On the IFS’ budget analysis

“It is not clear how you would go about working out how much better off a household is from not having a Greek-style meltdown,” said Mr Browne.

via FT.com / UK / Politics & policy – Equality fears add to Budget woes.

British taxpayers ordered to bail out euro – Telegraph

Via British taxpayers ordered to bail out euro – Telegraph:

All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a “European stabilisation mechanism. Britain will be unable to veto this as it will be put through under the “qualified majority voting” system.

And the mandate for a Labour Chancellor to sign up to this is what?

Interested readers may wish to see The Cobden Centre’s posts on Greece and my serialisation of The Theory of Money and Credit (start at the bottom of the page). Also my precis of Huerta de Soto’s explanation of the fundamental problem.

Update: you may enjoy my other economics posts and in particular Eamonn Butler’s Mises Primer published by the IEA with a foreword by yours truly.

Via the Guardian: Alistair Darling rules out British support for euro

Ed



Wildwind 200, originally uploaded by stevenjbaker.


Wildwind 213, originally uploaded by stevenjbaker.

Marko gybing



Wildwind 147, originally uploaded by stevenjbaker.

Gybing windsurfer



Gybing windsurfer, originally uploaded by stevenjbaker.

Vassiliki kite surfer in the air

Fast windsurfers

When  the cross-shore is strong, this seems to be the right answer:

Fast windsurfers, originally uploaded by stevenjbaker.

Must learn to do it one day…

Asymmetric Monohull

Asymmetric Monohull, originally uploaded by stevenjbaker.

Might have been a Laser 4000. Crewed by Remco, the insatiable high-wind Dutch sailor.

Laser, racing



Laser, racing, originally uploaded by stevenjbaker.

Distant Tiger capsize



Distant Tiger capsize, originally uploaded by stevenjbaker.

Going out on the wire



Going out on the wire, originally uploaded by stevenjbaker.

Racing a Hobie 16 single-handed on a gusty day

Wildwind – two great weeks

All done. Last night out with new friends tonight. This seems to be the best photo of me at sea from the fortnight — no exciting Tiger or Fox pictures:

Final photos uploading in the background including some good high-wind shots of cats, windsurfers and a kite board. Will post a few from home.

Wildwind race day

Race day was comical, with lulls followed by moderate gusts from various directions.

In a mixed fleet, Remko and I were first over the line in a Tiger two out of three in the morning. For the third, Remko took a unilateral decision to put in a capsize in the last minute before the start, giving us a finish of third on the water.

In the first of the afternoon, we were part of a bizarrely mixed group of boats who crossed the line at more or less the same time. Never before have I seen two Tigers and a half dozen Hobie 16s finish with three Lasers. (We’ll see what the handicap system makes of all this shortly, but I expect a Laser won.)

The comedy then turned risky as the gusts became near gale force. Remco and I were knocked down violently, with Remco gashing his leg on some part of the boat. The staff team in a Tiger were dismasted a little later when a shroud snapped:

Wildwind 36, originally uploaded by stevenjbaker.

The Tiger was soon fixed:

Wildwind 79, originally uploaded by stevenjbaker.

Remco will take a little longer.

(And I just learned that a Laser won.)

Maltese Falcon in Vassiliki Bay



Maltese Falcon, originally uploaded by stevenjbaker.

We woke yesterday to find the megayacht Maltese Falcon in the bay.

Follow the links from the photos for more shots, including sail deployment.



Maltese Falcon, originally uploaded by stevenjbaker.

Hobie Tiger at Wildwind



Wildwind 58 – Version 2, originally uploaded by stevenjbaker.

No photos of me today — Beth was busy — but a few good shots of others.

This is a Hobie Tiger, the boat I used to own.

Wildwind: reaching in Vassiliki Bay cross-shore

What we came for:

Mildwind week 1



Wildwind 31, originally uploaded by stevenjbaker.

This Hobie Fox with me at the helm is beam reaching with spinnaker, chasing down a Laser Vago, and without trapezing too. This should not be possible — beam reaching with spinnaker that is — because there should be more wind and it is a powerful boat.

Wildwind? This week it has been “Mildwind”, but fun nonetheless with a good crowd of sailors. The one cross-shore blast of 20-25 knots was exciting in the FX-1 and I’m hoping for more of it next week. The weather is indeed a cruel mistress.

And “that’s about the size of it”.

The weather is a cruel mistress



Vassiliki Bay Panorama, originally uploaded by stevenjbaker.

Too little wind this morning and a storm this afternoon, so we took a stroll, discovering this magnificent grasshopper (cricket?).



Grasshopper, originally uploaded by stevenjbaker.

Wildwind photos

Photos from Wildwind, 21 Jun – 5 Jul may be found here.

Wildwind day 2

Good breeze this morning and another good sail in the Fox. Still no heroic photos: maybe tomorrow.



Wildwind 135, originally uploaded by stevenjbaker.