MCViewPoint

Opinion from a Libertarian ViewPoint

Federal Regulatory Corruption

Posted by M. C. on October 17, 2022

By Jacob G. Hornberger

The Future of Freedom Foundation

And now, thanks to an article that just appeared in the Wall Street Journal, we learn that large numbers of federal bureaucrats are adding to their income by investing in companies that their agencies regulate. How’s that for a very severe case of federal corruption? Why do the name Martha Stewart and the term “hypocrisy” come to mind? 

The free market system — that is, a system free of government control and regulation — was considered to be too dangerous for American child-adults. Federal regulators would keep them safe and secure. 

When America’s free-market system got converted to a welfare-state, regulated-economy system, the idea was that the federal government would operate as a parent taking care of his adult-children. The free market system — that is, a system free of government control and regulation — was considered to be too dangerous for American child-adults. Federal regulators would keep them safe and secure. 

Needless to say, these federal regulators aren’t willing to work for free. They demand and receive very generous salaries, all of which are paid out of income taxes that are forcibly collected from the American people by the IRS, one of the most feared and powerful agencies in U.S. history. 

And now, thanks to an article that just appeared in the Wall Street Journal, we learn that large numbers of federal bureaucrats are adding to their income by investing in companies that their agencies regulate. How’s that for a very severe case of federal corruption? Why do the name Martha Stewart and the term “hypocrisy” come to mind? 

According to the Journal’s article, which is entitled “Federal Officials Trade Stock in Companies Their Agencies Oversee,” “Hidden records show thousands of senior executive branch employees owned shares of companies whose fates were directly affected by their employers’ actions, a Wall Street Journal investigation found.” The article states:

More than 2,600 officials at agencies from the Commerce Department to the Treasury Department, during both Republican and Democratic administrations, disclosed stock investments in companies while those same companies were lobbying their agencies for favorable policies. That amounts to more than one in five senior federal employees across 50 federal agencies reviewed by the Journal.

So, not only are these regulatory bureaucrats eating out our substance with their tens of thousands of rules and regulations and taxation, they are also financially profiting from their regulatory corruption. 

According to the Journal, 

A top official at the Environmental Protection Agency reported purchases of oil and gas stocks. The Food and Drug Administration improperly let an official own dozens of food and drug stocks on its no-buy list. A Defense Department official bought stock in a defense company five times before it won new business from the Pentagon.

Our American ancestors would never have put up with this type of thing, which is precisely why they didn’t permit income taxation or a regulated economy for more than 100 years. 

Why do Americans today put up with it? At the very least, today’s child-adults, who are characterized by passivity, submissiveness, deferential mindsets, and welfare-dole dependency, should file a complaint with Child Services for child-adult abuse at the hands of their federal daddy.

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What the Worst Economic Predictions in History Can Teach Us about Economics

Posted by M. C. on October 17, 2022

Can economists predict the future? Hardly.

https://fee.org/articles/what-the-worst-economic-predictions-in-history-can-teach-us-about-economics/

Walter Block
Walter Block

Economists predict the future course of economic events to show we have a sense of humor. If we could do so accurately, we’d all be very rich, and we’re not; we’re comfortable, but not fantastically rich (except in our enjoyment of the dismal science).

Why can’t we predict the future? Because the world is a complicated place, and millions of things are occurring at once. For example, we know that if nothing else changes, and the government increases the money supply, price rises will be the inevitable result. But we can never rely upon the ceteris paribus (all else equal) assumption that this will be the only alteration in the economy. People might stop buying as much as before, saving for a rainy day. If so, the tendency for more money chasing the same amount of goods and services to instill price rises will be somewhat ameliorated.

By how much? That all depends upon the rate of decrease in buying, and we have no crystal ball on that one. We can’t even determine if the Fed or the central bank will increase the stock of money in circulation. The future course of inflation depends upon what side of the bed Fed officials get out of, and we have no idea about that either. Quite possibly, they themselves don’t know. We are fortunate to have economic law, but that only takes us so far.

