MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘economy’

The Burning Platform

Posted by M. C. on January 1, 2021

We have a nation of infants sucking on pacifiers while trapped in their cribs by sociopathic parents/politicians. Infants are incapable of critical thought, must be fed to survive, and diapered at all times. Sounds like the majority of adult Americans today, except the diaper is on the other end.

https://www.theburningplatform.com/2020/12/31/give-me-liberty-or-give-me-a-face-diaper/

Patrick Henry and "Give Me Liberty!" – Lesson Plan
This is my face diaper" Mask by Pnwswag | Redbubble

One month ago I wrote an article – Silent Obedient Consent – about our day in Cape May Lighthouse State Park and my disappointment in seeing so many perfectly healthy young people obediently wearing their face muzzles, as dictated by government bureaucrats,  on a bright crisp autumn day in a 244 acre state wild preserve. I found it sad that so many could be controlled so easily by so few.

Since my state has been on lockdown since our escape to Cape May and the weather has been cold, wet and snowy, we’ve been mostly cooped up in our home prison. The fear propaganda campaign has worked wonders, as our traditional Christmas Eve bash with 50 or so relatives and neighbors, was limited to six relatives. Monday, when I saw the temperature was going to 48 with bright sunshine, I insisted we needed to go to the 3,500 acre Valley Forge National Park to take a long walk.

Valley Forge Park Visitor and Tourism Information

We have lived eleven miles from Valley Forge Park for the last twenty-five years. I’m a student of history, so living this close to a national treasure, where a ragtag army of farmers showed tremendous fortitude and courage during the brutal deathly Winter of 1777-78, has been an endless source of enjoyment and learning for me, my wife and sons. The walking trails wind through beautiful rolling hills of trees, dotted with soldier quarters as they appeared 242 years ago.

Valley Forge National Historical Park in King of Prussia, PA

Many an afternoon did we hike up Mount Joy over the mountain to reach General Washington’s headquarters. The museum on the headquarters site is filled with interactive displays describing the tremendous sacrifices made by these men to keep a the hopes of a fledgling country alive. You can’t help but be inspired by the bravery and courage of these men. They left their families and were willing to die for a cause that seemed unreachable. They were willing to sacrifice their lives to gain freedom from tyrannical monarch mandates.

Inventory and Monitoring at Valley Forge National Historical Park (U.S. National Park Service)

The park rangers have always been friendly and helpful. We signed our two youngest sons up for a program where we took them there every Saturday and they were trained as recruits in the Continental Army with pretend muskets. It was fun for them and they learned about an important event in the founding of our country. Our three boys were full of energy and we would do the five mile trek around the park every time. They would roller blade, scooter or walk, but we always made two stops. One was the battery of cannons, where they would imagine blasting some redcoats.

The other was a huge climbing tree which we assumed was around in 1778 when General Baron von Steuben was drilling his Continental Army recruits, instilling discipline and teaching them tactics. Picturing the past heroic actions of true patriots is easy to do at Valley Forge. When we could get them down from the branches we would set the timer on our camera and take a picture for posterity.

All of my memories of time spent at Valley Forge Park were positive, until this past Monday. Once again, I was aghast at what I witnessed on a sunny brisk winter day. At first I was surprised at the huge number of cars in the parking lot. Many people had the same idea, as indoor dining has been banned by Generalissimo Baron von Wolf for the last month. Our level of enthusiasm for our enjoyable trek through this national treasure of a park waned immediately as we witnessed hundreds upon hundreds of young people, families, bikers, and joggers fully muzzled, as demanded by covid czar Dick/Rachel Levine and dictator in chief – Tom Wolf.

Family walking with their dog in park and wearing mask - Promise
How to keep kids safe during this COVID-19 summer | UCHealth Today

We were going to enjoy our unmasked walk no matter how many compliant sheep we had to pass. Lone bikers, near no one, were masked. Lone joggers were masked. One jogger would pull up her mask when she passed someone and then pull it down after passing. Little kids were masked. Mothers, fathers, teens on dates, and young guys were all masked.

I couldn’t help but think how government school indoctrination had worked wonders on these obedient serfs. Have years of helicopter parenting created such a pathetic generation of infant like rule followers? Are they so willfully ignorant they can’t do the basic research to realize masks don’t work, based on CDC studies and the actual case rates in states and cities with mandatory masking and lockdowns?

Based on my observations, at least 60% of these people, out getting exercise and fresh air (not too fresh with a filthy diaper on their faces), were obeying their tyrannical politicians and bureaucrats, or entrapped in fear by a flu with a 99.7% survival rate. We didn’t have the slightest hesitancy in walking next to or passing others resisters (aka anti-maskers, aka granny killers) who chose to live on the edge by breathing fresh air. I never have a problem choosing not to be one of the crowd and not following the lemmings.

A Fable for Our Time: Why Lemmings Jump Off Cliffs | Arranology

The most embarrassing aspect of our afternoon was when fully masked sheeple would take a wide berth into the grass when they saw we were un-muzzled. They treated us like plague carrying super spreaders. This happened at least a half dozen times. When we passed two young fully masked parents pushing a stroller with an infant sucking on his pacifier, I jokingly said to my wife that I should patent a face mask with a built in pacifier. Too late. They already sell them on the internet. We truly must be living in some dystopian Twilight Zone episode.

Untitled

If it was in my power, anyone who willingly wears a mask in the fresh air should be required to wear this mask. It would represent the infantilization of Americans during this era of idiocracy.

Pacifier 2" Mask by DCiabo | Redbubble

We have a nation of infants sucking on pacifiers while trapped in their cribs by sociopathic parents/politicians. Infants are incapable of critical thought, must be fed to survive, and diapered at all times. Sounds like the majority of adult Americans today, except the diaper is on the other end.

As we passed maskers by the dozens on the walking path, I found myself wondering if any of these people appreciated the irony of the cowardice and dishonor shown to those brave, honorable men who spent a brutal winter battling bitter cold, snow, starvation, typhus, small pox, dysentery, and the threat of attack from the most powerful army on the planet only thirty miles away in Philadelphia. These men faced death every moment of their existence. Meanwhile, our current army of Valley Forge maskers cower from the phantom menace of a highly non-lethal flu bug.

The Continental Army at Valley Forge, Pennsylvania | Britannica

There are hundreds of statues scattered throughout the park honoring the patriots who made the ultimate sacrifice to create a new nation of self-reliant, strong, independent minded, citizens who didn’t require coddling by a massive overbearing Federal government. They just wanted to be left alone to work their farms, raise their families, and live as free men. Statues to honor our current day “heroes” would look like this.

