No Clean Feed - Stop Internet Censorship in Australia

Stiff Cheddar

By DeusExMacintosh

Dairy Crest props up pension scheme with cheese mountain

A giant mountain of maturing cheddar cheese is to be used as security for a pension fund.

Twenty million kilos of Cathedral City cheddar will now back up pension funds of workers at Dairy Crest, one of the UK’s biggest cheesemakers.

Some 20,000 pallets of the cheese, nearly half the company’s total stock, have been pledged to the pension fund trustees.

The cheese is made in Cornwall, but matured in a warehouse in Warwickshire. It is kept on the shelves there for 12 months.

In the event of the pension fund running into financial trouble, the trustees will now be able to sell blocks of cheddar to make up the shortfall.

Like many companies in the dairy industry, Dairy Crest has been trying to eliminate its pension deficit.

It has not been helped by the huge numbers of retired milkmen, from the days when nearly every household had its milk delivered. Of 3,000 members of the current scheme, most are milkmen. The scheme is now closed.

- BBC News

 

This is also the Saturday chit-chat thread.

27 Comments

  1. Posted April 20, 2013 at 2:07 am | Permalink

    Cheese futures. I have now seen everything.

  2. Lurker
    Posted April 20, 2013 at 4:32 am | Permalink

    Blessed are the cheesemakers?

  3. Mel
    Posted April 20, 2013 at 5:19 pm | Permalink

    The Texas fertilizer plant explosion again demonstrates the stupidity of a libertarian anti-regulation approach to planning and demands for a small government.

    Just what the f#ck was a fertiliser plant doing it a built up area?

  4. Posted April 20, 2013 at 10:21 pm | Permalink

    Blessed are the cheesemakers?

    For they shall have toasties. ;-)

  5. Mel
    Posted April 21, 2013 at 10:14 am | Permalink

    The Right in France wages a terror campaign against gays in the lead up to the vote on equal marriage.

  6. John H.
    Posted April 21, 2013 at 10:21 am | Permalink

    A brilliant and funny speech by a NZ pollie on Gay Marriage.

  7. Posted April 21, 2013 at 9:29 pm | Permalink

    M@3 So, you are expert in the approval procedures operating in Waco Texas from a local, state and federal perspective?

    And, of course, no highly regulated economy ever had dubious juxtapositions? After all, the permit raj still suffered the Bhopal disaster.

  8. Mel
    Posted April 22, 2013 at 7:49 am | Permalink

    Lorenzo,

    India is a corrupt third world country. I’m not sure if the permit raj included OH&S but if it did I doubt it was a model of sophistication and propriety.

    The linked article mentions the impossibility of the OHS authority’s task due to under-resourcing.

  9. Posted April 22, 2013 at 8:05 am | Permalink

    Just what the f#ck was a fertiliser plant doing it a built up area?

    From what I’ve read the plant was there first, so the question is what the f#ck made someone build a school, retirement home and housing around the plant.

    On the plus side, I’m sure there’s now some cheap land on offer to help keep housing costs down in Texas…

  10. John H.
    Posted April 23, 2013 at 2:43 pm | Permalink

    If I ever hear another libertarian complain about the badness of the common good I am going to give them a lecture on evolution because there are many studies pointing to behaviors as revealed in below…

    Genetic Circuit Allows Both Individual Freedom, Collective Good

  11. Posted April 23, 2013 at 5:54 pm | Permalink

    JH@10 Sounds like you are hanging around too many Randians. Libertarians, if anything, often seem to be too confident at what morality unaided can do; especially if not corrupted-by-power.

    M@8 The level of corruption and the level of discretionary regulation are not independent variables. Mid C18th Britain had notoriously corrupt politics. By the mid C19th, British government and politics had an enviable record for probity. The intervening decades of repeal of special licences, regulation, etc had quite a lot to do with that.

    And when was the last time a regulatory body was not complaining about being under-resourced?

  12. John H.
    Posted April 23, 2013 at 6:28 pm | Permalink

    JH@10 Sounds like you are hanging around too many Randians.

    Not anymore, forever banned from The Cat. :)

    Libertarians, if anything, often seem to be too confident at what morality unaided can do; especially if not corrupted-by-power.

    Yeah good point, if morality were sufficient, if we could just await some spontaneous order to regulate society, we would not need laws. I regard the Rule of Law as a great achievement but even there we need courts and the rest because life is well, messy!

  13. Mel
    Posted April 24, 2013 at 5:42 am | Permalink

    L@11

    “And when was the last time a regulatory body was not complaining about being under-resourced?”

    And when was the last time a regulatory body business was not complaining about being under-resourced over-regulated?

    Such is the way of the world ;)

  14. Mel
    Posted April 24, 2013 at 6:31 am | Permalink

    Hong Kong tops the Heritage Foundation’s economic freedom index but comes 14th on the TI corruption index.

    Finland is rated equal number one on the TI corruption index (meaning equal less corrupt nation) but only 16th on the Heritage economic freedom index.

