Wednesday, 24 June 2015
Full Fiscal Autonomy?
Monday, 15 June 2015
The Culloch Burn
Although the village is more than 400 feet above sea level it lies in a natural basin in Sliabh Mannan, meaning the only ways out are all uphill. In consequence the lowest parts lie within a natural floodplain and any drainage bottleneck is vulnerable to being overwhelmed after heavy rain.
People who do not live near the headwaters of upland streams find it hard to take warnings against flooding seriously, as I have had occasion to remind local Council planners before now.
Wednesday, 3 June 2015
Passage of Time
In fact of course I still had an awful lot to learn; there is a considerable gulf between the literary demands of novel writing and those of short stories. It took a year between my first published piece of flash fiction Elementary Mechanics and my first published short story, Spatchcock. There followed another ten months before The Old Man on The Green.
Of the four acceptances that I received earlier this year, two have so far been published and two are still awaiting publication. The queue awaiting a public airing have now, I am pleased to say, been joined by another story, Passage of Time which will finally take me back very close to where I started when it is published in Albedo 2.
This is my first acceptance outside North America, so with luck I am getting closer to being published at home, though of course the market in the UK is small and opportunities far fewer.
Passage of Time will be my first published story set (at least partly) aboard a space ship. I wouldn't really call it a space opera, since most of the conflict portrayed in the tale takes place upon Earth. However it does feel as though I'm getting closer to my ideal of being an all-round speculative writer.
By the way, I do write non-speculative stories too. So far none have made it to publication, but a couple have been competitively placed and I hope may yet see the light of printed day.
Saturday, 30 May 2015
Sum You Lose
In December 2013 The SNP published Scotland's Future, a document long on words and short on numbers. Yet amongst the numbers it did contain, one received surprisingly little attention. It was projected that in the first year of independence the Scottish fiscal deficit would be £4.4 billion, or approximately £1,000 for every adult member of the population.
Remember that figure, it is important. At a time when people were blithely talking about being one of the richest countries in the world, creating a more caring society and setting up an oil fund for the benefit of future generations, the numbers actually showed that Scotland was already living beyond its means and proposed to go even further into debt.
In order to arrive at this deficit figure, they made assumptions about likely sources of government revenue. Large receipts were expected from taxes on Scotland's oil and finance industries, which together form a disproportionately large component of our national income. Assumptions were also made that Scotland would continue to use the pound sterling as its currency and that Scotland would run a Balance of Payments surplus. All four of these assumptions were flawed.
Official statistics were pessimistic about future oil prices, given the threatened slowdown of the Chinese economy and the rapidly expanding supply of cheap shale gas from the USA. Alleging deliberate manipulation of the figures to disparage the potential riches of an independent Scotland, the nationalists substituted their own oil price estimate (of over $110 per barrel). In fact the official statistics turned out to have been over-optimistic. In 2015 oil prices are in the range $50 to $60, around half the nationalist projection. So far from supporting an independent Scotland, the oil industry was soon in need of UK government help.
The UK Chancellor of the Exchequer challenged the assumption that Scotland would continue to use the pound sterling. He expressed himself poorly. What he meant to rule out was a currency union by which the rest of the UK would continue to underwrite Scottish finances. Fresh from the 2008 banking crisis in which UK taxpayers had been required to find £46 billion to bail out Royal Bank of Scotland, that was hardly surprising.
His lack of clarity was misrepresented as a threat. "No-one can stop us using the pound," Alex Salmond declared. This was of course true. Surprisingly he did not go on to explain that no-one could stop us using the dollar or the yen or the Zambian Kwacha either.
An independent country may use any foreign currency it likes, provided it can get hold of enough by means of a trade surplus. Panama, for example, uses the US dollar. All that you have to do is give up any desire to control your own monetary policy. If Scotland were to use the pound without a currency union it would have no choice but to accept UK monetary policy as its own.
It also means the Scottish government could only run a fiscal deficit to the extent that it could cover the revenue shortfall with reserves of sterling.
An odd sort of independence, you might think, that resulted in less economic powers than Scotland already has?
When the currency problem became clear, the large Scottish financial institutions announced plans to move their services to UK customers south of the border. This was not simply a brass plate technicality to comply with EU regulations as nationalists claimed.