Pennsylvania plans 'small steps' toward economic reopening; Murphy says N.J. needs federal help, more coronavirus testing capacity

When assessing the state of our nation, it is always a prudent choice to seek out the wisdom of our founding father who led the troops at Valley Forge – George Washington. I think the quote below captures the essence of what has been happening in this country over the last ten months.

The downward spiral crisis in this country is reflected in the apparent trivial submission of a vast swath of the populace to a psychotic belief a thin piece of cloth will save them from a moderately annoying flu that won’t kill 99.9% of Americans. This is a turning point in the history of our country. And not one which will go down in glory, taught in history books as a story of courageousness, fortitude, bravery and common sense.

“The turning points of lives are not the great moments. The real crises are often concealed in occurrences so trivial in appearance that they pass unobserved.”George Washington

If General George Washington was alive today, he would be praying for the end of this societal mass delusion and for leaders who were not cunning, ambitious, unprincipled and intent on destroying everything he fought for during those times that tried men’s souls. The subversion of power by a cadre of extremely wealthy globalist traitors has succeeded beyond their expectations.

The future of our country hangs in the balance, just as it did in the Winter of 1777/78. The question is whether we remain sunshine patriots wearing masks as demanded by the monarchy or will we stand now, shed our masks and fight the tyranny engulfing this nation. The choice is ours.

George Washington at Valley Forge - YouTube

“However political parties may now and then answer popular ends, they are likely in the course of time and things, to become potent engines, by which cunning, ambitious, and unprincipled men will be enabled to subvert the power of the people and to usurp for themselves the reins of government, destroying afterwards the very engines which have lifted them to unjust dominion.” ― George Washington

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America’s Economy Cannot Survive Another Lockdown, and the Cult of the Reset Knows It – LewRockwell

Posted by M. C. on November 25, 2020

For a real free market to function, weak or corrupt elements must be allowed to fail and die. Instead, central banks around the world and most prominently the Fed kept all of those destructive elements on life support.

This has created what amounts to a “zombie economy:”

The “great reset” is just another phrase for “the new world order.” It is important to understand that the reset these people are talking about has actually been engineered and staged for many years. 

https://www.lewrockwell.com/2020/11/no_author/americas-economy-cannot-survive-another-lockdown-and-the-cult-of-the-reset-knows-it/

By Brandon Smith
Alt-Market

The U.S. economy has been on the verge of collapse for at least a decade, ever since the crash of 2008 and the subsequent explosion in fiat stimulus from the Federal Reserve. While the mainstream media has always claimed that central bankers “saved” us from another Great Depression, what they actually did was set us up for a far worse scenario — a stagflationary implosion of our society.

Here is the primary problem: By injecting trillions of bailout dollars into the system, the Federal Reserve prevented the economy from going through its natural purging cycle. This cycle would have been painful for many, but survivable, and it would have removed large amounts of excess debt, parasitic corporations that produce little or nothing of use, as well as numerous toxic assets with no legitimate value. For a real free market to function, weak or corrupt elements must be allowed to fail and die. Instead, central banks around the world and most prominently the Fed kept all of those destructive elements on life support.

This has created what amounts to a “zombie economy:” a system that needs constant outside support (stimulus) in order to continue moving forward. In the process of keeping zombie corporations and other parts of the body alive, healthy parts of the economy, like the small business sector, get devoured. Jenga Classic Game Check Amazon for Pricing.

The zombie economy is, however, highly fragile. All it takes is one or two major shocks to bring it down, and the moment this happens the whole facade will disintegrate, leaving the public in panic and disarray. This is what is happening right now in 2020, and it will get much worse in 2021.

Bailouts encourage and reward unhealthy financial behavior, and this is why national debt, corporate debt and consumer debt have recently hit historic highs. When every pillar of the economy is encumbered with the weight of debt, any instability has the possibility of bringing all those pillars down at once. The Federal Reserve turned the U.S. into an economic time bomb, and the Fed is itself more like a suicide bomber than some kind of fiscal savior.

The “Great Reset”

I first heard the term “global reset” or “great reset” back in 2014/2015. I wrote an article about how the reset was actually a long term process in my article The Global Economic Reset Has Begun. Christine Lagarde was the head of the IMF back then, and she mentioned it briefly in multiple interviews.

I made a mental note of it because it seemed planted into the discussion very awkwardly, as if it was scripted. I rarely heard it mentioned for years after that. In 2020, as we descend into social and economic chaos, I’m seeing the phrase used everywhere in the media and by globalists.

Over the past decade, globalist institutions have come up with numerous phrases that seem to refer to a worldwide planned and dramatic shift in human society sometime in the near future. The “great reset” is just another phrase for “the new world order.” It is important to understand that the reset these people are talking about has actually been engineered and staged for many years. This is not something that just popped up in 2020 — they have been talking about it since at least 2014. And before that, they talked about the new world order, and “multilateralism,” and the “multi-polar world order,” and Agenda 2030, etc. Exploding Kittens Card… Buy New $9.99 (as of 06:08 EST – Details)

The reset is the catalyst phase of an agenda that has been in the works for a long time now. The goal, as they have openly admitted many times, is to centralize the entire globe into one monetary structure, one highly interdependent and socialized economy, and eventually one faceless and unaccountable governing body.

One of the biggest obstacles to the finalization of the reset and the formation of the new world order has been liberty-minded populations across the planet — most of all, the liberty-minded people within America. The U.S. has to be destabilized or eliminated; the old world order has to be brought down before the new world order can be introduced. The people have to be beaten down and desperate, so that when the globalists offer their “reset” as the solution, the people will gladly accept it without question — simply because they want the economic pain and uncertainty to stop.

A common statement made by globalists from Klaus Shwab at the World Economic Forum to the current Prime Minister of Canada, Justin Trudeau, is that the coronavirus pandemic is the “perfect opportunity” to trigger the “great reset.” As globalist Rahm Emanuel is famous for admitting, in crisis there is opportunity to do things you were not able to do before.

In other words, when people panic in the face of crisis, they become easy to manipulate. And, if a crisis doesn’t happen naturally, then why not create a crisis from thin air and use that to cause panic?