Consider another example. Economic law tells us that an increase of the level at which the minimum wage is pegged will increase unemployment of low skilled workers, provided that nothing else changes. But things are forever changing. It is quite possible that as the minimum wage rises, an innovation will come along that increases the productivity of unskilled workers. If so, if this force is powerful enough, and if the rise in the level mandated by law is modest, there might not be a single solitary laborer who becomes jobless as a result of the higher minimum wage.

At this point, I must confess, I am giving an Austrian economic perspective on this matter. Mainstream economists would not agree.

See the rest here

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Vukovar

Posted by M. C. on October 17, 2022

Enter the demon

By Daniel McAdams

This is Your World

The Serbs and Croats could have had their bitch-fit and realized that as much as they hate each other they can still be trading partners. But Langley had other plans: impoverish them all and kill the best of them. Yeah they were so dumb, but no dumber than the highest “educated” American who watches any of the television or cable networks.

https://danielmcadams.substack.com/p/vukovar

We are in Vinkovci in a cab arranged from Osijek, from where the Habsburg world still dominated the architecture, the pulse, the very DNA of the city. The old Hungarian city of Eszék, some would argue and I would agree. Before the demons who arranged so-called World War I exploded the peaceful world of European monarchies in the name of the demon democracy, where two people can vote to slit your throat.

Oh it was not perfect, they claimed. So then they went on to murder millions and install the brutalism, the “democracy,” that continues to this day with absolute ciphers like Ursula von der Leyen, who would not have been fit to pull the burr from HRH Charles’ sandal. A woman astonishingly devoid of any sentience. Not even worthy of contempt. Merkel was a monster, but would could have imagined – at a time like this – that apres soi le deluge?

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We are in Vinkovci in a cab arranged from Osijek going to Vukovar. It is 1998. Earlier I am with Maarten in Osijek in the main square in the morning. Maarten did not like to get up early, as he, an Oxford PhD in modern history/philosophy, preferred to begin his day in the main square of Osijek barely before noon with endless cigarettes and espressos.

There was no rush, as he smoked his cigarettes with bleary red eyes and espressos. He had his notes and even in his desperate state he knew the plan for the day.

The evening before, we were dining al fresco near the Great Cathedral when suddenly a wedding party exploded from the church, flush with Croatian flags and a strong sense of national identity. Extremely Catholic, even as a political signature. Such a boy and beautiful woman. Croatia as a Catholic and nationalistic state had emerged from the ruins of Yugoslavia and if in a pure and platonic form we believe in secession it was a good thing. But of course it was all fake and contrived.

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Nationalism is a funny thing as Yugoslavia imploded, as it was a main tool of the US regime-change empire to destruct – and deconstruct – a multi-cultural, multi-confessional entity in the heart of Europe that could have posed a huge challenge to US/NATO plans to subjugate the former Soviet-sympathetic world into the new US satellite world.

The plan for the US to become the new USSR.

There was no NATO-expansion with a pan-slav identity. Hundreds of millions of well-placed dollars solved that. Whores for Moscow happily became whores for DC. Easy money. The worst communists became the best “democrats” because the systems were identical: fund the elites and suppress any opposition. The whores or their protegees still govern Serbia, Montenegro, Macedonia, etc.

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Ironically the multi-confessional Yugoslavia was held together by the strength of one of history’s unsung geniuses – Tito – (regardless of whether he was a force for good or evil), who somehow was able to carve out of nothing a sense of South Slav identity that was neither Soviet nor Langley. A convenient thorn in then-Moscow’s side…

Divide and conquer was not invented by President Clinton and his murderous neocons. Yet what could have been a normal “secession” according to confessional and even political lines, with an eye to cooperation heeding regional realities, was coaxed by the Strobe Talbot monsters of the day to benefit from the carpet bombing – metaphorically and physically – of the last pan-slav entity.

[Arab unity had long been blown up in service of the US empire – and, ahem – BTW]

Again back to normal secession, which is healthy. The Serbs and Croats could have had their bitch-fit and realized that as much as they hate each other they can still be trading partners. But Langley had other plans: impoverish them all and kill the best of them. Yeah they were so dumb, but no dumber than the highest “educated” American who watches any of the television or cable networks.

