mass emigration. The alternative to mass emigration was mass starvation. The land expropriation played its part in Zimbabwe’s hyperinflation, one of the most dramatic in history.