Enter the economic lockdowns…

The lockdowns have not only been proven to do nothing to stop the spread of the coronavirus, but they are also a clear attack on what’s left of our economic system. The small business sector in particular is being gutted as more than 60% of those that shut down during the first lockdown were unable to reopen. Small businesses provide more than half of all employment in the U.S.. When they collapse, the U.S. economy will have nothing left except the big-box corporations that the Fed put on life support over a decade ago. Throw Throw Burrito by… Buy New $24.99 (as of 06:08 EST – Details)

Real unemployment, which is already at 26%, will skyrocket even further if a second national lockdown is initiated. The speedy collapse of the U.S. economy will be assured, and the “great reset” can commence. At least, that is what the globalists want to happen…

With the U.S. presidential election currently being contested, it is hard to say how the next few months will play out in detail. As I have been pointing out since July, a contested election is the best possible scenario for the globalists because it creates a Catch-22 situation:

  1. If Trump stays in office, the political left will accuse him of usurping the presidency and there will be mass riots in the streets. Conservatives will be tempted with the idea of bringing in martial law to suppress rioters, and such measures will undermine the flow of the U.S. economy, causing its fragile structure to implode.
  2. If Biden enters the White House, then he will attempt a Level 4 lockdown similar to the lockdowns we have seen in Australia, France, Germany and the UK; perhaps even worse. Our economy will crumble, conservatives will revolt, and Biden will attempt martial law measures.

Either way, the globalists get their crisis, and therein their opportunity.

Surviving the lockdowns and deterring the globalists

Taco Cat Goat Cheese P… Buy New $9.99 (as of 06:08 EST – Details) But here is where things get less certain for the elites. If liberty-minded Americans organize immediately for security and mutual aid, we can defuse the Catch-22. If we provide for our own security within our own communities, there will be no rationale for Trump to institute martial law. Community security is an awesome deterrent against leftist rioting and looting, and basic economic trade can continue.

By extension, if we organize our own community security as well as localize our economies with barter and trade, we also act as a deterrent to Biden and any ideas he might have of enforcing national lockdowns. The point is, we can’t allow the globalists to dictate the terms of the crisis. We must act to change the rules of the game.

The reset is not a natural inevitability, it is a con, a trap. No matter how bad the crisis in our nation becomes, it is the people — namely the liberty-minded people — who will determine the future, not the globalists. Their plan relies on our panic. Instead of panic, let’s show them a unified front and a plan of our own.

This article was written by Brandon Smith and originally published at Birch Gold Group

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6 Reasons Why the Wrong Party Will Win the Most Important US Election

Posted by M. C. on October 5, 2020

https://internationalman.com/articles/six-reasons-why-the-wrong-party-will-win-the-most-important-us-election/

by Doug Casey

The upcoming election may be the most important in US history. At least as important as that of 1860, which led directly to the War Between the States. In 2016 I believed Trump would win and placed a money bet on him. This time I’m not so sure, despite Trump’s “incumbent advantage” and the fact the Democrats could hardly have picked two worse candidates.

I see at least six reasons why this is true, namely:

  • The Virus
  • The economy
  • Demographics
  • Moral collapse of the old order
  • The Deep State
  • Cheating

The consequences of a Democrat victory will be momentous. Let’s look at why it’s likely.

1. The Virus

See the rest here

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Even if COVID-19 Goes Away, the Economy Isn’t Going Back to “Normal” | Mises Wire

Posted by M. C. on June 18, 2020

When the pandemic is over, it will not mean a reset of fundamental equity and credit values to the market price levels on the eve of pandemic levels. The period was already the late afternoon if not twilight of a long and virulent asset inflation. All the malinvestment which is now coming to light during the pandemic—whether in shale oil, the aircraft industry, auto industry, international supply chains, China and emerging markets, European export sectors, or commercial real estate—is surely worth some serious downgrade in aggregate valuations from the peak of the last cycle. This further write-off is highly relevant to credit paper.

https://mises.org/wire/even-if-covid-19-goes-away-economy-isnt-going-back-normal?utm_source=Mises+Institute+Subscriptions&utm_campaign=ea219ce0fc-EMAIL_CAMPAIGN_9_21_2018_9_59_COPY_01&utm_medium=email&utm_term=0_8b52b2e1c0-ea219ce0fc-228343965

Speculative frenzy in the midst of recession is not a new phenomenon. Yet the extent of the “madness” this time might well beat records in the small sample size available from the history laboratory. The combination of extreme monetary radicalism and a receding supply shock has proved to be a potent toxic, impairing mental processes in ways described by the behavioral finance theorists. The pandemic stock “bubble” and resumed hectic demand for risky credit paper provide illustrations.

Speculative narratives which would normally encounter much rational skepticism are now riveting investors. Perhaps the most fantastic of these is that the Fed’s credit paper purchase programs amount to a gift to the US corporate sector even larger than the business tax cuts of 2018. A sister narrative concerns European Central Bank (ECB) gifts to Italy. In fact, the gift element is much smaller than at first sight—this is not manna from heaven, but a transfer which imposes burdens on donors and recipients. These programs distort market signals in ways (especially stimulating even higher leverage ratios in the meanwhile) which will worsen the global credit and banking crisis likely to erupt before full economic expansion resumes.

Past Speculative Frenzies

Two notorious past market frenzies during recessions came to an end with the eruption of credit and banking crisis. First was the US stock market frenzy of winter 1930. The Dow Jones index rose 50 percent from November 29 to April 30 and was back to within 20 percent of that level on the eve of the Wall Street Crash. Then there was the oil (and wider commodity) market bubble of spring and summer 2008 (though US recession had already started in November 2007). The oil price peaked at $145 per barrel, followed by a collapse to below $40 the following year. The 1930 frenzy succumbed to the grim news of emerging credit (especially bank) defaults in the US and then, crucially, in Germany; the 2008 frenzy yielded to the subprime mortgage crisis coupled with the European banking crisis.

Is the present frenzy in recession different?

As a reference point, on average US stocks in mid-June 2020 are back to their prerecession peak (the National Bureau of Economic Research [NBER] estimates February 2020 as the start of the recession). But a group of “pandemic stocks”—in businesses whose profits gain directly from pandemic, such as online retailing, cloud computing, pharmaceuticals, video conferencing and communication in cyberspace more generally, and computer games, and in businesses whose monopoly power is potentially enhanced in the long run by the knockout of financially crippled competitors—have experienced rises in their prices to far above the level at the cyclical peak. The nearest counterpart to this “bubble” in pandemic stocks is the boom in war stocks during the period of US neutrality in World War I.

Similar to the boom in war stocks, this pandemic stock boom is occurring in the context of rampant monetary inflation. A key difference is that inflation does not for now show up in goods markets.

In the case of war, competition from the military sector (munitions and armed forces) for scarce resources (most of all labor) means that prices rise immediately across a broad range; in a pandemic, labor exits the supply-crippled civilian economy, but mainly for the purpose of staying safe at home. Demand from the sectors mounting defences against COVID-19 (medical services, pharmaceuticals, constructors of safeguards for social distancing) is quite modest.