Banking profits derive from the difference between the interest rates at which banks can borrow and those at which they can lend. Essentially a bank's lending operations create new money and most of the money supply in a modern economy consists of bank deposits, not cash. In order to perform these money-creating operations, banks must be within the jurisdiction of, and accept regulation by, the central bank responsible for that currency. A bank attempting to create new foreign currency would be acting illegally; it can only operate in a foreign currency to the extent that it possesses reserves of that currency.
The net result of this alleged technicality would therefore be twofold.
1. Scotland's financial institutions would be responsible to the Bank of England and pay their taxes to the UK Treasury.
2. Without financial exports it is unlikely that Scotland could run a Balance of Payments surplus. This would eliminate the Scottish government's ability to acquire reserves of sterling and thereby to run a fiscal deficit.
Now please remember the important figure that I quoted at the beginning of this article. By the SNP's own projections, the fiscal deficit in the first year of independence was to be £4.4 billion.
This was before accounting for the fall in the oil price and the loss of the financial services industry. It was before losing control of monetary and overall fiscal powers as a result of sterling becoming a foreign currency. This £4.4 billion deficit was actually a serious underestimate, perhaps not within several orders of magnitude of the reality.
Not only would a future Scottish government be unable to afford the promised fairer society, it would have to borrow improbable sums just to keep public spending at present levels.
Why improbable? Because in order to borrow you must first establish that you are creditworthy. Why might the international financial community suspect that Scotland was not creditworthy? Because the SNP threatened that if they did not get their own way on the currency they would walk away from responsibility for Scotland's share of the UK National Debt.
Let us leave aside whether one could throw over this debt without sacrificing Scotland's claim to a share of the national assets and infrastructure which that debt has financed, much of which is not located in Scotland and nearly all of which would need to be replaced by an independent country starting from scratch.
Let us also leave aside the fact that a country involved in a major financial dispute with an existing EU member would struggle to find an easy path to re-joining the EU.
Just consider this single point. What international lenders would offer reasonably priced funds to a new government whose first independent monetary act had been to deny any responsibility for debts accumulated jointly under the previous political union?
I am an economist. But of course I am also human. I might be wrong. To persuade me that I am, would enthusiasts for independence please not shout at me. Just show me your numbers.
And before you do, please check that they add up.
Tuesday, 26 May 2015
Falkirk Festival Writers Seminar 2015
One thing that writers must overcome is fear of speaking in public. If you do achieve success in being published, you are likely to be required to promote your own work. The chances are you will have to do book signings or readings in various locations and give talks to all sorts of audiences.
To an audience it can be remarkably difficult to follow a story read out by an author who has not yet mastered the art of reading aloud, so it is also helpful that the judges are given time to explain their rankings and what they are looking for in the various competitions.
For some reason I specialise in submitting entries that would have suited last year's judges. All too often I find myself on a track with which this year's judges do not sympathise. I have however a fairly good idea of what I do well, so I have decided to do that every year regardless of who happens to be judging.
Last year that produced a surprising first place in the short story competition with a very experimental story. This year my best result was a perhaps even more astonishing second place in the flash fiction competition judged by Silvie Taylor. I must confess I had thought the classical puns in this little story were far too outrageous for such a competition, so I was very pleased with the result.
Tuesday, 19 May 2015
Being your own editor
I was given a bit of a jolt recently by a slush reader's feedback - the sort of thing you get from some magazines when your story's not good enough for a personal rejection and not bad enough for the unsubtle hint that they'd just as soon you didn't send them any more. This reader criticised my slow pace. Then as an afterthought he wondered whether I was trying to write as though I were a nineteenth century novelist. That, he thought, might be clever but was never going to sell.
Now this particular story had started life at something approaching 11,000 words. Then with difficulty I edited it to 9,800 so as to meet another contest's 10,000 word limit. I had, as usual, very high expectations. I got straight rejections. I tried again until I got the above comment.
As it happened, I had received an encouraging personal rejection for another story of a similar genre at about this time, but from a market whose word limit was about half the length of the original version of this story. I had a bit of a think. What were the chances of cutting out so much? Well I had often read that it was good practice to try and reduce your story by a third, so I reckoned it must be even better practice to try and almost halve it. I set to work.
I stress that I really liked the original version of this story myself. Of course I'm the guy that likes nineteenth century novels too. As I got going I discovered lengthy lyrical writing about the setting of the story; so lengthy in fact that the story was sometimes put on hold for a page at a time whilst my Point-of-View character took a look around in all directions. And then moved a few yards and got a different view and did the same again.