Read the Whole Article

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TGIF: Governments Create Problems; Markets Fix Them

Posted by M. C. on October 17, 2022

Notice that bureaucratic failures are routinely portrayed as market failures (most people’s economic ignorance leaves them gullible) and are used to justify even more government: larger budgets, bigger staff, and wider powers. If (alleged) market failures require more government, as some people believe, how can government failures require, not more markets, but more government?

https://libertarianinstitute.org/articles/tgif-governments-create-problems-markets-fix-them/

by Sheldon Richman

market

My article “Complete Liberalism” prompted an unexpected challenge. An interlocutor, who says he owns a business and thus is not antibusiness, claimed that my article suggested that, unlike government regulators, businesses never get things wrong. Yet business failures outnumber successes 10,000 to one, this person said, for all kinds of reasons, both innocent and malign, including a desire to pull the wool over consumers’ eyes for as long as possible.

The problem with the comment is that my article never claimed that business people always get it right or are always virtuous. I’ve pointed out repeatedly that the best economists — especially the Austrian economists — never ignore the inherent existence of error in describing how markets work. And libertarian writers have never suggested that business owners cannot have bad intentions, which are magnified by access to state power. Quite the contrary! What these thinkers have emphasized are the systematic incentives and disincentives produced by free competition that reward pro-consumer performance and penalize incompetence and malevolence. Think of all the libertarian criticism of the malignant relationship between business and government. Now think of Ayn Rand’s businessmen-villains in Atlas Shrugged.

One need only read the accessible writings of Ludwig von Mises (“Profit and Loss,” Bureaucracy), F. A. Hayek (“The Use of Knowledge in Society,” “Competition as a Discovery Process”), or Israel Kirzner (“Economics and Error”) to see that the plague of uncertainty, error, and incomplete and dispersed knowledge figures heavily in good economic analysis. The question they sought to answer is: how can people coordinate their productive social cooperation in the face of such ignorance? Individual freedom produces the only answer for a great society: prices.

In fact, if it weren’t for imperfect knowledge, free markets would be unnecessary and profit and loss would disappear. Mises wrote:

If all people were to anticipate correctly the future state of the market, the entrepreneurs would neither earn any profits nor suffer any losses…. What makes profit emerge is the fact that the entrepreneur who judges the future prices of the products more correctly than other people do buys some or all of the factors of production at prices which, seen from the point of view of the future state of the market, are too low….

On the other hand, the entrepreneur who misjudges the future prices of the products allows for the factors of production prices which, seen from the point of view of the future state of the market, are too high. His total costs of production exceed the prices at which he can sell the product. This difference is entrepreneurial loss.

It’s hard to believe that an economist who writes about entrepreneurs with correct or incorrect judgments about the future could have thought that business owners were infallible. Economic analysis, after all, is supposed to be about real human beings who, whether they are acting as producers or consumers, are fallible.

The free-market position is that free and competitive markets are not perfect but better than government bureaucracies at detecting and correcting errors about what consumers will want and what they will be willing to pay. That’s what counts, isn’t it?

See the rest here

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Gonna Change My Way of Thinking

Posted by M. C. on October 16, 2022

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Talking About Stoicism 196 Dealing with Change

Posted by M. C. on October 15, 2022

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BEWARE Even The Mention of Price Controls

Posted by M. C. on October 15, 2022

https://rumble.com/v1nzgkm-beware-even-the-mention-of-price-controls.html

The Ron Paul Liberty Report

Chris Rosini

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Did Biden Offer Saudis An Oil ‘Quid Pro Quo’ To Boost Dem Election Prospects?

Posted by M. C. on October 15, 2022

https://rumble.com/v1ntn4w-did-biden-offer-saudis-an-oil-quid-pro-quo-to-boost-dem-election-prospects.html

The Ron Paul Liberty Report

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Slow Train

Posted by M. C. on October 14, 2022

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Watch “Crack Up Boom? Has The Fed Lost Control Of Inflation?” on YouTube

Posted by M. C. on October 14, 2022

Markets always have the final say. They ultimately overrule the incessant schemes of politicians and central bankers. There are no man-made “policies” that have the capability of revoking economic laws. There are no shortcuts, loopholes, or free lunches. “Narratives” get squashed by the truth. Free Markets and Sound Money are the truth. We’d be wise to return to both of them.

https://youtu.be/-RWQsCWd_Ks

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