Even so, the prospect of high goods inflation in the aftermath of pandemic may already be triggering some demand for real assets including stocks, especially those earning a present or prospective stream of monopoly rents (several of these found among the pandemic stocks).

The optimists tell us that there is no frenzy. Markets are responding rationally to news that the recession is already over (the NBER may indeed date the end May 2020). A strong economic recovery is now in process, as COVID-19’s offensive has been “beaten back.” This should gain new momentum into the winter as the present lull or truce is followed by a victory peace, meaning the arrival of effective cures and vaccines.

What look like hot speculative conditions in the marketplace now could morph into a prolonged “bull market” (a euphemism for sustained asset inflation). Examples of this phenomenon in the small sample size of history include the great asset inflations of 1922–28 or 1962–66, which both started early in the recovery from serious recessions (but not right at the beginning).

This spin is all a tall order. Yes, the NBER may well determine that the recession is over. This, however, would be a case of meaningless measurement.

If one superimposes a massive supply shock and a subsequent rapid easing (of the supply constraints) on an already endogenously determined decline of business spending amid massive accumulation of malinvestment and financial excesses during the long preceding period of asset inflation (say, 2012–19), what will come into view? Most likely a fitful economic expansion, with an initial bounceback of private consumption from lockdowns but with business spending and international trade remaining depressed.

The emergence of sustained strong economic expansions such as accompanied the long asset inflations in the 1920s and 1960s will depend in part on victory over COVID-19. Also, however, there must be a victory for creative capitalism. Growing capital shortage amid the exposed obsolescence of much capital stock accumulated during the previous cycle should go along with high rates of return at the frontier of new investment opportunity.

The Pandemic Exposes the Bubbles

When the pandemic is over, it will not mean a reset of fundamental equity and credit values to the market price levels on the eve of pandemic levels. The period was already the late afternoon if not twilight of a long and virulent asset inflation. All the malinvestment which is now coming to light during the pandemic—whether in shale oil, the aircraft industry, auto industry, international supply chains, China and emerging markets, European export sectors, or commercial real estate—is surely worth some serious downgrade in aggregate valuations from the peak of the last cycle. This further write-off is highly relevant to credit paper.

The optimists retort that this time is different because of the extent to which the Fed and Uncle Sam are bailing out “the whole system.” But there is much fiction here.

Yes, the Fed under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) can draw on up to $500 billion from the Treasury in compensation for aggregate losses on credit paper that it buys under its array of asset purchase programs. Such compensation, however, only covers a fraction of the total paper to be purchased, which is an even smaller fraction of the total high-risk credit in the US and global economy.

The Fed under these programs is essentially a price taker, not a price maker, even though the belief that the Fed is in there may be fueling the price of credit paper in the midst of frenzy. In the event of bankruptcy, the Fed will not be graciously renouncing its claims in favor of all other creditors. Nor will it be automatically rolling over all proceeds from credit paper together with interest in its portfolio into new paper from the same issuer.

Back to the laboratory of history: if we do hear an echo as the present episode of speculative frenzy in recession fades, it may well come from a big “credit event.” This would likely start in either the emerging markets (including China) or Europe (think of Italy). The edifice of the Mnuchin Treasury-Powell Fed credit market protection schemes would crack under the impact.

 

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Why Central Planning by Medical Experts Will Lead to Disaster | Mises Wire

Posted by M. C. on April 12, 2020

More important, however, may be that in making recommendations to address COVID-19, those with detailed knowledge of the disease (the experts we have been told to obey) do not have sufficient knowledge of the consequences of their “solutions” for the economy and society to know what the costs will be. That means that they don’t know enough to accurately compare the benefits to the costs.

One major problem with such attacks is the substantial literature documenting the adverse health effects of worsening economic conditions. For just one example, an analysis of the 2008 economic meltdown in The Lancet estimated that it “was associated with over 260,000 excess cancer deaths in the OECD alone, between 2008–2010.” That is a massive “detail” to ignore in forming policy.

https://mises.org/wire/why-central-planning-medical-experts-will-lead-disaster?utm_source=Mises+Institute+Subscriptions&utm_campaign=439656abdd-EMAIL_CAMPAIGN_9_21_2018_9_59_COPY_01&utm_medium=email&utm_term=0_8b52b2e1c0-439656abdd-228343965

A great deal of the coverage of the COVID-19 crisis has been apocalyptic. That is partly because “if it bleeds, it leads.” But it is also because some of the medical experts with media megaphones have put forward potentially catastrophic scenarios and drastic plans to deal with them, reinforced by assertions that the rest of us should “listen to the experts,” because only they know enough to determine policy. Unfortunately, those experts don’t know enough to determine appropriate policies.

Doctors, infectious disease specialists, epidemiologists, etc. know more things about diseases, their courses, what increases or decreases their rate of spread, and so on than most. But the most crucial of that information has been browbeaten into the rest of us by now. Limited and imperfect testing also means that the available statistics may be very misleading (e.g., is an uptick in reported cases real or the result of an increasing rate of, or more accuracy in, testing, which is crucial to determining the likely future course COVID-19?). Further, to the extent that the virus’s characteristics are unique, no one knows exactly what will happen. All of that makes “shut up and listen” advice less compelling.

More important, however, may be that in making recommendations to address COVID-19, those with detailed knowledge of the disease (the experts we have been told to obey) do not have sufficient knowledge of the consequences of their “solutions” for the economy and society to know what the costs will be. That means that they don’t know enough to accurately compare the benefits to the costs. In particular, because of their relative unawareness of the many margins at which effects will be felt, the medical experts we are being told to follow will likely underestimate those costs. When combined with their natural desire to solve the medical problem, however severe it might get, this can lead to overly draconian proposals.

This issue has been brought to the fore by the increasing number of people who have begun questioning the likelihood of the apocalyptic scenarios driving the “OMG! We need to do everything that might help” tweetstorms, on the one hand, and those who are emphasizing that “shutting down the economy” is far more costly than planners recognized, on the other.

Those who have brought up such issues (how long before they are called “COVID deniers”?) have been pilloried for it. Exhibit A is the vilification of President Trump for “ignoring the scientists,” such as the New York Times‘s claim that “Trump thinks he knows better than the doctors” after he tweeted that “We cannot let the cure be worse than the problem itself.”

One major problem with such attacks is the substantial literature documenting the adverse health effects of worsening economic conditions. For just one example, an analysis of the 2008 economic meltdown in The Lancet estimated that it “was associated with over 260,000 excess cancer deaths in the OECD alone, between 2008–2010.” That is a massive “detail” to ignore in forming policy.