Now writers are always warned against white room writing. This means not engaging your reader in the setting at all and ignoring all or most of the human senses in your enthusiasm for the story and nothing but the story. Whilst the writer can see the setting in his own mind, the reader cannot unless the writer paints the scenery and populates the landscape for him.
Anyway, in very short order I had removed 1,000 words from the first eight pages of this story. The thing was I was really enjoying this process. I found myself developing an instinct for the difference between description that was vital to the story and description that was there for its own sake.
So I ended up with a story halved in length and zipping along, if not like a racing car at least like a buggy drawn by a spirited horse. And I couldn't believe how much better I liked it. I read it again and again without even threatening to get tired of it the way I can easily do with some (though not of course all) of my longer stories.
Since then I think I may be more sparing with unnecessary description, but I still think it's a worthwhile exercise to be your own editor for a while.
Saturday, 9 May 2015
Scotland's Voice
Hitherto we have sent to London representatives of UK-wide political parties who could and did take a disproportionate share of the great offices of state. Two recent Prime Ministers, three chancellors, foreign, home and defence secretaries, the outgoing Chief Secretary to the Treasury and numerous other ministers have been Scots.
For some reason the English, Welsh and Northern Irish used to be content to allow Scots to run the country. But that wasn't enough for us, so we have now sent to London 56 members of a purely Scottish party who, with no significant allies at Westminster, cannot hope to hold any UK office of state at all. Scotland's voice will no longer be heard in the cabinet room or in senior departments as it has been up to now.
Perhaps someone will explain to me how having our representatives shouting from outside the cabinet room is more likely to ensure that Scotland's voice is heard than having several of the most crucial seats inside was.
Confined to opposition, it will be tempting for Scotland's representatives to become shrill and peevish. We have no-one but ourselves to blame for this loss of influence. Since austerity is the current UK government's policy and the SNP demands an end to it, we can hardly be surprised if we are told we have leave to spend more money in Scotland provided it is all raised in Scottish taxes.
Friday, 1 May 2015
Miaow do you do?
Now come along, you can’t expect me to believe that you didn’t know cats could talk. I mean, everyone knows that cats are much more intelligent than people, don’t they, and people can talk.
Friday, 24 April 2015
The Swallows Are Back
Thursday, 16 April 2015
Writing and its Rewards
Saturday, 11 April 2015
A Poem - No Escape
I do quite like to write poems in Yorkshire dialect (known as Tyke). Back in 2010 when I belonged to the Falkirk Writers' Circle I was impressed by the ability of some members to write poems in Scots. Now my original dialect was not Scots but Tyke. For one meeting we were asked to write a poem on the subject 'No Escape'. This was the poem I wrote for that meeting. Sorry - no photographs of an Ark handy!
Thursday, 2 April 2015
Wizard of Oz Election?
In my judgement, the SNP takes to even more egregious lengths than the mainstream parties the art of promising the manifestly undeliverable before wrapping the whole package in the mawkishness of a pledge to deliver the victims of non-existent oppression from their imaginary chains. If ever there was a political grouping careless of its own shortcomings it is the SNP.
In democratic practice however practical shortcomings do not matter. The electorate are not going to check your sums; they are not likely to understand that today's over-consumers are stealing from future generations. They will even perceive unpalatable statistics as lies generated by a conspiracy. They feel that once upon a time we seemed to be able to afford things we allegedly can't afford now. The only possible explanation for this is government mean spiritedness.
Before the crash the Blair/Brown years delivered statistical growth by bloating the public sector and encouraging reckless borrowing; the coalition has restored statistical growth on the back of domestic consumption. (Though to be fair the Eurozone debacle has hardly provided them with a feast of export potential.) It's all done with smoke and mirrors.
I'm not sure about heads and hearts. Perhaps we should remember that the central government of Oz was also based on a populist fraud.
Thursday, 19 March 2015
The Economics of Health
NHS saved my life last year, I hold it in high regard. That does not mean that it should be any more immune to criticism than any other organisation where it is capable of being improved.
Wednesday, 4 March 2015
The Man on the Church Street Omnibus
It contains my story 'The Man on the Church Street Omnibus'. This is my first published venture into historical science fiction.
Steampunk enthusiasts will be sad to hear that, though set in the Victorian era, the story features no locomotives, pumping engines or paddle steamers; the omnibus in the title is of the horse-drawn variety.
Nevertheless, I do hope you will find it a good read. I am in distinguished company in the table of contents; it is particularly pleasing to share the edition with my friend Stewart Baker.