    I think other factors might be more important.

  15. Posted April 24, 2013 at 7:33 am | Permalink

    Libertarians, if anything, often seem to be too confident at what morality unaided can do; especially if not corrupted-by-power.

    The whole lack-of-government-power == lack-of-corrupting-power misconception probably doesn’t help either.

  16. Posted April 24, 2013 at 2:44 pm | Permalink

    M@14 Actually, given the number of countries in both lists, your examples rather support the claim of connection between corruption and the level of discretionary regulation.

    Which does not preclude other factors mattering. Being a majority Catholic country is associated with higher levels of corruption than a majority Protestant country, for example. There is a difference between being naked before God (Protestantism) and the priest-as-forgiving-intermediary (Catholicism).

  17. Posted April 24, 2013 at 3:01 pm | Permalink

    D@15 Point. Justice Thomas once took the Cato Institute to task pointing out that there were folk in the U.S. of A. who have distinctly more freedom now than they did in the small-government C19th.

  18. kvd
    Posted April 24, 2013 at 4:18 pm | Permalink

    Browsing around about ‘Boston Massacre’ I found that this was not the first such (look it up yourself) but I also stumbled upon a blog called ‘Vast Public Indifference’ (a title which I really like) written by a history professor obviously deeply immersed in early New England, USA records – names, census records, wills, tombstones and such.

    It’s well worth a read, but I leave you with a link to her two posts on Quakers, coming from her continuing interest in the diaries of a fellow called Samuel Sewall.

    I mention the link because I like her style, and I particularly liked her throwaway: “The Quakers were not big on obeying earthly authorities, so they went ahead and built the fence anyway”

  19. Posted April 25, 2013 at 1:01 am | Permalink

    Thanks for that, kvd. I’ve not done much reading around the US history of Friends so hadn’t heard of Dyer. Haven’t really done William Penn justice, yet in my researches.

  20. Mel
    Posted April 25, 2013 at 12:20 pm | Permalink

    An interesting post by Noah Smith that compares America’s current economic predicament to that of Japan circa 1990 and suggests Paul Krugman’s Japanese experience is the reason why he has been the most insightful commentator and accurate predictor of events since the GFC.

  21. Posted April 25, 2013 at 1:39 pm | Permalink

    M@21 I believe Scott Sumner and his commenters have appropriate responses to Noah S.

    If Krugman had learnt so much from his Japan analysis, why was he so confident about fiscal stimulus?

  22. Mel
    Posted April 25, 2013 at 2:08 pm | Permalink

    L @22:

    “If Krugman had learnt so much from his Japan analysis, why was he so confident about fiscal stimulus?”

    What do you believe Krugman said about fiscal stimulus?

  23. Posted April 25, 2013 at 3:04 pm | Permalink

    M@23 That there should have been more of it.

  24. Mel
    Posted April 25, 2013 at 4:53 pm | Permalink

    Lorenzo,

    I see a lot of the usual anti-Krugman abuse of that thread.

    Smith links to paper that rates Krugman number one out of 47 pundits re 15 economic and political predictions (with a score of 14 out of 15).

    Sounds OK to me.

    Here’s Sumner expressing his support for Britain’s expansionary austerity in 2010.

    We’ve touched on fiscal stimulus before and I can’t see any point in discussing it further, especially since I acknowledge you know more about economy theory than me :)

  25. Posted April 25, 2013 at 9:45 pm | Permalink

    M@25 Actually, Sumner is not claiming support for expansionary austerity, he is claiming that the fiscal multiplier is zero if central bank targets inflation. So fiscal contraction will be not be expansionary. The ‘fiscal stimulus’ he is talking about is the budget deficit, not the level of spending. And the UK has a high fiscal deficit.

    Having looked at the paper, Krugman is the only serious economist among the lot as far as I can see. I am not terribly surprised that a Nobel Laureate economist predicted better than a bunch of journalists, former political operatives and lawyers.

  26. Mel
    Posted April 25, 2013 at 10:38 pm | Permalink

    Well, Lorenzo, I think I’ll stick with Krugman, Smith and Quiggin as my preferred authorities on economics (and yes I’m well aware that they have differing views on many things).

    I can’t base this on anything more that gut feeling because I lack expertise in economics. But since I was the first commenter on the Cat to predict the GFC, I’m comfortable with trusting my instincts, at least for the time being.

    Anyway, time will tell who is right and who is wrong.

2 Trackbacks

  1. By Cheese good as gold | Homepaddock on April 20, 2013 at 6:15 am

    [...] Hat tip: SkepticLawyer [...]

  2. By Skepticlawyer » Against free markets on April 27, 2013 at 3:10 pm

    [...] how much morality can do in the absence of corruption-through-power while also underestimating the importance of non-state forms of power. Not to mention that even economic freedom has no simple connection to the [...]

Post a Comment

Your email is never published nor shared. Required fields are marked *

*
*