In other words, the tradeoff is not just a matter of lives lost versus money, as it is often portrayed as being (e.g., New York governor Cuomo’s assertion that “we’re not going to put a dollar figure on human life”). It is a tradeoff between lives lost due to COVID and lives that will be lost due to the policies adopted to reduce COVID deaths.

Larry O’Connor put this well at Townhall when he wrote:

Why should the scientific analysis of doctors solely focusing on the spread of the coronavirus carry more weight than the very real scientific analysis of the deadly health ramifications of shutting down our economy? Doesn’t the totality of the data make the argument for a balanced approach to this crisis?

This issue reminds me of a classic discussion of specialists and planning in chapter 4 of F.A. Hayek’s The Road to Serfdom. “The Inevitability of Planning” is well worth noting today:

Almost every one of the technical ideals of our experts could be realized…if to achieve them were made the sole aim of humanity.

We all find it difficult to bear to see things left undone which everybody must admit are both desirable and possible. That these things cannot all be done at the same time, that any one of them can be achieved only at the sacrifice of others, can be seen only by taking into account factors which fall outside any specialism…[which] forces us to see against a wider background the objects to which most of our labors are directed.

Every one of the many things which, considered in isolation, it would be possible to achieve…creates enthusiasts for planning who feel confident…[of] the value of the particular objective…But it is…foolish to quote such instances of technical excellence in particular fields as evidence of the general superiority of planning.

The hopes they place in planning…are the result not of a comprehensive view of society but rather of a very limited view and often the result of a great exaggeration of the importance of the ends they place foremost…it would make the very men who are most anxious to plan society the most dangerous if they were allowed to do so—and the most intolerant of the planning of others…there could hardly be a more unbearable—and much more irrational—world than one in which the most eminent specialists in each field were allowed to proceed unchecked with the realization of their ideals.

Panic has seldom improved the rationality of decision-making (beyond the “fight or flight” reaction to facing a “man-eater,” when to stop and think means certain death). However, much of media coverage has fed panic. But the illogical and intemperate media attacks against those questioning the rationality of draconian “solutions” drown out, rather than enable, objective discussion of real tradeoffs. And if “Democracy dies in darkness,” as the Washington Post proclaims, we should remember that it does not require total darkness. The same conclusion follows when people are kept in the dark about major aspects of the reality they face.

 

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Trump and Pelosi Ready to Spend Another $2 Trillion on Infrastructure

Posted by M. C. on April 7, 2020

Sadly, a large quantity of Americans seem eager to take the fast lane on this road to serfdom, even as the economic and civil liberties restrictions pile up under the guise of a public health emergency.

https://www.theadvocates.org/2020/04/trump-and-pelosi-ready-to-spend-another-2-trillion-on-infrastructure/

Who says there’s not enough bipartisanship in Washington? President Donald Trump is praising House Speaker Nancy Pelosi and urging Congress to follow her lead by passing yet another $2 trillion coronavirus bill that would “invest” in infrastructure.

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What a sight to behold, a country in crisis inspires its leaders to come together for the common good. Even better, by forcing more debt and inflation on Americans, the economy can finally get roaring again!

That demented logic prevails in Washington, D.C., and the swamp-drainer-in-chief is no exception.

Fresh off signing the most expensive bill in American history, more than twice the cost of FDR’s New Deal, Trump is ready for whatever Pelosi throws at him next, as long as it also costs at least $2 trillion.

On Monday, Pelosi unveiled her wishlist for what she called “Phase 4” of Congress’s response to COVID-19. This fourth bill could very well be bigger than the previous three, setting a new price tag record.

The San Francisco Democrat listed “more direct payments,” “more opportunity for family and medical leave,” and an infrastructure megaproject.

“She wasn’t bad,” Trump tweeted after watching Pelosi’s press conference.

“With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill. It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country! Phase 4,” Trump wrote, adopting Pelosi’s term for the forthcoming proposal.

Sadly, a large quantity of Americans seem eager to take the fast lane on this road to serfdom, even as the economic and civil liberties restrictions pile up under the guise of a public health emergency.

Economist Peter Schiff, who predicted the 2008 financial crisis, has been sounding the alarm that another crash is imminent since the Federal Reserve dropped interest rates to zero, promising to monetize debt without restraint or limit.

“President @realDonaldTrump thinks it’s the perfect time for the government to borrow trillions more to improve our infrastructure. That’s like a guy who just lost his job deciding it’s the perfect time to take out a second mortgage to put in the swimming pool he’s always wanted,” Schiff tweeted.

To extend the analogy, Trump is gaining support for the project by promising the biggest pool party ever. All politicians and special interests are invited.

There is no opposition to this profligate spending. Senate Majority Leader Mitch McConnell just wants to wait “a few weeks” to see how the other $2.2 trillion stimulus bill plays out first.

It doesn’t actually matter what happens in a few weeks though. When government policies go horribly wrong, a bureaucrat knows that just means the policy wasn’t enacted with enough gusto.

The coronavirus pandemic remains the sole focus of the country to the detriment of the people. Worse than the disease is the government’s cure.

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‘The alleged cure is immensely worse than the disease’ – spiked

Posted by M. C. on April 6, 2020

https://www.spiked-online.com/2020/04/03/the-alleged-cure-is-immensely-worse-than-the-disease/

Peter Hitchens on the dangerous folly of the Covid-19 shutdown.

In the past few weeks, society has been shut down, the economy has been put on hold, and civil liberties have been curtailed in the name of fighting against coronavirus. There has been hardly any scrutiny of or opposition against these ever-stricter measures. Mail on Sunday columnist Peter Hitchens has been one of the few dissenting voices in the media. He joined spiked editor Brendan O’Neill for the latest episode of The Brendan O’Neill Show. What follows is an edited extract. Listen to the full conversation here.

Brendan O’Neill: We live in a country where parliament has been suspended, our most basic freedoms have been eroded, we are all virtually under house arrest, and there are a whole bunch of new rituals we all have to observe when we encounter other people, which is increasingly rare. Like me, are you a bit terrified by the speed and the ease with which Britain became this country?

Peter Hitchens: I wouldn’t say terrified – distressed and grieved, but not terrified. I am actually not shocked because in several controversies in recent years, where I have thought that the people of this country would stand against the way in which they were being bullied and messed around, I have noticed that there hasn’t been all that much spirit of liberty. I think there is an awful lot of conformism now in this country and people have accepted being pushed around.