I have to acknowledge that the photograph illustrating this post is not an omnibus. Sadly I have yet to perfect the time machine that will enable me to return to the 1860's and photograph one. However this very smart turnout was on display at last year's Highland Show, so I hope you like that too.
Monday, 23 February 2015
The Old Man on the Green
This story is the first of what I hope may be a series of tales set in the fictional Lincolnshire village of Micklethwaite, where life is lived at a slow pace and close to nature. Of course this does not mean that exciting events never happen there.
I should be very pleased to hear what readers think of the story, which was one that I really enjoyed researching and writing.
It is an interesting thing (at least to me) how often a speculative story demands extensive research. I do like to feel that I have my facts consistent even if sometimes I have to make them up!
Sunday, 15 February 2015
Political Parties Do Not Deserve Public Funding
The latest scandal to afflict the finances of political parties has revived the old demand for public funding. Strangely enough, this demand always seems to proceed from the presumption that parties must be funded somehow, rather than justifying such a premise.
Public funding derives from either taxes or borrowing. We have an unsustainable fiscal deficit, so perhaps now is not the best time to suggest yet another call upon the public purse.
The calls upon tax revenue already have to be rationed; there are far more causes worthy of state support than there is state support available. Who will explain to the patients queuing in ambulances outside A&E that in our wisdom we decided funding political parties was more important than their medical needs? Who will explain to our troops in the field that they are short of equipment because we allocated higher priority to political funding?
The party system in this country may have evolved as a method for the legislature to seize power from the executive but it has been sustained to a point where legislative tyranny has supplanted executive tyranny. Politics as a civic duty has given way to politics as a career to be pursued by an entire class of professionals who are without knowledge or understanding of real life as lived by taxpayers and who do not appear to understand that before money can be spent it must first be earned.
These professionals believe that they should be allowed to spend our money on the communication to us of party-biased misinformation. The more of it they are allowed to spend, the more distortions their advertising campaigns put out and the more special advisers they are able to appoint in order that ministers may be surrounded by yes-men rather than impartial civil servants.
The party system in the UK is moribund; parties used to be mass movements, now they are largely hollow shells inhabited by few but careerists. Nevertheless they maintain a stranglehold on government. In the 1950's over 90% of voters supported one of two parties and election turnout exceeded 80%; now over a third of us don't vote at all and the two big parties only poll two thirds of the votes that are actually cast.
When our great metal bashing industries lost market share at such a rate we reluctantly closed them down and learned as a nation to make our living in other ways. Likewise we need to reinvent our democracy not just subsidise dying political dinosaurs.
There are public services for which British taxpayers have shown themselves more than happy to pay. Funding political parties is not amongst them.
Friday, 13 February 2015
And a Fourth!
I don't know what has caused the little run of enthusiasm for my work in the USA, but it is most welcome.
I can report that a fourth US publisher, T Gene Davis's Speculative Blog has accepted a 2,100 word contemporary fantasy entitled 'The Old Man on the Green'.
This story is set in a fictional Lincolnshire village which I would like to think might be the scene of several more tales. When I was young I spent a lot of time in Lincolnshire and some of you may know that my novel 'The Prophets of Baal' is also set there.
Meanwhile The Sockdolager has announced that its inaugural quarterly featuring a story of mine will appear on 3rd March. Don't miss it!
Saturday, 7 February 2015
A Third Acceptance
2015 is getting better from a publishing point of view. I'm very pleased to say that The Sockdolager has decided that my 4400 word Victorian mystery entitled "The Man on the Church Street Omnibus" is to their taste.
Long before moving to Sliabh Mannan I used to live in Kensington, near to the location of this story. I can't claim to have noticed quite such strange goings on at the time, but maybe I wasn't being sufficiently observant!
No publication schedule is available as yet, but I'll let you all know when to look for it.
Wednesday, 28 January 2015
Two Further Acceptances
At least in terms of my short story writing, 2015 is off to a good start. In the past fortnight, I am delighted to say, I have received acceptances from two US magazines.
Stupefying Stories has accepted an urban fantasy entitled 'All of the People; All of the Time'. This is around 2,700 words.
Sci Phi Journal has accepted a science fiction story with philosophical foundations, enigmatically entitled 'The Man Who Was Not Himself." This is over 9,000 words.
As yet I do not have the publication schedule for these stories, but I shall try to ensure that readers of my blog are kept informed of when to expect them.