I’m not sure parliament has been suspended exactly. It has just folded up or dissolved into a pool of blancmange. If it had any kind of leadership, it could insist on continuing to sit, just as it could have opposed the action or subjected it to anything remotely resembling scrutiny. But it just folded up and stole away in the night. All the institutions of civil society which are supposed to protect us did the same thing. The judiciary, the human-rights lot, the civil service, the media, parliament, Her Majesty’s Opposition and public opinion in general have simply failed to do their jobs. It has demonstrated that we don’t really have a civil society any longer.

In the Soviet Union, where I spent a lot of time, it was clear that there was only one official point of view and that people were being pushed around. I don’t recall ever being compelled to stay at home, and there was at least a pretence made of having a legislative body as well. But the point that strikes me here is that – particularly in the Eastern European countries, but also largely in Russia – most people regarded the Soviets’ rule with a certain amount of contempt and made jokes about it and realised they were being mocked and fooled. In this case, the population accepts what they are being told, without any question. It’s extraordinary. The old USSR would have loved to have had a population like that in the Western world and in the United Kingdom, which genuinely believes the propaganda and does what it is told. You could say, ‘The chocolate ration has gone up’, when in fact it has gone down and people will believe it.

‘In this lockdown, dissent is a moral duty’

Podcast

‘In this lockdown, dissent is a moral duty’

spiked

O’Neill: You have written some very solid pieces, questioning the need for this kind of shutdown. Let’s just talk for a moment about the extraordinary situation we find ourselves in. There is this novel virus, which undoubtedly causes great harm, especially to older people and to medically vulnerable people, and in response to it – which is unprecedented in human history – we have closed down virtually the whole of society and most of the economy, and in the process we have stored up immeasurable problems for the future. I think you have found it a bit of a struggle to convince people that this might not be the best way to tackle a virus?

Hitchens: It’s extraordinary. Again, the willingness of people to accept that ‘something must be done, and this is something, so we will do this’. The argument goes, ‘We have a problem, the way of solving it is to shut down the country and strangle civil liberties. Therefore, let’s do that.’

What I have been surprised by is how little examination there has been to whether there is any logic to this. It is as if you went to the doctor with measles and the doctor said that this was serious measles and the only treatment for it is to cut off your left leg. And he cuts off your left leg and then later on, you recover from the measles and he says, ‘This is fantastic. I’ve cured you of the measles, sorry about your leg.’ That is more or less what is going on now. We are being offered a supposed treatment which has nothing whatever to do with the problem.

Other countries have not resorted to these measures. We have modelled ourselves, bizarrely, on the most despotic country in the world, the People’s Republic of China, whose statistics are wholly unreliable and whose media are totally supine, so we can’t really know what is going on there. And in fact, all the countries which have had serious outbreaks of Covid-19, they have almost all reacted differently. Even Singapore and Hong Kong, which are widely praised for what they did, did different things. And yet, oddly enough, the results in Singapore and Hong Kong were quite similar. Japan has done something different. South Korea did something different. And again, the virus actually did not continue to grow at the rates which Imperial College apparently think are inevitable if we don’t shut down our society.

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Even if you went for the post hoc ergo propter hoc fallacy that because A happened, and B happened after it, B happened because of A, there isn’t even a basis for that – let alone anything remotely resembling research showing a causal relationship between a Chinese-type shutdown and the defeat of the disease. There are rational responses to this. And of course it seems to me, the crucial test of any policy, and indeed almost any human action, is not absolute right or absolute wrong – which very rarely arises in practical life – it is proportionality. Is the action in proportion to the problem?

If you look at the past and the problems which this country and its medical system have almost every winter, for instance with influenza, the complications of it are considerable. In one year recently, 28,000 people died of influenza because the vaccines didn’t work and it was a particularly virulent strain. The average number who die of influenza every year is 17,000 in England alone, and this does not cause the country to be shut down. It is doubtless tragic for all those involved, but you can’t use emotionalism to justify policy.

I have a quote here from Jonathan Sumption’s interview on The World At One on Monday because it simply hasn’t been stressed enough in the coverage of what he said. They have gone on about what he said about the police, which was a marginal part of what he said. His key point was this:

‘The real question is, is this serious enough to warrant putting most of our population into house imprisonment, wrecking our economy for an indefinite period, destroying businesses that honest and hardworking people have taken years to build up, saddling future generations with debt, depression, stress, heart attacks, suicides and unbelievable distress inflicted on millions of people who are not especially vulnerable, and will suffer only mild symptoms or none at all?’

Actually, that’s exactly what I think. But I’m not a former Supreme Court judge. I’m not one of Britain’s most distinguished lawyers. And I’m not one of Britain’s most distinguished historians. I’m not the deliverer of last year’s Reith Lectures. This is a perfectly valid sentiment expressed by somebody with considerable authority and wisdom. And it isn’t even reported by the media when he says it. They leave it out of the reports of what he says because no one is prepared to confront this.

There is an omertà – a total, supine, consensus over this matter. The complete failure to debate it is astonishing to me. And it’s the lack of proportion that Sumption is stressing there. Even if this were an effective policy, could it possibly be justified, given the disastrous results?

As I say, if you had a disease from which you might or might not recover, and you were offered the amputation of all four of your limbs, and perhaps your head, and were asked to sign a consent form, you would probably say no, even if it would kill you, because you would recognise that the cure was worse than the disease – a phrase which repeatedly occurs to me, even though Donald Trump has used it, which always puts people off. But it is the case.

The alleged cure – and it is only alleged in this case – is immensely worse than the disease, because what happens to a society which trashes its economy? I will tell you what happens. It is unable to afford proper health provision, all of its standards decline, its food gets worse, its air quality gets worse, its housing gets worse, its water quality gets worse, and everybody gets iller.

The other point is one made by the extraordinary Professor Sucharit Bhakdi of Mainz University in Germany, an absolute genius in the microbiological method, who is utterly against these measures. He has said, what about the healthy old now they have been deprived of all the things that make life worth living? He reckons that this shutting down of their lives will be catastrophic, and almost certainly cause large numbers of deaths. So you can’t just say, ‘Oh, you don’t care about people dying’. That’s not what the argument is about. I care about people dying unnecessarily as much as anybody else, and my motives are as good as anybody else’s. It is just that my emotions are also driven by more intelligent thought, more reason and a better grasp of the facts.

O’Neill: I think Sumption’s intervention was very useful for a number of reasons. But one of them is what you have just touched upon, which is this really poisonous accusation that has been made against anyone who criticises the shutdown of society, which is, ‘You don’t care about old people,’ or even, ‘You want old people to die.’

Hitchens: Well, during the Iraq War, if you said, ‘Actually this war is wrong’, people said, ‘Oh, so you support Saddam Hussein’s fascist regime, do you? You believe that Saddam should be allowed to torture people, do you? That’s the sort of person you are, are you?’. And because of that shutting down of serious debate on a major matter, I think this should probably be called VMD – the virus of mass destruction. It is so very similar in the attempts to crush dissent.

O’Neill: They make this completely false distinction. They say this is a question of lives versus the economy. They talk about the economy as if it’s just some kind of abstract machine, just numbers and money and profits, when in fact the economy is people’s lives and their livelihoods. It’s how we create things, it’s how we produce things. Dr John Lee made a very good point in the Spectator, which is that this is lives versus lives. And that’s the kind of debate we need to be having.

Hitchens: That’s assuming, again, that the fundamental premise that shutting down the country will do any good is true, which I believe, is seriously in doubt. I’m a Christian, and there’s this wonderful part of the scriptures in which we are said to live and move and have our being in God. But in a material way, we live and move and have our being in the economy. If nobody is buying, if nobody is selling, if nobody is working, if nobody is serving, if nobody is being served, then there is nowhere for people to live, how do we pay for our houses and our meals? How do we raise our children? How do we support an education system? How do we pay doctors or build hospitals? If we have no economy at the moment, I would reckon, if we could only know the sums, we are probably throwing three or four district general hospitals into the sea or their equivalents in money every week.

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Don’t Give Politicians Credit for a Growing Economy | Mises Wire

Posted by M. C. on September 10, 2019

“It is hardly possible to misrepresent in a more thorough way the fundamental facts of economics. The average standard of living is in this country higher than in any other country of the world, not because the American statesmen and politicians are superior to the foreign statesmen and politicians, but because the per-head quota of capital invested is in America higher than in other countries. Average output per man-hour is in this country higher than in other countries…… because the American plants are equipped with more efficient tools and machines.”

https://mises.org/wire/dont-give-politicians-credit-growing-economy

“One of the amazing phenomena of the present election campaign is the way in which speakers and writers refer to the state of business and to the economic condition of the nation. They praise the administration for the prosperity and for the high standard of living of the average citizen ‘You never had it so good,’ they say, and, ‘Don’t let them take it away.’”

The above statement sounds like something Republicans say in supporting Donald Trump for reelection. The White House proclaims the successes of the Trump economy while those who side with the Democrats say that Obama should also be given credit for any current economic successes. Both sides give presidents too much credit for our standard of living.

However, the quote above comes from a speech that Ludwig von Mises gave in October 1952. As with so much of Mises’ work, this speech is timeless. Much of this talk, “Capital Supply and American Prosperity,” applies to current events.

It’s true that government policy affects the economy. And Trump should get credit if any of his policies have reduced the governmental burden on our businesses. But the fundamental reason wages in the U.S. are higher than in most countries is not because of marginal policy changes. Our economic well-being is largely due to our capital accumulation, not the benevolence of our elected officials.

In this speech, Mises hammers away at this point, “It is implied that the increase in the quantity and the improvement in the quality of products available for consumption are achievements of a paternal government. The incomes of the individual citizens are viewed as handouts graciously bestowed upon them by a benevolent bureaucracy.”

This statement reminds me of the recent Democratic debates where the candidates were each trying to outdo one another with promises of new programs of federal largesse. They seem to believe that all of our economic problems are due to ungenerous government officials. The current federal budget deficits demonstrate the fallacy of this position.

Mises continues,

“It is hardly possible to misrepresent in a more thorough way the fundamental facts of economics. The average standard of living is in this country higher than in any other country of the world, not because the American statesmen and politicians are superior to the foreign statesmen and politicians, but because the per-head quota of capital invested is in America higher than in other countries. Average output per man-hour is in this country higher than in other countries…… because the American plants are equipped with more efficient tools and machines.”

That’s right. Our economic prosperity is due to our capital accumulation. And why do American businesses have so much capital? “Capital is more plentiful in America than it is in other countries because up to now the institutions and laws of the United States put fewer obstacles in the way of big-scale capital accumulation than did those foreign countries.”

But why did this happen in the U.S.? How do we account for our economic prosperity? The answer: capitalism.

“What begot modern industrialization and the unprecedented improvement in material conditions that it brought about was neither capital previously accumulated nor previously assembled technological knowledge…. the early pioneers of capitalism started with scanty capital and scanty technological experience. At the outset of industrialization was the philosophy of private enterprise and initiative, and the practical application of this ideology made the capital swell and the technological know-how advance and ripen.

“One must stress this point because its neglect misleads the statesmen of all backward nations in their plans for economic improvement. They think that industrialization means machines and textbooks of technology. In fact, it means economic freedom that creates both capital and technological knowledge.” (Italics added for emphasis.)

Mises also provides us with a stern warning that we face dire consequences if we destroy the engine of capital accumulation:

“The main problem for this country is: will the United States follow the course of the economic policies adopted by almost all foreign nations, even by many of those which had been foremost in the evolution of capitalism. Up to now in this country the amount of savings and formation of new capital still exceeds the amount of dissaving and decumulation of capital. Will this last?”

Mises provides us with the answer: “One must substitute sound economic ideas for fables and illusions.” We must influence public opinion. We must promote capitalism. We must explain the necessity of having economic freedom and free enterprise. In short, we must popularize Misesian ideas.

But what about income inequality? Won’t some people suffer under capitalism? Again, Mises provides us with an answer to this question.

“There are, of course, also Americans whose material conditions appear unsatisfactory when compared with those of the great majority of the nation. Some authors of novels and plays would have us believe that their gloomy descriptions of the lot of this unfortunate minority is representative of the fate of the common man under capitalism. They are mistaken. The plight of these wretched Americans is rather representative of conditions as they prevailed everywhere in the pre-capitalistic ages and still prevail in the countries which were either not at all or only superficially touched by capitalism. What is wrong with these people is that they have not yet been integrated into the frame of capitalist production. Their penury is a remnant of the past. The progressive accumulation of new capital and the expansion of big-scale production will eradicate it by the same methods by means of which it has already improved the standard of living of the immense majority, viz., by raising the per-head quota of capital invested and thereby the marginal productivity of labor.”

Yes, a capitalist society will have income inequality. In order to help the poor we must build and maintain institutions that promote capital formation. Redistributionist solutions to reduce income inequality will continue to destroy capital formation trapping more people in poverty.

This wonderful essay, “Capital Supply and American Prosperity,” can be found in one of my favorite short books, Mises’ Planning for Freedom: Let the Market System Work . If you haven’t read this compilation of essays, I recommend that you add it to your reading list.

 

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Agriculture Is Only a Tiny Part of America’s Economy — And That’s a Good Thing | Mises Wire

Posted by M. C. on July 17, 2019

A century later, 3 million were employed on farms, while the USDA employed 105,000 workers. This increase in agency size represents the Federal government’s increasingly regulatory stance in the US economy.

https://mises.org/wire/agriculture-only-tiny-part-americas-economy-%E2%80%94-and-thats-good-thing

For decades, politicians and pundits in political media alike have said that the American farming and ranching industries are vital to our nation and must be protected from “unfair” competition and the threat of going out of business. This belief often materializes in the form of legislative or executive action undertaken by the government.

The federal government has long sought to promote the health of these industries, employing pro-farming policies since the days of FDR’s New Deal. These programs survive to this day, being expanded from their initial scope or their original sentiments reimposed through new acts of Congress. Strangely enough, this bureaucratic expansion occurs despite American agriculture output declining over the course of America’s existence.

Output Declines, Government Grows

Since 1900, the number of American farms in operation has fallen 63 percent. In 1930, agricultural GDP as a share of total GDP sat at a sizeable 7.7 percent — by 2002, agricultural GDP as a share of total GDP was a mere 0.7 percent. This 7 percent decrease signals the adoption of a new role in the world economy by the US.

The US now imports a large percentage of the fresh vegetables and produce it sells — while in 1975 the proportion of fresh fruit sold in the United States that was imported was 23 percent, it reached 51.3 percent in 2016.

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Source: New York Times

Domestic vegetable and fruit producers are being supplanted in the market by producers from countries such as Argentina, Chile, and Mexico. The City University of New York’s Urban Food Policy Institute reports: “…since the NAFTA Trade Agreement in 1994, U.S. consumption of tomatoes, peppers, cucumbers, limes, berries, avocados and mangos imported from Mexico is way up and still rising.”

Clearly, increased trade is impacting America’s agriculture sector. Surely then, the government’s relationship with the industry must be changing as well. Logic would suggest that the USDA and its subordinate agencies are laying off employees and reducing their size and scope in response to the decline of America’s beloved industry.

In reality, this is not the case. In 1900, 11 million Americans were employed on farms and 2,900 employed by the USDA. A century later, 3 million were employed on farms, while the USDA employed 105,000 workers. This increase in agency size represents the Federal government’s increasingly regulatory stance in the US economy.

Agriculture’s Death is Good News

How could an industry’s death spell prosperity for a nation? While the number of people employed in farming and similar occupations dwindled from 11 million in 1900 to 2.6 million in 2017, employment in STEM (science, technology, engineer, and math) occupations has grown 79 percent between 1990 and 2016 — increasing from 9.7 million to 17.3 million. The US economy is transitioning away from producing in primary and secondary level industries like agriculture and related enterprises such as food processing and packaging.

The reduction in the number of people employed in agriculture and related jobs shows that America is actually abandoning low paying jobs. Compared to STEM jobs, occupations in the primary or secondary sectors of the economy tend to pay a very low wage. Farm hands and field laborers, who are often poor immigrants, are paid below minimum wage to perform tasks that take a significant toll on their bodies. Difficult manual labor poses both short-term and long-term risks to workers’ health, compared to the almost complete lack of health detriments presented by jobs in STEM fields. These agricultural jobs tend also to be seasonal. Workers will only have a secure source of income for between 3 and 6 months per year, depending on where they work, due to the fact that crops cannot be grown year round.

As the economy sheds the last remnants of its agricultural-centric past, new jobs are being created in new industries at a rapid pace. Occupations in the tertiary and quaternary sectors are far more beneficial to society and individuals, as they provide higher wages, a more stable source of income, and employment year round. In a bid to attract workers to fill positions, companies often offer benefits such as childcare and healthcare plans as part of an offer of employment. It is very obvious that we should seek to employ as many people as possible in tertiary and quaternary sector industries.

Primary and secondary products will never lose value. Humans will always have a need to consume agricultural products and build devices and structures from raw materials that are finished through secondary sector activities. As the US economy begins to be largely constructed of tertiary and quaternary economic activities, these lower-level processes will simply be outsourced to less developed countries.

Outsourcing: Oppression or Opportunity?

Since their ideology became a force in the mainstream a decade ago, the rallying cry of political leftists has been to stand for those being oppressed, exploited, or victimized by the status quo. The advancement of technology has meant that industrialization, combined with other factors, has left certain nations behind. Third world economies are not nearly as developed as their first world counterparts, with a bulk of their economic activity taking place in the primary and secondary sectors. These leftists take an anti-trade stance, positing that the outsourcing of production to less developed nations is capitalistic exploitation.

“Exploitation” Actually Benefits All Parties Involved

While it is true that a business owner may outsource simple manufacturing processes to countries where they may hire workers at cheaper wages, it is also true that the workers hired benefit from this self-interested move. The reason workers choose to work in these plants and industries is that they provide the best possible way to make money to the worker. If a corporation goes to a less developed nation and is able to hire 5,000 workers to work for them, it means that the firm is now offering the best employment opportunity in the country to 5,000 workers. Prior to the company’s arrival, laborers were likely making less money than they now do and working in worse conditions. Otherwise, why would they choose to work for the new company? Their condition has obviously been improved by the opening of a plant by a foreign capitalist…

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economics | The Rule of Freedom

 

 

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To Save Humanity, Stop Caring About So Many Problems | The Daily Bell

Posted by M. C. on October 14, 2018

https://www.thedailybell.com/all-articles/news-analysis/to-save-humanity-stop-caring-about-so-many-problems/

Why does it suck to be around someone who is always complaining?

Because they are “centralizing” their problems to the group.

We all get annoyed by things. But when people broadcast what annoys them, they force everyone around them to share in their annoyance.

So then, not only do we feel annoyed by whatever naturally irks us, but we also are forced to feel annoyed by the other person’s complaints.

By sharing their complaint with others, they have increased the overall annoyance of the group.

Instead of being annoyed for five minutes by my own problems, I am annoyed for ten minutes. Five minutes by the complaints I keep in my head, and five minutes by their complaints they force into my ears.

There are a lot of problems in the world. You can’t care about all of them.

And if you try, you will probably feel overwhelmed, depressed, and powerless.

Yet we rely on big centralized institutions like national media, national politics, and national monetary policy.

This produces the same result as our complaining acquaintances.

They force problems on all of us that really shouldn’t affect 320 million Americans from coast to coast. Read the rest of this entry »

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